Small Businesses Can Get Up To $500,000
Beginning April 6, 2021, the U.S. Small Business Administration (SBA) is expanding its Economic Injury and Disaster Loan (EIDL) program, the organization announced in a press release. Small businesses who originally took out an EIDL loan for up to $150,000 for six months can extend that loan for up to 24 months and receive additional funds for a total of $500,000 in relief.
The SBA release stated that businesses that received an EIDL loan for up to six months and $150,000 need not submit a request to increase their loan amount. Rather, the SBA will reach out via email for details on how businesses can request additional loan funds prior to the April 6 launch date of the extended program.
Any new EIDL loan applications will automatic be considered for up to $500,000 to cover 24 months of business, according to the SBA press release.