The U.S. Small Business Administration has increased the maximum amount small businesses and non-profit organizations can borrow through its COVID-19 Economic Injury Disaster Loan program. As of April 6, the loan limit has been raised to $500,000 and 24 months of economic injury.
Businesses that received a loan subject to the current limits do not need to submit a request for an increase at this time. SBA will reach out directly via email and provide more details about how businesses can request an increase closer to the April 6 implementation date. Any new loan applications and any loans in process when the new loan limits are implemented will automatically be considered for loans covering 24 months of economic injury up to a maximum of $500,000.
