The Small Business Administration (SBA) announced on March 15, 2021, that it will defer repayments of Economic Injury Disaster Loans (EIDL) for 24 months for loans made in 2020, and 18 months for loans made in 2021, instead of the original 12 month deferral period.
In addition, the SBA announced it is increasing the maximum amount small businesses and non-profits can borrow through the EIDL program. Starting the week of April 6, 2021, the SBA will raise the loan limit from six 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. Borrowers do not need to contact the SBA regarding increases. Rather, the SBA will contact borrowers directly via email directing borrowers on how an increase can be obtained.
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