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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.
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.
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 [email protected].
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Image: Depositphotos
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