SBA’s EIDL Loan Application Deadline Is Friday – Long Island Business News

The U.S. Small Business Administration is accepting applications for its COVID-19 Economic Injury Disaster Loan program until Friday, Dec. 31.

This loan program became available as a response to COVID-19 for small business owners, including agricultural businesses, and nonprofit organizations s.

The agency will continue processing applications after the deadline, including reconsiderations and appeal requests, until it is out of funds. This means six months from the date of decline for reconsiderations and 30 days from the date of reconsideration decline for appeals – unless funding is no longer available. However it will not accept new applications after the Dec. 31 deadline.

For loans $25,000 or less there are no fees for those applying directly through SBA.

For loans greater than $25,000, there is 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 the SBA is taking real estate as collateral, there is a 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.

The application is available here.