SBA announces extended deadline for EIDL loans

Capitol Building With Blue Sky From Side View Washington Dc Picture Id1079023448By Madi Hawkins /ASA

WASHINGTON, D.C. – The Small Business Administration (SBA) has extended the deadline to apply for a COVID-19 pandemic Economic Injury Disaster Loan (EIDL) to Dec. 31, 2021.

Loans distributed through the EIDL program differ from Paycheck Protection Program (PPP) loans.

EIDL loans are not eligible for forgiveness and must be paid back.

However, the loans have a low-interest rate and payments are able to be deferred for one year after approval.

Additionally, EIDL loans are useful for a wider scope of business expenses than PPP loans.

To read more about EIDL loans, click here.