The U.S. Small Business Administration extended the deadline to apply for the Economic Injury Disaster Loan (EIDL) program for the COVID-19 pandemic disaster declaration to Dec. 31, 2021. The deadline extension comes as a result of the recent COVID-19 relief bill.

To date, the SBA has approved $197 billion in low-interest loans, which provides working capital funds to small businesses, non-profits and agricultural businesses.

“Following the president’s declaration of the COVID-19 pandemic, the SBA has approved over 3.6 million loans through our Economic Injury Disaster Loan program nationwide,” Jovita Carranza, administrator at the SBA, said. “The EIDL program has assisted millions of small businesses, including non-profit organizations, sole proprietors and independent contractors, from a wide array of industries and business sectors, to survive this very difficult economic environment.”

EIDL loan applications will continue to be accepted through December 2021, pending the availability of funds. Loans are offered at a 3.75% interest rate for small businesses and a 2.75% interest rate for nonprofit organizations. The loans have a 30-year maturity and an automatic deferment of one year before monthly payments begin.