A major EIDL deadline for small business owners is imminent

It is too late to apply for a new Covid 19 EIDL loan.

But if you want to increase the amount of an existing loan or request a 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 decision. You are eligible for a certain amount and there is a maximum of $2 million.

If you qualified for a $500,000 EIDL loan, but only accepted $300,000, you could get a $200.00 raise. You are already qualified for that amount, but you have to ask for it.

If you’re eligible for a $500,000 EIDL loan and have accepted $500,000, and want another $100.00, you’ll need to apply and provide additional paperwork, as noted below.

How to request an increase on your EIDL loan?

Try not to make a new Covid 19 EIDL application first. That could lead to you being flagged as a fraudulent applicant.

Log in to your existing account and proceed from there.

Basic necessities

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 – Statement of LiabilitiesList of All Properties of Real EstateSBA Form 413 – Personal Financial Statements for General Partners, Managing Members, and/or All Owners with 20% or More Interest in the Company

Contact the SBA about EIDLs

You can contact the SBA by phone, 800-659-2955 or email DisasterCustomerService@sba.gov.

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This post A major EIDL deadline for small business owners is imminent was original published at “https://smallbiztrends.com/2022/05/eidl-loan-deadline-approaching-for-small-business.html”

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