Some SBA Grant Money For Small Businesses Still Plentiful
While several news outlets have reported that funds for the U.S. Small Business Administration’s (SBA) Paycheck Protection Program are quickly running out, there is reportedly still $270 billion in undisbursed funding left in the SBA’s Economic Impact Disaster Loan (EIDL) program.
Proceeds from this program can be used for working capital and normal operating expenses. Additionally, the Biden administration has implemented a policy to increase loan limits from the previously-authorized levels of $150,000 for six months of working capital to $500,000 and 24 months of working capital.
Administration officials also are working on system upgrades on the applicant portal that will enable the program to increase the limits to $2 million by June or July 2021.
If a business has already received a loan under the previous limitations, it can request an increase in its loan based on the updated caps. Loans are available until December 31, 2021, or until funds run out.