COVID-19 EIDL Lending Amounts Increased by SBA

Effective April 6, 2021, the Small Business Administration (SBA) increased the maximum lending amount for its 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. In addition, the SBA extended deferment periods for all disaster loans with first payment due dates shifted to 2022. For more information, see the SBA press release.