Small business deadline near for COVID relief program

As the year ends, so are many of the funding programs that helped small businesses through the coronavirus pandemic.

The U.S. Small Business Administration is advising business owners to submit their online applications and reach out with questions before Dec. 31.

Applications for the COVID-19 Economic Injury Disaster Loan program will be processed until funds run out, according to the SBA.

The EIDL program provides low-interest, fixed-rate loans directly from the SBA that must be repaid.

Businesses also can apply for the program’s Targeted EIDL Advance or Supplemental Targeted Advance, which is money from the SBA that does not need to be repaid.

Keep in mind, whether you are shooting for a first-time EIDL loan, an increase on an existing EIDL loan or a Targeted Advance, business owners must apply and be approved for an EIDL loan first and foremost as part of the process.

Nationwide, the SBA has approved approximately 3.85 million EIDL program loans for a total of around $308 billion as of Dec. 8.

Applications can be found at https://bit.ly/3oXBpi1.