The U.S. Small Business Administration has made changes to its COVID Economic Injury Disaster Loan (EIDL) program that a local banking executive said many businesses will find advantageous. 

When the COVID-19 pandemic started, Neffs National Bank wasn’t an active Small Business Administration lender.

Restaurants, bars, caterers, inns, taverns and more can now apply through the Small Business Administration for a grant through the Restaurant Revitalization Fund (RRF) – and companies owned by women, veterans and other socially or economically disadvantaged individuals getting early priority.

An extension to the Paycheck Protection Program (PPP) from March to May allowed more time for small firms and businesses looking to draw from the program for a second time to benefit from it. But without additional funds, the program is expected to dry up soon.

During the first round of Paycheck Protection Loans last year, Customers Bank of West Reading was able to assist in more than 100,000 PPP loans totaling more than $5 billion.

Borrowers who received loans of $50,000 or less from the Paycheck Protection Program will now be forgiven for the full loan amount regardless of any decreases to their full-time employee count or wages.

Some 16 Lehigh Valley companies received up to $10 million from the federal Paycheck Protection Program, according to data released Monday by the Small Business Administration.

More than $6 billion of remaining Paycheck Protection Program funds will be reserved for Community Development Financial Institutions to lend to a broader demographic of small business owners, federal officials announced on Thursday.

There’s still $147 billion available in the second round of the Paycheck Protection Program, according to a report by the Small Business Administration released on Saturday.

Business partnerships could be eligible for additional funds via the Paycheck Protection Program if they didn’t include the self-employment income of partners in its initial application, according to a guidance update from the Small Business Administration.