Small Business Administration cuts EIDLs, blocks new applications

WASHINGTON, D.C. – The Washington Post reported that the U.S. Small Business Administration (SBA) is decreasing the loan limit for the Economic Injury Disaster Loan (EIDL) program from $2 million to $150,000 for small businesses and is blocking new applications due to the program’s popularity.

Congress recently replenished the EIDL program. However, SBA has been facing a backlog of EIDL applications due to the ongoing COVID-19 pandemic and as businesses are seeking relief.

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