Economic Injury Disaster Loan Advance
On March 24, the Small Business Administration has authorized the increase in loan amounts from $150,000 to $500,000, starting on April 6, 2021.
Apply at: www.sba.gov/disaster
Loans made through this program are made at a 3.75% interest rate (2.75% for nonprofits), repayable over 30 years. Payments are deferred for the first year.
The SBA has deferred EIDL payments in the following manner:
- All SBA disaster loans made in calendar year 2020, including COVID-19 EIDL, will have a first payment due date extended from 12 months to 24 months.
- All SBA disaster loans made in calendar year 2021, including COVID-19 EIDL, will have a first payment due date extended from 12 months to 18 months.
Advance funds of up to $10,000 will be available to applicants located in low-income communities who previously received an EIDL Advance for less than $10,000, or those who applied but received no funds due to lack of available program funding. Applicants do not need to take any action at this time. SBA will reach out to those who qualify.