Looking for additional EIDL funds or possibly appealing a prior decline? The program has been significantly overhauled and we are seeing tremendous success with both appealing declines and getting additional funds for clients like yourself!
EIDL requirements have been lowered to 570+ for under 500k and 625+ for over 500K.
The loan is at 3.75% fixed, deferred payments for two years, and a balance of P + I payments made over 28 years.
Program updates:
As of September 8, 2021, NEW COVID EIDL policy changes have taken effect that entails the below updates to the program:
- The maximum loan cap increased from $500,000 to $2 million
- Use of funds was expanded to include payment and pre-payment of business non-federal debt incurred at any time (past or future) and payment of federal debt
- Extend the deferment period to 24 months from origination for all loans (existing loans with a less than 24-month deferment will be adjusted)
- Affiliation requirements simplified to an affiliate is a business that you control or in which you have 50% or more ownership
- Developed additional path to meet program size standards for businesses assigned NAICS codes
- Exclusivity Period: From September 8, 2021, to October 8, 2021, the above policy changes will be applicable to applications for <$500K while applications for >$500K will not be approved and therefore receive the policy changes until October 8, 2021
Loans greater than $500K to $2 million
- Applications will not be approved until after the exclusivity period ends on October 8, 2021, but they can be submitted before then.
- Applicants can choose to apply for $500,000 or under immediately and then for over $500,000 funds after the exclusivity period ends, or apply immediately for all desired funds above $500,000 and have their application wait for approval starting October 8, 2021.