Earlier this month, the Small Business Administration (SBA) announced major enhancements to the COVID Economic Injury Disaster Loan (EIDL) program, a federal disaster relief loan designed to support small businesses.
Changes to the program include:
Increasing the COVID EIDL cap. The SBA will lift the COVID EIDL cap from $500,000 to $2 million. Loan funds can be used for any normal operating expenses…