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Limit on COVID-19 Economic Injury Disaster Loans to Increase
The United States Small Business Administration (SBA) announced it’s raising the amount that small businesses and nonprofit organizations can borrow from the COVID-19 Economic Injury Disaster Loan (EIDL) Program. Beginning April 6, the loan limit will go from 6 months of economic injury with a maximum loan amount of $150,000 to up to 24 months of economic injury with a maximum loan amount of $500,000. Businesses that have already received an EIDL do not need to reapply for additional funds, the SBA will contact current loan recipients directly about eligibility. Click here to read more.