September 27, 2021

Everything You Need To Know About The EIDL Program Updates

13 minutes

On September 8th, the SBA announced massive changes to the COVID-19 Economic Injury Disaster Loans (EIDL) Program. The major changes include:

Increasing the COVID-19 EIDL cap from $500,000 to $2 million

A borrower can request more funding, up to $2million, even if they have already received COVID-19 EIDL

The maximum amount of $2 million includes any funds that the borrower has already received

Implementation of a 2-year deferred payment period (The original deferred payment period was 18 months)

Without any action on the part of the borrower, the SBA will extend the deferment period of all existing COVID EIDL loans to 24 months

The first 30 days after the SBA announced changes are exclusively for processing loans of $500,000 or less

The SBA will begin to approve loans greater than $500,000 on October 8, 2021

The simplification of affiliation requirements to mimic those of the Restaurant Revitalization Fund

Watch the full Video: https://www.youtube.com/watch?v=tlohjDdFokg

Read the full Blog Post: https://rasiusa.com/blog/everything-you-need-to-know-about-the-eidl-program-updates

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By RASI - Restaurant Accounting Services Inc.

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