Here Are The Problems With The EIDL Loan Process
In today's YouTube video, Ryder discusses the different sites you will need to access in the life of your EIDL loan, the current EIDL information available, and why the EIDL process is taking so long.
Our recent YouTube poll of 4.8K participants shows the following:
- 22% have received their EIDL loan increase
- 37% have been denied / denied & seeking reconsideration
- 42% are still waiting on the decision.
4 million EIDL loans have been approved since last year. A lot of businesses are waiting for their EIDL loan increase approval, but the SBA has not released exact numbers.
As of June 24, 2021, the SBA has approved around 30,000 EIDL loan increases and 30,000 new EIDL loan requests. Updated data is not available, but even if 100,000 EIDL loan increases have been approved, that could be as low as 3-5% of the total application pool.
For most businesses who have signed the 4506-T, the hold up is either having a loan officer assigned to your application or the SBA receiving your taxes from the IRS. There is also variation in what loan officers require in order to approve applications, which is causing more confusion.
📌Pro-tips: If your EIDL loan increase was denied, read our article: How To Apply for SBA EIDL Reconsideration (with Template)
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