Many small businesses struggling through the COVID-19 pandemic are now eligible to receive up to $2 million in low-interest loans thanks to an expansion of the Small Business Administration's Economic Injury Disaster Loans (EIDL) program.
Changes this month to the EIDL program have raised the funding cap for loans from $500,000 to $2 million for qualified businesses and broadened how loans may be spent.
All EIDL applications must be approved by Dec. 31; businesses are urged to submit their applications as soon as possible.