If you received a COVID-19 Economic Injury Disaster Loan (EIDL) from the U.S. Small Business Administration (SBA you may be eligible to receive additional loan funds.
Loans approved prior to April 7, 2021 for less than $500,000 are likely eligible for an increase based on new loan maximum amounts announced March 24, 2021. Businesses that received a loan subject to the previous loan limit can submit a request for an increase at this time.
The SBA is reaching out directly to loan borrowers via email. You should expect to receive emails from @sba.gov or @updates.sba.gov with details on how to request a loan increase.
If you have not received an email, follow these instructions to request a loan increase:
Use subject line “EIDL Increase Request for [insert your 10-digit application number]”
Be sure to include in the body of your email identifying information for your current loan including application number, loan number, business name, business address, business owner name(s), and phone number.
Important: Do not include any financial documents or tax records with your initial request. You will receive a follow up email notification if the SBA needs additional documents.
According to the SBA, they will process increase requests in the order they are received. Due to the expected high volume of incoming requests, it may be several weeks before you receive a response from SBA on next steps to follow.
As a reminder, SBA also announced last month that for COVID-19 EIDL loans made in calendar year 2020, the first payment due date is extended until 24 months from the date of the note, and for loans made in calendar year 2021 the first payment due date is extended until 18 months from the date of the note. Loan interest continues to accrue during the deferment period, and a loan increase will not further extend your first payment due date.
If you have any questions regarding the COVID-19 EIDL program, or SBA’s other COVID relief program, please visit the SBA website at SBA.gov/relief for the most current updates.
As we continue to navigate through these times of uncertainty and adapt, we here are at The Foresight Companies want to be your source for all topics related to your business operations.