SBA Increases EIDL Cap to $500k: How We Can Help

SBA Increases EIDL Cap to $500k: How We Can Help

SBA to Increase EIDL Loan Amount for Eligible Businesses

Starting the week of April 6th, the US Small Business Administration (SBA) will increase the COVID-19 Economic Injury Disaster Loan (EIDL) cap from $150,000 for 6 months to a maximum of $500,000 for up to 24 months. In other words, the SBA is more than tripling the maximum EIDL amount for eligible US businesses and non-profits due to the pandemic.

Keep in mind, the rates will be on a 30-year term at a 3.75% interest rate, with no payments starting until 2022. In addition, the SBA recently announced that business owners who obtained SBA loans last year will get their payments deferred until 2022.

According to SBA administrator, Isabella Casillas Guzman, “More than 3.7 million businesses employing more than 20 million people have found financial relief through SBA’s Economic Injury Disaster Loans, which provide low-interest emergency working capital to help save their businesses. However, the pandemic has lasted longer than expected, and they need larger loans.”

LaHatte Law, LLC has helped countless businesses at every stage of the process, including compiling and completing their documentation, and applying for the SBA EIDL and payroll protection program funds.

If you own a small business or non-profit, we highly recommend you contact us immediately so our attorney can determine how much relief you may be eligible for under the new EIDL cap program.

We recommend new businesses get started right away. Not surprisingly, these funds will likely get depleted due to high interest from numerous businesses seeking relief under the CARES Act stimulus and SBA programs. As such, we can work to expedite your application and help get you to the front of the line. Count on our New Orleans lawyer to evaluate your documentation, handle the qualification period, and allow you to run your business while we help get you approved. With our team on your side, no stone will be left unturned.

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