SBA Lowers EIDL Amounts Plus Limits New Applications
The Small Business Administration has reportedly lowered the maximum loan limit for the Economic Injury Disaster Loan Program by more than 90%. This is separate relief fund from the Paycheck Protection Program.
The details come from Washington Post. It reports that the maximum loan size has been capped at $150,000. Initially, approved applicants were eligible for up to $2 million in loans with an interest rate of 3.75%, plus a $10,000 grant. The grant amount was previously changed to $1,000 per employee, up to $10,000 total. The SBA has not made an official announcement about the latest change.
Additionally, starting on May 4, the SBA said it would only accept applications from agricultural businesses that were interested in EIDL. All other EIDL loan applications that were submitted before the portal stopped accepting new applications on April 15 will be processed on a first-in, first-out basis.
The Economic Injury Disaster Loan Program (EIDL) provides financial assistance to small businesses or private, non-profit organizations that suffer substantial economic injury as a result of the declared disaster, regardless of whether the applicant sustained physical damage. EIDL loans are not forgivable, except for the maximum for grant of $10,000.
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I received an email. Ten about 10 days ago a hard inquiry from SBA. Nothing since
Good to know. As a data point, I applied for my EIDL around 5 weeks ago. I got an email about a week back that my application was still in the pipeline. Nothing since.