Wisconsin SBDC Increasing Loan Limit for COVID-19 EIDL Program

Wednesday, March 31st, 2021 -- 11:01 AM

The U.S. Small Business Administration is increasing the maximum amount small businesses and non-profit organizations can borrow through its COVID-19 Economic Injury Disaster Loan program.

According to the Wisconsin Small Business Development Center, starting the week of April 6th, the SBA is raising the loan limit for the COVID-19 EIDL program 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.

Also, the President signed the legislation extending the PPP loan application from March 31st to May 31st.  The SBDC awaits the final details on what the process will be to increase the EIDL loan amounts.  They hope this will be announced around April 6th.

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