SBA enhances disaster loan program citing Delta variant challenges

The Small Business Administration on Thursday announced improvements to its disaster loan program in an effort to help more small businesses access financial support from the government as the Delta variant of COVID-19 continues to trip up business operations nationwide. 

For one, the SBA is raising loan limits in its Economic Injury Disaster Loan program — low-interest loans to be paid back over 30 years — from $500,000 to $2 million. Funds may be used for any operating expenses, including purchasing equipment and making payments on debt. The SBA is also deferring repayment of the loans for two years after their origination to give small business owners the leeway to "get through the pandemic without having to worry about making ends meet," the SBA said in a statement Thursday.