SBA Expands EIDL Program

Sept. 13, 2021—The U.S. Small Business Administration has announced enhancements to the COVID Economic Injury Disaster Loan (EIDL) program, according to a press release. 

Enhancements include lifting the COVID EIDL cap from $500,000 to $2 million and implementing a deferred payment period of two years. It also establishes a 30-day exclusivity window of approving and disbursing funds for loans of $500,000 or less. 

There is currently more than $150 billion available in EIDL funds.