EIDL Loan Increase Update: New Email From SBA on How To Get Approved – 150k to 500k
EIDL Loan Increase Amount
1. First, the max loan amount was increased from a $150,00 max loan amount to a max loan amount of $500,000.
This is more than 3x the original amount and t his is good. This is great for the small businesses and non-profits that need this money!
We’ve always thought the $150,000 max loan amount was too little, and we’re glad to see the SBA has finally increased it. It’s about time.
SBA Administrator Speaks
“More than 3.7 million businesses employing more than 20 million people have found financial relief through SBA’s Economic Injury Disaster Loans, which provide low-interest emergency working capital to help save their businesses. However, the pandemic has lasted longer than expected, and they need larger loans. Many have called on SBA to remove the $150,000 cap. We are here to help our small businesses and that is why I’m proud to more than triple the amount of funding they can access.”
So, let’s talk about what all of this means for you and how you can get the increased limits and timeframe.
Email from SBA on Loan Increase
If you have already received the EIDL loan, you should have gotten an email in your inbox from the SBA sometime between April 6th and now.
If you don’t see an email from the SBA, make sure to check the email you used for your original application, and be sure to check spam too.
Also, not all emails have been sent out yet due to the sheer number of people who received the loan.
If you did not get the email, you can still use the steps we are about to go over to request an increase. So don’t panic!
Steps to Increase EIDL Loan Amount
- application number
- loan number
- business name
- business address
- business owner name(s)
- phone number
Step 4: Lastly, do not include any financial documents or tax records with your initial request. (más…)