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COVID EIDL applications must be submitted by Dec. 31, 2021

17 Dec

COVID EIDL applications must be submitted by Dec. 31, 2021

In 2021, the COVID Economic Injury Disaster Loan (EIDL) program will end. Business owners, non-profit organizations, and other eligible entities must apply by 10:59 pm CT that day in order to be considered.

Highlights of COVID’s EIDL program

Throughout COVID-19, the SBA made program enhancements to support businesses.

  • The COVID EIDL lending cap has been raised from $500,000 to $2 million. Funds from a loan can be used for payroll, equipment purchases and debt repayment, as well as for general operating expenses and working capital.
  • There is a deferred payment period of 24 months following the loan’s origination.
  • COVID EIDL funds can now be used for prepaying commercial debt and making payments on federal business debt as well.
  • The SBA has simplified affiliation requirements in order to model them after those of the Restaurant Revitalization Fund.

For more information about COVID EIDL, visit the SBA website.

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