FAQ Regarding SBA Expanded EIDL Program
The U.S. Small Business Administration (SBA) recently announced that it is quadrupling the Economic Injury Disaster Loan (EIDL) cap from $500,000 to $2 million. Answers to many questions pharmacy owners have regarding the EIDL can be found in the new FAQ Regarding COVID-19 EIDL on the SBA’s website.
Key items discussed in the FAQ are as follows:
- The EIDL may be used to “pay or pre-pay business non-federal debt incurred at any time (past or future)”.
- Collateral requirements by loan amount
- Personal guaranty requirements
- Credit score requirements
- How to increase your current EIDL
We strongly encourage you to carefully review the terms and conditions before signing a new EIDL.
For additional updates about COVID-related legislation and programs that impact independent pharmacies, visit our Media Resources page.
