In 2021, the COVID Economic Injury Disaster Loan (EIDL) program will end. Business owners, non-profit organizations, and other eligible entities must apply by 10:59 pm CT that day in order to be considered.
Highlights of COVID’s EIDL program
Throughout COVID-19, the SBA made program enhancements to support businesses.
- The COVID EIDL lending cap has been raised from $500,000 to $2 million. Funds from a loan can be used for payroll, equipment purchases and debt repayment, as well as for general operating expenses and working capital.
- There is a deferred payment period of 24 months following the loan’s origination.
- COVID EIDL funds can now be used for prepaying commercial debt and making payments on federal business debt as well.
- The SBA has simplified affiliation requirements in order to model them after those of the Restaurant Revitalization Fund.
For more information about COVID EIDL, visit the SBA website.