Spring2021_SSCWN_web

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SMALL BUSINESS NEWS YOU CAN USE GOT QUESTIONS? EMAIL: DisasterCustomerService@ sba.gov or call the SBA’s Customer Service Center at: 1-800-659-2955 (1-800-877-8339 for the deaf and hard of hearing). • SBA to increases lending limit for COVID-19 EIDLs 8 • SPRING 2021 The U.S. Small Business Administration (SBA) stated in a March 24, 2021 press release that it is increasing the maximum amount small businesses and non-profit organizations can borrow through its COVID-19 Economic Injury Disaster Loan (EIDL) program. As of April 6, 2021, the SBA has raised the loan limit for the COVID-19 EIDL program from 6-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 provide low-interest emergency working capital to help save their businesses. However, the pandemic has lasted longer than expected, and they need larger loans. Many have called on SBA to remove the $150,000 cap. We are here to help our small businesses and that is why I’m proud to more than triple the amount of funding they can access,” SBA Administrator Isabella Casillas Guzman stated in the press release. Businesses that receive a loan subject to the current limits do not need to submit a request for an increase at this time. SBA will reach out directly via email and provide more details about how businesses can request an increase. Any new loan applications and any loans in process when the new loan limits are implemented will automatically be considered for loans covering 24 months of economic injury up to a maximum of $500,000. This new relief builds on SBA’s previous March 12, 2021, announcement that the agency would extend deferment periods for all disaster loans, including COVID-19 EIDLs, until 2022 to offer more time for businesses to build back. In order to shift all EIDL payments to 2022, SBA will extend the first payment due date for disaster loans made in 2020 to 24-months from the date of the note and to 18-months from the date of the note for all loans made in the calendar year 2021. • Deferment Period extended for all disaster loans until 2022 On March 16, 2021, the SBA announced the extended deferment periods for all disaster loans, including the EIDL program, until 2022. • All SBA disaster loans made in calendar year 2020, including COVID-19 EIDL, will have a first payment due date extended from 12-months to 24-months from the date of the note. • All SBA disaster loans made in calendar year 2021, including COVID-19 EIDL, will have a first payment due date extended from 12-months to 18-months from the date of the note. Current relief efforts can be found at WWW.SBA.GOV/ CORONAVIRUSRELIEF. Firms participating in the 8(a) Business Development can email questions to: 8aQuestions@sba.gov. For more questions about the 8(a) Business Development program, visit: 8(a) Business Development program (SBA.GOV). ?
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