Smaller Business Administration extends deadline for pandemic mortgage applications

Immediate Town, S.D. (KOTA) – The U.S. Little Small business Administration has prolonged the deadline for modest corporations impacted by the pandemic to use for disaster support loans.



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Businesses can now implement for the Economic Damage Disaster Financial loan plan through Dec. 31, 2021, SBA officers declared Monday.

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The deadline extension arrives as a consequence of the modern bipartisan COVID-19 reduction bill handed by Congress and signed into regulation by President Donald Trump.

Officers say to date, the SBA has permitted $197 billion in small-fascination financial loans to small companies, non-gains and agricultural enterprises throughout the pandemic.

SBA South Dakota District Director James Wood claimed the extension is “good news” for South Dakota companies impacted by the pandemic.

“Since April 2020, the SBA has delivered virtually 7,600 COVID-19 Emergency Injuries Catastrophe Financial loans to South Dakota enterprise owners – that’s around $464 million in economic reduction,” Wooden mentioned.

EIDL loans are made available at an desire amount of 3.75% for compact companies and 2.75% for nonprofit companies. Extra data about the financial loans can be discovered at the SBA web site.

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