SBA extends coronavirus loan deadline through end of 2021 | Northwest Indiana Business Headlines

The U.S. Small Enterprise Administration has prolonged the deadline to use for COVID-19 financial harm catastrophe loans via the tip of 2021.

The lately handed coronavirus aid invoice permitted by Congress pushed again the deadline for the low-interest COVID-19 help loans greater than a yr, to Dec. 31, 2021, or for so long as funds can be found. The emergency loans, geared toward serving to small companies which have suffered a lack of income from the coronavirus pandemic and associated lockdowns, lengthen for a interval of 30 years, with an rate of interest of three.75% for small companies and a pair of.75% for nonprofits. 

There’s an automated deferment of 1 yr earlier than month-to-month funds begin.

So far, the SBA has permitted greater than $197 billion within the loans to provide small companies, nonprofits and farms working capital to allow them to survive the pandemic.

“Following the president’s declaration of the COVID-19 pandemic, the SBA has permitted over 3.6 million loans via our Financial Damage Catastrophe Mortgage program nationwide,” SBA Administrator Jovita Carranza mentioned. “The EIDL program has assisted hundreds of thousands of small companies, together with nonprofit organizations, sole proprietors and unbiased contractors, from a wide selection of industries and enterprise sectors, to outlive this very troublesome financial surroundings.”

For extra data, go to www.sba.gov.

— to www.nwitimes.com

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