The SBA has enhanced the
COVID Economic Injury Disaster Loan (EIDL) program and SBA’s Michigan District and the Western Michigan Better Business Bureau have set up a special training to share the changes with you and how your business can benefit from the program.
Program Updates
Increasing the Lending Cap:The COVID EIDL cap is now
$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:Small business owners do not have to begin COVID EIDL repayment until
two years after loan origination to help get through the pandemic without having to worry about making ends meet.
Expansion of Eligible Use of Funds: COVID EIDL funds are now eligible to prepay commercial debt and make payments on federal business debt.
Simplification of affiliation requirements: The more simplified affiliation requirements now model those of the Restaurant Revitalization Fund.
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All SBA programs and services are extended to the public on a nondiscriminatory basis. This article does not constitute or imply an endorsement by SBA of any opinions, products, or services of any private individual or entity.
