The U.S. Small Business Administration (SBA) on Thursday, Sept. 9, announced improvements to its disaster loan program to help more small businesses access financial support as new variants of COVID-19 continue to affect operations.
The SBA raised loan limits in its Economic Injury Disaster Loan (EIDL) program — low-interest loans to pay back over 30 years — from $500,000 to $2 million.
The SBA is also deferring repayment of the loans for two years after their origination to give small business owners the leeway to make it through the lingering pandemic. Learn more.