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Federal Government Updates: Vaccination Requirements and Loan Opportunities
Yesterday, President Biden made a number of announcements about upcoming federal vaccine requirements. Many of these requirements have yet to be written formally, but we learned in general what they will cover. The announcement also included an update on new and expanded opportunities for loans from the Small Business Administration (SBA). 
 
Here is a summary of what was announced yesterday regarding vaccines:

  • Increasing the EIDL loan cap from $500,000 to $2,000,000. The SBA will start approving loans greater than $500,000 on October 8 (the SBA will only approve loans of up to $500,000 until then).
  • Allowing EIDL funds to be applied to payment of higher-interest debt (including pre-payment of commercial debt).
  • Allowing a 24-month deferment of payment on all EIDL loans, including adjusting existing loans with shorter deferment terms.
  • Simplifying affiliation rules and raising the aggregate loan cap for entities within a single corporate group to $10,000,000.
  • Adding ways to meet program size standards for businesses in particularly hard-hit industries (including accommodations, food service, arts, and entertainment).
 
Businesses can apply for COVID-19 EIDL on the SBA website.

As always, the Chamber is ready to assist our members. Please visit our COVID-19 Resource Center for more COVID-19 resources. Please reach out to Scott E. Pedowitz, Government Affairs Director, at advocacy@arlingtonchamber.org with any questions and we will work to get you an answer as quickly as possible.