Everything You Need to Know About EIDL Grants in 2021

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Editor’s note: Lantern by SoFi seeks to provide content that is objective, independent and accurate. Writers are separate from our business operation and do not receive direct compensation from advertisers or partners. Read more about our Editorial Guidelines and How We Make Money.
What is an EIDL Grant?
EIDL Grants vs. EIDL Loans
EIDL Grant History
Status of EIDL Grants in 2021 and 2022
EIDL Advance vs Targeted EIDL Advance
Targeted Advance
Supplemental Targeted Advance
How to Apply for an EIDL Grant in 2021
September 2021 EIDL Loan Changes
The maximum amount you can borrow has been increased from $500,000 to $2 million. You can now use those funds for operating expenses, as well as to pay and prepay business loans incurred at any time.
The deferment period for these loans is now 24 months from origination.
The Takeaway
About the Author
Susan Guillory is the President of Egg Marketing, a content marketing firm based in San Diego. She’s written several business books, and has been published on sites including Forbes, AllBusiness, and Cision. She enjoys writing about business and personal credit, financial strategies, loans, and credit cards. Follow her on Twitter @eggmarketing.
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