SBA Increases COVID-19 Economic Injury Disaster (EIDL) Loan Limit
Starting the week of April 6, the SBA will raise the loan limit for the COVID-19 EIDL program from six-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.
Businesses that receive a loan subject to the current limits do not need to submit a request for an increase at this time. The SBA will reach out directly via email closer to the April 6 implementation date and provide details about how businesses can request an increase. 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. Read more here