The Small Business Administration (SBA) has significantly expanded funds available for Economic Injury Disaster Loans (EIDL).

Originally, loans were available only for six months of economic injury and for a maximum amount of $150,000.  Now, loans are available for 24 months of economic injury and in amounts up to $500,000.

For loans over $25,000, the SBA will require a security interest in business assets, evidenced by a general security agreement and UCC filing.  For loans over $200,000 the SBA will require an unsecured personal guarantee from an individual owning at least 20% of the business.

Borrowers do not need to begin repaying loans made in calendar year 2020 until 24 months from the date of the note.  For loans made in calendar year 2021, borrowers will not need to begin making payments until 18 months from the date of the note.  Loan interest continues to accrue during the deferment period, and a loan increase will not further extend a business’s first payment due date.

If you have not already received an EIDL, you may apply for a new loan here.

If you have already received an EIDL and wish to request a loan increase, follow these instructions from the SBA:

1) Send email to

2) Use subject line “EIDL Increase Request for [insert your 10-digit application number]”

3) Include in the body of your email identifying information for your current loan including application number, loan number, business name, business address, business owner name(s), and phone number.

4) DO NOT include any financial documents or tax records with your initial request. You will receive a follow up email notification if the SBA need additional documents.

The SBA will process requests in the order they are received. Due to the expected high volume of incoming requests, it may be several weeks before businesses receive a response from the SBA.  The SBA has asked that borrowers not resend multiple requests, which could slow down the overall response time.