In other equally important SBA news, the agency this week also announced the reopening of the Economic Injury Disaster Loan (EIDL) program to all small businesses. The popular program, to which Congress had appropriated an additional $50 billion and expanded EIDL eligibility through the CARES Act earlier this year, was quickly overwhelmed and shut down applications in April. Subsequently, the program reopened for applications only from agriculture-related companies. The EIDL provides loans of up to $2 million which may be used for fixed debts, payroll, accounts payable, sick leave and other obligations that can’t be met because of the COVID-19 pandemic. Generally, EIDL loans are made with a maximum term of 30 years and interest rates of 3.75%, but specific final terms are determined by the SBA on a case-by-case basis. In addition, the EIDL program also has funds available for emergency grants up to $10,000 which are structured as quick cash advances that may be used to provide paid sick leave to employees unable to work due to COVID-19, or to maintain payroll to retain employees as well as rent or mortgage payment among others coronavirus related reasons. The emergency grants or advances need not be repaid.