Beginning the week of April 6th, 2021 Borrowers will be able to apply for the SBA’s Economic Injury Disaster Loan (EIDL) funding for up to 24 months of economic injury with a new maximum loan amount of $500,000.
In response to COVID-19, small business owners, including agricultural businesses, and nonprofit organizations in all U.S. states, Washington D.C., and territories can apply for the COVID-19 EIDL.
The loan program provides borrowers with funds to use for working capital and normal operating expenses. These loans have a 30-year term and a fixed APR of 3.75% (2.75% for nonprofits).
Previously the maximum loan amount was $150,000. With this change comes the opportunity for those that have already taken advantage of the EIDL to request a loan increase beginning the week of April 6th.
*Businesses that received a loan subject to the current loan limit do not need to submit a request for an increase at this time. SBA will reach out directly via email closer to the April 6, 2021 implementation date to provide more details about how businesses can request an increase.
To apply, or learn more click here to be taken directly to the SBA’s EIDL page.