![]() ![]() The SBA deadline to submit a new economic injury disaster loan application has already passed as of December 31, 2021. For the best chance of success in winning an appeal and getting a yes, you need strategic expert help for best results," said Stewart. ![]() ![]() Again, sending a brief email is not going to be persuasive enough. Or, if you have been turned down again after filing for reconsideration, you have one last 30 day window to file an appeal. "The number two way is to do a reconsideration request within six months of receiving a decline letter from the SBA. SBA Disaster Loan EIDL Options to Overcome Being Denied COVID EIDL funds can now be eligible and used to prepay commercial debt and existing loans, and even to make payments on federal business debt. Now, as of September 2021, it is restored back to the original $2 million maximum for those small businesses that qualify for this size EIDL loan.Ī favorable change in the program included expansion of eligible use of funds. This past year it was raised to $500,000. From the original $2 million, it was quickly reduced to $150,000 when millions of business owners were applying in droves. Maximum loan amounts have changed numerous times since the inception of the popular SBA COVID EIDL loan program in March of 2020. ![]() If you want to maximize your chances of success, and for the most money, you need to do this very strategically and with expert help," continued Stewart. Sending a few paragraph email is not going to cut it. This typically needs to be done manually and in letter form. "The number one way is to do a loan modification or increase request. SBA EIDL $2 Million Loan Increase Requests: Path to Approval Companies that received prior SBA EIDL loans that need an increase or loan modification ( up to $2M maximum), as well as EIDL loan reconsideration requests for those businesses that have been denied. The DLA Strategic Advisory Team are SBA loan consultants that specialize in assisting business owners with multiple company entities, to help navigate the SBA EIDL loan program for maximum EIDL qualification. "There are two main strategic ways companies can still tap into the remaining SBA EIDL COVID disaster loan funds in 2022," said Marty Stewart, Chief Strategy Officer for Disaster Loan Advisors (DLA). Some small business owners and companies are excited to learn they can still access SBA EIDL disaster loan funds in 2022. For those small businesses wanting to do a loan modification increase request up to the current $2 million maximum, or companies that have received a decline letter in the past six months or less, still have two strategic moves they can make to access SBA EDIL funds in 2022. Small Business Administration's (SBA) Economic Injury Disaster Loan (EIDL) loan program continues in 2022 for small businesses who meet certain criteria. The failure to sign and submit documents prior to funds being exhausted/rescinded will result in no increase.SAN FRANCISCO, CA / ACCESSWIRE / Janu/ The U.S. Respond to SBA requests for signature and documents by May 16. Shortly after SBA sources confirmed that the EIDL program didn't have any "available" funding left, the SBA updated their EIDL portal with the following message: "COVID-19 EIDL Funds have been exhausted. It's Official - The SBA EIDL Program Has Run Out of Funding If you want to get help with any of these funding options - or other private funding for your business - you can book a time to talk with the Skip team. This post gives a comparison of SBA funding options. The good news is there are other SBA programs that may actually be better than the EIDL program. While unclaimed funding may still become available, for most people in need of funding to start or grow their businesses, it's time to think about other funding options. On Thursday May 5, SBA sources confirmed that the SBA EIDL program did not have any more available funding. ![]()
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