It was announced yesterday in Washington DC that the U.S. Small Business Administration (SBA) has made a number of significant changes to the Economic Injury Disaster Loan program. The loan cap, which previously was set at $500,000, has been increased to $2 million and actually went in effect Wednesday evening although it wasn’t announced until yesterday. EIDL 2.0, as it is now known, also expands the eligible uses of EIDL funds to include paying off other business debt, regardless of when it was incurred and does not require any payments for 24 months following approval of an business’ application. Another change creates a 30-day exclusivity window, during which time SBA will only work on clearing the backlog of applicants still awaiting an initial decision on their loan of a loan increase from the last round. Beginning October 8, 2021, SBA will start reviewing loan increases above $500,000. Business groups have been pushing the SBA to make exactly these types of changes to the EIDL. In fact, a handful of powerful Washington business organizations had sent a letter to SBA administrator Isabella Guzman that the agency quickly adopt the proposed changes to the Economic Injury Disaster Loan (EIDL) program. The letter, signed by the Coalition of Franchisee Associations (CFA), along with the National Restaurant Association, International Franchise Association, the American Hotel & Lodging Association, Asian American Hotel Owners Association and the International Health, Racquet & Sportsclub Association, specifically asked for some of the announced changes.