Caps imposed on EIDL loans

On Friday, April 10, the SBA announced a change to how it will administer EIDLs and the advance grants. In order to meet the high demand and provide funds to the greatest number of applicants, the SBA is reducing the cap on the loans from $2 million to $15,000, and the advance grants will be $1,000 per employee, capped at $10,000. The $15,000 is in addition to the advance loan of up to $10,000.