Economic Injury Disaster Loan Updates

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Michigan District Office

u s small business administration
EIDL Enhancements

 

The SBA has enhanced the COVID Economic Injury Disaster Loan (EIDL) program and SBA's Michigan District partners have set up trainings to share the changes with you and how your business can benefit from the program.

Program Updates

  • Increasing the Lending Cap: The COVID EIDL cap is now $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: Small business owners do not have to begin COVID EIDL repayment until two years after loan origination to help get through the pandemic without having to worry about making ends meet.
  • Establishment of a 30-Day Exclusivity Window: A 30-day exclusivity window now exists to approve and disburse 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 are now eligible to prepay commercial debt and make payments on federal business debt.
  • Simplification of affiliation requirements: The more simplified affiliation requirements now model those of the Restaurant Revitalization Fund.

Join us on a session below to learn how a

COVID EIDL can help you

Oct. 1:  10 am, hosted by the I-69 Trade Corridor Small Business Development Center.  Click here to participate.

Oct. 6:  11 am, hosted by Grand Rapids Opportunities for Women.  Click here to participate.

Oct. 7:  11 am, hosted by Cornerstone Alliance Women's Business Center.  Click here to participate.

Oct. 8:  11 am, hosted by the Southwest Small Business Development Center.  Click here to participate.

Oct. 13:  12 pm, hosted by the Great Lakes Women's Business Council.  Click here to participate.


Stay Updated

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For more on SBA programs for the coronavirus, please visit www.sba.gov/relief.


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All SBA programs and services are extended to the public on a nondiscriminatory basis. This article does not constitute or imply an endorsement by SBA of any opinions, products, or services of any private individual or entity.