SBA raises COVID-19 EIDL loan limit to $500,000

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March 25, 2021

SBA raises COVID-19 EIDL loan limit to $500,000 the U.S. Small Business Administration is more than tripling the maximum amount that small businesses and nonprofits can borrow under the COVID-19 Economic Injury Disaster Loans (EIDL) program. Starting the week of April 6, the loan limit for COVID-19 EIDL loans will jump from six months of […]

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SBA rases COVD-19 EDL ln lmt to $00,000

The U.S. Busness Admnstraton s more than trplng the maxmum amount that busnesses and nonprofts can borrow under the COVD-19 Economc njury Dsaster Lns (EDL) program.

Startng the week of Aprl 6, the ln lmt for COVD-19 EDL lns wll jump from sx months of economc njury wth a maxmum ln amount of $10,000 to up to 4 months of economc njury wth a maxmum ln amount of $00,000.

“More than 3.7 mllon busnesses employng more than 0 mllon people have found fnancal relef through SBA’s Economc njury Dsaster Lns, whch provde low-nterest emergency workng captal to help save ther busnesses,” sad SBA Admnstrator sabella Casllas Guzman n a release. “However, the pandemc has lasted er than expeed, and they need larger lns.”

Any COVD-19 EDL lns n process when the new ln lmts go nto effe wll automatcally be consdered for the new maxmum lmts, the SBA sad. Exstng COVD-19 EDL borrowers wll be able to request an ncrease begnnng Aprl 6. A spokes sad the SBA wll provde updated nstruons on how to request a ln ncrease on SBA.gov and also wll reach out drely va emal to exstng COVD-19 borrowers wth lns approved pror to the ncreased ln lmt takng effe.

The SBA has approved more than $00 bllon n COVD-19 EDL lns. The lns have a 30-year maturty wth nterest rates of 3.7% for busnesses, ncludng sole propretors and ndependent contraors, and .7% for not-for-profts.

The announcement of the hgher ln lmts came less than two weeks after the SBA announced March 1 that t was extending deferment periods for all ts dsaster lns, ncludng the COVD-19 EDL lns. Thanks to that decson, COVD-19 EDL recpents won’t have to start makng payments on ther lns untl 0, though borrowers may voluntarly contnue to make payments durng the deferment as nterest wll contnue to accrue on the outstandng ln balance.

A experts dscuss the latest on the PPP and other busness ad programs durng a vrtual town hall held every other week. The webcasts, whch provde CPE credt, are free to A members and $39 for nonmembers. Go to the AICPA Town Hall Series webpage for more nformaton and to regster. Recordngs of Town Halls are avalable to vew for free on AICPA TV.

The AICPA’s Paycheck Protection Program Resources page houses resources and tools produced by the A to help address the economc mpa of the coronavrus.

Accountng frms can prepare and process applcatons for the PPP on the CPA Business Funding Portal, created by the A, .com, and fntech partner BzCredt.

For more and reportng on the coronavrus and how s can handle challenges related to the outbreak, vst the JofA’s coronavirus resources page or subscribe to our email alerts for breakng PPP .

Jeff Drew (Jeff.Drew@aicpa-cima.com) s a JofA senor edtor.


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SBA raises COVID-19 EIDL loan limit to $500,000 The U.S. small business Administration is more than tripling the maximum amount that small businesses and nonprofits can borrow under the COVID-19 Economic Injury Disaster Loans (EIDL) program. Starting the week of April 6, the loan limit for COVID-19 EIDL loans will jump from six months of […]

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How To Really REALIZE DREAMS COME TRUE?

Happiness is for those who plan well and pursue. A profound among us have been proven those who have true dream to live for likely REALIZED IT. It is just simply the person working toward the DREAM days and night until accomplishment. There is a phrase of efficiency a head of you. Steps and obstacles at first seem tremendous. However, just with some times those difficult steps and challenges are so easy performance for you. There are also plenty of tools including VISUALIZATIONS and helps are around you.

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HOW TO DEFEAT DEADLY CORONAVIRUS EVERY TIME?

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