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SIOUX FALLS, S.D. (Dakota Information Now) -The U.S. Compact Enterprise Administration has extended the deadline for compact companies impacted by the pandemic to apply for disaster guidance loans.

Companies can now implement for the Economic Injuries Disaster Bank loan program by Dec. 31, 2021, SBA officials declared Monday.

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

Officials say to day, the SBA has accepted $197 billion in lower-curiosity financial loans to small companies, non-earnings and agricultural businesses all through the pandemic.

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

“Since April 2020, the SBA has supplied just about 7,600 COVID-19 Emergency Personal injury Catastrophe Financial loans to South Dakota business owners – which is roughly $464 million in economic aid,” Wooden reported.

EIDL financial loans are offered at an fascination fee of 3.75% for small companies and 2.75% for nonprofit companies. More info about the loans can be identified at the SBA internet site.

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