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EIDL INCREASE EXTEND WELL INTO 2022!

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Increased loan

If the small business has already obtained a loan via COVID EIDL before and does not already have an outstanding loan increase application in process, complete the following steps to apply for a loan increase:

  1. Confirm Eligibility (review FAQs and below Loan Eligibility section).

  2. Log onto Account on SBA Portal (do not apply for another loan) to submit loan modification.

  3. Complete portal steps and submit relevant documents.

  4. Respond to SBA requests for signature, confirmation, and documents.

The average SBA decision timeline for $500,000 or under loans is several weeks.

Loan greater than $500K to $2 million

  1. For loans above $500K, you must include all additional documents for your application to be submitted (see list of required documents below).

  2. For loans greater than $500,000, applications will not be approved until after the exclusivity period ends on October 8, 2021, but applications can be submitted before then. Applicants can choose to apply for $500,000 or under immediately and then for over $500,000 funds after the exclusivity period ends, or they can choose to apply immediately for all desired funds above $500,000 and have their application wait for approval starting October 8, 2021.

The average SBA decision timeline for greater than $500,000 loans is one and a half months.

Required documents

  1. For loans of all sizes, federal income taxes, IRS Form 4506-T, and ODA Form P-022-Standard Resolution are required.

  2. For loans greater than $500,000, the following additional documents will be solicited:

  3. SBA Form 2202 – Schedule of Liabilities

  4. SBA Form 413 – Personal Financial Statement

  5. List of Real Estate Owned (template on intake form)

  6. For all loans, additional verification documentation may be solicited by the SBA through the review process

#Covid19 #EIDL #SBA

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