Consider reapplying for the EIDL even if you were previously rejected, or if you were accepted and need additional funds.
“On the Wednesday conference call, SBA Seattle District Director Kerrie Hurd reminded everyone that the COVID EIDL loan program ends Dec. 21, 2020 and there is currently about $100 billion still available. (Kerrie said Congress might decide to extend the program, but not much of anything is getting done in Congress right now.) At the height of the disaster loan frenzy, the SBA was receiving about 150,000 applications per week. Now they are down to about 7,000 per week, which is working out to about $7 billion in EIDL loans per month”.
“Kerrie is recommending that businesses that put their EIDL funds to good use early on might want to apply for additional EIDL funding since closures have lasted longer than anyone expected”.
EIDL Reconsideration: An article in Barrons provides this guidance on requesting additional EIDL funds: “According to Carol Chastang, a public affairs specialist with the SBA, to request an increase in their EIDL funding, borrowers will need their most recently filed Federal Tax Return (FTR), a signed IRS form 4506T (a request for transcript of a tax return) …and an explanation as to why the increase is needed.” Requests should be sent to SBA’s Disaster Assistance Processing and Disbursement Center through email at pdcreconds@sba.gov.
“According to Kerrie, about 265,000 applications are currently going through the reconsideration process, either because they were initially rejected or because an applicant is requesting additional funds”.
Source: WSBDC Covid Update Newsletter 10/08/2020
If you would like to apply for the EIDL and need help with your application, reach out to CIE’s business resiliency advisor Micah Jonet: micah.jonet@cie-nw.org or contact us.
