COVID Economic Injury Disaster Loans Program Enhanced

covid, businees, small, busine, eidl, program, pandemic, programs, support, owners

For the better part of the past two years, as the COVID-19 pandemic worked its way through Florida’s communities, businesses, and families, this series has reported about the federal and state programs available to support our state’s stakeholders. See our Blog to see the many articles on that and other topics.

As can be expected, as the pandemic evolved, the responsive governmental programs adapted, as well.

Most recently the EIDL operated by the U.S. Small Business Administration  has been further enhanced. As described by SBA Administrator Isabella Casillas Guzman in her September 21, 2021 e-newsletter:

The low-interest and long-term COVID EIDL program has helped millions of small business owners survive the impacts of the pandemic with its flexibility and affordability – allowing entrepreneurs to hire and retain employees, and purchase needed equipment and inventory.

Now, we’re making the program even more flexible to meet your needs.

  • The SBA has increased the amount of funding that can be borrowed from $500,000 to $2 million for qualified applicants.
  • We have authorized COVID EIDL funds to be used to pay and prepay commercial debt and make payments on federal business debt in recognition of the financial reality many small businesses are facing during this crisis.
  • We have also made sure that small businesses have time to recover from COVID-19 impacts by further deferring payments – so you won’t need to start repaying these loans for two years after your loan origination date. 
  • In addition, to help ensure our smallest businesses can access this crucial capital, we created a one-month exclusive window for businesses requesting $500,000. During this time, approvals and disbursements will focus 100% on loans $500,000 or less until October 8th, upon which approvals and disbursements will be opened up to all loan sizes. 
  • Finally, 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.

Our commitment is to serve all our small businesses efficiently while also maintaining strong protections against fraud and abuse, and as such we have worked hard to improve operations. We are also dedicating ourselves to improving our customer service response and the application user experience. As of today, we have increased COVID EIDL application processing capacity from an average of 2,000 to more than 37,000 applications per day.

We will continue to accept applications for the COVID EIDL program until December 31, 2021 or until funds run out. We encourage you not to delay and apply today, as well as forward this email to any fellow business owners you think may qualify for the program.

As your SBA Administrator and a former small business owner myself, my goal is to make you, America’s small businesses, feel like the giants you are in our economy with programs that meet you where you are. 

As President Biden has said: “Small businesses are the engines of our economic progress; they’re the glue and the heart and soul of our communities.” Together with my mission-driven team, I will continue to work every day to make sure you have the tools, resources and support you need to recover, rebuild and thrive.

Administrator Isabella Casillas Guzman

P.S. Please note all business owners who have received previous loans through the SBA’s Paycheck Protection Program (PPP), Restaurant Revitalization Fund (RRF), or Shuttered Venue Operators Grant (SVOG) can still benefit from COVID EIDL. For no-cost assistance for the COVID EIDL program, and every other SBA program, go to and connect with a local resource partner near you.

We will continue to provide updates to support Floridians as they emerge.


To consult with an experienced business law lawyer today, call 855-780-9986

For more information, call Philip N. Kabler, Esq. of the Gainesville, FL office of Bogin, Munns & Munns, P.A. at (352) 332-7688, Office Gainsesville, where he practices in the areas of business, real estate, banking, and equine law. He has taught business and real estate law courses at the University of Florida Warrington College of Business Administration and Levin College of Law. He is a member of the Greater Gainesville Chamber Board of Directors, and is the Immediate Past President of the Eighth Judicial Circuit Bar Association.

NOTICE: The article above is not intended to serve as legal, financial, or investment advice, and readers should not rely on it as such. It is offered only as general information. Readers should consult with an attorney regarding their legal matters, as every situation is unique.


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