Economic Injury Disaster Loan—Dec. 31 Deadlines
SBC Economic Injury Disaster Loans have two upcoming deadlines. Two actions stop on December 31:
- SBA will no longer accept new applications for COVID EIDL loans and advances.
- SBA will no longer process applications for the supplemental targeted advance.
SBA will continue to process applications received on or before Dec. 31 until funds are exhausted, including:
- Pending loan applications, loan increase requests, applications in reconsideration/appeal
- Targeted advance applications and reevaluation requests
You can still make certain requests after Dec. 31 including:
- Requesting more funds
- If you need additional funds and have not reached your maximum loan amount that you are eligible for SBA will accept requests for loan increases for up to 2 years from the origination date of your first loan, or until funds have been exhausted.
- Request reconsideration of a declined loan
- You have up to 6 months from the date of decline to request reconsideration, or until funds are exhausted.
- Request an appeal of a declined reconsideration request
- You have up to 30 days from the date of the declined reconsideration request to request an appeal, or until funds are exhausted.
- Request reconsideration of a declined targeted advance decision
- You have up to 6 months from the date of decline to submit one request reconsideration, or until funds are exhausted.
What should you do? If you have already applied:
→ Don't panic! Be patient. There are still billions of dollars in funds available.
→ Be thorough and responsive. Monitor your portal and emails for actions and requests from SBA. When requesting reconsideration on a decline, take the time you need to craft a clear and thorough response with adequate supporting documentation.
→ Do get help. Tap into SBA's network of resource partners who can provide assistance at not cost to you. They can help you understand what is required, review your documents, and help you respond to the SBA as needed. Find a business advisor near you.
If you have not applied:
→ If you've been thinking about applying but haven't, don't wait any longer - apply now!