On September 8th, the SBA announced massive changes to the COVID-19 Economic Injury Disaster Loans (EIDL) Program. The major changes include:
- Increasing the COVID-19 EIDL cap from $500,000 to $2 million
- A borrower can request more funding, up to $2million, even if they have already received COVID-19 EIDL
- The maximum amount of $2 million includes any funds that the borrower has already received
- Implementation of a 2-year deferred payment period (The original deferred payment period was 18 months)
- Without any action on the part of the borrower, the SBA will extend the deferment period of all existing COVID EIDL loans to 24 months
- The first 30 days after the SBA announced changes are exclusively for processing loans of $500,000 or less
- The SBA will begin to approve loans greater than $500,000 on October 8, 2021
- The simplification of affiliation requirements to mimic those of the Restaurant Revitalization Fund
Watch the full Video: https://www.youtube.com/watch?v=tlohjDdFokg
Read the full Blog Post: https://rasiusa.com/blog/everything-you-need-to-know-about-the-eidl-program-updates
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