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SBA Cuts EIDLs and Blocks New Applications

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 programs 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.

To read the full story, click here.