The Small Business Administration (SBA) is committed to increasing its Economic Injury Disaster Loan limit to $2 million, and the agency hopes to make that change happen over the summer.
In an interview with The Business Journals, SBA Administrator Isabel Guzman said that the agency has been working on the technology upgrades needed to increase loans made through the program to that limit and pointed out the agency raised the original cap from $150,000 to $500,000 earlier this year.
Guzman said in the interview, “I am hopeful that it would be this summer.”
She said the agency has seen small businesses flock to the EIDL to increase the size of their loans retroactively.
“We have seen a big increase in folks who have applied to get that increase from $150,000 to $500,000, so we know that there is interest, and [we] will continue to support our small businesses with that program,” Guzman said.
Now, businesses have 24 months from the date of the loan to start repaying any disaster loans made in 2020. For loans made in 2021, payments would start 18 months after the loan is made.
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