SBA Gives Date for All EIDL Loan Increase Decisions
In a webinar this morning, the SBA finally released more information as it relates to EIDL loan increase process improvements, how many applications are being reviewed each day, and when applicants can expect to hear back, one way or another.
📌 Update: The SBA has released additional information on the total EIDL loan increase backlog.
We've recapped the breaking EIDL loan increase news in today's video below. Notes from the video are also listed below. You can get early access to videos by subscribing to our YouTube channel.
EIDL Loans Are Being Processed in a New Part of the SBA
On the SBA webinar today, the representative said that the SBA has shifted their internal processes, including where the SBA EIDL loans are being processed (or triaged) within the SBA. It wasn't exactly clear what this meant, but the indication was that the SBA has allocated more resources to processing EIDL loan increase requests.
EIDL Loans Reviews Per Day Have Increased 10X to 20,000 A Day
The SBA also said that over the past week, the SBA has averaged 20,000 EIDL loan application reviews per day. This is not approvals, so it's not clear how many of these 20,000 are approvals vs declines.
The SBA also mentioned their previous daily review rate was 2,000 per day. That's a massive jump — from 2K to 20K reviewed per day. We surmise a large part of this must be due to automation on the review process, which could explain why mass declines have gone out over the past couple weeks. The improved throughput could be large batch decline applications that don't fit basic checklist criteria for approval.
The SBA Says All EIDL Loans Applications Will Be Reviewed by August
The most surprising news was this: The SBA has said all outstanding applications, both for EIDL loan increases and first time EIDL loans, will be reviewed by August.
It's unclear how many pending applications there are, but we guess there are at least 1-2 million outstanding. Based on that, it's unclear how the SBA will get through all of these applications — including reconsideration requests — by August. Based on the current rate, at 20K reviewed per day 7 days per week, we're looking at around a half a million that can be reviewed by the end of August.
📌 Pro-tip: You can search all EIDL loan and grant recipients here.
Conclusion: Good News on EIDL Loan Processing But Still Need More Data
Today's webinar did provide some long-awaited news on EIDL loan process improvements, EIDL daily processing numbers, and internally imposed EIDL application deadlines. However, the SBA still has not provided basic numbers when it comes to total number of pending applications, and total number of EIDL loan increases approved. In the case of other SBA programs, this information has been provided.
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