If you are a small business owner or a qualified agricultural businesses in the U.S. states and territories, you may be eligible to apply for a low-interest loan.
The Biden administration is increasing pandemic assistance for small businesses and is tripling the maximum amount that businesses and nonprofits can borrow under its COVID-19 Economic Injury Disaster Loans program.
The increase starts April 6, when the loan limit for loans will jump from six months of economic injury with a maximum loan of $150,000 to up to 24 months of injury at a $500,000 maximum.
Some loans approved prior to the week of April 6, 2021 will be eligible for an increase based on new loan maximum amounts announced March 24, 2021.
Businesses that received a loan subject to current loan limit do not need to submit a request for an increase at this time. SBA will reach out directly via email closer to the April 6, 2021 implementation date to provide more details about how businesses can request an increase.
If an applicant accepted a loan for less than the full amount originally offered, the application will have up to two years after the date of the loan promissory note to request to request additional funds. Applicants may continue to request additional funds even after the application deadline of December 31, 2021.
To find out more about about this loan, please visit the U.S. Small Business Administration.