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ARTICLE · 29 SEPTEMBER 2021

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SBA Dramatically Expands Disaster Loans Under The COVID EIDL Program

Ballard Spahr LLP
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The Small Business Administration's (SBA) interim final rule (IFR), issued September 8, 2021, significantly expands its COVID-19 Emergency Injury Disaster Loan

United StatesCoronavirus (COVID-19)
Andrew J. Geppert
Andrew J. Geppert
Lewis M. Horowitz
Lewis M. Horowitz
Eric J. Kodesch
Eric J. Kodesch
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The Small Business Administration's (SBA) interim final rule (IFR), issued September 8, 2021, significantly expands its COVID-19 Emergency Injury Disaster Loan (COVID EIDL) program, which provides low-interest, long-term loans for small businesses and nonprofits who experienced or continue to experience economic harm resulting from the pandemic. 

Key changes include:

  • Increased maximum loan amount from $500,000 to $2 million, subject to a 30-day exclusivity window for approval and disbursement of loans of $500,000 or less.  
  • Expanded allowable uses for loan proceeds to include payment and prepayment of commercial debt and to make payments on federal business debt. 
  • Extended the payment deferral period. 

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