MREIDLMilitary Reservist Economic Injury Disaster Loan
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Under the new rules, a small business can apply for an MREIDL on the date the essential employee receives notice of the expected call-up.
In addition, the small business is no longer required to pledge collateral to secure an MREIDL of $50,000 or less.
The Small Business Disaster Response and Loan Improvements Act, passed in May 2008, also increased the MREIDL cap from $1.5 million to $2 million.
The MREIDL is a direct working capital loan, and the funds may be used to cover operating costs until the essential employee or business owner is released from active duty.