Mar 26 SBA TO INCREASE ECONOMIC INJURY DISASTER LOAN LIMITS

Beginning with the week of April 6, 2021, the Small Business Administration (SBA) will increase the amounts for-profit and non-profit entities can borrow under the Economic Injury Disaster Loan (EIDL) Program. Maximum loan amounts will expand from $150,000 to $500,000.  The SBA will reach out to impacted borrowers via e-mail with guidance on how current borrowers can request an increase around the implementation date.

As a reminder, the SBA has extended the payment deferment period on EIDLs as follows:

• 2020 EIDLs: 24 months from the date of the note[1]
• 2021 EIDLs: 18 months from the date of the note [1]

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.

[1] Interest accrues during the deferment period