Catastrophe loan application deadline extended by one year, according to SBA

The deadline for applying for economic disaster loans has been extended to Dec.31, 2021, US Small Business Administration officials said yesterday.

“EIDL loan applications will continue to be accepted until next year, pending the availability of funds,” said Matt Coleman, spokesperson for SBA Region II, which includes New State. York, noting that the agency had – by the end of November – approved about 304,000 pandemic disaster loans in New York state, for a total of more than $ 17.6 billion.

US SBA Administrator Jovita Carranza said in a statement: “The EIDL program has helped millions of small businesses, including nonprofits, sole proprietors and independent contractors, from a wide range. range of industries and lines of business to survive this very difficult economic environment. ”

Loan terms include an interest rate of 3.75% for small businesses and 2.75% for nonprofits, a 30-year term and an automatic deferral of one year before the start of the loan. monthly payments.

Long Islanders who want help completing and submitting an economic disaster loan application should contact groups such as the Small Business Development Centers at Farmingdale State College (call 934-420-2765 or email [email protected]) and Stony Brook University (631-632-9837), Service Corps of Retired Executives (SCORE) chapters and Women’s Business Centers, said John Mallano, deputy district director of the SBA New York, during a Newsday webinar broadcast earlier this month.

For more information on SBA Disaster Assistance Loans, visit