SBA to Increase Loan Limit for COVID-19 Economic Disaster Loans
Businesses that receive a loan subject to the current limits do not need to submit an increase request at this time. The SBA will contact you directly via email and provide more details on how companies can request an increase as the April 6 implementation date approaches. Any new loan application and any loan in progress when the new loan limits are implemented will automatically be considered for loans covering 24 months of economic damage up to a maximum of $ 500,000.
This new relief builds on the SBA’s previous announcement of March 12, 2021 that the agency would extend deferment periods for all disaster loans, including EIDL COVID-19, until 2022 to give businesses more time to rebuild. In order to defer all EIDL payments to 2022, the SBA will extend the due date of the first payment for disaster loans made in 2020 to 24 months from the date of the note and 18 months from the date of the note. rating date for all loans made in calendar year 2021.
1-800-659-2955 (1-800-877-8339 for the deaf and hard of hearing).