Starting the week of April 6, 2021, the U.S. Small Business Administration is raising the loan limit for the COVID-19 Economic Injury Disaster Loan (EIDL) program. Applicants can now receive a maximum loan amount of $500,000. The lending limit increased 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. 
Requesting EIDL Increases 
Businesses that have already received the Economic Injury Disaster Loan do not need to submit a request for an increase at this time. SBA will reach out directly via email and provide more details about how businesses can request an increase closer to the April 6 implementation date. 
New and Pending EIDL Applications  
Any new loan applications and any loans in the process when the new loan limits are implemented will automatically be considered for loans covering 24 months of economic injury up to a maximum of $500,000. 
EIDL Deferment Update 
The SBA announced on March 12, 2021, extended deferment periods for all disaster loans until 2022. SBA will extend the first payment due date for disaster loans made in 2020 to 24-months from the date of the note and to 18-months from the date of the note for all loans made in the calendar year 2021.  

COVID Business News
As of March 30, all Minnesotans 16 years of age and older will be eligible to receive a vaccine. 
This toolkit is designed to direct employers to the resources they need to help their workforce get vaccinated safely and efficiently and to provide materials to educate employees about COVID-19 vaccines. Please note that as more information about COVID-19 vaccines becomes available, the resources on this page may be updated

  1. How to Vaccinate Your Workforce
  2. Vaccine Information
  3. CDC Essential Workers COVID-19 Vaccine Toolkit
  4. Connect with Us
  5. Legal Guidance 

Member Spotlight
Latino Chamber members Kingsley Calvo-Jordan and Osni Ferreira Filho provide access to financial literacy and financial planning focusing on the Latino community. 

Some of their services include:
  • Sections 162 bonus plan
  • Cross-purchase buy-sell agreement and how to fund it
  • Sole proprietor buy-sell agreement
  • Business overhead expense insurance
  • Sep IRA
  • Simple IRA
  • 401k or Roth 401k
  • Disability income insurance

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