Good morning, For some businesses, including restaurants, that have applied for Small Business Administration grants but haven’t received any cash, the SBA has a solution: Get a loan. On Tuesday, the SBA published an interim final rule expanding access to its Economic Injury Disaster Loan (EIDL) program--low-interest loans for businesses and nonprofits damaged by the pandemic--to certain businesses with up to 20 locations, provided each location has fewer than 500 employees. According to the initial document, the loans are still capped at $500,000, which is something of a surprise, since the SBA was expected to lift the cap to $2 million. However small business loan advisor Ami Kassar notes that some business owners logged onto the SBA portal on Tuesday afternoon and saw a button labeled "Request an Increase." This button, he says, takes applicants to an EIDL application with a loan limit of $2 million. Collectively, the changes offer more relief to business owners struggling amid the ongoing Delta wave. Of course, you have to be willing to take on more debt. Read our story to learn three ways the EIDL program is changing, and how to know if you’re eligible for a loan. |
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