The SBA has announced the following updated guidance for the COVID Economic Injury Disaster Loan (EIDL) program:
- EIDL loan and Targeted Advance applications will be accepted until December 31 and will continue to be processed after this date until funds are exhausted.
- Supplemental Targeted Advance applications will be accepted until December 31; however, the SBA may be unable to process some Supplemental Targeted Advance applications submitted near the December 31 deadline due to legal requirements. The SBA cannot continue to process Supplemental Targeted Advance applications after December 31 and strongly encourages eligible small businesses to apply by December 10 to ensure adequate processing time.
- Borrowers can request increases up to their maximum eligible loan amount for up to two years after their loan origination date, or until the funds are exhausted, whichever is soonest.
- The SBA will accept and review reconsideration and appeal requests for COVID EIDL applications received on or before December 31; if the reconsideration/appeal is received within the timeframes in the regulation. 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.
The COVID EIDL and EIDL Advance programs still have billions of dollars available to help small businesses hard hit by the pandemic.
Chehardy Sherman Williams Law Firm is here to help. If you have any questions or need assistance, please do not hesitate to contact Adam M. Stumpf at as@chehardy.com or 504-833-5600.