Understand Key Changes to the SBA’s EIDL Program

The U.S. Small Business Administration (SBA) recently announced new enhancements to the Economic Injury Disaster Loan (EIDL) program. The key changes for business owners include:

– Increasing the loan cap from $500,000 to $2 million

– Implementation of a deferred payment period to 24 months from origination of the loan

– Establishment of a 30-day window to prioritize Main Street businesses for loans under $500,000

– Expansion of eligible uses of funds

– Simplified affiliation requirements

Learn more at SBA EIDL and reach out to your SBDC consultant for assistance.