Lift the EIDL COVID-19 Cap

Lift the EIDL COVID-19 Cap

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Jessica James started this petition to Small Business Administration

The SBA imposed a $150,000 cap on the EIDL COVID-19 Loan. Reducing it from the regular $2,000,000 ($2 Million) cap. This reduction has prevented small businesses from being able to meet their expenses for an extended time period. Because of this small business owners are going into debt with their personal finances, signing up for predatory loans just to try and save their business. Or worse permanently closing their doors because they couldn’t survive anymore.


This cap was enacted in May of 2020 and as you know COVID-19 is still going strong in January 2021.

The EIDL COVID-19 Loan is a 30 year loan at 3.75%. Which is an ideal loan for most businesses to get back on their feet. We have a long road ahead of us and we need a loan that will help us, not hinder us. 

There are many loans out there but the terms are not ideal for COVID-19 business recovery. Small businesses getting the short term loans (e.g. 18 months) are just temporarily delaying the problem. When that loan is due, most small businesses will still be in trouble. At the rate the country is going to take at least 2-3 years to start getting back to normal, then few more years to fully recover. 

I’m speaking for our 83 year old family business as well as other local small businesses that I have talked to.  Please sign...small business need your help. 

0 have signed. Let’s get to 100!
At 100 signatures, this petition is more likely to be featured in recommendations!