An Important EIDL Deadline Is Looming for Small Business Owners – Small Business Trends

It’s too late to apply for a new Covid 19 EIDL loan.
But if you’d like to increase the amount of an existing loan, or request consideration, you better hurry. The deadline is May 6.

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EIDL Loan Deadline Approaching

How much money a small business can borrow with an EIDL loan varies. The Small Business Administration will review your paperwork to make the determination. You will qualify for a certain amount, and there’s a $2 million cap.
If you qualified for an EIDL loan of $500,000 but only accepted $300,000, you could get a $200,00 increase. You’re already qualified for that amount, but you’d have to ask for it.
If you qualified for an EIDL loan of $500,000 and accepted $500,000, and want another $100,00, you’ll have to ask for it and provide additional paperwork, as listed below.

How to Ask for an Increase in Your EIDL Loan

First, do not try to do a new Covid 19 EIDL application. That could get you flagged as a fraudulent applicant.

Log in to your existing account and proceed from there.
Basic Requirements
If you’re going to ask for less than $500,000 you’ll need a credit score of at least 570.
If you’re going to ask for more than $500,000 you’ll need a credit score of at least 625.

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Additional Paperwork Required

  • SBA Form 2202 – Schedule of liabilities
  • List of all real estate owned
  • SBA Form 413 – Personal financial statements for general partners, managing members and/or all owners with a 20% or greater stake in the business

Contact the SBA about EIDLs

You can contact the SBA by phone, 800-659-2955, or by email
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Image: Depositphotos

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