New SBA guidance regarding EIDL applications
The U.S. Small Business Administration (SBA) recently announced updated guidance for small business owners regarding the COVID Economic Injury Disaster Loan (EIDL) program. The COVID EIDL program is a federal disaster relief loan designed to better serve and support the small business community during the COVID-19 pandemic.
The following updated guidance is being provided:
- EIDL loan and Target Advance applications – applications will be accepted until December 31, 2021, and will continue to be processed after this date until funds are exhausted.
- Supplemental Targeted Advance applications – applications will be accepted until December 31, 2021; however, the SBA may be unable to process some Supplemental Targeted Advance applications submitted near the Dec. 31 deadline due to legal requirements.
- 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.
- The SBA will accept and review reconsideration and appeal requests for COVID EIDL applications received on or before December 31, 2021 – if the reconsideration/appeal is received within the timeframes in the regulation. This means six months from the date of decline for reconsiderations and 30 days from the date of reconsideration decline for appeals unless funding is no longer available.
NFIB recently hosted a webinar titled, “Resources and Relief for Your Small Business – Enhanced EIDL and ERTC Updates,” which included these recent updates and frequently asked questions. More information on EIDL can be found here.
If you have not applied for EIDL, you can visit the SBA website to review the information and complete an application. If you have previously applied and are seeking to increase the loan amount, go straight to the portal you used when first applying. Do not complete an intake form again, as this will cause delays.
For more information on COVID-19 recovery resources for small businesses, click here to visit NFIB’s coronavirus resources page.