SBA increases COVID-19 EIDL cap to $2 million

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SBA increases COVID-19 EIDL cap to $2 million

Wed, 09/15/2021 - 12:37pm -- tim

Vermont Business Magazine On September 9, 2021, Administrator Isabella Casillas Guzman announced the following major enhancements to the COVID Economic Injury Disaster Loan (EIDL) program.

  • Increasing the COVID EIDL Cap. The SBA will lift the COVID EIDL cap from $500,000 to $2 million. Loan funds can be used for any normal operating expenses and working capital, including payroll, purchasing equipment, and paying debt.
  • Implementation of a Deferred Payment Period. The SBA will ensure small business owners will not have to begin COVID EIDL repayment until two years after loan origination so that they can get through the pandemic without having to worry about making ends meet.
  • Establishment of a 30-Day Exclusivity Window. To ensure main street businesses have additional time to access these funds, the SBA will implement a 30-day exclusivity window of approving and disbursing funds for loans of $500,000 or less. Approval and disbursement of loans over $500,000 will begin after the 30-day period.
  • Expansion of Eligible Use of Funds. COVID EIDL funds will now be eligible to prepay commercial debt and make payments on federal business debt.
  • Simplification of affiliation requirements. To ease the COVID EIDL application process for small businesses, the SBA has established more simplified affiliation requirements to model those of the Restaurant Revitalization Fund.

To learn about eligibility and application requirements and how to apply, visit sba.gov/eidl. The last day that applications may be received is December 31, 2021. 

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EIDL Update Webinar

The SBA Vermont District Office hosts a free webinar at 11:30 a.m. Tuesdays and Thursdays about changes made to the COVID-19 Economic Injury Disaster Loan. Topics include the increase from $500,000 to $2 million, deferred payments, expansion of eligible use of funds and more.

To access the webinar, click here.

To access the webinar by phone, call 802-490-7604 and enter code 368299891#.

For more information, email brian.declue@sba.gov.



Vermont Vaudeville

Vaudeville Act Receives Venue Grant

Comedy, circus and music are hallmarks of a vaudeville show and for 12 years a Greensboro Vermont troupe’s act has stayed true to those entertainment roots.

Vermont Vaudeville is a variety show made up of several unrelated acts featuring everything from jugglers and magicians to dancers and singers.

“It’s for all ages and we have built quite an audience over the years. All demographics show up. It’s a really fun show,” said Maya McCoy, managing director and founder of Vermont Vaudeville.

Established in 2009 the troupe has a cast of seven members and has worked with more than 80 guest acts in more than 20 different theaters, although Vermont Vaudeville primarily performs at the Hardwick Town House, a theater built in 1860 that hosted various acts during Vaudeville’s heyday.

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Illustration of main street businesses with the following text, Happy National Small Business Week, celebrating resilience and renewal

Small Business Week Begins

National Small Business Week kicked off September 13. There is still time to register for the National Small Business Week Virtual Summit, September 13 – September 15, to learn new business strategies, meet other business owners, and chat with industry experts. The SBA also recently announced a list of guest speakers including, but not limited to, entrepreneur Mark Cuban, Chef José Andrés, and White House Senior Advisor and Director of the Office of Public Engagement Cedric Richmond.

National Small Business Week is made possible, in part, due to the support of companies and organizers who serve as co-sponsors. The 2021 co-sponsors have joined the SBA to honor the nation’s 32.5 million small businesses for their perseverance, ingenuity, triumphs, and creativity. See the list of co-sponsors.

Register for the virtual summit

SBA Vermont District Office
87 State Street
Montpelier, VT 05601 
802-828-4422
www.sba.gov/vt