Sep 13 EIDL PROGRAM IS ENHANCED BY SBA
The Small Business Administration (SBA) has enhanced the Economic Injury Disaster Loan (EIDL) Program to further help small businesses meet financial obligations and operating expenses that became difficult due to the COVID-19 pandemic.
The following is a brief overview of the enhancements made to EIDL that took effect September 8, 2021:
- $500k to $2M cap increase
- Use of funds can be applied to payment and prepayment of commercial debt and regularly scheduled payments of federal debt
- 24 months of deferment allowed from loan origination for all loans
- Affiliation requirements simplified
- Added $10 million limit to maximum aggregate EIDL loans to a single corporate group
For more information on the EIDL policy and term changes, please click here. You can also reach out to a Sax advisor for more clarity on these enhancements and to see how it may affect your business.
Sax will continue to update you as further details are made available. Reach out to your Sax advisor or email [email protected] with questions. For more and on-going information relative to your state and business, visit Sax’s COVID-19 Resource Center.