Economic Injury Disaster Loans (EIDL) Enhancement

Restaurants and other eligible businesses can now apply for up to $2 million in economic injury disaster loans (EIDL) from the U.S. Small Business Administration. The COVID-19 EIDL program is designed to help small businesses access working capital with favorable repayment terms. New improvements include:

• Enhanced loan amounts up to $2 million, allowing businesses to reapply for more funds.
• Expanded use of funds, including pre-payment of commercial and/or credit card debt.
• Improved eligibility rules for affiliated businesses that mirror the Paycheck Protection Program.

Please see the three linked EIDL resources below and let us know if you have any questions.

EIDL Enhancement Fact Sheet – More Funds and More Flexibility

On-Demand SBA Webinar – Restaurants Interested in Accessing EIDL Program

Article – Restaurants Now Have Additional EIDL Options