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The SBA said it is increasing maximum Economic Injury Disaster Loan amounts for small businesses from $150,000 over six months to $500,000 over 24 months.
More: The SBA said it will contact existing borrowers on how to request a loan increase under the new standards, which will be implemented April 6.
Background: As advocated by ICBA, the end-of-year stimulus package fully forgave EIDL advances to ensure they are not deducted from PPP loan forgiveness amounts.