SBA quadruples COVID-19 EIDL limit to $2 million

15 Nov 2025 · 2 min

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2:00

The SBA raised the COVID-19 EIDL loan limit from $500,000 to $2 million, with a 3.75% interest rate and 30-year repayment terms for businesses. You can now use the funds to pay off existing or new debt. Donna Genie walks through how to apply via the SBA portal.

Questions this video answers

Originally $150,000, later increased to $500,000, and then increased to $2,000,000.

3.75%.

30 years.

Funds may be used to pay off existing debt or incur new debt (including paying down higher-interest loans).

Via the SBA site by opening the portal used for the original EIDL application.

Chapters

Did your business take advantage of the Eidl loans that were available through the SBA for Covid funding? If so, the original loan was limited to $150,000 and then at one point it increased to 500,000. DOL have the third increase up to $2 million. Now these loans are very favorable in that the interest rate is 3.75% for profit businesses and they're paid back over 30 years. So those are great terms. One of the other big benefits is they've now increased the ways that you can use the funds. They now include paying off existing debt or incurring new debt in the process. So if you have some higher interest loans or maybe even bank loans that are at a higher rate, you may be able to use this Eidl loan fund to be able to pay down or get that loan down to a lower interest rate. To apply, you have to go out to the SBA site and you'll open up the portal that you used for the original loan. There you'll be able to go through.
Some steps to get the increases in place.
Now we haven't seen any of the increases come out yet in this third round. They are a little looking at smaller loans first and then we'll be looking at the increased amounts over $500,000 at the end of the year, probably in the November December area. So be sure to head out to the SBA site and take a look and make sure that you're utilizing your funding to its highest capacity. Hello from Calculates Moves.
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