The U.S. Small Business Administration has increased the borrowing limit for the COVID Economic Injury Disaster Loan (EIDL) program and made other changes to help small businesses affected by the Delta variant of the coronavirus.

The changes became effective last week, and the SBA said in a statement Thursday that the agency was ready to receive applications from small businesses.

The maximum EIDL limit has been raised from $500,000 to $2 million, and small business owners can now use EIDL funds to prepay commercial debt and make payments on federal business debt. Businesses can also use the funds for normal operating expenses and working capital, including payroll and purchasing equipment.

The SBA also said small business owners will now be able to defer repayments for two years after the loan origination, an increase from the 18-month deferment period the SBA had established earlier this year for loans processed in 2021.

To assist smaller businesses first, the SBA said it has created a 30-day window for approving and disbursing loans for less than $500,000. Approval of larger loans will begin after the 30-day window ends.

“The SBA’s COVID Economic Injury Disaster Loan program offers a lifeline to millions of small businesses who are still being impacted by the pandemic,” SBA Administrator Isabella Casillas Guzman said in the statement. “We have also ramped up our outreach efforts to ensure we’re connecting with our smallest businesses as well as those from low-income communities who may also be eligible for the companion COVID EIDL Targeted Advance and Supplemental Advance grants totaling up to $15,000.  Our mission-driven SBA team has been working around the clock to make the loan review process as user-friendly as possible to ensure every entrepreneur who needs help can get the capital they need to reopen, recover and rebuild.”