March 26, 2021—The U.S. Small Business Administration announced that it's expanding the loan limit on the Economic Injury Disaster Loan (EIDL) for COVID-19-related financing.
The limit expands eligibility for up to 24 months of economic injury with a maximum amount of $500,000, according to a press release. The previous amount was $150,000.
"...the pandemic has lasted longer than expected, and they need larger loans. Many have called on SBA to remove the $150,000 cap. We are here to help our small businesses and that is why I’m proud to more than triple the amount of funding they can access ,” said SBA Administrator Isabella Casillas Guzman in the release.
The SBA will reach out to businesses who are working through a current loan about extensions.
