SBA Extends COVID-19 Economic Injury Disaster Loan Application Deadline Through Dec. 31, 2021
U.S. Small Business Association • January 5, 2021
The U.S. Small Business Administration announced that the deadline to apply for the Economic Injury Disaster Loan (EIDL)
program for the COVID-19 Pandemic disaster declaration is extended to Dec. 31, 2021. The deadline extension comes as a result of the recent bipartisan COVID-19 relief bill passed by Congress and enacted by President Trump on Dec. 27, 2020.
To date, the SBA has approved $197 billion in low-interest loans, which provides working capital funds to small businesses, nonprofits and agricultural businesses make it through this challenging time.
“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,” Administrator Jovita Carranza 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 very affordable terms, with a 3.75% interest rate for small businesses and 2.75% interest rate for nonprofit organizations, a 30-year maturity, and an automatic deferment of one year before monthly payments begin. Every eligible small business and nonprofit are encouraged to apply
to get the resources they need.
Executive Director David Cleveland has named Luke Kimbrough as the new Regional Lending Manager for the East Texas Council of Governments (ETCOG). In this role, Kimbrough will oversee the day-to-day operations of the East Texas Regional Development Company’s (ETRDC) small business loan programs. He will work closely with the ETRDC Board, manage financial and administrative services, and ensure the program follows all state and federal guidelines. Kimbrough brings with them more than seven years of experience in banking and employee benefits. Before accepting this position, Kimbrough served as CEO of the Banking Center at Citizens Bank in Gladewater. His previous roles include Vice President at First National Bank of Hughes Springs in Liberty City, Benefits Consultant for Colonial Life in Longview, and Branch Manager for Regions Bank in Kilgore. Before his banking career, Mr. Kimbrough served for several years as the Director of Public Information and Regional Services at ETCOG. “It is a great pleasure for me to welcome Luke back to the ETCOG Family! His exceptional work in the banking community for many years position him for even greater success with our ETRDC Business Lending Programs. I am glad he is back and am even more excited to see the steady growth and expansion of one of our most important economic development programs that will undoubtedly occur under his leadership!” said Executive Director David Cleveland. “I am excited to come back to ETCOG and the East Texas Regional Development Company,” said Kimbrough. “Spending the last decade in banking, I have gained much more experience in financial analysis and commercial lending. There is a lot of work ahead to help the businesses and economy of East Texas.” The ETRDC is a nonprofit organization that is certified and regulated by the U.S. Small Business Administration. Its main purpose is to support local economic development by helping small businesses access long-term, fixed-rate financing. ETRDC offers financing through the SBA 504 Loan Program and Chapman Loan Program.
The East Texas Regional Development Company will sponsor an East Texas Lenders Roundtable hosted by UT Tyler-Longview Small Business Development Center (SBDC) and the Small Business Administration to discuss SBA 7a loans and 504 lending basics. Expert panelists will discuss various loan programs and resources to help businesses increase their portfolios and obtain financing.
The Office of the Governor has announced the launch of a new recovery program, the Texas Travel Industry Recovery Grant Program (TTIR), which will begin accepting applications on July 6, 2022. The purpose of this program is to provide grants to Texas businesses in the tourism, travel, and hospitality industry that were negatively impacted due to COVID-19.
