How to request an increase on your EIDL loan
If you received an Economic Disaster Loan from the Small Business Administration, you may be entitled to more money. The SBA raised the EIDL loan limit to $ 2 million from $ 500,000 on September 8.
EIDL loans for businesses impacted by COVID-19 offer maturities of 30 years and interest rates ranging from 2.75% to 3.75%. The SBA has also expanded what it sees as a small business, Inc. reports.
Here’s how to determine your eligibility, what you’ll need to apply, and a timeline for when you might actually see the money coming into your account, according to Inc.
Ask for a raise. After logging into the SBA’s EIDL online portal, you might see a button that says “Request Increase” or “Quote” displayed with your eligible amount. If you don’t see this button, it means you are not currently eligible for a raise. If you see a quote displayed, click “Review and Accept Amount” and use the cursor tool to confirm the amount requested.
Do more paperwork. If you are eligible, you must sign and submit a Form 4506T, which allows the SBA to request a transcript of your tax return from the IRS. Additional documents will be required for loans over $ 500,000.
Prepare to wait. The SBA will contact you if they require further documentation or clarification via the email address on file. The estimated time for approval is three weeks for amounts less than $ 500,000 and six weeks for amounts greater than $ 500,000.
Read it full inc story, which has more details on eligible businesses and how to resolve your request if you have any issues.