It’s too late to use for a brand new Covid 19 EIDL mortgage.
However in case you’d like to extend the quantity of an present mortgage, or request consideration, you higher hurry. The deadline is Might 6.
EIDL Mortgage Deadline Approaching
How a lot cash a small enterprise can borrow with an EIDL mortgage varies. The Small Enterprise Administration will overview your paperwork to make the willpower. You’ll qualify for a specific amount, and there’s a $2 million cap.
For those who certified for an EIDL mortgage of $500,000 however solely accepted $300,000, you would get a $200,00 enhance. You’re already certified for that quantity, however you’d should ask for it.
For those who certified for an EIDL mortgage of $500,000 and accepted $500,000, and wish one other $100,00, you’ll should ask for it and supply extra paperwork, as listed beneath.
Tips on how to Ask for an Improve in Your EIDL Mortgage
First, don’t attempt to do a brand new Covid 19 EIDL utility. That might get you flagged as a fraudulent applicant.
Log in to your present account and proceed from there.
Fundamental Necessities
For those who’re going to ask for lower than $500,000 you’ll want a credit score rating of no less than 570.
For those who’re going to ask for greater than $500,000 you’ll want a credit score rating of no less than 625.
Extra Paperwork Required
- SBA Kind 2202 – Schedule of liabilities
- Checklist of all actual property owned
- SBA Kind 413 – Private monetary statements for basic companions, managing members and/or all homeowners with a 20% or higher stake within the enterprise
Contact the SBA about EIDLs
You may contact the SBA by telephone, 800-659-2955, or by e-mail DisasterCustomerService@sba.gov.
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