THE EIDL PROGRAM HAS ENDED AS OF MAY 16TH 2022

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In response to COVID-19, small business owners, including agricultural businesses, and nonprofit organizations in all U.S. states, Washington D.C., and territories can apply for the COVID-19 Economic Injury Disaster Loan (EIDL). The purpose of this loan is enable small businesses to meet financial obligations and operating expenses that could have been met had the disaster not occurred.

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As of April 6th 2021 the approved loan amount will equal up to 24 months of economic injury, with a maximum approval of $500,000. These loans were previously limited to six months of economic injury up to a maximum of $150,000. Borrowers who received less than $500,000 may apply for an increase in the loan amount.

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The terms of this loan are as follows:

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• 3.75% for businesses (fixed)

• 2.75% for nonprofits (fixed)

• 30 years

• No pre-payment penalty or fees

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Loan Increases

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Loans approved prior to April 7, 2021 for less than $500,000 are likely eligible for an increase based on new loan maximum amounts announced March 24, 2021. Businesses that received a loan subject to the previous loan limit can submit a request for an increase at this time. 

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