More Flexibility and Funds: New SBA Loan Options for Restaurants
Sep 15, 2021
Duration: 1 hour, 13 minutes
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.
Associate Administrator, Office of Capital Access
Director of Healthcare and Tax Policy
National Restaurant Association