New COVID EIDL policy changes have taken effect that entails the below updates to the program for businesses and non-profits.
- Starting October 8, SBA will begin considering EIDL applications up to $2 million.
- Maximum Business Size Standards have in some cases been relaxed.
- Uses of proceeds now explicitly endorse payment and prepayment of commercial debt, and payment of regular installments of federal debt, in addition to general operating expenses.
- Extend the deferment period to 24 months from origination for all loans (existing loans with a less than 24-month deferment will be adjusted)
- Affiliation requirements simplified to an affiliate is a business that you control or in which you have 50% or more ownership
*The program ends on December 31, 2021, but interested businesses should apply as soon as possible to allow for processing and disbursement time. Larger loans will be underwritten by SBA, adding to the urgency to submit applications now. For more information and to apply click HERE.