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4 Things You Need to Know Before Requesting an EIDL Loan Increase

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If you've received an Economic Injury Disaster Loan (EIDL) from the Small Business Administration, chances are you may be eligible for more money. The SBA lifted the cap on EIDL loans up to $2 million, from $500,000, on September 8, 2021. So-called Covid EIDL loans, which offer 30-year maturities and interest rates ranging from 2.75 percent to 3.75 percent, are available to businesses that are struggling amid the pandemic. The SBA has extended what is considered a small business to include businesses that have one of the following NAICS Codes and have 500 or fewer employees per physical location and, together with affiliates, has no more than 20 locations. These NAICS codes begin with 61, 71, 72, 213, 3121, 315, 448, 451, 481, 485, 487, 511, 512, 515, 532, or 812.

Here's how to determine your eligibility, what you'll need to apply and a timeline for when you might actually see the money hit your account.

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