Small businesses that have been impacted by the pandemic will now be able to apply for up to 24 months of relief totaling $500,000. Previously, the Small Business Administration limited the relief to six months worth $150,000.
SBA administrator Isabella Casillas Guzman said the decision came down to the pandemic extending longer than authorities originally planned for or hoped.
Eligible businesses can apply for the increased amount starting April 6. They can apply for loans through the end of the year, and can continue to request additional money after the Dec. 31 deadline, the SBA told CNBC.