The deadline to request a U.S. Small Business Administration (SBA) Economic Injury Disaster Loan (EIDL) loan increase or reconsideration is Friday, May 6. This is for existing borrowers or those who have previously submitted an application and would like to make a request for reconsideration.
As of Jan. 1, the SBA is not able to accept applications for new COVID-19 EIDL loans or advances.
The COVID-19 EIDL portal (also known as the “RAPID portal”) will close on May 16. Borrowers should download their loan documents from the portal (under the section titled, “Notice: Important Deadlines”) prior to this date.
COVID-19 EIDL loans are offered at very affordable terms, with a 3.75% interest rate for small businesses and 2.75% interest rate for nonprofit organizations, and a 30-year maturity. The maximum loan amount is $2 million. The SBA began approving loans greater than $500,000 on Oct. 8, 2021.
In March, the SBA provided an additional deferment of principal and interest payments for existing COVID EIDL borrowers for a total of 30 months deferment from inception on all approved COVID EIDL loans. Interest continues to accrue during the deferment period and borrowers may make full or partial payments if they choose.