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Posted on: March 29, 2021

More COVID-19 Assistance Made Available

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More relief is being offered to small businesses and nonprofits impacted by COVID-19.

The US Small Business Administration is tripling the amount small businesses and nonprofit organizations can borrow through its COVID-19 Economic Injury Disaster Loan program.

Beginning the week of April 6, the loan limit will increase to 24-months of economic injury with a maximum amount of $500,000. Currently, the limit is six-months of economic injury and a $150,000 cap.

Small businesses already receiving a loan do not need to request the increase at this time. Rather, the SBA will send an e-mail with more details on requesting an increase.

New loan applications and applications already being processed will automatically be considered for the higher amount.

The new, higher loan limits are the second recent decision by the SBA designed to help small businesses recover from COVID-19. The SBA had already decided to extend deferment periods for all disaster loans, including COVID-19 EIDLs, until 2022. To make that happen, SBA will be extending the first payment due date for disaster loans made in 2020 to 24-months from the date of the note and to 18-months from the date of the note for all loans made in the calendar year 2021.

Questions about the COVID-19 Economic Injury Disaster Loan program and disaster loan payments can be e-mailed to DisasterCustomerService@sba.gov or directed to SBA’s Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the deaf and hard of hearing).

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