As was announced by the Small Business Administration (SBA) a couple of weeks ago, major changes to the Economic Injury Disaster Loan program (EIDL 2.0) have been implemented which present a short window of exclusivity for smaller businesses. Beginning October 8, 2021, the SBA will focus its efforts exclusively on clearing the backlog of EIDL applications for loans in excess of $500,000 up to the new limit of $2 Million. EIDL 2.0 is a direct loan from the SBA with a low interest fixed rate (3.75%) over a 30-year term. Payments are deferred for the first 2 years (although interest will accrue during that 24-month period) and the program has no penalty for prepayment. EIDL funds may be used as working capital to make regular payments for operating expenses including payroll, rent/mortgage, utilities and other ordinary business expenses as well as to pay business debt regardless of when it may have been incurred.