The Small Business Administration (SBA) has increased the maximum amount small businesses and nonprofit organizations can borrow through the COVID-19 Economic Injury Disaster Loan (EIDL) program from 6 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.
The SBA will reach out directly this week via email to current borrowers and provide details about how businesses can request an increase. All communication from the SBA will be sent from an official government email account ending with @sba.gov.
Learn how to apply for an EIDL, view FAQ and find out about more funding options from the SBA.
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