If you are a small business, nonprofit organization of any size, or a U.S. agricultural business with 500 or fewer employees that has suffered substantial economic injury as a result of the COVID-19 pandemic, you can apply for the SBA’s COVID-19 Economic Injury Disaster Loan (EIDL). This loan provides economic relief to small businesses and nonprofit organizations that are currently experiencing a temporary loss of revenue.
The current maximum loan amount for COVID 19 EIDL is $500,000. Interest rates are 3.75% for businesses and 2.75% for nonprofits. The maturity is 30 years and there are no pre-payment penalties or fees. Loans are deferred for the first two years, but interest continues to accrue. Typical use of proceeds are for working capital and normal operating expenses that the business would otherwise have been able to pay.
The current deadline for applications is December 31, 2021.
For more information and to apply, go to https://www.sba.gov/funding-programs/loans/covid-19-relief-options/eidl
Dave Lentell, Lead Lender Relations Specialist/Public Information Officer
U.S. Small Business Administration – Iowa District Office