NEW YORK, NY/ACCESSWIRE/April 2, 2022/ The SBA announced some urgent news that sent many small business owners scrambling. On Friday, the SBA sent an email stating that all COVID-19 EIDL loan funds are expected to be exhausted within the next two weeks, by mid-April 2022. All requests for increases, changes and SBA EIDL loan reviews will be processed in the order received and subject to the availability of funds. As a last chance to get much-needed financial help, this leaves business owners with only one option – file as soon as possible.
Possibly the last chance to receive an SBA EIDL business loan due to economic harm from COVID-19. Image credit: 123rf / Kritchanut.
“After yesterday’s SBA announcement, business executives, entrepreneurs and small business owners most likely have one last opportunity to tap into the SBA’s Economic Disaster Loan (EIDL) program, but only if they act quickly,” said Marty Stewart, Strategy Director Disaster Lending Advisors (DLA).
Over the past two years, Disaster Loan Advisors have strategically helped clients with an accelerated SBA EIDL loan deposits. From reconsideration requests and appeals as small as $100,000, to loan modification increases between $500,000 and $2,000,000.
Email from the United States Small Business Administration (SBA) announcing that EIDL COVID-19 funds are running out soon
At the end of February, we thought there was a estimated at $115 billion in EIDL funds that may still be available. However, many business owners have woken up to this email from SBA Friday, April 1, 2022.
Topic: SBA COVID-19 Economic Disaster Loan – LAST DAYS for an increase in your loan amount
EIDL COVID-19 funds are expected to be exhausted by mid-April 2022.
Based on the information submitted with your original SBA COVID-19 Economic Disaster Loan (EIDL) application, you may be eligible for an increase in your loan amount. EIDL COVID-19 funds are running out, so if you wish ask for a raise the amount of your EIDL COVID-19, you are advised to do so now. If you have already submitted your raise request, you can ignore this notice.
Steps to request a COVID-19 EIDL increase:
- Before requesting an increase, please confirm your eligibility for the loan and review the FAQs.
- Log in to your account on the SBA portal (do not request another loan) to submit a loan modification request.
- Follow the steps in the portal and submit relevant documents, including a new version of your IRS Form 4506-T for COVID EIDL.
- Respond to SBA signature, confirmation, and document requests.
All loan increase requests will be processed in the order received and are subject to the availability of funds.
The SBA team
Email from SBA announcing that COVID-19 EIDL funds are exhausted. Image credit: SBA.gov.
Urgent next step for business owners to receive EIDL COVID-19 funds
“There is a best and last chance for companies to get additional funding from EIDL. Whether through a raise or a reconsideration, business owners should seek expert help immediately to get their applications filed and in the SBA queue before funds run out. We have worked with clients over the past two years to achieve this,” Stewart said.
About Disaster Loan Advisors™
Disaster Loan Advisors™ is a trusted team of SBA loan advisory professionals dedicated to rescuing small businesses and businesses from lost sales, lost customers, lost revenue to help save your business from potential financial ruin from the COVID-19 disaster. 19 / Coronavirus, Delta and Omicron variants, and other declared natural disasters.
DLA specializes in assisting owner groups with multiple business entities, multiple restaurants and retail groups, and other complex situations that require expert intervention to assess the situation and create the most appropriate path. strategy to follow.
Has your small business or business suffered financial loss due to COVID-19, Hurricane Ida, or another natural disaster? Has your SBA loan application been declined for an EIDL loan? Are you looking to increase your existing SBA EIDL loan (up to $2 million)? Need strategic guidance before taking your next step with the SBA?
Disaster Loan Advisors
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THE SOURCE: Disaster Loan Advisors
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