Small Business Administration extends deadline for pandemic loan applications

RAPID CITY, S.D. (KOTA) - The U.S. Small Business Administration has extended the deadline for small businesses impacted by the pandemic to apply for disaster assistance loans.

Businesses can now apply for the Economic Injury Disaster Loan program through Dec. 31, 2021, SBA officials announced Monday.

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

Officials say to date, the SBA has approved $197 billion in low-interest loans to small businesses, non-profits and agricultural businesses throughout the pandemic.

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

“Since April 2020, the SBA has provided nearly 7,600 COVID-19 Emergency Injury Disaster Loans to South Dakota business owners – that’s roughly $464 million in economic relief,” Wood said.

EIDL loans are offered at an interest rate of 3.75% for small businesses and 2.75% for nonprofit organizations. More information about the loans can be found at the SBA website.