Donna Genie (YouTube, June 8, 2021) explains updates to the SBA Economic Injury Disaster Loan (EIDL) program: the maximum loan limit increased from $150,000 to $500,000 (based on qualifying numbers). Borrowers can request increases by signing into their SBA account; loans over $200,000 require a personal guarantee. Funding is first-come, first-served and likely to be exhausted, so borrowers are urged to act quickly.
I'm getting a lot of questions about Eidl loan increases. That is the Economic Impact Disaster Loan program that most people who received received it back in April or May of 2020. The program has now been expanded so that the maximum loan moved from 150,000 up to $500,000 based on your qualifying numbers. If you are able to increase that loan, you just have to go out and sign into your account at the SBA website and ask for the increase there. Once you do that, if you accept over $200,000, you'll be asked to provide a personal guarantee. Now, many people are a little scared about that, and rightly so. You should consider that in your decisions. But if this money will help your business, and you've already got a lot on the line with your business anyhow, as long as you intend to pay that money back, I would suggest going ahead with the bigger number if that is in your perspective now. If you increase that amount, you'll get that funding at some time in the future. We haven't seen any go through yet and it is now beginning of May 2021. So we're watching for that funding to come through. But if that's something that can help your business, please make sure that you log in to the SBA website asap. That funding will run out and it is on a first come, first serve basis. So check that out and let us know if there's anything that we can do to help you make sure that you can make it through this crisis and utilize that money for good purposes to make your business Sur Sam.
