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SBA COVID ECONOMIC INJURY DISASTER LOAN ENHANCEMENT

SBA COVID ECONOMIC INJURY DISASTER LOAN ENHANCEMENT

Businesses that may be facing challenges from the COVID Delta variant can now take advantage of policy changes to the COVID Economic Injury Disaster Loan (EIDL). On Sept. 9, the Small Business Administration (SBA) announced major enhancements to the EIDL program by increasing the borrowing limit to a maximum cap of $2 million. Additional updates to the program include expansion of the use of funds to include pre-payment of commercial debt and make payments on federal business debt, extension of the deferment period to 24 months, and simplification of affiliation rules for all industries, among other updates. For a full breakdown of the policy updates, visit the SBA’s EIDL program webpage.