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ARTICLE · 12 OCTOBER 2021

SBA Enhancements To COVID-19 EIDL Program

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On Sept. 9, 2021, Administrator Isabella Casillas Guzman of the U.S. Small Business Administration (SBA) announced the following significant enhancements to the COVID-19 Economic Injury Disaster Loan (EIDL) program.

United StatesCoronavirus (COVID-19)
Kiamesha-Sylvia G. Colom
Kiamesha-Sylvia G. Colom
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On Sept. 9, 2021, Administrator Isabella Casillas Guzman of the U.S. Small Business Administration (SBA) announced the following significant enhancements to the COVID-19 Economic Injury Disaster Loan (EIDL) program.

  • Increase of the COVID-19 EIDL cap from $500,000 to $2 million. Loan funds can be used for any normal business operating expense and working capital. Some of these expenses include payroll, purchasing equipment, and paying debt.
  • Implementation of an extended deferment period was provided. Previously, repayment of a COVID-19 EIDL did not need to be paid until one year later; now the time period is two years after loan origination.
  • A 30-day exclusivity window was created for main street businesses to have additional time to access COVID-19 EIDL funds. Approval and disbursement of loans over $500,000 will begin after the 30-day period ends on Oct. 8, 2021.

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