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Coronavirus (COVID-19): Updates

The Small Business Administration (SBA) has announced as part of President Joe Biden’s recently announced COVID-19 Action Plan; the SBA has improved the COVID Economic Injury Disaster Loan (EIDL) program to meet better the needs of small businesses, especially those hardest hit industries and smallest entities that still need relief.

The low-interest and long-term COVID EIDL program has helped millions of small business owners survive the impacts of the pandemic with its flexibility and affordability – allowing entrepreneurs to hire and retain employees and purchase needed equipment and inventory.

They are making the program even more flexible to meet your needs.

  • The SBA has increased the amount of funding that can be borrowed from $500,000 to $2 million for qualified applicants.
  • They have authorized COVID EIDL funds to be used to pay and prepay commercial debt and make payments on federal business debt in recognition of the financial reality many small businesses are facing during this crisis.
  • They have also made sure that small businesses have time to recover from COVID-19 impacts by further deferring payments – so you won’t need to start repaying these loans for two years after your loan origination date.
  • In addition, to help ensure the smallest businesses can access this crucial capital; they have created a one-month exclusive window for businesses requesting $500,000. During this time, approvals and disbursements will focus 100% on loans $500,000 or less until October 8th, upon which approvals and disbursements will be opened up to all loan sizes.
  • Finally, to ease the COVID EIDL application process for small businesses, the SBA has established more simplified affiliation requirements to model those of the Restaurant Revitalization Fund.

Please note all business owners who have received previous loans through the SBA’s Paycheck Protection Program (PPP), Restaurant Revitalization Fund (RRF), or Shuttered Venue Operators Grant (SVOG) can still benefit from COVID EIDL. For no-cost assistance for the COVID EIDL program and every other SBA program, go to www.sba.gov/local-assistance and connect with a local resource partner near you.

As COVID-19 continues to impact commerce and communities, we are monitoring the situation and providing useful tools and resources.

The Top of Virginia Regional Chamber and our members are working hard to do all we can to aid all businesses in the Top of Virginia during the continuing COVID crisis. Below you will find a wide array of helpful resources to help you access financial assistance, business support, and information that your business may need. We will continue to monitor and keep the business community up to date.