SBA Increases Lending Limit for COVID-19 Economic Injury Disaster Loans

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The U.S. Small Business Administration is increasing the maximum amount small businesses and non-profit organizations can borrow through its COVID-19 Economic Injury Disaster Loan (EIDL) program. Starting the week of April 6, 2021, the SBA is raising 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,” said SBA Administrator Isabella Casillas Guzman.

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Guidance on COVID-19 EIDL Identity Theft and Fraud

If you suspect that someone used your personal information without your knowledge or permission to obtain an SBA COVID-19 EIDL, please download this EIDL identity theft letter for step-by-step instructions on how to report the identity theft case to the SBA, including how to file an SBA Declaration of Identity Theft visit www.sba.gov/eidl-id-theft.

The letter also includes recommended next steps you should take to protect yourself from further financial harm as a result of identity theft, such as reporting the identity theft to the Federal Trade Commission (FTC) at IdentityTheft.gov as well as adding a fraud alert or credit freeze to your credit reports. For more information, visit 


Shuttered Venue Operators Grant. Accepting applications starting on April 8. sba.gov/svogrant

 

Prior to the SVOG applications opening on April 8, the SBA will host a national informational webinar to highlight the application process for potential eligible entities from 2:30 to 4 p.m. ET on Tuesday, March 30. Potential applicants can suggest topics they’d like to see covered via e-mail to SVOGrant@sba.gov by 12 p.m. ET on Monday, March 29. The SBA will make every effort to address the question categories on the webinar and future FAQs, but cannot provide specific, individual answers.

Register


Beware of malicious COVID-19 phishing

 

The SBA only communicates from email addresses ending in @sba.gov. If you are being contacted by someone claiming to be from the SBA who is not using an official SBA email address, you should suspect fraud.

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Sabetha Mumm

Be Inspired: Small Business Success Story in Celebration of Women's History Month

A lifelong dancer, Sabetha Mumm always knew she was meant to share her love of dance with others. During her first year of college, however, Sabetha could no longer deny her entrepreneurial dream.

In 2003, Sabetha opened Dance Vision in Johnston, Iowa. Over the years, she has grown the business from a rented space to a custom-designed 12,000 square-foot facility featuring five studios that she built with the help of an SBA 504 loan. The new space features workstations for the students to study between dance classes, a healthy food bar to promote wellness, and more.

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SBA Announces Veterans Business Outreach Center Funding Opportunity

Private organizations, colleges and universities, private sector firms, nonprofit organizations and state, local or tribal governmental agencies across Pennsylvania, Delaware, Washington, D.C., Maryland, Northern California, and Nevada are eligible to apply for funding from the U.S. Small Business Administration to provide training and counseling to aspiring and existing veteran small business owners as a Veterans Business Outreach Center.

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Federal Coronavirus Resources

State, local, and federal agencies are working together to maintain the safety, security, and health of the American people. Check out coronavirus.gov for updates from the White House's COVID-19 Task Force. Go to cdc.gov for detailed information about COVID-19 from the Centers for Disease Control and Prevention.  Visit covid-sb.org, the official federal resource website for U.S. small businesses affected by COVID-19.

Learn more about the federal government's response


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Virtual Mentoring and Training 

Offices around the country may be closed due to the pandemic, but SCORE, Small Business Development Centers, Women’s Business Centers, Veterans Business Outreach Centers and other resource partners are providing free business mentoring and training by phone, email, and video.

Find an SBA resource partner near you


Join the SBA team: Employment opportunities to support SBA's COVID-19 pandemic response