On September 9, 2021, the Small Business Administration (“SBA”) announced several changes to its Economic Injury Disaster Loan (“EIDL”) Program. 

The changes include:

• Increasing the COVID EIDL Cap to $2M. 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.
• Deferred Payment Period. Small business owners will not have to begin COVID EIDL repayment until two years after loan origination. The SBA stated that this change was ...