It’s too late to use for a brand new Covid 19 EIDL mortgage.
However for those who’d like to extend the quantity of an current mortgage, or request consideration, you higher hurry. The deadline is Could 6.
EIDL Mortgage Deadline Approaching
How a lot cash a small enterprise can borrow with an EIDL mortgage varies. The Small Enterprise Administration will overview your paperwork to make the willpower. You’ll qualify for a certain quantity, and there’s a $2 million cap.
For those who certified for an EIDL mortgage of $500,000 however solely accepted $300,000, you might get a $200,00 enhance. You’re already certified for that quantity, however you’d should ask for it.
For those who certified for an EIDL mortgage of $500,000 and accepted $500,000, and wish one other $100,00, you’ll should ask for it and supply further paperwork, as listed under.
The best way to Ask for an Improve in Your EIDL Mortgage
First, don’t attempt to do a brand new Covid 19 EIDL utility. That would get you flagged as a fraudulent applicant.
Log in to your current account and proceed from there.
For those who’re going to ask for lower than $500,000 you’ll want a credit score rating of at the least 570.
For those who’re going to ask for greater than $500,000 you’ll want a credit score rating of at the least 625.
Extra Paperwork Required
- SBA Kind 2202 – Schedule of liabilities
- Listing of all actual property owned
- SBA Kind 413 – Private monetary statements for basic companions, managing members and/or all homeowners with a 20% or larger stake within the enterprise
Contact the SBA about EIDLs
You possibly can contact the SBA by cellphone, 800-659-2955, or by electronic mail DisasterCustomerService@sba.gov.
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