The U.S. Small Business Administration updated its guidance for its COVID-19 Economic Injury Disaster Loan (EIDL) program. Since its inception, the COVID-19 EIDL program, a federal disaster relief loan designed to support small businesses still reeling from the pandemic, especially hard-hit sectors such as restaurants, gyms, and hotels, has approved nearly $300 billion in relief aid.
The SBA is providing the following updated guidance:
“The COVID Economic Injury Disaster Loan (EIDL) and EIDL Advance programs still have billions of dollars available to help small businesses hard hit by the pandemic. More than 3.8 million businesses employing more than 20 million people have found financial relief through SBA’s Economic Injury Disaster Loans,” Patrick Kelley, associate administrator for the SBA’s Office of Capital Access, said. “Key enhancements have been made to the loan program that will help our nation’s businesses recover and get back on track.”
In September, SBA Administrator Isabella Casillas Guzman announced enhancements to the EIDL program, including an increase of the COVID-19 EIDL cap from $500,000 to $2 million.
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