Changes have been made to the Economic Injury Disaster Loan program

Earlier this month, the Small Business Administration announced major enhancements to the COVID Economic Injury Disaster Loan program, a federal disaster relief loan designed to support small businesses.

Changes to the program include:

• Increasing the COVID EIDL cap. The SBA will lift the COVID EIDL cap from $500,000 to $2 million. Loan funds can be used for any normal operating expenses and working capital, including payroll, purchasing equipment and paying debt.

• Implementation of a deferred payment period. The SBA will ensure small business owners will not have to begin COVID EIDL repayme...