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Is the SBA still funding EIDL loans?

bellrock190
Established Member

Is the SBA still funding EIDL loans?

Long story short-I own a US-based consulting business which does a lot of business overseas. Due to Covid, my business, which is more suited to face to face customer interactions and training, suffered quite a bit. I've been dipping into my personal funds to keep it going for the past year or so. Unfortunately, my head was not "in the game" and until a friend mentioned that he received 100K each for his two businesses, I hadn't given it a thought.

Would I still be eligible to apply for the EIDL loans that were funded throughout 2020? Or has the program been discontinued due to Covid becoming less of an issue?

Any advice from those who have apped/gone through the process would be appreciated-

 

 

 

Message 1 of 4
3 REPLIES 3
SouthJamaica
Super Contributor

Re: Is the SBA still funding EIDL loans?


@bellrock190 wrote:

Long story short-I own a US-based consulting business which does a lot of business overseas. Due to Covid, my business, which is more suited to face to face customer interactions and training, suffered quite a bit. I've been dipping into my personal funds to keep it going for the past year or so. Unfortunately, my head was not "in the game" and until a friend mentioned that he received 100K each for his two businesses, I hadn't given it a thought.

Would I still be eligible to apply for the EIDL loans that were funded throughout 2020? Or has the program been discontinued due to Covid becoming less of an issue?

Any advice from those who have apped/gone through the process would be appreciated-

 

 

 


As far as I know, it's still in effect.


Total revolving limits 677500 (584500 reporting) FICO 8: EQ 758 TU 777 EX 749

Message 2 of 4
jaxstraw
Valued Contributor

Re: Is the SBA still funding EIDL loans?


@bellrock190 wrote:

Long story short-I own a US-based consulting business which does a lot of business overseas. Due to Covid, my business, which is more suited to face to face customer interactions and training, suffered quite a bit. I've been dipping into my personal funds to keep it going for the past year or so. Unfortunately, my head was not "in the game" and until a friend mentioned that he received 100K each for his two businesses, I hadn't given it a thought.

Would I still be eligible to apply for the EIDL loans that were funded throughout 2020? Or has the program been discontinued due to Covid becoming less of an issue?

Any advice from those who have apped/gone through the process would be appreciated-

 

 

 


EIDL Loans due to Covid are still open.... although I would not wait if at all possible. 

This is a once in a lifetime opportunity for almost any small business to get an SBA loan with minimal requirements. 

It is unprecedented and because of that it is impossible to know when any changes can occur.

As of 4/6 the SBA raised the amount available from 6 months economic harm to 24 months so it is a very good time to apply if you qualify.

The payments are also deferred until 2022 although interest does accrue during that period.

 

Jax

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Message 3 of 4
ToofDoc
New Contributor

Re: Is the SBA still funding EIDL loans?

It is still open for applications but if you need funding fast, then the EIDL will not be a good loan to apply for right now. 

People that had applied back in the 3rd week of April are getting their funds now. Those applicants that had applied later than 4/27 will wait at least another 2-6 months. The back log is horrible.

 

if you do end up with an approval, then can be tremendous for your business. It's getting the approval will be gruesome due to the wait time to have your application to be assigned to a SBA loan officer.

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