Required Eidl Loan Documents
When applying for the EIDL program, youâll need to provide several documents to help the SBA calculate your economic injury.
All loan applicants must submit the following documents to confirm federal income taxes:
- Federal income taxes
- ODA Form P-022 Standard Resolution
If youâve already filed IRS Form 4506-T for another loan program, youâll need to file a new one for the EIDL.
For those of you applying for a loan greater than $500,000, you need to provide the additional documents:
- SBA Form 413 â Personal Financial Statement
You will also have to provide a list of the real estate you own using the intake form template.
The SBA may request additional forms from you during the application process. Keep checking your SBA portal and email accounts while waiting to hear back about your application.
Nebraska Eidl Loan Approval Process
Nebraska has approved 15,317 EIDL applications totaling $1,435,640,598 in SBA EIDL loans.
The U.S. Small Business Administrations Economic Injury Disaster Loan program is a federal small business loan program that financially supports Nebraska small businesses economic injury recovery from a natural disaster or from the COVID-19 disaster affecting Nebraska businesses.
Who Should Apply For A Loan Increase
You may want to consider an EIDL loan increase if youâre a small business owner struggling to pay your bills or if your total economic injury is greater than $500,000.
To get the increase, you already need to be a participant in the program. At this time, the SBA is no longer taking applications for new EIDL loans.
If you already have an EIDL loan, you can submit a request for a loan amount increase up to your maximum eligible amount. But do so quickly, as funds are expected to run out by mid-April 2022.
Top Reasons Why Your Massachusetts Sba Eidl Loan Was Denied
Massachusetts SBA has approved over 65,757 EIDLs worth $6,209,574,382 so far, and is still evaluating reconsideration requests for Massachusetts loan applications that have been denied.
Your EIDL loan application may have been rejected by the SBA in Massachusetts, and there could be various reasons.
Here are some of the top reasons that result in denial of your Massachusetts SBA EIDL loan application. You can go through them, avoid making those mistakes and get your Massachusetts SBA EIDL loan approved.
Will The Sba Application Be The Basis Of Referrals To Other Grant Programs
Yes. Submitting the application makes it possible for you to be considered for additional grants. If you apply for an SBA low-interest disaster loan and are not eligible, this may open the door to additional assistance from FEMA. If SBA denies the loan application, you may be eligible for additional FEMA grant assistance to replace essential household items, replace or repair a damaged vehicle, cover storage expenses, or meet other disaster-related needs your Pike County, Kentucky home or business has suffered.
You May Need To Troubleshoot
If you think you made an error in your application, were denied for “unverifiable information,” or haven’t heard anything, email or . Note your application number in the subject line and attach the denial letter if applicable. The body of the email should include loan number, company name, owner name, address, and contact information. If you cannot see the button and believe you are eligible for an increase, email CovidEidlIncreaseRequests@sba.gov. The customer service email address for any other matters is firstname.lastname@example.org.
Massachusetts Economic Injury Not Sustained
You cant prove that your Massachusetts business was directly affected by a disaster. This is one of the main reasons that people are rejected for Massachusetts SBA EIDL loans. Make sure to include an explanation with your application that proves how you were affected by a natural disaster, but also show your future plans for your Massachusetts business so they can see what you have to offer.
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Sba Eidl $2 Million Loan Increase Requests: Path To Approval
SAN FRANCISCO, CA / ACCESSWIRE / November 19, 2021 / The Small Business Administration Economic Injury Disaster Loan maximum amounts have changed numerous times since the inception of the popular COVID loan program in March of 2020. From the original $2 million, it was quickly reduced to $150,000 when millions of business owners were applying in droves. This past year it was raised to $500,000. Now, as of September 2021, it is restored back to the original $2 million maximum for those small businesses that qualify for this size EIDL loan.
Excited business owner receiving news of being approved for a $2 million SBA EIDL disaster loan. Image Credit: 123rf / Fizkes.
“For those small businesses and companies who have initially received 1st round EIDL funds, many do not realize you can do a loan modification or increase request for upwards of the current $2 million maximum,” said Marty Stewart, Chief Strategy Officer for Disaster Loan Advisors .
DLA is a strategic advisory firm that specializes in assisting small businesses and companies with SBA loan consulting for SBA EIDL loan increase requests and modifications, as well as EIDL loan reconsideration requests for those who have been denied.
When Did the SBA Increase the EIDL Loan Program Back to the Original $2 Million?
In September 2021, SBA Administrator Isabella Casillas Guzman announced major enhancements to the COVID Economic Injury Disaster Loan program.
Businesses that qualify are:
About Disaster Loan Advisors
An Eidl Increase Approval Email Is Sent To You
Once you select and confirm the funding option again on your SBA portal, you may get another email later that officially confirms your approval.
Action is needed here so you’ll once again need to login to your SBA portal to review and sign the note and closing documents. You can find this on the documents page of the portal â the Loan Agreement, Note, Guarantee and Related Documents will have a blue Sign button for you to review and sign.
Then a Docusign will open up with the new terms and information for you to review and sign. After you sign, you’ll be directed back to the documents screen, where everything should be taken care of.
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Kentucky Cities Located In Pike County
Ashcamp, Belcher, Belfry, Canada, Dorton, Elkhorn City, Fedscreek, Fords Branch, Forest Hills, Freeburn, Hardy, Hellier, Huddy, Jonancy, Kimper, Lick Creek, Lookout, Majestic, Mc Andrews, Mc Carr, Mouthcard, Myra, Phelps, Phyllis, Pikeville, Pinsonfork, Raccoon, Ransom, Regina, Robinson Creek, Rockhouse, Shelbiana, Shelby Gap, Sidney, South Williamson, Steele, Stone, Stopover, Varney, Virgie.
Incomplete Massachusetts Eidl Application
Make sure to proofread your Massachusetts application before submitting it. Any errors on paper will lead them to believe that you didnt take the time to review everything beforehand. Also, remember to include all necessary documents such as bank statements, wrong name, wrong address, leases, and tax forms in order for them to process your Massachusetts application successfully.
About Disaster Loan Advisors
Disaster Loan Advisors is a trusted team of SBA EIDL loan consulting professionals dedicated to saving small businesses and companies from lost sales, lost customers, lost revenue to assist in rescuing your business from potential financial ruin from the COVID-19 / Coronavirus disaster, Delta and Omicron variants, and other declared natural disasters.
DLA specializes in assisting ownership groups with multiple business entities, multiple location restaurants and retail groups, and other complex situations that require an expert to be brought in to assess the situation and create the most strategic path forward.
DLA further specializes in another key pandemic-era SBA / IRS program where business owners are leaving a lot of relief fund money on the table. It is the often misunderstood and confusing Employee Retention Tax Credit program. Business owners can retroactively receive up to $33,000 back for each W-2 employee they had on payroll for the 2020 and 2021 tax filing years. Done correctly, these tax credits or cash refunds can be claimed retroactively for up to 3 years. 4/15/24 is the deadline for the 2020 tax year and 4/15/25 is the deadline for the 2021 tax year. It’s encouraged that companies obtain professional assistance in going through the complex 941-X amended filing process to help your company maximize the full value of the ERTC program.
Economic Injury To Your Pike County Business Operations In Kentucky
For Pike County small businesses, companies, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations, the SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. Economic Injury Disaster Loan assistance is available regardless of whether the business suffered any physical damage to property.
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How Can I Get Help With The Application
You can contact the SBA by calling 1-800-659-2955 or by email at . Warning: There may be a long wait time.
Another great option is to contact your local SBDC, Womens Business Center or SCORE office for free assistance.
You may also be able to hire a professional to help you, though the SBA emphasizes that you do not have to pay anyone to complete this application.
Eidl Program Update From The Sba:
No member details found.
Dear COVID EIDL Borrower:Are You Interested in a Loan Increase?You may be eligible for an increase in your SBA COVID-19 Economic Injury Disaster Loan amount . If you are interested, please apply now because COVID EIDL funds are expected to be exhausted this month. Requests are processed in the order received and are subject to availability of funds. The steps to request an increase are:
Monthly Payment Set Your ReminderYou are responsible for your COVID EIDL monthly payment obligation beginning 30 months from the date shown on the top of the front page of your Note. During this deferment period:
- You may make voluntary full or partial payments without prepayment penalties at gov – Home select Make a SBA 1201 Borrower Payment
- Interest will continue to accrue on your loan during the deferment
- If you do not make voluntary payments during the deferment, a final balloon payment will be due on your loan at maturity
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Pike County Kentucky Sba Disaster Loan Relief For Severe Storms Straight
Pike County, Kentucky businesses and residents were affected by severe storms, straight-line winds, tornadoes, flooding, landslides, and mudslides on 12/31/2021. The Small Business Administration is offering financial disaster assistance for Pike County, Kentucky businesses that suffered physical damage or economic injury and loss to their KY business operations located in Pike County.
Significant Changes To The Economic Injury Disaster Loan Program Announced By The Sba
The EIDL is a loan directly from the SBA that offers a low-interest, fixed rate, long-term loan that is available to businesses that were impacted by the pandemic. Unlike the PPP, the EIDL must be repaid and cannot be forgiven.
Below are the updates to the EIDL program:
- Maximum loan amount increased from $500,000 to $2 million
o There is an exclusivity period the SBA will not start approving loans greater than $500,000 until October 8, 2021
o From September 8, 2021 to October 8, 2021, the SBA will be approving loan applications for amounts that are less than $500,000
- Increased use of funds flexibility
o In addition to the current use of funds, the EIDL funds can now also be applied to payment and prepayment of commercial debt and regularly scheduled payments of federal debt
- The SBA will automatically defer loan repayment for 24 months from loan origination for all loans
- Simplified affiliation requirements for all industries
o An affiliate is a business that you control or in which you have 50% or more ownership
- There is a $10 million limit on the maximum aggregate EIDL loans to a single corporate group
o Entities are part of a single corporate group if they are majority owned, directly or indirectly, by a common parent
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Starting Immediately Agency Extends Additional Relief To Small Businesses
WASHINGTON Today, Administrator Isabella Casillas Guzman, head of the U.S. Small Business Administration and the voice for Americas 32.5 million small businesses in President Bidens Cabinet, directed the Agency to provide additional deferment of principal and interest payments for existing COVID Economic Injury Disaster Loan program Borrowers for a total of 30 months deferment from inception on all approved COVID EIDL loans.
Key information regarding deferment:
- This deferment extension is effective for all COVID-EIDL Loans approved in calendar years 2020, 2021, and 2022. Loans now have a total deferment of 30 months from the date of the Note. Interest will continue to accrue on the loans during the deferment.
- Borrowers may make partial or full payments during the deferment period but are not required to. The SBA recommends using www.pay.gov.
- The SBA will not send monthly SBA Form 1201 payment notices however, the SBA will send regular payment reminders via email.
- Existing COVID EIDL Borrowers can find account balances and payment due dates in the SBA Capital Access Financial System and learn how to set up an account in the CAFS system by logging in at Capital Access Financial System .
- After the deferment period ends, COVID-EIDL Borrowers will be required to make regular principal and interest payments beginning 30 months from the date of the Note.
Deadline To Request Sba Eidl Loan Increase Or Reconsideration Is May 6
The deadline to request a U.S. Small Business Administration Economic Injury Disaster Loan loan increase or reconsideration is Friday, May 6. This is for existing borrowers or those who have previously submitted an application and would like to make a request for reconsideration.
As of Jan. 1, the SBA is not able to accept applications for new COVID-19 EIDL loans or advances.
The COVID-19 EIDL portal will close on May 16. Borrowers should download their loan documents from the portal prior to this date.
COVID-19 EIDL loans are offered at very affordable terms, with a 3.75% interest rate for small businesses and 2.75% interest rate for nonprofit organizations, and a 30-year maturity. The maximum loan amount is $2 million. The SBA began approving loans greater than $500,000 on Oct. 8, 2021.
In March, the SBA provided an additional deferment of principal and interest payments for existing COVID EIDL borrowers for a total of 30 months deferment from inception on all approved COVID EIDL loans. Interest continues to accrue during the deferment period and borrowers may make full or partial payments if they choose.
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Modification Approval And Payment
The next step was to wait for a loan officer to decide my application, and Id read online that when it first launched, this process could take months. In my case, about a week later I received another e-mail asking me to continue my loan modification. Another button had appeared in my portal asking me to sign an updated note with the new loan and monthly payment amounts. A few days later I received another e-mail stating my loan had been approved.
I received the distribution of the $12,000 difference between my original loan and my modified loan just about 2 weeks after beginning the process much faster than the months people reported waiting at the beginning of the loan modification period.
Understanding Your Maximum Eligible Loan Amount
The COVID EIDL program determines how much money you can apply for based on how long you have been in business, and it’s called your maximum eligible amount. You can apply for an increase up to this amount.
If your business was in operation on or before January 1, 2019, then you can use the following formula to calculate your maximum eligible loan amount:
Maximum Eligible Loan Amount = x 2
The SBA internally calculates the maximum eligible loan amount for businesses started after January 1, 2019 .
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How An Economic Injury Disaster Loan & Emergency Advance Could Help Your Small Business
An EIDL has few restrictions on how funds are used. Your loan can be used as working capital to replace lost revenue as a result of the coronavirus. You can use your loan for payroll expenses, operational costs, or the rent or mortgage for your commercial building. You cant, however, use funds to pay off existing debt, business expansion, or dividends.
The maximum loan amount available through this program is $2 million. However, your business may qualify for less, as borrowing limits are determined by the amount of economic injury youve suffered.
Businesses may shy away from applying for one of these loans because theyve heard about the lengthy application process. While it is true that funding can take several weeks or longer, the Coronavirus Aid, Relief, and Security Relief Act has made it possible to receive up to $10,000 in just days through the Economic Injury Disaster Loan Emergency Advance program. This gives you access to quick funding that is forgivable. In other words, your loan advance does not have to be repaid. The amount that you receive as a loan advance is based on your number of employees. You can receive $1,000 per employee for a total advance up to $10,000.
- Related:Can My Economic Injury Disaster Loan & Emergency Advance For Coronavirus Relief Be Forgiven?
Did Your Nebraska Sba Disaster Loan Get Denied
If youre a Nebraska business owner whose Nebraska EIDL loan was denied from the SBA, you should know that it is possible to be approved after reconsideration. If your SBA application was rejected due to not meeting eligibility requirements or because your paperwork wasnt complete, make sure to improve the way you present yourself before filing for reconsideration again.
The first thing that you should check is why your loan application was denied. Make sure to thoroughly read over the rejection letter they sent you so that it can help you better prepare next time around.
You can file for reconsideration for SBA EIDL loans, just make sure to fill out the application as accurately and thoroughly as possible to ensure your Nebraska business receives funds.
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