If you’ve received an Economic Injury Disaster Loan from the Small Business Administration you might be eligible for more money. SBA lifted the cap on EIDL loans up to $2 million, from $500,000, on Sept. 8.
The EIDL loans for businesses impacted by COVID-19 offer 30-year maturities and interest rates ranging from 2.75% to 3.75%. The SBA has also expanded what it considers a small business, Inc. reports.
Here’s how to determine your eligibility, what you’ll need to apply, and a timeline for when you might actually see the money hit your account, according to Inc.
Request an increase. After logging into the SBA’s online EIDL portal, you might see either a button that says “Request an Increase” or a “quote” displayed with your eligible amount. If you don’t see that button, it means you are not currently eligible for an increase. If you see a quote displayed, click on “Review and Accept Amount” and use the slider tool to confirm your requested amount.
Do more paperwork. If you are eligible, you must sign and submit a Form 4506T, which allows the SBA to request a transcript of your tax return from the IRS. Additional documents will be required for loans over $500,000.
Prepare to wait. The SBA will contact you if it needs any other documentation or clarification through the email address on file. The estimated timeline for approval is three weeks for amounts under $500,000 and six weeks for amount over $500,000.
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