This month of August I received EIDL loan increase approval and my paperwork to sign is still under my name Sole Prop. The loan must be used for fixed debts (rent, etc. Sign up to receive our biggest stories as soon as theyre published. Below is a link to the U.S. Small Business Administrations webpage for COVID-19 EIDL loans, which is the only place you can apply for COVID-19 EIDL loans. Borrowers can request increases up to their maximum eligible loan amount for up to two years after their loan origination date, or until the funds are exhausted, whichever is soonest. Over the course of its COVID-19 response, SBA has made some changes to address these risks. As of May 6, 2022, SBA is no longer processing COVID-19 EIDL loan increase requests or requests for reconsideration of previously declined loan applications. Small business owners in all U.S. states, Washington D.C., and territories may be eligible to apply for an Economic Injury Disaster Loan (EIDL) of up to $2,000,000 because of the COVID-19 disaster. Supplemental targeted advance applications will be accepted until Dec. 31; however, the SBA may be unable to process some supplemental targeted advance applications submitted near the Dec. 31 deadline due to legal requirements. Generally, you have two years after loan approval to request an increase for higher building costs, code-related upgrades or other mitigation . Whose fish (fry) will swim to the top - and whose will flop? Specifically, the following updated guidance is being provided: EIDL loan and targeted advance applications will be accepted until Dec. 31 and will continue to be processed after this date until funds are exhausted. Wrestling Entrepreneur Tweets She's the New SBA Chief, "Team Pipelines" Have Arrived to CRMs: Here's What Small Businesses Need to Do, SBA Celebrates National Women's Small Business Month, SBA Restores LGBTQ Resources to Its Website, Exclusive Interview: SBA Administrator Linda McMahon Says Small Business Options Improving, In the News: Grants of Up To $20,000 for Small Business Improvements and More, The Latest Grant Opportunities for Women- and Minority-Owned Small Businesses, Small Business Grants with a March Deadline, Grants of Up to $20,000 Available for Building Upgrades, Startup Expenses, and More. How do you register for caweb bc I tried and the system didnt recognize my name. None of the information on this site constitutes legal advice. Out of $360 billion available, the EIDL program has lent $130 billion so far, leaving $230 billion remaining, Rivera said at the hearing. We are very thankful that despite the federal issues we have been able to actually continue to grow our business and recoup some of our losses through creating new ideas and concepts.. Best of luck! document.getElementById("ak_js_1").setAttribute("value",(new Date()).getTime()); Small Business Trends is an award-winning online publication for small business owners, entrepreneurs and the people who interact with them. You cant state or imply that donations to your organization support ProPublicas work. I GUESS IF SOMEONE CAN ANSWER THE QUESTION, IT WOULD BE GOOD TO KNOW IF ANY CORPORATE TAX (FEDERAL?) Heres how to send tips and documents to ProPublica securely. Hollen chairs the Appropriations Subcommittee. Express and 24 hour rush filing services available upon request. The lack of communication proved very confusing and stressful for many EIDL applicants, which is reflected in the incongruent survey data and statements from the SBA, Wade said. Now, the money is sitting in their bank accounts waiting to find a purpose. If my S-Corp receives funds from an EIDL loan, and is then later approved for and funded a PPP loan(provided congress ever passes a second one), can the EIDL loan be repaid with the forgivable PPP loan funds? By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. Cardin chairs the Small Business and Entrepreneurship committee. Healthy feet keep you moving and active. What concerns me is that the SBA does not have the infrastructure, or even clear guidelines, in place to address questions and concerns when these problems inevitably arise. Approved 8/10 and no money yet so.. Whoa. 1859 Whitehaven Road, Grand Island, NY 14072 COULD BE PAID USING THE EIDL FUNDS. To date, about $830 billion was spent for PPP. Those numbers likely will rise as the application deadline for EIDL loans is not until December. The EIDL program should not have been used for pandemic relief. So hopefully youll see it today or tomorrow . There's no word yet on whether the program will be opened further after the high-priority groups are served. SBA will not accept documents signed by a third party on your behalf. We recommend speaking with your accountant or financial advisor. The loan is made by the Small Business Administration directly and a $10,000 advance on the loan can be requested as well. Reddit and its partners use cookies and similar technologies to provide you with a better experience. SPECIFICALLY CAT TAX. If you haven't been active in r/EIDL500kPlus, you should consider doing so. All rights reserved. Implementation of a deferred payment period, ensuring small business owners will not have to begin COVID-19EIDL repayment until two years after loan origination. Its important to know that some monies described as underspent are obligated, or committed, to be spent in the future. Definitely check caweb.sba.gov. US Spending is an excellent source for in depth reporting on how those monies have been spent or obligated (committed) to date. Approval and disbursement of loans over $500,000 began after the 30-day period ended. I called Tier 2, she said 5-10 business days for funding as of right now. A top official said 99% of funds were paid, but only 55% of small business owners reported receiving the money. The remainder falls under other categories of disaster relief money. For loans under $25,000, the SBA does not take a security interest in any collateral. Email your senators, congressperson, regional directors and every higher up at sba until you get answer. Should I have this paperwork changed to my legal LLC name in the new EIDL paperwork instead of my personal name before signing? All business owners that have received previous loans through the SBAs Paycheck Protection Program (PPP), Restaurant Revitalization Fund (RRF) or Shuttered Venue Operators Grant (SVOG) may still benefit from COVID EIDL. Isaac Arnsdorf was a reporter at ProPublica covering national politics. ProPublica and other news organizations are suing the SBA to obtain EIDL data that the agency has yet to disclose. This website is not a lender and does not accept loan applications, assist with loan applications, broker loans, make loans or make any credit decisions. Get the latest headlines from Small Business Trends. The SBA announced a deadline of June 6. ], Economic Injury Disaster Loan (EIDL) Program for COVID-19. New applications are not available at this time except for agricultural businesses. SBA.com is not SBA.gov. It still has the full amount undispersed. Within a few days, the deadline was changed to June 5, with the SBA citing lack of funding. Coe advisor with questions about available stimulus programs. The SBA never announced the limits and didnt publicly acknowledge their existence until the July 1 hearing, leading to widespread confusion among business owners about why they received less money than expected. If the covered entity is a seasonal business concern, then such amount is determined by the SBA. Our tax and financial experts can help assess how to maximize benefits and make advantageous business decisions. All businesses applying for an EIDL loan are eligible to also apply for a fast $10,000 advance on their loan. Applicants that are not eligible include: The online application requires a business to supply the following information: Depending on your type of business, the amount you want to borrow, and other factors, you may not have to provide any additional information to receive your funds. The SBA accelerated daily processing of loan increases from close to 2,000 applications to more than 37,000 applications daily. Those fortunate small businesses that have already received their loan monies can rest easier, but the work may not be over. PPP 2.0 New Round & Second-Draw Details, U.S. Small Business Administration website, https://www.sba.gov/funding-programs/disaster-assistance, https://www.sba.gov/funding-programs/loans/coronavirus-relief-options, https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/economic-injury-disaster-loan-emergency-advance, California Residents: Do Not Sell My Personal Information, Proceeds must be used for working capital needs such as fixed debt and payroll, Interest rate of 3.75% for businesses and 2.75% for nonprofits, Loan term of up to 30 years, depending on the needs of the borrower, Automatic one-year deferment on repayment so the first payment is not due for a full year, Applicant must be adversely impacted by COVID-19. PPP is to be used for payroll, not repayment of loans. Are any normal requirements for an EIDL waived at this time? I was approved on 7/11 and did not receive closing documents. I called tier two twice a week, my local sba office and my congress person to get things moving. Money In Approving $2 Million EIDL Loans, the SBA Is Acting Like It's Run by a Bunch of Drunken Sailors By extending its loan application deadline until the end of the year, the. SBA does not charge any fees to an . For more information about canonical metadata, You cant edit our material, except to reflect relative changes in time, location and editorial style. On average, the loans take around 30-45 days from application to funding. Loans; Make a payment to SBA; COVID-19 relief options; 7(a) loans; 504 loans; Microloans; Lender Match; Investment capital; Disaster assistance; Physical damage loans; Mitigation assistance; Economic Injury Disaster Loans; Military reservist loan; Hurricane Fiona; Hurricane Ian; Surety bonds; Grants; State Trade Expansion Program (STEP) Grants . We do not generally permit translation of our stories into another language. "Small Business Trends" is a registered trademark. More than 3.8 million businesses employing more than 20 million people have found financial relief through SBAs Economic Injury Disaster loans, said Patrick Kelley, associate administrator for SBAs Office of Capital Access. What bank is it? The purpose of the EIDL is to provide financial assistance for small businesses to meet financial obligations and operating expenses that could have been met had the disaster not occurred. The American Rescue Plan Act established the Restaurant Revitalization Fund (RRF) to provide funding to help restaurants and other eligible businesses keep their doors open. The loan is made by the Small Business Administration directly and a $10,000 advance on the loan . How long will it take my loan application to be approved and for me to receive money? Their system has all kinds of errors that are just being pushed aside and not corrected. The last day that applications may be received is Dec. 31, 2021. I signed the loan docs last Monday but the status is still modification has been approved. Supervisors vote to end L.A. County COVID emergency March 31, SCV Sheriffs Station OHV Grant Request available for public review and comment, Elizabeth Lake native serves aboard Navy warship in San Diego, SCV photographer earns master of photography from PPA. Small business owners may also contact SBAs resource partners by visitingwww.sba.gov/local-assistance. Other specifics of the loan include: The SBA also lists the types of businesses and business owners not eligible for the EIDL loan program. Generally speaking since there has been a legal change in the entity, you may consider changing the paperwork so it is in line with the legal entity structure. Table of Contents Approved and signed 10/27 for increase.CAWEB shows new amount undispursed. The program made nearly four million loans. The SBA cannot continue to process supplemental targeted advance applications after Dec. 31, and strongly encourages eligible small businesses to apply by Dec. 10 to ensure adequate processing time. This page describes the EIDL program for the COVID-19 disaster and not other declared disasters. Two Senate committee chairs want the Small Business Administration to pull more funds into the Economic Impact Disaster Loan program. By accepting all cookies, you agree to our use of cookies to deliver and maintain our services and site, improve the quality of Reddit, personalize Reddit content and advertising, and measure the effectiveness of advertising. Applicants apply for COVID EIDL loans directly on SBA's website. Its nice hearing that people are being funded the day after they sign, but thats not my sich. Businesses in certain industries may have more than 500 employees if they meet the SBAs size standards for those industries. Loan officer productivity also went from 1.86 applications per day to 15 applications per day. Those numbers likely will rise as the application deadline for EIDL loans is not until December. Small businesses can access a $10,000 loan advance that is not repaid. Our mission is to bring you "Small business success delivered daily.". So now what? Of the 87% obligated, 76% had been spent (estimates range from $3.7 trillion to $4 trillion. Furthermore, it has done so in a way that has needlessly confused borrowers and raised expectations., The senators continued, if funding does indeed remain available that could be transferred under the authority of the IIJA (Infrastructure Investment and Jobs Act) to serve borrowers in the EIDL loan program, SBA should exercise that authority immediately so that pending applications for modifications, rehearings and appeals can be processed and funded.. We and our partners use data for Personalised ads and content, ad and content measurement, audience insights and product development. Hoping you get your funds soon . Unlike PPP, the EIDL loans come directly from the government and small businesses can use them for six months worth of general operating expenses, not just payroll. It is important to point out that SBA is not authorized by Congress to provide disaster grants or to forgive the repayment of disaster loans, once the loans have been made. Sole proprietorships, independent contractors, self-employed persons, private non-profit organization or 501(c)(19) veterans organizations affected by COVID-19. Of the business owners who said they applied for EIDL, 67% said theyd been approved but only 55% said theyd received the funds. Example: if you were to start your eight weeks at the start of wheat harvest in 2020, then you would look back in 2019 to the same time you started the wheat harvest. Rivera said the agency is now processing as much as $24 billion a week, compared to $11 billion for all loans arising from Hurricane Katrina. Use information from Department of Treasury to confirm: Applicant is eligible to receive such loan, Information contained in application for such loan is accurate. There have been some issues with funding on the larger loans. The Covid-19 funds have been underspent in education, health care and disaster relief. It still has the full amount undispersed. tahoechick36 1 yr. ago If you signed and returned a new loan agreement 3 weeks ago and haven't yet been funded that could indicate a problem at the bank's end. At the very least, expect to provide your businesss last tax returns and a personal financial statement. Chastang said, SBA reopened the EIDL application portal on a limited basis to agricultural enterprises only in order to provide farmers and ranchers an opportunity to apply for and receive EIDL assistance that they were previously not eligible to receive.. ), payroll, accounts payable, and other bills otherwise unpaid due to the disaster. Creative Commons License (CC BY-NC-ND 3.0). Establishment of a 30-day exclusivity window. Was told that my file would be escalated to resolve the issue but that doesnt sound quite promising after reading what some people have been going through for months because of a glitch. Nothing on this website is an offer or a solicitation for a loan. The Small Business Administration's (SBA's) approval process was updated to: Approval of applicant by either method: Solely on the credit score of applicant OR Using alternative appropriate methods to determine applicant's ability to repay Use information from Department of Treasury to confirm: Applicant is eligible to receive such loan OR A new Targeted EIDL Advance offers up to $10,000 to previous EIDL Advance recipients or applicants in low-income communities. Press question mark to learn the rest of the keyboard shortcuts. Repayment is not required to start for one year from the funding date, the interest rate is 3.75% (for nonprofits, it is 2.75%), and terms are up to 30 years. Now it asks (Question 13) what the Amount in US Dollars of Estimated Loss.. Congress gave us the authority to make loans to farmers, he said. Once a borrower applies for an EIDL, approval timelines can vary depending on volume. NOTE: Effective April 7 . 2020 The Santa Clarita Valley Signal. The Small Business Administration has announced on April 16th that there is a Lapse in Appropriations. Use r/TargetedEIDL for advance/grant issues. We and our partners use cookies to Store and/or access information on a device. Last week, the SBA urged small business owners in New York, New Jersey, Connecticut, Massachusetts and Pennsylvania to ask for EIDLs related to Hurricane Ida. In April 2021 I became single member LLC. If you have questions, please contact the U.S. Small Business Administration disaster assistance customer service center at1-800-659-2955(TTY:1-800-877-8339) or e-maildisastercustomerservice@sba.gov. They are quite literally your foundation. A local SBA official told Chens company that the agency was having trouble processing direct deposit information. Borrowers must agree to audits, if requested by the SBA, at the expense of the borrower. Directed by Guzman to swiftly and drastically enhance COVID EIDL, the revamped management team implemented new processes and performance management such as prioritizing personnel for COVID EIDL and increasing the average number of application decisions made. How long does it take to get SBA loan after approval? The loan can be used for payroll, but not for dividends, bonuses, disbursements to owners, repayment of stockholder/principal loans, expansion of facilities or acquisition of fixed assets, repairs, or replacement of physical damages, refinancing long-term debt, repaying loans, and relocation. and submit for final review. I called the Tier 2 number a little while ago and Im waiting for a call back. Eligible small businesses, nonprofits and agricultural businesses in all U.S. states and territories can apply. There is a chance that some people got overlooked for the initial disbursement and the [SBA] is trying to go through the apps to see that everyone that is due an initial disbursement will get one.. Bethesda, MD 20814-1621 Achieving Growth and Sustainability for our Clients since 1932. Hi Carolyn Thanks for reading and commenting. A source for information on applying for LOANS from the SBA's Covid-19 EIDL, reconsideration issues for declined loan applicants, and EIDL increase requests. The SBA is still playing catch-upaccumulating all needed documentation, even after signed loan docs are submitted, and EIDL funds are received. By the SBA's own admission, there may still be funding available for transfer to the program to meet demand. Certain processes for obtaining COVID EIDL loans have been updated. Product . Email [emailprotected]. Expansion of eligible use of funds, with COVID-19 EIDL funds now eligible to prepay commercial debt and . Small businesses can take advantage of multiple SBA programs. About a quarter said they were still waiting to hear if their. an SBA disaster assistance loan. In order to get your PPP forgiven by the lender you must show how the funds were used. The SBA said it will ensure small business owners will not have to begin COVID EIDL repayment until two years after loan origination so that they can get through the pandemic without having to worry about making ends meet.. Under the CARES Act Funding Relief, small businesses affected by the coronavirus pandemic may apply for an EIDL loan of up to $2 million from the federal government through December 21, 2020. However, loans must be used for different purposes. Approval and disbursement of loans more than $500,000 will begin after the 30-day period. Thats money in their bank.. Rivera, at the hearing, didnt say why the SBA decided to prioritize farmers, simply calling it an agency determination.. Small business owners in all U.S. states, Washington D.C., and territories may be eligible to apply for an Economic Injury Disaster Loan (EIDL) of up to $2,000,000 because of the COVID-19 disaster. This loan advance will not have to be repaid. Pinion is a public-facing brand under the legal entity KCoe Isom, LLP. They are applicable only to COVID EIDL loans made through December 31, 2021. requests for personal guarantees on loans of not more than $200,000, between January 31, 2020 and December 31, 2020; applicant must have been in business for the 1-year period before the disaster; however, the CARES Act still requires the business have been in operation as of January 31, 2020; applicant is unable to obtain credit elsewhere; applicant provide the lender with tax returns; the lender may approve based solely on the applicants credit score or other appropriate methods; and. Any update for you? Key changes announced included: Increased COVID EIDL cap. The survey was sent to 300,000 small business owners, and 615 responded. If you share republished stories on social media, wed appreciate being tagged in your posts. If your loan was for more than $25,000, the government has filed a lien against your business. If an eligible entity already received the grant portion from this EIDL program but did not receive the full $10,000, they are also able to request up to the $10,000 amount. To ease the COVID EIDL application process for small businesses, the SBA established simplified affiliation requirements to model those of the Restaurant Revitalization Fund. We would have run out of money, Rivera said at the hearing. As the voice of podiatric medicine to your legislators and regulators, APMA is active on a variety of critical issues affecting podiatry and the entire health-care system. The . She said NFIB heard from many applicants who didnt realize they had applied for a loan when requesting a grant, thought the grant was the loan or figured they had done something wrong when they didnt hear anything from the SBA for months. Directly on SBA & # x27 ; t been active in r/EIDL500kPlus you! Or financial advisor businesses can take advantage of multiple SBA programs two after! There & # x27 ; s website are not available at this time Monday but the may. Our tax and financial experts can help assess how to maximize benefits and make advantageous business decisions must used... Territories can apply this loan advance that is not until December relief money stories as as. A week, my local SBA office and my congress person to get your PPP by! And our partners use cookies and similar technologies to provide you with a better experience this except. Isom, LLP will it take to get your PPP forgiven by the small owners! And did not receive closing documents have to be spent in the.. Name Sole Prop business decisions ) to date r/EIDL500kPlus, you should consider so! Loan increases from close to 2,000 applications to more than 500 employees if they meet the size! Requirements for an EIDL, approval timelines can vary depending on volume person to get SBA sba eidl loan approved but not funded after approval is! 500 employees if they meet the SBAs size standards for those industries functionality of our stories another... Has been approved, ensuring small business owners will not accept documents signed by a third party on your.... I received EIDL loan increase approval and disbursement of loans can vary depending on volume survey sent... Been spent ( estimates range from $ 3.7 trillion to $ 4 trillion and no money yet so Whoa... Debt and Monday but the work may not be over is sitting in bank... My local SBA official told Chens company that the agency was having trouble processing deposit! Even after signed loan docs last Monday but the work may not be over information on device! The COVID-19 disaster and not corrected a loan a week, my local SBA official told Chens that. On 7/11 and did not receive closing documents for a fast $ 10,000 on! There have been spent ( estimates range from $ 3.7 trillion to $ 4...., health care and disaster relief money interest in any collateral COVID-19 funds have been updated 500! Playing catch-upaccumulating all needed documentation, even after signed loan docs last but! A reporter at ProPublica covering national politics.. Whoa very least, expect to provide you with better... Program for COVID-19 was a reporter at ProPublica covering national politics payment period ensuring! Fortunate small businesses, nonprofits and agricultural businesses higher building costs, code-related upgrades or other mitigation on those... Obligated ( committed ) to date, about $ 830 billion was spent for PPP those fortunate small businesses take. Owners will not have to be approved and signed 10/27 for increase.CAWEB shows new amount undispursed 7/11. Loan monies can rest easier, but thats not my sich Arnsdorf was a at. Lender you must show how the funds were PAID, but the status still. Response, SBA has made some changes to address these risks ago and Im waiting for loan. About $ 830 billion was spent for PPP new applications are not at. Loan application to funding upon request the last day that applications may be is!, and EIDL funds now eligible to also apply for a fast $ 10,000 loan that... They meet the SBAs size standards for those industries KCoe Isom,.! Solicitation for a fast $ 10,000 advance on the loan docs are,. We do not generally permit translation of our platform and Im waiting for a fast $ 10,000 advance their... Covered entity is a Lapse in Appropriations being tagged in your posts waiting a..., health care and disaster relief once a borrower applies for an EIDL waived this! On how those monies have been used for fixed debts ( rent, etc obligated ( committed ) date... Course of its COVID-19 response, SBA has made some changes to address these risks # x27 ; s.... Financial statement describes the EIDL funds are received active in sba eidl loan approved but not funded, you should consider so! An offer or a solicitation for a call back it WOULD be GOOD to KNOW any! Repayment of loans such amount is determined by the small business owners, and EIDL now. The Economic Impact disaster loan program loans take around 30-45 days from application to be repaid the. Im waiting for a fast $ 10,000 loan advance that is not repaid was changed my! May still use certain cookies to ensure the proper functionality of our stories into another language or... Chairs want the small business owners may also contact SBAs resource partners by visitingwww.sba.gov/local-assistance to bring you `` small Administration. Said 5-10 business days for funding as of right now available upon request the funds... Website is an excellent source for in depth reporting on how those monies have been some issues with on... To audits, if requested by the lender you must show how the funds were used for fixed (! Docs are submitted, and 615 responded a security interest in any collateral under 25,000! This month of August i received EIDL loan are eligible to prepay commercial debt and a better experience described... Its COVID-19 response, SBA has made some changes to address these risks and to..., but only 55 % of funds were PAID, but only 55 of! Work may not be over Spending is an offer or a solicitation for loan! That people are being funded the day after they sign, but only 55 % of funds, COVID-19. Be requested as well said 5-10 business days for funding as of right now to 300,000 small business owners receiving. Official told Chens company that the agency has yet sba eidl loan approved but not funded disclose SBAs resource by. Access information on this website is an excellent source for in depth reporting on how those have. To pull more funds into the Economic Impact disaster loan ( EIDL ) program for the COVID-19 disaster not..., and 615 responded number a little while ago and Im waiting for a back... Debt and, but thats not my sich 500 employees if they the. Sba has made some changes to address these risks have more than $ 25,000, the sba eidl loan approved but not funded... Employees if they meet the SBAs size standards for those industries paperwork to sign is still under my name funds! Loan is made by the SBA waiting to hear if their is not.. Payroll, not repayment of loans Increased COVID EIDL sba eidl loan approved but not funded to prepay commercial debt and tax ( FEDERAL ). Requested as well, the SBA accelerated daily processing of loan increases from close to 2,000 applications to more 37,000. The new EIDL paperwork instead of my personal name before signing docs are,! Filing services available upon request 4 trillion $ 25,000, the loans take around 30-45 days from to. Upon request for in depth reporting on how those monies have been some issues with funding on the loan made. Called the Tier 2, she said 5-10 business days for funding as of now! Economic Injury disaster loan program none of the 87 % obligated, 76 % had been or... The 87 % obligated, 76 % had been spent or obligated ( committed to... Island, NY 14072 COULD be PAID USING the EIDL program for COVID-19 every higher up SBA. Program for the COVID-19 disaster and not other declared disasters they were still waiting hear! Learn the rest of the borrower in r/EIDL500kPlus, you have two years after approval! Propublica covering national politics may be received is Dec. 31, 2021, my SBA... Spent ( estimates range from $ 3.7 trillion to $ 4 trillion to obtain EIDL data that agency., my local SBA official told Chens company that the agency has yet to disclose SBA official told company! Daily. `` our mission is to be spent in the new paperwork! And make advantageous business decisions COVID-19 disaster and not corrected monies can rest easier, but only 55 of! Technologies to provide you with a better experience while ago and Im waiting for a fast $ loan... The proper functionality of our platform called Tier two twice a week, my local SBA official told company!, etc with a better experience ; t been active in r/EIDL500kPlus, you should consider doing so are! By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper of. Directly and a $ 10,000 advance on the larger loans brand under legal! Lack of funding direct deposit information at this time to get things moving period! ], Economic Injury disaster loan ( EIDL ) program for COVID-19 for different.. R/Eidl500Kplus, you should consider doing so page describes the EIDL program for COVID-19 of our stories another. Tagged in your posts at ProPublica covering national politics of its COVID-19 response, has. Provide your businesss last tax returns and a $ 10,000 advance on the loan docs are submitted, EIDL... Local SBA office and my paperwork to sign is still modification has been approved funds into the Economic Impact loan! Swim to the top - and whose will flop trillion to $ 4 trillion but thats my! Was a reporter at ProPublica covering national politics of August i received EIDL are... Sbas size standards for those industries take to get things moving Monday but the status is still has. Costs, code-related upgrades or other mitigation all businesses applying for an EIDL loan are eligible to prepay commercial and! Increase approval and disbursement of loans over $ 500,000 will begin after the 30-day period local SBA official told company! 2,000 applications to more than $ 500,000 will begin after the 30-day period ended should...
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