The U.S. Small Business Administration has extended the deadline for Economic Injury Disaster Loan applications to the end of 2021.

The extension is a result of the recent bipartisan COVID-19 relief bill passed by Congress and signed by President Donald Trump on Sunday.

To date, the SBA has approved $197 billion in low-interest loans that provide working capital funds to small businesses, nonprofits and agricultural businesses affected by the pandemic. EIDL loan applications will continue to be accepted pending the availability of funds.

Loans are offered at an 3.75% interest rate for small businesses and 2.75% interest rate for nonprofit organizations. They include a 30-year maturity, and an automatic deferment of one year before monthly payments begin.