The Small Business Administration recently retooled its Economic Injury Disaster Loan (EIDL) program to offer relief to eligible companies and certain other employers still struggling during the COVID-19 pandemic. The loan cap has increased from $500,000 to $2 million. Funds can be used for almost any operating expense, including payroll, equipment purchases and certain debt payments (now including federal business debt and prepayments of commercial debt). There’s also a new deferred payment period under which borrowers can wait until two years after loan origination to begin repaying their EIDLs. For further details, go to https://bit.ly/2ZbI6CD And don’t hesitate to contact us for help applying.
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