SBA extends application deadline for loan program

by | Nov 10, 2021 | Small Business Administration

Small businesses and nonprofits opened before January 2020 may still apply for the COVID-19 Economic Injury Disaster Loan (EIDL) through December 31.

The Small Business Administration (SBA) loan is for 30 years, with the first two years deferred (interest accrues during deferment). The interest rate is fixed at 3.75 percent for businesses and 2.75 percent for nonprofit organizations.

The proceeds provide working 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).

A fee is not required for loans of $25,000 or less. For loans greater than $25,000, there’s a 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, there’s a one-time $100 fee for filing a lien on the borrower’s business assets. Additionally, the borrower will be responsible for recording the real estate lien and paying the associated fees.  Personal guarantees are required for loans greater than $200,000.

Before applying, please review the following:

If the small business is a first-time COVID EIDL applicant, complete the following steps to apply:

  1. Confirm eligibility (review FAQs and below Loan Eligibility section)
  2. Complete Intake Form
  3. Sign up to create portal username via SBA email invite
  4. Complete portal steps and submit relevant documents
  5. Respond to SBA requests for signature, confirmation and documents

If the small business has already obtained a loan via COVID EIDL and does not already have an outstanding loan increase application in process, complete the following steps to apply for a loan increase:

  1. Confirm Eligibility (review FAQs and below Loan Eligibility section)
  2. Log onto Account on SBA Portal (do not apply for another loan) to submit loan modification
  3. Complete portal steps and submit relevant documents
  4. Respond to SBA requests for signature, confirmation and documents

For any stage of application, please review the below supporting documents to navigate the application process:

For help with EIDL, call 833-853-5638 (TTY: 855-440-4960) or email disastercustomerservice@sba.gov. For help with Targeted EIDL Advance, email TargetedAdvance@sba.gov. The COVID-19 EIDL Customer Service Center is open 8 a.m. to 8 p.m. ET, seven days a week.

All applicants should file their applications as soon as possible.

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Bill Freehling
Director, Economic Development and Tourism
bfreehling@fredericksburgva.gov
706 Caroline St.
Fredericksburg, VA  22401
Ph:  540-372-1216
Ph:  800-260-3646
Fx:  540-372-6587