Martindale-Hubbell - Badge
The Florida Bar/Board Certified - Badge
Super Lawyers - Badge
Legal Leaders - Badge
American Land Title Association Member - Badge
National Association of Development Companies - Badge
Italy America Chamber of Commerce Southeast - Badge
National Association of Government Guaranteed Lenders
Trusted & Verified by Secure Insight
American Immigration Lawyers Association

SBA to Increase EIDL Loan Amounts to $2 Million After Labor Day

Fleitas PLLC

The United States Small Business Administration is expected to lift the cap on its Economic Injury Disaster Loans (EIDL) sometime after Labor Day.  The cap was set at $500,000 in March 2021, after the SBA spent several months approving only loans of up to $150,000. Traditionally, the EIDL loan program–which has a 30-year maturity date–has a $2 million cap and loan interest terms that range from 2.75 % for nonprofits to 3.75 % for businesses. The amount for which you qualify now is based on your 2019 total revenue minus your cost of goods sold, less any EIDL already received.  Additionally, it is expected that the SBA will widen the eligible expenses that may be paid for with an EIDL. Borrowers may be able to use the money to pay off any commercial debt, including credit cards and government-backed debt. Previously, using the proceeds to pay off commercial debt was off limits, and refinancing is not permitted.


Ocean Bank Center
782 NW Le Jeune Rd

Miami, FL 33126

Phone: (305) 442-1443 Fax: (305) 442-9944

Free Consultation

Fill out the contact form or call us at (305) 442-1443 to schedule your free consultation.

Leave Us a Message