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.
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