SBA Increases Limit for Disaster Loans, Offers PPP Webinars
SBA Increases Lending Limit For COVID-19 Economic Injury Disaster Loans
Starting the week of April 6, 2021, the U.S. Small Business Administration is raising the loan limit for the COVID-19 Economic Injury Disaster Loan (EIDL) program. Applicants can now receive a maximum loan amount of $500,000. The lending limit increased from 6-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.
Requesting EIDL Increases
Business that have already received the Economic Injury Disaster Loan do not need to submit a request for an increase at this time. SBA will reach out directly via email and provide more details about how businesses can request an increase closer to the April 6 implementation date.
New and Pending EIDL Applications
Any new loan applications and any loans in process when the new loan limits are implemented will automatically be considered for loans covering 24 months of economic injury up to a maximum of $500,000.
EIDL Deferment Update
The SBA announced on March 12, 2021 extended deferment periods for all disaster loans until 2022. SBA will extend the first payment due date for disaster loans made in 2020 to 24-months from the date of the note and to 18-months from the date of the note for all loans made in calendar year 2021.
PPP Forgiveness Webinar Series
Get Your Questions Answered:
- Do you wonder when you need to apply for forgiveness on your PPP 1st draw loan?
- What are hold codes and how do I fix them?
- Why haven’t I heard from my Lender, I applied weeks ago?
Learn about the PPP Forgiveness process, eligible payroll and non-payroll expenses, forms and instructions, the forgiveness timeline and much more. Find out answers to your questions. Join the SBA in a series of webinars every Tuesday in April from 11:30 am – 12:30 pm on the PPP forgiveness process.