SBA EIDL disaster loans estimated at $115 billion still available
SAN FRANCISCO, CA/ACCESSWIRE/February 27, 2022/ The United States Small Business Administration (SBA) Economic Disaster Loan Program (EIDL) continues to process and approve COVID EIDL small business loans in 2022. Eligible businesses wishing to apply for increase or a loan modification to their existing SBA loan (up to $2 million), and small businesses that have received a denial letter in the last six months or less can still access the funds. Recent research indicates that around $115 billion in EIDL funds may still be available.
Good news for eligible small business owners and businesses who can still access SBA EIDL disaster loan funds in 2022. Image credit: 123rf/Rikke.
“After conducting extensive research, we have estimated that there may be up to $115 billion in COVID-related SBA EIDL funds still available at the end of February. This is just an estimate based on the data we have uncovered,” said Marty Stewart, Chief Strategy Officer of Disaster Loan Advisors (DLA).
DLA’s strategic advisory team is SBA Loan Advisors who specialize in assisting business owners with multiple business entities or locations, to help navigate the SBA EIDL loan EIDL maximum qualification program. Businesses that have previously received SBA EIDL loans that require a loan increase or modification (up to $2 million maximum), as well as EIDL loan review applications for companies that have been refused.
Top 5 Questions Small Business Owners Ask About the SBA EIDL Program
- Is the SBA EIDL program running out of money?
- How many SBA EIDL funds are left?
- Are there still SBA EIDL funds available?
- How much SBA EIDL funds are available?
- What is the latest SBA EIDL funding update?
How much money is really left in the SBA’s EIDL program?
Andy Medici, senior reporter for The Playbook by The Business Journals, a division of American City Business Journals (ACBJ), in a recent article asked this exact question. How much is left in the SBA EIDL program? According to Medici, the SBA one word answer was “a lot”.
“This coincides with research that our DLA strategic advisory team just completed based on available SBA data and other government data as of February 24. I would say around $115 billion is a lot of money still available, if that number is correct,” Stewart said.
When Stewart and the DLA’s strategic advisory team did their research to answer this question, there were thousands of pages of SBA and other US government data to sift through.
3 Key Facts Uncovered While Researching the SBA EIDL Program
- According to the Committee for a Responsible Federal Budget (CRFB), there was a total of $475,000,000,000 in COVID relief funding allocated for Economic Disaster Loans (EIDL).
- Due to a cancellation of COVID-19 credits by the Infrastructure Investment and Jobs Act, $13,500,000,000 has been permanently canceled of the main Economic Disaster Loan Fund (EIDL).
- As of February 24, 3,905,904 EIDL loans have been approved for a total of $345,562,336,490 by the SBA.
The calculation appears to add up to an estimated funding of $115,937,663,510 that may still be available (as of 2/24/22) in the EIDL Main Fund, which is separate from the much smaller Targeted Advance Fund.
SBA EIDL $2 Million Loan Modification Increase Requests
Even if on 31/12 SBA Deadline passed for businesses that have never applied for the SBA EIDL program before, many small business owners still have options in 2022, as long as there are funds remaining in the program.
“The first option is to apply for a loan modification or increase. This usually has to be done manually and in letter form. Sending an email of a few paragraphs will not suffice. If you want to maximize your chances of success and to get the most money your business can claim, you have to do it very strategically and with the help of experts,” Stewart said.
Maximum loan amounts have changed several times since the popular SBA COVID EIDL loan program launched in March 2020. In September 2021, it was restored to the original maximum of $2 million for small businesses eligible for this loan. Size EIDL. . Another positive change to the program included expanding the allowable use of funds. COVID EIDL funds can now be eligible and used to prepay existing commercial debt and loans, and even to make payments on federal commercial debt.
SBA disaster loan options if your EIDL loan was denied
According to SBA, loan applicants can request a review. An applicant has up to 6 months from the date the SBA application was denied to request a reconsideration.
“The second option is to request a reconsideration within six months of receiving a denial letter from the SBA. Or, if you have been denied again after requesting a reconsideration, you have a final window 30 days to appeal. Again, sending a brief email will not be convincing enough. To have the best chance of winning an appeal and getting a yes, you need the help of a strategic expert to get the best results,” said Stewart.
Related SBA Program Updates
In related SBA news, several articles by Bryce Covert that appeared in The Intercept, reported on the latest Paycheck Protection Program (PPP). Bank of America is refusing to forgive some PPP loans in full, leaving small businesses little recourse. In reality, JPMorgan Chase, Bank of Americaand ANC the banks have all adopted an SBA policy that would allow small business owners some relief through PPP loan forgiveness to treat.
About Disaster Loan Advisors™
Disaster Loan Advisors™ is a team of trusted professionals dedicated to rescuing small businesses and businesses from lost sales, lost customers, lost revenue to help rescue your business from potential financial ruin from the COVID catastrophe -19/Coronavirus, Delta and Omicron variants, and others declared natural disasters.
DLA specializes in assisting owner groups with multiple business entities, multiple restaurants and retail groups, and other complex situations that require expert intervention to assess the situation and create the most appropriate path. strategy to follow.
Has your small business or business suffered financial loss due to COVID, Hurricane Ida, or another natural disaster? Has your SBA loan application been declined for an EIDL loan? Are you looking to increase your existing SBA EIDL loan (up to $2 million) Need strategic guidance before taking your next step?
Disaster Loan Advisors
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