SBA News: Need additional funding to help overcome COVID Impacts? - Training today at 2 pm CT

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Minnesota District Office

u s small business administration
Coping with COVID-19

Get More with COVID EIDL Funding

The SBA has enhanced the COVID Economic Injury Disaster Loan (EIDL) program. There is a training this afternoon to share the changes with you and how your business can benefit from the program.

And borrowers who received a COVID EIDL loan previously, and are now in need of more funding because of the pandemic's continued impacts, can apply for additional funding.

Join us to learn how a COVID EIDL can help you

October 20, 2 p.m. CT

Click here to participate

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 to learn how a COVID EIDL can help you

October 20, 2 p.m. CT

Click here to participate


Stay Updated

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

If this newsletter was forwarded to you, sign up to get it directly via  sba.gov/updates. Be sure to add your MN zip code to receive this Minnesota-specific information.

Join us on Twitter (@SBA_Minnesota) for information as it becomes available too.