SBA Processes Record Number of EIDL Approvals – With Examples
The SBA continues to approve new EIDL applications and increase requests – totaling over $321.8 billion. This week alone we have heard from numerous business owners stating they have received funding. Here are some of those stories and a discussion of current numbers and timelines.
SBA Continues to Approve EIDL Applications
According to the most recent EIDL data, the SBA approved just over 3.8 million EIDL applications (a new record) for a total of $321.8 billion to date. That's an increase of over 7K applications since their last update at the end of December.
This week we received reports of new EIDL approvals and increase request approvals from a large number of owners.
Examples of EIDL Approvals
Below are examples of EIDL approvals received recently. In this first example, the business owner received an email from the SBA loan officer – and was approved for an EIDL increase from $500K to $1,065,000. When they begin, this business owner's payments will now be $5,294 per month.
Here is an example of a business owner's EIDL portal showing the increase up to the $2M maximum.
As another example, one business owner stated the following to one of our Funding Concierges:
"I want to thank you for your recent assistance – my business was able to get additional EIDL funding."
We have seen a lot of approvals in the last week alone, which bodes well for you if you are still waiting for you increase.
📌 Pro tip: Join Skip Premium today and get 1-1 EIDL support for your business.
SBA Has Plenty of Funds for EIDL Increases – Which Are Still Being Accepted
Recently reports show the SBA has adequate funding for EIDL increases. If you have an EIDL loan and are considering an increase, rest assured that there are still adequate funds available.
According to an article by Yahoo Finance on Saturday January 1st, 2022, an SBA spokesperson said the following:
"The SBA has enough in available funding to continue supporting all EIDL applicants up to their full, entitled loan amount."
Many business owners are still becoming confused with the SBA timelines for EIDL applications. According to the SBA, you have two years from the time of your approval to request an increase – but we recommend doing it as soon as you know that you need/want an increase.
SBA Will Still Process Reconsiderations and Appeals
The deadline to apply for the EIDL program for the first time was December 31st, 2021, but the SBA will continue to process applications after the deadline. In addition to increases, the SBA will still process reconsiderations and appeals in 2022 – as long as your initial application was filed by December 31st, 2021.
If your EIDL application is denied, you have six months from the date of denial to request a reconsideration. If you receive a denial on March 1, 2022 – for example–you have until September 1, 2022, to request a reconsideration. December 31st was the deadline for NEW EIDL submissions.
Appeals are more time-sensitive; they must be made within 30 days of the date of decline. Below is a chart illustrating the different EIDL loan timeframes.
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