SIOUX FALLS, S.D. • The U.S. Small Business Administration said it is increasing the maximum amount small businesses and non-profit organizations can borrow through its COVID-19 Economic Injury Disaster Loan program.

Starting the week of April 6, the SBA will raise the loan limit for the COVID-19 EIDL program from six 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, the SBA announced on Wednesday, March 24.

“More than 3.7 million businesses employing more than 20 million people have found financial relief through SBA’s Economic Injury Disaster Loans, which provide low-interest emergency working capital to help save their businesses,” SBA Administrator Isabella Casillas Guzman said in a statement.

“However, the pandemic has lasted longer than expected, and they need larger loans. Many have called on SBA to remove the $150,000 cap. We are here to help our small businesses and that is why I’m proud to more than triple the amount of funding they can access.”

The administration said businesses that receive a loan subject to the current limits do not need to submit a request for an increase. SBA will reach out directly via email and provide more details about how businesses can request an increase.

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Any new loan applications and any loans in 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.

For questions and more information, direct questions to DisasterCustomerService@sba.gov or call 800-659-2955 (or 800-877-8339 for the deaf and hard of hearing).