Changes have been made to the Economic Injury Disaster Loan program
September 30, 2021
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...