Did You See That The SBA Just Extended Lending Limits For Economic Injury Disaster Loans?

Last week, the U.S. Small Business Administration announced it is increasing the maximum amount small businesses and nonprofit organizations can borrow through it’s COVID-19 Economic Injury Disaster Loan (EIDL) and EIDL Advance program.

Starting the week of April 6, 2021, the SBA is raising the loan limit for the COVID-19 EIDL program 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.

If you already applied for and received a loan, you should receive an email from the SBA with details on what you need to do in order to request an increase and extension.

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.

Even better, the SBA is extend deferment periods for all disaster loans, including COVID-19 EIDLs, until 2022.

I can say from firsthand experience, applying for and receiving the first loan was remarkably straightforward and fast! The same day I submitted the online application I received a phone call from an SBA loan officer. It was so efficient, I thought it might be a scam but it wasn’t.

According to the SBA, questions about COVID-19 EIDL and disaster loan payments can be emailed to DisasterCustomerService@sba.gov or directed to SBA’s Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the deaf and hard of hearing).