SBA Small Business Week and Economic Injury Disaster Loan Update

Posted on September 16, 2021

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Small Business Week

September 13 – 17, the U.S. Small Business Administration (SBA) celebrates Small Business Week. For the past fifty years, the SBA has used this week to recognize the critical contributions of America’s entrepreneurs and small business owners.

Especially in the past year and a half, our small businesses have worked incredibly hard to continue to provide quality services, products and experiences. This week, let us recognize them by “shopping small” and staying local!

Click here for CT Magazine’s Small Business Directory

Economic Injury Disaster Loan Update

For our small business owners, I wanted to share that as of September 8th, the SBA has updated its guidelines for the Economic Injury Disaster Loan (EIDL) Program.

Some of the key changes include increasing the maximum loan amount from $500,000 to $2,000,000, implementation of a two-year deferred payment period, and a simplification of affiliation requirements.

These changes may increase interest in the EIDL significantly. If you have already received an EIDL loan, you may be eligible for an increase (loans that were approved April 7, 2021 are likely eligible).

Businesses can apply for an EIDL loan or loan increase on the SBA website.

On Tuesday, September 21st from 11am-12pm, the SBA will host a free online webinar about these changes for those interested. Registration is required – register here.

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