Enhances to COVID EIDL Program, National Small Business Week & more!

 

Illinois District Office - September 2021

u s small business administration

SBA Enhances COVID-19 Economic Injury Disaster Loan Program

EIDL

The SBA Administrator Isabella Casillas Guzman announced major enhancements to the COVID Economic Injury Disaster Loan (EIDL) program, a federal disaster relief loan designed to better serve and support our small business communities still reeling from the pandemic, especially hard-hit sectors such as restaurants, gyms, and hotels. 

Program Updates

  • Increasing the Lending Cap: The SBA will lift the COVID EIDL cap from $500,000 to $2 million. Loan funds can be used for any normal operating expenses and working capital, including payroll, purchasing equipment, and paying debt.
  • Implementation of a Deferred Payment Period: The SBA will ensure small business owners will not have to begin COVID EIDL repayment until two years after loan origination so that they can get through the pandemic without having to worry about making ends meet.
  • Establishment of a 30-Day Exclusivity Window: The SBA will implement a 30-day exclusivity window of approving and disbursing funds for loans of $500,000 or less. Approval and disbursement of loans over $500,000 will begin after the 30-day period.
  • Expansion of Eligible Use of Funds: COVID EIDL funds will now be eligible to prepay commercial debt and make payments on federal business debt.
  • Simplification of affiliation requirements: The SBA has established more simplified affiliation requirements to model those of the Restaurant Revitalization Fund.

About the COVID EIDL Program

In response to COVID-19, small business owners, including agricultural businesses, and nonprofit organizations in all U.S. states, Washington, D.C., and territories can apply for the COVID-19 Economic Injury Disaster Loan (EIDL). The purpose of EIDL is for small businesses to meet financial obligations and operating expenses that could have been met had the disaster not occurred. 

How to apply

Eligible small businesses, nonprofits, and agricultural businesses in all U.S. states and territories can apply. Visit www.sba.gov/eidl to learn more about eligibility and application requirements. The last day that applications may be received is December 31, 2021. All applicants should file their applications as soon as possible.

Need assistance? 

For additional information on COVID EIDL and other recovery programs please visit www.sba.gov/relief. Small business owners may call SBA’s Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the deaf and hard of hearing) or email DisasterCustomerService@sba.gov for additional assistance. The center is open Monday through Friday from 9 a.m. to 9 p.m. CT. Multilingual representatives are available. 


Webinar: Learn about COVID EIDL & the changes to the program!

eidl

 

Join the SBA's Illinois District Office to learn about the changes to the COVID EIDL and how your business can benefit from the program.

Tuesday, September 14

3:30 p.m. - 4:30 p.m. CT

Register


National Small Business Week is here!

nsbw

National Small Business Week (NSBW) celebrates the contributions of America’s entrepreneurs and small business owners. This year’s NSBW will recognize the small businesses who have navigated the coronavirus pandemic while supporting their employees and communities. There will be a number of presenters providing retooling and innovative practices for entrepreneurs as our nation’s small businesses look to pivot and recover towards a stronger economy. View the schedule and register today!

Don't miss this event on September 13 - 15! 

Register


Stay updated

Visit sba.gov/relief for updates on the loan programs, guidance for businesses and employers, and other SBA resources.

If you have questions about your already submitted EIDL application, contact the SBA Disaster Customer Service Center at (800) 659-2955 or disastercustomerservice@sba.gov.

Follow @SBA_Illinois on Twitter.

E-mail questions to illinois.do@sba.gov.