Little Small business Administration extends deadline for pandemic financial loan programs

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SIOUX FALLS, S.D. (Dakota Information Now) -The U.S. Smaller Enterprise Administration has extended the deadline for small firms impacted by the pandemic to use for disaster help loans.

Businesses can now utilize for the Economic Personal injury Disaster Mortgage system by Dec. 31, 2021, SBA officials announced Monday.

The deadline extension comes as a result of the recent bipartisan COVID-19 relief invoice handed by Congress and signed into legislation by President Donald Trump.

Officers say to date, the SBA has accredited $197 billion in lower-fascination loans to small companies, non-earnings and agricultural businesses during the pandemic.

SBA South Dakota District Director James Wooden stated the extension is “good news” for South Dakota corporations impacted by the pandemic.

“Since April 2020, the SBA has offered almost 7,600 COVID-19 Emergency Injury Disaster Loans to South Dakota organization homeowners – that is approximately $464 million in financial reduction,” Wooden reported.

EIDL financial loans are available at an desire level of 3.75% for smaller corporations and 2.75% for nonprofit organizations. Additional info about the financial loans can be observed at the SBA web-site.

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