Increased lending limits for COVID-19 Economic Injury Disaster Loans now available

Starting the week of April 6, 2021, the U.S. Small Business Administration (SBA) increased the maximum amount small businesses and nonprofit organizations can borrow through its COVID-19 Economic Injury Disaster Loan (EIDL) program. The loan limit for the COVID-19 EIDL program was raised from six 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.

Those who have not applied for an EIDL and would like to do so, should click here.

Loans approved prior to April 7, 2021, for less than $500,000 are likely eligible for an increase based on new loan maximum amounts announced on March 24. Businesses that received a loan subject to the previous loan limit can submit a request for an increase at this time. SBA is now reaching out directly to loan borrowers via email to provide more details about how businesses can request an increase. Borrowers should expect to receive emails from @sba.gov or @updates.sba.gov addresses. Borrowers who experience problems sending email using the link in the message they received must be sure to remove any additional characters that may appear in front of the email address.

If an applicant accepted a loan for less than the full amount originally offered, the applicant will have up to two years after the date of the loan promissory note to request additional funds. Applicants may continue to request additional funds even after the application deadline of Dec. 31, 2021.

Click here for full EIDL program details.