EIDL Increase

The U.S. Small Business Administration (SBA) is increasing the maximum amount small businesses and non-profit organizations can borrow through its COVID-19 Economic Injury Disaster Loan (EIDL) program. When the loan originally came out, the SBA was limiting the maximum amount to $150,000.  For small business owners and not for profits, the loan has been increased to $500,000.  These loans do need to be paid back over 30 years at a fixed rate of 3.75% for small businesses.  The initial payments are deferred for up to 24 months.  The SBA EIDL loans are based upon credit worthiness.  If you would like more information about these loans, click the following link. https://www.sba.gov/funding-programs/loans/covid-19-relief-options/eidl/covid-19-eidl