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Time is Running Out for COVID-19 EIDL Fund Loan Increases
The U.S. Small Business Administration (SBA) recently announced COVID-19 Economic Injury Disaster Loan (COVID EIDL) funding is expected to be exhausted in April 2022.
While the SBA is no longer accepting applications for new COVID EIDL loans or advances, 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.
If you have received an EIDL loan, you may be eligible for an increase in the amount (subject to SBA analysis).
Those interested are advised to apply ASAP.
Requests are processed in the order received and are subject to the availability of funds.
The steps to request an increase are:
- Confirm your loan eligibility and review the SBA’s FAQs.
- Log onto your Account on the SBA Portal to submit a loan modification request.
- Complete the portal steps and submit relevant documents, including a new version of your IRS Form 4506-T for COVID EIDL.
- Respond to SBA requests for signature, confirmation, and documents.