UPDATE: Two Key Factors For Economic Injury Disaster Loan Borrowers
As we continue to carry on and navigate the always-changing pandemic loan information coming from the Small Business Administration, we would like to highlight two key policy updates for COVID-19 EIDL borrowers. Here's what has changed and what you can be on the lookout for:
The time for which you have to pay back the loan has been extended
Increased loan amounts, if eligible, you can request more funds
The U.S. Small Business Administration (SBA) has recently approved extended loan assistance to those who were granted an Economic Injury Disaster Loan during 2020 and early 2021 for those who are eligible. If you are one of those eligible loan borrowers, the previous 6-month limit has been increased to 24 months due to a policy change. Please note, SBA announced last month that they are extending the first payment due date for all loans until 2022.
The dollar amount cap for these loans has also been adjusted with significant increases in loan limits from the previous $150,000 to up to 24 months of economic injury with a maximum loan amount of $500,000.
Please be sure to check in with the bank / lender that issued you a loan to get any further details regarding your individual situation. The SBA will individually reach out via email to those loan borrowers who qualify. If you have any questions or need any further assistance navigating these recent changes and updates, please contact us at Peridot Consulting, we'd love to help.
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