The Indiana County Center for Economic Development said Congressional passage and President Donald Trump’s signing of additional COVID-19 pandemic relief would mean more time to apply for federal loans in the event economic disaster.
The center forwarded the US Small Business Administration’s announcement regarding the declaration of disaster signed by Trump on December 27, the new deadline for seeking EIDL help is December 31, 2021.
As reported by the Indiana County Center, the SBA has so far approved $ 197 billion in low-interest loans that provide working capital to small businesses, nonprofits and businesses. agricultural.
“The SBA has approved more than 3.6 million loans under our nationwide economic disaster loan program,” said agency administrator Jovita Carranza.
EIDL applications will be accepted pending availability of funds. The SBA said the loans are offered at an interest rate of 3.75% for small businesses and 2.75% for nonprofits.
The loans have a maturity of 30 years and an automatic deferral of one year before the start of the monthly payments.
More details can be obtained from the Center for Economic Development, 801 Water St., Indiana; by calling (724) 465-2662; or by e-mail [email protected].