SBA to increase lending limit for COVID-19 Economic Injury Disaster Loans

WASHINGTON – The U.S. Small Business Administration is increasing the maximum amount small businesses and nonprofit organizations can borrow through its COVID-19 Economic Injury Disaster Loan program. Starting the week of April 6, the SBA is raising the loan limit for the COVID-19 EIDL program from six-months of economic injury with a maximum loan amount of $150,000 to up to 24-months of economic injury with a maximum loan amount of $500,000.

“More than 3.7 million businesses employing more than 20 million people have found financial relief through SBA’s Economic Injury Disaster Loans, which p...