The U.S. Small Business Administration (SBA) announced updated guidance for COVID Economic Injury Disaster Loan (EIDL) program applicants to better serve small business owners in need, while funding remains available. Since its inception, the COVID EIDL program, a federal disaster relief loan designed to better serve and support our small business communities still reeling from the pandemic, especially hard-hit sectors such as restaurants, gyms and hotels, has approved nearly $300 billion in relief aid. Specifically, the following updated guidance is being provided:

“The COVID Economic Injury Disaster Loan (EIDL) and EIDL Advance programs still have billions of dollars available to help small businesses hard hit by the pandemic. More than 3.8 million businesses employing more than 20 million people have found financial relief through SBA’s Economic Injury Disaster Loans,” said Patrick Kelley, associate administrator for SBA’s Office of Capital Access. “Key enhancements have been made to the loan program that will help our nation’s businesses recover and get back on track.”