The Small Business Association (SBA) has increased availability of EIDL Loans from $500k to $2M and streamlined the process. Applications are now open and funding will begin October 8, 2021.
Updates
- Maximum loan cap increased from $500,000 to $2 million
- Use of funds was expanded to include payment and pre-payment of business non-federal debt incurred at any time (past or future) and payment of federal debt
- Extend the deferment period to 24 months from origination for all loans (existing loans with a less than 24-month deferment will be adjusted)
- Affiliation requirements simplified to an affiliate is a business that you control or in which you have 50% of more ownership
- Developed additional path to meet program size standards for businesses assigned a NAICS code beginning with 61, 71, 72, 213, 3121, 315, 448, 451, 481, 485, 487, 511, 512, 515, 532, or 812
- Exclusivity Period: From September 8, 2021, to October 8, 2021, the above policy changes will be applicable to applications for <$500K while applications for >$500K will not be approved and therefore receive the policy changes until October 8, 2021
New loan
If the small business is a first-time COVID EIDL applicant, complete the following steps to apply:- Confirm eligibility (review FAQs and below Loan Eligibility section).
- Complete Intake Form.
- Sign up to create portal username via SBA email invite.
- Complete portal steps and submit relevant documents.
- Respond to SBA requests for signature, confirmation, and documents.
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:- Confirm Eligibility (review FAQs section).
- Log onto the Account on SBA Portal (do not apply for another loan) to submit loan modification.
- Complete portal steps and submit relevant documents.
- Respond to SBA requests for signature, confirmation, and documents.