More Flexibility and Funds: New SBA Loan Options for Restaurants

Restaurants and other eligible small businesses can now apply for improved economic injury disaster loans (EIDL) from the U.S. Small Business Administration (SBA). The COVID-19 EIDL program is designed to help small businesses access working capital with favorable repayment terms. New improvements include:

Enhanced loan amounts up to $2 million, allowing businesses to reapply for more funds.
Expanded use of funds, including pre-payment of commercial and/or credit card debt.
Improved eligibility rules for affiliated businesses that mirror the Paycheck Protection Program.

Speakers

Patrick Kelley
Associate Administrator, Office of Capital Access
SBA

Aaron Frazier
Director of Healthcare and Tax Policy
National Restaurant Association