SBA is authorized to make COVID EIDL loans through December 31, 2021, or when funds are exhausted, whichever occurs sooner. Applicants should read and understand the requirements for submitting an application.

ProductLoan directly from SBA that must be repaid. Low-interest, fixed-rate, long-term loan to help overcome the effects of the pandemic by providing working capital to meet operating expenses
Uses of ProceedsWorking capital to make regular payments for operating expenses, including payroll, rent/mortgage, utilities, and other ordinary business expenses, and to pay business debt incurred at any time (past present or future)
Maximum Loan Amount$2 million. Note: SBA will begin approving loans greater than $500,000 on October 8, 2021
Loan Term30 years
Interest RateBusinesses: 3.75% fixed
Private nonprofit organizations: 2.75% fixed
Payment DefermentPayments are deferred for the first 2 years (during which interest will accrue), and payments of principal and interest are made over the remaining 28 years. No penalty for prepayment.
FeesFor loans $25,000 or less: No fees if applying directly through SBA For loans greater than $25,000: One-time $100 fee for filing a lien on borrower’s business assets plus costs to file lien on real estate when applicable For loans greater than $500,000 where SBA is taking real estate as collateral: One-time $100 fee for filing a lien on borrower’s business assets. Additionally, the borrower will be responsible for recording the real estate lien and paying the associated fees.
CollateralRequired for loans greater than $25,000
Personal GuarantyRequired for loans greater than $200,000

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