SBA EIDL loan application deadline is Friday

The US Small Business Administration is accepting applications for its COVID-19 Economic Disaster Loan Program through Friday, December 31.

This loan program became available in response to COVID-19 for small business owners, including agricultural businesses and nonprofits.

The agency will continue to process applications after the deadline, including reconsiderations and appeals, until it runs out of funds. This means six months from the date of denial for reconsiderations and 30 days from the date of denial of reconsideration for appeals – unless funding is no longer available. However, it will not be accepting new applications after the December 31 deadline.

For loans of $25,000 or less, there is no fee for those applying directly through the SBA.

For loans over $25,000, there is a one-time fee of $100 for filing a lien on the borrower’s business assets, plus the fee for filing a lien on real estate, optionally.

For loans over $500,000 where the SBA takes real estate as collateral, a one-time fee of $100 applies for filing a lien on the borrower’s business assets. In addition, the borrower will be responsible for registering the lien and paying associated fees.

The app is available here.

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