COVID EIDL Increases to $2M may be used to pay certain debt

Economic Injury Disaster Loans

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This week, the Administrator of the U.S. Small Business Administration announced major enhancements to the COVID EIDL program to better support small businesses impacted by the pandemic. Key changes include the following: 

  • 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 and working capital, including payroll, purchasing equipment, and paying debt. 
  • Implementation of a Deferred Payment Period.  The SBA will ensure small business owners will not have to begin COVID EIDL repayment until two years after loan origination so that they can get through the pandemic without having to worry about making ends meet. 
  • Establishment of a 30-Day Exclusivity Window. To ensure Main Street businesses have additional time to access these funds, the SBA will implement a 30-day exclusivity window of approving and disbursing funds for loans of $500,000 or less. Approval and disbursement of loans over $500,000 will begin after the 30-day period.
  • Expansion of Eligible Use of Funds. COVID EIDL funds will now be eligible to prepay commercial debt and make payments on federal business debt. 
  • Simplification of affiliation requirements. To ease the COVID EIDL application process for small businesses, the SBA has established more simplified affiliation requirements to model those of the Restaurant Revitalization Fund. 

More than $150 billion in COVID EIDL funding is still available through the end of the year.  

Plus, eligible businesses in low-income areas can apply for up to $15,000 in grant funding through the COVID EIDL Targeted Advance and Supplemental Advance programs. Interested businesses can apply for all three programs at once through one streamlined application. 

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SBA Seattle District Office staff welcome you to join us at an upcoming live webinar to learn more about enhancements to the COVID EIDL program: 

  • Friday, Sept. 17 from 10 – 11 a.m. PDT
  • Tuesday, Sept. 21 from 2 – 3 p.m. PDT

Register Here

Saturday, Sept. 11

9 a.m. | Buying an Existing Business Step-by-Step

Monday, Sept. 13

8 a.m. | National Small Business Week Virtual Summit – Day One

1 p.m. | Creating A Quick Business Plan in Three Hours

Tuesday, Sept. 14

8 a.m. | National Small Business Week Virtual Summit – Day Two

8 a.m. | Tax and Business Basics for Small Businesses in Idaho

8:30 a.m. | Grow with a Pro (Accounting Professional) *

10 a.m. | Why Export? Stories from Women Who Went Global

11 a.m. | Food Business Orientation

1:30 p.m. | Employer Guide to Workers’ Rights

Wednesday, Sept. 15 

8 a.m. | National Small Business Week Virtual Summit – Day Three

10 a.m. | Virtual Grow & Thrive (8-week Series)

11:30 a.m. | Business Expert Session: Food Biz Resources to Grow, Make Connection, and Find Market Opportunities 

1 p.m. | Marketing Part 1: Developing and Promoting Your Product or Service to Sell More

2 p.m. | Get Started

2 p.m. | Isolated Worker Protections

Thursday, Sept. 16

9 a.m. | Small Business Requirements and Resources – Grow Your Business in WA

10:30 a.m. | Overtime Exemptions Training Sessions

11 a.m. | From Email to Social Media: Marketing that Converts

5:30 p.m. | Coeur d’Alene, ID – Managing Your Business Financials for Profit

Friday, Sept. 17

3 p.m. | Tax Essentials for New and Existing Business Owners

Saturday, Sept. 18 

9 a.m. | Successfully Starting a New Business

Monday, Sept. 20 

6 p.m. | Identity Intelligence for the Entrepreneur * 

Tuesday, Sept. 21

8:30 a.m. | Grow with a Pro (Insurance Professional) *

9 a.m. | The Business of Community – Business Resource Open House Virtual Series

11 a.m. | Pay Per Click Advertising – Or How Not to Lose Your Shirt On Google * 

Wednesday, Sept. 22

10 a.m. | QuickBooks Online Basics You Need to Know * 

1 p.m. | Marketing Part 2: Pricing Your Product or Service to Sell & Getting Online 

Thursday, Sept. 23

11 a.m. | How to Write a Business Plan

11:30 a.m. | Business Expert Session: Seattle Labor Standards Ordinances 2021 – Deep Dive

12 p.m. | Let’s Talk Business: The 10 Best Ways to Promote Your Small Business

1 p.m. | Tax Saving Strategies for Small Businesses 

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