Disaster loan application deadline extended by a year, SBA says

The deadline to apply for Economic Injury Disaster Loans has been extended to Dec. 31, 2021, officials with the U.S. Small Business Administration said yesterday.

"EIDL loan applications will continue to be accepted through next year, pending the availability of funds," said Matt Coleman, a spokesman for SBA’s Region II, which includes New York State, noting that the agency had — as of late November — approved about 304,000 pandemic-related disaster loans in New York State, totaling over $17.6 billion.

U.S. SBA administrator Jovita Carranza in a statement said: "The EIDL program has assisted millions of small businesses, including nonprofit organizations, sole proprietors and independent contractors, from a wide array of industries and business sectors to survive this very difficult economic environment."

Loan terms include a 3.75% interest rate for small businesses and 2.75% interest rate for nonprofit organizations, a 30-year-maturity, and automatic deferment of one year before monthly payments begin.

Long Islanders interested in help completing and submitting an Economic Injury Disaster Loan application should reach out to groups like the Small Business Development Centers at Farmingdale State College (call 934-420-2765 or email sbdc@farmingdale.edu) and Stony Brook University (631-632-9837), Service Corps of Retired Executives chapters (SCORE) and Women's Business Centers, said John Mallano, SBA New York deputy district director, in a Newsday webinar aired earlier this month.

For more information on SBA disaster assistance loans, visit sba.gov.