EIDL loan cap raised to $500K

Small businesses and non-profit organizations can borrow up to $500,000 a through its Covid-19 Economic Injury Disaster Loan (EIDL) program, according to the U.S. Small Business Administration.

“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," SBA Administrator Isabella Casillas Guzman.

SBA said the new loan limits will start the week of April 6.