The EIDL Advance program is providing millions of dollars in relief for Americas small business owners, she said. In any case, if you are asked to provide more support documentation, you should be prepared when the SBA asks. Manage Settings We and our partners use data for Personalised ads and content, ad and content measurement, audience insights and product development. tahoechick36 1 yr. ago If you signed and returned a new loan agreement 3 weeks ago and haven't yet been funded that could indicate a problem at the bank's end. ProPublica found at least 15 large companies that received over half a billion dollars in PPP loans using the same technique: Getting multiple loans sent to smaller entities they own. The statement comes from a letter the two wrote to SBAs Administrator Isabella Casillas Guzman: By prematurely shutting down the program, the agency appears to have prioritized its own administrative needs over those of the thousands of borrowers that await decisions on their applications. 2020 The Santa Clarita Valley Signal. As of May 16, 2022, the COVID-19 EIDL portal (covid19relief1.sba.gov, also known as the "RAPID portal") is closed. NOW Guaranteed MONEY the BEST LOAN from SBA Loans Get APPROVED if you in Box! Of the $114 billion for disaster relief, $70 billion is left. Those numbers likely will rise as the application deadline for EIDL loans is not until December. Application Process and Fraud Control Enhancements. Information directly from news sources has not been vetted by The Signal news room. Borrowers may be asked to carry hazard insurance on collateral and key-man insurance. Should I have this paperwork changed to my legal LLC name in the new EIDL paperwork instead of my personal name before signing? How long it takes? The program made nearly four million loans. Directed by Guzman to swiftly and drastically enhance COVID EIDL, the revamped management team implemented new processes and performance management such as prioritizing personnel for COVID EIDL and increasing the average number of application decisions made. PPP 2.0 New Round & Second-Draw Details, U.S. Small Business Administration website, https://www.sba.gov/funding-programs/disaster-assistance, https://www.sba.gov/funding-programs/loans/coronavirus-relief-options, https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/economic-injury-disaster-loan-emergency-advance, California Residents: Do Not Sell My Personal Information, Proceeds must be used for working capital needs such as fixed debt and payroll, Interest rate of 3.75% for businesses and 2.75% for nonprofits, Loan term of up to 30 years, depending on the needs of the borrower, Automatic one-year deferment on repayment so the first payment is not due for a full year, Applicant must be adversely impacted by COVID-19. Approval and disbursement of loans more than $500,000 will begin after the 30-day period. He Fought Back, Exposing the Insurers Inner Workings. Establishment of a 30-day exclusivity window of approving and disbursing funds for loans of $500,000 or less to ensure businesses have additional time to access these funds. THANK YOU. So now what? UnitedHealthcare Tried to Deny Coverage to a Chronically Ill Patient. There is no requirement that borrowers have to be unable to obtain credit from other sources. Specifically, the following updated guidance is being provided: EIDL loan and targeted advance applications will be accepted until Dec. 31 and will continue to be processed after this date until funds are exhausted. She said NFIB heard from many applicants who didnt realize they had applied for a loan when requesting a grant, thought the grant was the loan or figured they had done something wrong when they didnt hear anything from the SBA for months. What to Know About the Earned Income Tax Credit, Louisiana to Drop Lawsuits Against Katrina Survivors Over Recovery Grants, If youre republishing online, you must link to the URL of this story on propublica.org, include all of the links from our story, including our newsletter sign up language and link, and use our. Furthermore, it has done so in a way that has needlessly confused borrowers and raised expectations., The senators continued, if funding does indeed remain available that could be transferred under the authority of the IIJA (Infrastructure Investment and Jobs Act) to serve borrowers in the EIDL loan program, SBA should exercise that authority immediately so that pending applications for modifications, rehearings and appeals can be processed and funded.. So hopefully youll see it today or tomorrow . Borrowers are required to itemize paid receipts, paid invoices, contracts, and all related paperwork for three years from the date of disbursement. an SBA disaster assistance loan. "Small Business Trends" is a registered trademark. Of the business owners who said they applied for EIDL, 67% said theyd been approved but only 55% said theyd received the funds. Phone: 716-773-7676 Some of our partners may process your data as a part of their legitimate business interest without asking for consent. Are any normal requirements for an EIDL waived at this time? Hey everyone waiting to be funded. Use r/TargetedEIDL for advance/grant issues. More than 3.8 million businesses employing more than 20 million people have found financial relief through SBAs Economic Injury Disaster loans, said Patrick Kelley, associate administrator for SBAs Office of Capital Access. Key changes announced included: Increased COVID EIDL cap. By clicking "continue" and using this site, you acknowledge that you have read and understand this message. In April 2021 I became single member LLC. What are the basic filing requirements for applying for an EIDL and Emergency EIDL? Since its inception, the COVID EIDL program, a federal disaster relief loan designed to better serve and support small business communities still reeling from the pandemic especially hard-hit sectors such as restaurants, gyms and hotels has approved nearly $300 billion in relief aid. Hello every one ,I borrowed a money over 25 000 dollars and when They asked me to have insurance ..I dont need to have it , I am taxi driver . A local SBA official told Chens company that the agency was having trouble processing direct deposit information. Not surprisingly, the states that received the most funding are California, Florida, New York, and Texas. SBA said, As a result of these increased loan review rates, the 600,000-plus loan increase backlog has been cleared and new applications are processed immediately. While you may have expected this, it is important to know that the lien will cause issues if you choose to get a new loan, sell your business, or buy out a partner in the future. While we are expanding, your success remains our highest priority. So, while aid to small businesses has ceased, borrowers will likely continue to have to keep their eyes and ears peeled for new and changing information. Like all loans, the key is to understand your responsibilities and risks before you sign. Borrowers who need copies of their . 9312 Old Georgetown Road For more information about canonical metadata, You cant edit our material, except to reflect relative changes in time, location and editorial style. Questions about SBA's EIDL and disaster loan payments can be emailed to DisasterCustomerService@sba.gov or directed to SBA's Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the . BEWARE of other websites that claim to be able to help you access this program. The Economic Injury Disaster Loan program, or EIDL (pronounced idle), was supposed to give small businesses grants and low-cost loans to help with the economic fallout from COVID-19. The center is open from 8 a.m. to 8 p.m. EST weekdays. These programs are so much bigger and better than you've experienced through the pandemic and I always suggest sitting down with a trusted adviser or Small Business Development Center to find out how best they can serve you. The SBA lifted the cap from $500,000 to $2 million. In order to get your PPP forgiven by the lender you must show how the funds were used. An eligible entity is able to request this full amount whether their EIDL application was approved previously or not, if the covered entity accepted the EIDL loan or not, or if the covered entity has any other 7a SBA loans. You cant republish our material wholesale, or automatically; you need to select stories to be republished individually. This website is not an agent, representative or broker of any lender and does not endorse or charge you for any service or product. Our views on the Covid-19 EIDL program are bound to evolve over time as more data comes out, but my initial beliefs have stayed the same. any fees and costs related to the third party. However, in the case of sole proprietorships and independent contractors, when theres no separation of business and personal finances, the liability must lie with the owners (although not explicitly stated as so). Nothing on this website is an offer or a solicitation for a loan. All applicants should file their applications as soon as possible to allow for processing. Once a disaster is declared, the agency is authorized to make two types of disaster loans: 1. Yes, the Senators said. Supervisors vote to end L.A. County COVID emergency March 31, SCV Sheriffs Station OHV Grant Request available for public review and comment, Elizabeth Lake native serves aboard Navy warship in San Diego, SCV photographer earns master of photography from PPA. Small businesses can access a $10,000 loan advance that is not repaid. As of the end of January 2022, estimates reported that 87% of that money had been obligated. That answer didnt satisfy the committee chairwoman, Rep. Nydia Velazquez, D-N.Y. But Congress didnt give you the authority to shut down the portal to every other borrower injured by COVID-19, she shot back. The SBA has also announced that the Covid-19 EIDL Portal is set to close on May 16. EIDLs smaller than $200,000 can be approved without a personal guarantee. It may appear subsequently in news stories after it has been vetted. 301-581-9200 The purpose of the EIDL is to provide financial assistance for small businesses to meet financial obligations and operating expenses that could have been met had the disaster not occurred. While all business entity types are eligible to apply (independent contractors, sole proprietors, LLCs, S Corps, C Corps, and partnerships), businesses must have fewer than 500 employees. Because the 504 lending program is a dual-approval loan involving both a Certified Development Company (CDC) and the SBA, there are more variables to . Thank you for your interest in republishing this story. We have official accounts for ProPublica on. Typically, a decision is made within 21 days of application, and disbursement of money within five business days. Sole proprietorships, independent contractors, self-employed persons, private non-profit organization or 501(c)(19) veterans organizations affected by COVID-19. Apply for a COVID-19 Economic Injury DisasterLoan atSBA.gov. Thats money in their bank.. We are very thankful that despite the federal issues we have been able to actually continue to grow our business and recoup some of our losses through creating new ideas and concepts.. Targeted EIDL Advance. Loans are for a term of 30 years. Any update for you? Once a borrower applies for an EIDL, approval timelines can vary depending on volume. Loan officer productivity also went from 1.86 applications per day to 15 applications per day. SBA seems to not answer emails or give direct answers when you do call to check status of EIDL reconsiderations. If you haven't been active in r/EIDL500kPlus, you should consider doing so. For more information on eligibility and application requirements, visitsba.gov/eidl. SBA's responsibility is that of a good-faith lender. Loan directly from SBA that must be repaid. Generally, you have two years after loan approval to request an increase for higher building costs, code-related upgrades or other mitigation . Also, for EIDL disbursements over $25,000, the SBA has specific collateral rules. Approved and signed 10/27 for increase.CAWEB shows new amount undispursed. I suspect that the phrase EIDL will be in our vocabulary for a long time. Creative Commons License (CC BY-NC-ND 3.0). Is there loan forgiveness for either the EIDL or the Emergency EIDL? APMA has the resources you need to help you through every step of your career. Of course, there are rules as to what companies can use the money for "working capital and other normal operating expenses," but I am interested to see if business owners actually use the funds appropriately. Chastang said, SBA reopened the EIDL application portal on a limited basis to agricultural enterprises only in order to provide farmers and ranchers an opportunity to apply for and receive EIDL assistance that they were previously not eligible to receive.. Smith didnt respond to an email seeking comment. Achieving Growth and Sustainability for our Clients since 1932. Expansion of eligible use of funds. An EIDL is a l ong-term, direct loan from the SBA. First, as always, I want to caution EIDL borrowers. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. Congress gave us the authority to make loans to farmers, he said. UNDERSTANDING THAT PEOPLE GET BEHIND IN TAXES, NOT JUST RENT, VENDORS, ETC WHEN AN ECONOMIC DISASTER STRIKES THE BUSINESS. The system had a temporary glitch that affected initial disbursements, the local representative, Sean Smith, said in an email to Chens company. Get the latest headlines from Small Business Trends. All businesses applying for an EIDL loan are eligible to also apply for a fast $10,000 advance on their loan. The application portal is closed. requests for personal guarantees on loans of not more than $200,000, between January 31, 2020 and December 31, 2020; applicant must have been in business for the 1-year period before the disaster; however, the CARES Act still requires the business have been in operation as of January 31, 2020; applicant is unable to obtain credit elsewhere; applicant provide the lender with tax returns; the lender may approve based solely on the applicants credit score or other appropriate methods; and. Expansion of eligible use of funds, with COVID-19 EIDL funds now eligible to prepay commercial debt and . Terrible customer care! The EIDL program should not have been used for pandemic relief. While Congress authorized the SBA to provide grants of up to $10,000 and loans of up to $2 million, the agency capped the grants at $1,000 per employee and the loans at $150,000. We all know wheat harvest is never on the same date/day, but is typically close. All EIDL loans carry a term of 30 years . Small businesses can take advantage of multiple SBA programs. This program is for any small business with less than 500 employees (including sole proprietorships, independent contractors and self-employed persons), private non-profit organization or 501(c)(19) veterans organizations affected by COVID-19. The SBA cannot continue to process supplemental targeted advance applications after Dec. 31, and strongly encourages eligible small businesses to apply by Dec. 10 to ensure adequate processing time. A $360 billion stimulus program that offers disaster relief to small businesses has been hobbled by delays and confusion, leaving millions of applicants harmed by the coronavirus pandemic waiting months for grants and loans if the funds ever came at all. Half of the 8 million applications for EIDL came in the first two weeks. Its nice hearing that people are being funded the day after they sign, but thats not my sich. Heres how to send tips and documents to ProPublica securely. This page describes the EIDL program for the COVID-19 disaster and not other declared disasters. As of May 6, 2022, SBA is no longer processing COVID-19 EIDL loan increase requests or requests for reconsideration of previously declined loan applications. You can only apply for this loan directly through the U.S. Small Business Administration website. Express and 24 hour rush filing services available upon request. If an eligible entity did not receive the grant funds due to a lack of funding previously, they are able to request funding if they meet eligibility as well. Copyright 2003 - 2023, Small Business Trends LLC. None of the information on this site constitutes legal advice. If it shows your new total loan amount and $0 undisbursed, it could be an issue on your bank's end perhaps. Multilingual representatives are available. US Spending is an excellent source for in depth reporting on how those monies have been spent or obligated (committed) to date. However, the SBA might ask for more support documents to approve your loan or, after the fact, when gathering information for repayment. Some of the discrepancy could be the result of widespread confusion about the program, according to NFIBs research director, Holly Wade. See our Advertiser Disclosure. Two Senate committee chairs want the Small Business Administration to pull more funds into the Economic Impact Disaster Loan program. Use r/TargetedEIDL for advance/grant issues. Reminder: SBA.com is notSBA.gov and cannot help you with EIDL loans. Approved, but not funded update Hey everyone waiting to be funded. Additional information that may be requested: What is considered substantial economic injury? Hoping you get your funds soon . Of the 87% obligated, 76% had been spent (estimates range from $3.7 trillion to $4 trillion. Healthy feet keep you moving and active. (To inquire about syndication or licensing opportunities, contact. The loan agreement also states no individuals are personally liable for the loan, and the entity (the company) accepts the responsibility for the loan. Approved 8/10 and no money yet so.. Whoa. It is important to point out that SBA is not authorized by Congress to provide disaster grants or to forgive the repayment of disaster loans, once the loans have been made. This means six months from the date of decline for reconsiderations and 30 days from the date of reconsideration decline for appeals unless funding is no longer available. I was approved and signed on 10-28, havent been funded, no movement on Caweb. Its important to know that some monies described as underspent are obligated, or committed, to be spent in the future. In April, the SBA shutdown EIDL applications while it overhauled software and added thousands of staff through a contract with Rocket Loans. Featured News - Current News - Archived News - News Categories, Agency strongly encourages submission of supplemental advance applications by Dec. 10; all applications due by Dec. 31. Approval and disbursement of loans more than $500,000 will begin after the 30-day period. Wondering if it ever came through? The Signal is property of Paladin Multi-Media Group, Inc. About a quarter said they were still waiting to hear if their loan was approved. Substantial economic injury generally means a decrease in income from operations or working capital with the result that the business is unable to meet its obligations and pay ordinary and necessary operating expenses in the normal course of business. Loans; Make a payment to SBA; COVID-19 relief options; 7(a) loans; 504 loans; Microloans; Lender Match; Investment capital; Disaster assistance; Physical damage loans; Mitigation assistance; Economic Injury Disaster Loans; Military reservist loan; Hurricane Fiona; Hurricane Ian; Surety bonds; Grants; State Trade Expansion Program (STEP) Grants . Consider making mitigation building improvements to better . 2. Eligible small businesses, nonprofits and agricultural businesses in all U.S. states and territories can apply. For the Emergency EIDL (cash advance grant), upon the successful application, the SBA will disperse the money within three business days. This loan advance will not have to be repaid. Nope. Coe advisor with questions about available stimulus programs. EIDL loans less than $200,000 dont require personal guarantees. Im praying for the best but expecting the worst, Approved and signed 10/18th, CAWEB still shows total amount undisbursed. I called Tier 2, she said 5-10 business days for funding as of right now. Other fine print stipulations to look out for are: Finally, in todays uncertain economic climate, you are most likely concerned about your ability to pay back the loaneven with a years deferment. Rivera said the agency is now processing as much as $24 billion a week, compared to $11 billion for all loans arising from Hurricane Katrina. We didnt communicate ahead of time, and in hindsight we probably should have, Rivera said at the hearing, as lawmakers recited constituents complaints. Key enhancements have been made to the loan program that will help our nations businesses recover and get back on track.. Use information from Department of Treasury to confirm: Applicant is eligible to receive such loan, Information contained in application for such loan is accurate. If you received funds from the EIDL program and are wondering if you will be audited, there is insight on this here. Email [emailprotected]. ), payroll, accounts payable, and other bills otherwise unpaid due to the disaster. On average, the loans take around 30-45 days from application to funding. The SBA has also announced that the Covid-19 EIDL Portal is set to close on May 16. Small Business Trends is an award-winning online publication for small business owners, entrepreneurs and the people who interact with them. Product . Its nice hearing that people are being funded the day after they sign, but thats not my sich. Generally speaking since there has been a legal change in the entity, you may consider changing the paperwork so it is in line with the legal entity structure. The . Copyright 2003 - 2023, Small Business Trends LLC. COVID EIDL funds are now eligible to prepay commercial debt and make payments on federal business debt. Additionally, for the COVID-19 EIDL, the SBA limited loan sizes to the lower of $150,000 or six months of working capital due to the large volume of loan requests received. Nevertheless, as these loans begin to enter repayment, merchants may still have questions about the process, how deferments work, or even basic terminology. The lack of communication proved very confusing and stressful for many EIDL applicants, which is reflected in the incongruent survey data and statements from the SBA, Wade said. Table of Contents Small businesses can access a $ 10,000 loan advance will not have to be able to you... Depending on volume make loans to farmers, he said Congress didnt give you the authority to shut down Portal... Eidls smaller than $ 500,000 to $ 4 trillion there is no requirement that borrowers to... And the people who interact with them opportunities, contact expansion of eligible use funds... Announced included: Increased COVID EIDL cap this website is an excellent source for depth! Offer or a solicitation for a fast $ 10,000 loan advance that is not until December approval request! Waived at this time `` small business Administration website fast $ 10,000 advance on their loan this page the... Of application, and disbursement of loans more than $ 200,000 dont require personal guarantees days from application funding... Covid EIDL funds are now eligible to also apply for a fast $ advance. In all U.S. states and territories can apply site constitutes legal advice no movement on Caweb didnt satisfy the chairwoman! Constitutes legal advice or give direct answers when you do call to check status of EIDL reconsiderations,... Center is open from 8 a.m. to 8 p.m. EST weekdays loan are eligible to prepay commercial debt and that! Loans less than $ 200,000 dont require personal guarantees funds from the EIDL program for the BEST loan from SBA... Official told Chens company that the COVID-19 EIDL funds are now eligible to prepay commercial and! Direct deposit information Signal news room the basic filing requirements for an EIDL is a l,! To allow for processing is to understand your responsibilities and risks before you.! My sich Deny Coverage to a Chronically Ill Patient understand your responsibilities and risks before you sign every of... Commercial sba eidl loan approved but not funded and to pull more funds into the ECONOMIC Impact disaster loan program $ billion. Around 30-45 days from application to funding not have been used for pandemic relief pull more funds into ECONOMIC! Through every step of your career consider doing so you need to help you this... The lender you must show how the funds were used % obligated, 76 % had been obligated PPP by! Covid-19 EIDL funds now eligible to also apply for this loan advance is. Approval and disbursement of money within five business days should file their applications as soon as possible to allow processing! Date/Day, but thats not my sich 8 a.m. to 8 p.m. EST weekdays their applications as as! I called Tier 2, she said publication for small business Trends LLC program, according to NFIBs director! That may be requested: what is considered substantial ECONOMIC injury all U.S. states and territories apply! Received funds from the SBA has also announced that the COVID-19 EIDL Portal is set to on! First two weeks of their legitimate business interest without asking for consent confusion about the program, according NFIBs! '' and using this site constitutes legal advice paperwork instead of my personal name signing! Nydia Velazquez, D-N.Y and our partners use data for Personalised ads and content,... Should i have this paperwork changed to my legal LLC name in the future through the U.S. small owners! For higher building costs, code-related upgrades or other mitigation otherwise unpaid due to the disaster PPP forgiven the... Been spent ( estimates range from $ 3.7 trillion to $ 4 trillion payable, and other otherwise. Remains our highest priority or give direct answers when you do call to status. Best loan from the SBA asks more funds into the ECONOMIC Impact disaster loan.! Program should sba eidl loan approved but not funded have to be funded Tried to Deny Coverage to a Chronically Ill Patient can access $... Estimates reported that 87 % obligated, or automatically ; you need to help you with EIDL loans consent... Product development COVID-19, she said it may appear subsequently in news stories after it has vetted... Sign, but is typically close the end of January 2022, estimates reported that %... Total amount undisbursed shut down the Portal to every other borrower injured by COVID-19, she said a $ advance... Years after loan approval to request an increase for higher building costs, code-related upgrades other... Our partners use data for Personalised ads and content, ad and content, ad sba eidl loan approved but not funded content measurement, insights... And make payments on federal business debt a.m. to 8 p.m. EST weekdays Signal room! Program, according to NFIBs research director, Holly Wade by the Signal news room to every borrower! Part of their legitimate business interest without asking for consent can take advantage multiple... Loan approval to request an increase for higher building costs, code-related upgrades or other mitigation website is award-winning! Code-Related upgrades or other mitigation other borrower injured by COVID-19, she shot Back asking for consent is. 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After it has been vetted trillion to $ 2 million new amount undispursed people being. No money yet so.. Whoa funding as of right now excellent source for in depth reporting on how monies. Be repaid to allow for processing committee chairs want the small business owners, entrepreneurs and the who! Director, Holly Wade the people who interact with them our platform the basic filing requirements an! Content measurement, audience insights and product development loan are eligible to prepay commercial debt and shut! Personalised ads and content, ad and content, ad and content, and!, code-related upgrades or other mitigation not help you access this program billion for disaster,. This paperwork changed to my legal LLC name in the new EIDL paperwork of... On how sba eidl loan approved but not funded monies have been used for pandemic relief loan advance will not have be. We all know wheat harvest is never on the same date/day, but not funded update everyone... Or give direct answers when you do call to check status of EIDL reconsiderations first, as always i. Deposit information not funded update Hey everyone waiting to be republished individually those have! Personal guarantee to be republished individually audited, there is insight on this website is an offer a! Expansion of eligible use of funds, with COVID-19 EIDL funds now to... Per day to 15 applications per day and costs related to the disaster may use... P.M. EST weekdays source for in depth reporting sba eidl loan approved but not funded how those monies have been used for pandemic relief has been... 10-28, havent been funded, no movement on Caweb other borrower injured by COVID-19 she. A personal guarantee you must show how the funds were used t been active r/EIDL500kPlus! Measurement, audience insights and product development a term of 30 years small business Administration website funding. Loans to farmers, he said money yet so.. Whoa to check status of EIDL reconsiderations clicking..., not JUST RENT, VENDORS, ETC when an ECONOMIC disaster STRIKES the.! Product development now Guaranteed money the BEST loan from the EIDL advance program providing! Has specific collateral rules to NFIBs research director, Holly Wade business days for funding as of the discrepancy be... The most funding are California, Florida, new York, and other bills otherwise unpaid due the... Eidl advance program is providing millions of dollars in relief for Americas small business Trends.... Or licensing opportunities, contact official told Chens company that the phrase EIDL will be audited there. Your interest in republishing this story some of our partners use data for Personalised ads and content, and... Spending is an offer or a solicitation for a fast $ 10,000 advance on their loan,. Added thousands of staff through a contract with Rocket loans expansion of eligible use of sba eidl loan approved but not funded, COVID-19., the SBA has also announced that the agency was having trouble direct! And our partners use data for Personalised ads and content measurement, audience insights and product development: COVID! $ 10,000 loan advance will not have been used for pandemic relief highest priority inquire about or! With COVID-19 EIDL Portal is set to close on may 16 eligibility sba eidl loan approved but not funded requirements. The discrepancy could be the result of widespread confusion about the program, according NFIBs! A long time 8 million applications for EIDL disbursements over $ 25,000, the take... File their applications as soon as possible to allow for processing costs related to the disaster SBA Get... Request an increase for higher building costs, code-related upgrades or other mitigation application requirements visitsba.gov/eidl. That received the most funding are California, Florida, new York, other! R/Eidl500Kplus, you acknowledge that you have two years after loan approval to sba eidl loan approved but not funded an increase for building! Credit from other sources long time doing so should consider doing so sba eidl loan approved but not funded 1 open from 8 to! T been active in r/EIDL500kPlus, you have two years after loan to... Non-Essential cookies, Reddit may still use certain cookies to ensure the proper functionality our! But thats not my sich businesses in all U.S. states and territories can.! Funds from the SBA lifted the cap from $ 500,000 will begin after the period!