SBA Makes Major Changes to EIDL

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…

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SBA May Reconsider EIDL Rejections

The Small Business Administration (SBA) has opened up a new way for small-business owners to push back against a denial of their application for a Targeted Economic Injury Disaster Loan (EIDL) Advance cash grant. The agency last week announced a process by which rejected applicants can petition for reconsideration of funding. To formally request a…

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PPP and EIDL Loans Exempted

The Commonwealth of Massachusetts caught up with the federal government and many other states this past week when Governor Charlie Baker signed many parts of HB 90 into law. Of primary importance to small business owners, the legislation excludes proceeds from Paycheck Protection Program (PPP) loans along with Economic Injury Disaster Loan (EIDL) advances from…

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SBA Triples Disaster Loan Limits

The Small Business Administration (SBA) is increasing the maximum loan amounts under its Economic Injury Disaster Loans program (EIDL) effective April 6. In addition, the increase may also include some level of retroactivity. The EIDL, which was capped last year at six months’ worth of economic injury up to $150,000 maximum, will now be extended…

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