SBA COVID EIDL Loans Update for January 2022

SBA EIDL loans are closed for processing, but if you are a business owner who had an original EIDL Loan that is need of additional funding or you were declined a request for additional funding you will want to read the SBA updates for January 2022.

The SBA has stopped taking applications, but you can still get funding in as little as 3 weeks.

• SBA EIDL $2 Million Loan Increase Requests Maximum
• COVID EIDL funds can be used to prepay commercial debt, existing loans, and payments on federal business debt.
• The SBA Economic Injury Disaster Loan (EIDL) loan program discontinued taking applications 12/31/2021
• Funding continues in 2022 until the SBA exhausts funds

Foresight Business Funding and BizFundFirst.com is still helping businesses in 2 situations:

• Businesses who would like additional funding (We are seeing increases around 2x initial EIDL request up to the current $2 million maximum)
• Businesses who were declined for an increase (Companies that have received a decline letter in the past six months

Our SBA Specialist have packaged and processed 1000’s of these requests, successfully getting many businesses 2 times their original disaster loan amount.

Key items in the EIDL Update for January 2022

• Implementation of a Deferred Payment Period.The SBA will ensure small business owners will not have to begin COVID EIDL repayment until two years after loan origination so that they can get through the pandemic without having to worry about making ends meet
• 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 COVID Economic Injury Disaster Loan (EIDL) and EIDL Advance programs still have Increased COVID EIDL Cap. The SBA lifted the COVID EIDL cap from $500,000 to $2 million. Loan funds can be used for any normal operating expenses and working capital, including payroll, purchasing equipment, and paying off debt.
• Implementation of a Deferred Payment Period.The SBA will ensure small business owners will not have to begin COVID EIDL repayment until two years after loan origination so that they can get through the pandemic without having to worry about making ends meet

Items we need in order to request additional SBA EIDL Loan funds or to appeal a decline:

• Our Basic Application, 2019 tax return, front and back of driver’s license and voided ck (needs to be in pdf format.)
• Please include any denial emails or last Correspondence with the SBA.
• Once received our SBA specialist will reach out to you next week and help you with your EIDL loan.

                     If EIDL is not a fit for you, we have 100’s of lenders to help.

RIGHT NOW Click the SCHEDULE NOW BUTTON ON THE PAGE BELOW

Call (317) 589-0118  with questions or  Go To BizFundFirst.com/schedule

If you think that your business would benefit from an EIDL loan increase or would like to explore other SBA and non SBA loan options,  please give us a call at 317-589-0118.