New Milford Mayor Pete Bass is alerting business owners that the loan limit for the Economic Injury Disaster Loan is being increased to a maximum of $500,000 starting next week. The lending limit increased from 6 months of economic injury with a maximum loan amount of $150,000 to up to 24 months of economic injury with a maximum loan amount of $500,000. Anyone with an existing loan won't have to submit a request for an increase at this time. The Small Business Administration will reach out directly via email and provide more details about how businesses can request an increase closer to the April 6th start date. Any new loan applications and any loans in process will automatically be considered for loans covering 24 months of economic injury up to a maximum of $500,000.