HRWS: Cap Raised to $2M on SBA Disaster Relief Loans

After President Biden lifted a $500,000 cap on disaster relief loans on Thursday, small businesses may now borrow up to $2M from the federal government to help the weather the pandemic. Also eligible are those who already took smaller Economic Disaster Loans. However, the Small Business Administration (SBA) will not approve any requests for more than $500,000 until October 8, 2021.

Two-year deferrals on repayments will be applied to any loans taken out this year. The SBA also stated that the loans can now be used to refinance existing debt.

About HRWS

HR Workplace Services, Inc. (HRWS) partners with the nation’s top insurance brokers and agencies providing their clients with best-in-class services for support and HR concerns, compliance and technology. HRWS operates in all 50 States and in over 25 different countries, serving organizations from three to 200,000 employees in 545 SIC Codes.

If you have questions about HRWS, call or email us directly or ask your insurance broker about us.

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The information contained in this article is intended for educational purposes and to provide a general understanding of regulatory events, legislative changes and the law – not to provide specific legal advice. Employers are advised to discuss and/or receive counsel from their licensed legal or accounting professional, prior to implementing any new policy or policy change.