SBA Plans To Raise Economic Loss Limit To $ 2 Million In Coming Months

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The small business administration intends to increase its disaster loan limit to $ 2 million, and the agency hopes the change will take place in the summer.

SBA Administrator Isabelle Guzman said in an interview Business magazines that the agency is working to upgrade the technology needed to increase the loans provided under the program to this limit, and noted that the agency raised the original limit from $ 150,000 to $ 500,000 earlier this year.

Following this increase, Guzman and other SBA officials said in several Congressional hearings and in their testimonies that the agency is working to raise that limit again to $ 2 million, but no time frame has been set. Congress gave the agency the ability to provide loans of up to $ 2 million, but in 2020, the agency under the Trump administration limited loans to $ 150,000.

Read the full story at cleveland.com’s sister site, Cleveland Business Journal.

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