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Businesses that may be facing challenges from the COVID delta variant can now take advantage of policy changes to the COVID Economic Injury Disaster Loan (EIDL) from the U.S. Small Business Administration (SBA).

On Sept. 9, the SBA announced major enhancements to the EIDL program by increasing the borrowing limit to a maximum cap of $2 million. Additional updates to the program include expansion of the use of funds to include prepayment of commercial debt and make payments on federal business debt, extension of the deferment period to 24 months, and simplification of affiliation rules for all industries, among other updates.

For a full breakdown of the policy updates, visit the SBA’s EIDL program webpage. Go to sba.gov, click on “Funding Programs” and then on “Disaster Loans.”

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— Compiled by Business Editor Joe Crews

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