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Economic Injury Disaster Loan
The SBA 7a program is a small-business loan program that helps businesses with start-ups, expansions, and other needs. The maximum loan amount available through the SBA 7a program is $5 million.
In the wake of COVID-19, The Economic Injury Disaster small business Loan program offers a solution for businesses in need. By providing accessible capital, it helps these companies recover from their coronavirus economic impacts quickly while also preserving jobs that were lost due to the pandemic’s effects.
Huge news for small businesses communities still recovering from the pandemic: SBA Administrator Isabel Guzman revealed major enhancements to the COVID-19 EIDL Economic Injury Disaster Loan program.
Today March 11, 2021 President Joe Biden signed the $1.9 Trillion Stimulus Bill that will provide the Payment Protection Program (PPP) an additional $7.25 billion and the Economic Injury Disaster Loan (EIDL) an additional $15 billion to fund shortfalls for the $10k grant.
By a vote of 220-211, the House passed the American Relief Plan and cleared it for President Biden’s signature, one of the largest injections of federal aid since the Great Depression.