SBA Plans To Release EIDL 2.0 After Labor Day

Today in Economic Injury and Disaster Loan (EIDL) news, the SBA plans to provide the go-live details for EIDL 2.0 following Labor Day. The original date for EIDL 2.0 was set for August 16, but unknown circumstances have delayed its release. This is good news for businesses who need the additional funding.

Also, we have an update about the ODA Form P-022 Standard Resolution that many are seeing in their EIDL portal or have been requested to provide. Here are the details.

EIDL 2.0 To Be Released After Labor Day

Internal delays, for reasons not fully known, have resulted in the SBA postponing the launch of EIDL 2.0 past the go-live date of August 16, 2021. Today, we received information from a contact at the SBA that they intend to launch EIDL 2.0 after Labor Day.

EIDL 2.0 will raise the cap from $500K to $2 million, but other guidelines are expected to be released as well. The updated guidelines may include more details about collateral requirements and expanded use for the funds. If the SBA releases details on EIDL 2.0 next week, it will provide greater clarity and assistance to businesses that need the additional funding.

ODA Form P-022 Caused Much Confusion  

Many applicants have heard from their loan officers or saw in their portal, that they need to submit ODA Form P-022 Standard Resolution. Many loan officers were unaware of the form and told applicants to ignore it, as it could have been a mistake or potentially a bug.

Today, we received information from the SBA that they were making updates to their system and to the EIDL portal. One of those updates was the addition of ODA Form P-022 Standard Resolution; however, the form does not meet 508 compliance so they had to pull the form. The system went live anyways and resulted in this confusion.

The form will likely be required once it passes 508 compliance. 508 compliance requires "Federal agencies to make their electronic and information technology (EIT) accessible to people with disabilities...and must give disabled employees and members of the public access to information comparable to the access available to others."

Tens of Thousands Are Still Waiting For EIDL Approval

Over 50% of business owners that we surveyed reported that they are either waiting for an initial decision, have been denied, or are in reconsideration. If you have not applied for reconsideration yet, now is the time to do so. We created a reconsideration template that you can use to draft your reconsideration letter to the SBA.

Conclusion: EIDL 2.0 Should Be Coming Soon

With the update from the SBA claiming that EIDL 2.0 will be coming after Labor Day, there is reason to be hopeful if you are in need of an increase above $500K. Remember, you can calculate your potential loan increase amount on your Skip dashboard, or sign up here to do so.  

If you're looking for more assistance with capital for your business — through grants, loans, and other resources, our team has posted more opportunities for Skip Plus members. You can join hundreds of thousands of others and get two weeks free right here.