SBA increases COVID-19 Economic Injury Disaster Loan program

Economic Injury Disaster Loans (EIDL) from the U.S. Small Business Administration (SBA) were previously approved up to a maximum of $150,000. The SBA recently announced that this loan can be increased up to a maximum amount of $500,000.

You might be eligible to receive additional loan funds. Be advised that the SBA will require an unsecured personal guarantee for loan amounts over $200,000 from any individual with 20% or more ownership. Real estate collateral will not be required for any loans of $500,000 or less.

Also, for loans received in year 2020, the first payment due date is extended until 24 months from the date of the note (any payment will be due until 2022), and for loans made in calendar year 2021 the first payment due date is extended until 18 months from the date of the note.

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