UPDATE: On November 19,2021, the SBA announced the following updated guidance for COVID Economic Injury Disaster Loan (EIDL) program applicants to better serve small business owners in need, while funding remains available:
- EIDL loan and Targeted Advance applications will be accepted until December 31 and will continue to be processed after this date until funds are exhausted.
- Supplemental Targeted Advance applications will be accepted until December 31; however, the SBA may be unable to process some Supplemental Targeted Advance applications submitted near the December 31 deadline due to legal requirements. The SBA cannot continue to process Supplemental Targeted Advance applications after December 31 and strongly encourages eligible small businesses to apply by December 10 to ensure adequate processing time.
- Borrowers can request increases up to their maximum eligible loan amount for up to two years after their loan origination date, or until the funds are exhausted, whichever is soonest.
- The SBA will accept and review reconsideration and appeal requests for COVID EIDL applications received on or before December 31 if the reconsideration/appeal is received within the time-frames in the regulation. This means six months from the date of decline for reconsideration and 30-days from the date of reconsideration decline for appeals – unless funding is no longer available.
SBA Disaster Bridge Loan:
- SBA to Increase Lending Limit for COVID-19 Economic Injury Disaster Loans - 3/24/21
- SBA Extends Deferment Period for all COVID-19 EIDL and Other Disaster Loans until 2022 - 3/16/21
- SBA’s Economic Injury Disaster Loans and Advance Program Reopened to All Eligible Small Businesses and Non-Profits Impacted by COVID-19 Pandemic - 6/18/20
REMINDER: All official communications from the SBA will come from a SBA.gov e-mail address. When in doubt, ask before responding. We are happy to forward the communication to our SBA contacts for authenticity verification.
- SBA: Office of Inspector General Hotline - Report fraud, waste, abuse, mismanagement, or misconduct involving SBA programs or employees
We will be adding to the list above as the situation develops, so check back for updates periodically.