The SBA announced that starting this week, the loan limit for the COVID-19 EIDL program is increasing from 6-months of economic injury with a maximum loan amount of $150,000 to up to 24-months of economic injury with a maximum loan amount of $500,000. Those who received loans under the old limit do not have to do anything to obtain the higher limit; the SBA will reach out via email with instructions to request the higher limit.
Important: The deadline for applying for a PPP loan runs through May 31, 2021.
