Tonight, the U.S. Small Business Administration (SBA) announced that it will be increasing the maximum amount small businesses and non-profit organizations can borrow through its COVID-19 Economic Injury Disaster Loan (EIDL) program.
Starting the week of April 6, the SBA will be raising the loan limit for the COVID-19 EIDL program from 6-months of working capital up to $150,000 to 24-months of working capital up to $500,000. According to the SBA, businesses that receive a loan subject to the current limits do not need to submit a request for an increase at this time.
SBA will reach out directly via email and provide more details about how businesses can request an increase closer to the April 6 implementation date. Any new loan applications and any loans in process when the new loan limits are implemented will automatically be considered for loans covering 24 months of economic injury up to a maximum of $500,000.
We will share more details as they become available.