Economic Injury Disaster Loan: The SBA is increasing the maximum amount of EIDL funding a business can get from six months of working capital capped at $150,000 to 24 months of working capital capped at $500,000.
Businesses that receive a loan subject to the current limits do not need to submit a request for an increase at this time. SBA will reach out directly via email and provide more details about how businesses can request an increase closer to the April 6 implementation date. Any new loan applications and any loans in process when the new loan limits are implemented will automatically be considered for loans covering 24 months of economic injury up to a maximum of $500,000.
Paycheck Protection Program: The Paycheck Protection Program has been extended until May 31. Most lenders are reopening their applications today if they have not done so already.
If you have any questions about these programs please reach out to Grier Melick, SBDC’s Frederick County Business Consultant at email@example.com.