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ARTICLE · 16 SEPTEMBER 2021

SBA Expands COVID Disaster Loans

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The COVID EIDL program is an "improved" version of the "regular" EIDL program that existed prior to (and will exist after) the pandemic.

United StatesFinance and Banking
Yuval Tal
Yuval Tal
Jeffrey Horwitz
Jeffrey Horwitz
Andrew Bettwy
Andrew Bettwy
Sarah E. Hughes
Sarah E. Hughes
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Effective September 8, 2021, the U.S. Small Business Administration ("SBA") significantly expanded the ability of small businesses to apply for low-interest loans through the revised COVID Economic Injury Disaster Loan ("EIDL") program. The program will end on December 31, 2021, or until funds are exhausted, whichever occurs sooner, suggesting that all applicants looking to apply should do so as soon as possible.

The COVID EIDL program is an "improved" version of the "regular" EIDL program that existed prior to (and will exist after) the pandemic. The purpose of the EIDL program is to help businesses meet operating expenses and financial obligations that would have been met had the pandemic not occurred. It is intended for businesses already in operation prior to the beginning of the pandemic.

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