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SBA News: Learn more about recently made changes to Covid EIDL

  • Increasing the COVID EIDL Cap. The SBA will lift the COVID EIDL cap from $500,000 to $2 million. Loan funds can be used for any normal operating expenses and working capital, including payroll, purchasing equipment, and paying debt.
  • Implementation of a Deferred Payment Period. The SBA will ensure small business owners will not have to begin COVID EIDL repayment until two years after loan origination so that they can get through the pandemic without having to worry about making ends meet.
  • Establishment of a 30-Day Exclusivity Window. To ensure Main Street businesses have additional time to access these funds, the SBA will implement a 30-day exclusivity window of approving and disbursing funds for loans of $500,000 or less. Approval and disbursement of loans over $500,000 will begin after the 30-day period.
  • Expansion of Eligible Use of Funds. COVID EIDL funds will now be eligible to prepay commercial debt and make payments on federal business debt.
  • Simplification of affiliation requirements. To ease the COVID EIDL application process for small businesses, the SBA has established more simplified affiliation requirements to model those of the Restaurant Revitalization Fund.

COVID EIDL Applicants: Join SBA’s COVID EIDL Application Completion Office Hours for information about the application process and get your questions answered to apply for COVID EIDL funds. For more information about COVID EIDL, visit the SBA website.

  • Wednesday, October 6 at 12:30 – 1:30 PM ET Join here
  • Wednesday, October 13 at 12:30 – 1:30 PM ET Join here

Eligible small businesses, nonprofits, and agricultural businesses can learn more about and apply by visiting  www.sba.gov/eidl. The last day that applications may be received is December 31, 2021, pending the availability of funds. All applicants should file their applications as soon as possible.





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