The SBA is still accepting applications for COVID-19 economic injury disaster loans (EIDLs). However, the $10,000 advance that did not have to be repaid is no longer available (all funds for the advance payment program have been allocated). The loan bears a 3.75% interest rate and a 30-year maturity, and an automatic deferment of one year before monthly payments begin. The EIDL is also available for agricultural businesses—those engaged in the production of food and fiber, ranching, raising livestock, aquaculture, and all other farming and agricultural-related industries.
New blog today! Preparing for Economic Changes: Getting Help for Getting Through