SAN FRANCISCO, CA / ACCESSWIRE / February 27, 2022 / The U.S. Small Business Administration's (SBA) Economic Injury Disaster Loan (EIDL) program continues to process and approve COVID EIDL small business loans in 2022. Eligible companies wanting to do an increase request or loan modification to their existing SBA loan (up to $2 million), and small businesses that have received a decline letter in the past six months or less, still can access funds. Recent research points to an estimated $115 billion in EIDL funds that may still be available.
Good news for eligible small business owners and companies that are still able to access SBA EIDL disaster loan funds in 2022. Image Credit: 123rf / Rikke.
"After doing some deep dive research, we've estimated there may be as much as $115 billion in COVID related SBA EIDL funds still available as of late February. This is only an estimate based on data we've uncovered," said Marty Stewart, Chief Strategy Officer of Disaster Loan Advisors (DLA).
The DLA Strategic Advisory Team are SBA loan consultants that specialize in assisting business owners with multiple company entities or locations, to help navigate the SBA EIDL loan program for maximum EIDL qualification. Companies that received prior SBA EIDL loans that need an increase or loan modification (up to $2M maximum), as well as EIDL loan reconsideration requests for those businesses that have been denied.
Top 5 Questions Small Business Owners are Asking About the SBA EIDL Program
- Is the SBA EIDL program out of money?
- How much SBA EIDL funds are remaining?
- Are there SBA EIDL funds still available?
- What is the amount of SBA EIDL funds available?
- What is the latest SBA EIDL funding update?
How Much Money Really is Left in the SBA's EIDL Program?
Andy Medici, Senior Reporter of 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's EIDL program? According to Medici, the SBA's one-word response was "plenty."
"This coincides with the research our DLA Strategic Advisory Team just completed based on available SBA and other government data as of February 24th. I would say an estimated $115 billion is plenty of money still available, if that figure is correct," said Stewart.
When Stewart and the DLA Strategic Advisory Team did their research into answering this question, there were thousands of pages of SBA and other United States Government data to pour through.
3 Key Facts Uncovered in 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 Injury Disaster Loans (EIDLs).
- Due to a rescission of COVID-19 appropriations by The Infrastructure Investment and Jobs Act, $13,500,000,000 was permanently rescinded from the main Economic Injury Disaster Loan (EIDL) fund.
- As of February 24th, 3,905,904 EIDL loans have been approved totaling $345,562,336,490 by the SBA.
The math appears to add up to an estimated $115,937,663,510 in funding that may still be available (as of 2/24/22) in the main EIDL fund, which is separate from the much smaller targeted advance fund.
SBA EIDL $2 Million Loan Modification Increase Requests
Even though the 12/31 SBA deadline is past for companies who have never applied to the SBA EIDL program before, many small business owners still have options in 2022, as long as funds are still remaining in the program.
"The first option is to do a loan modification or increase request. This typically needs to be done manually and in letter form. Sending a few paragraph email is not going to cut it. If you want to maximize your chances of success, and for the most money your business qualifies for, you need to do this very strategically and with expert help," said Stewart.
Maximum loan amounts have changed numerous times since the inception of the popular SBA COVID EIDL loan program started in March of 2020. As of September 2021, it was restored back to the original $2 million maximum for those small businesses that qualify for this size EIDL loan. Another favorable change in the program included expansion of eligible use of funds. COVID EIDL funds can now be eligible and used to prepay commercial debt and existing loans, and even to make payments on federal business debt.
SBA Disaster Loan Options if Your EIDL Loan was Declined
According to the SBA, loan applicants can request reconsideration. An applicant has up to 6 months after the date the SBA application was declined to request reconsideration.
"The second option is to do a reconsideration request within six months of receiving a decline letter from the SBA. Or, if you have been turned down again after filing for reconsideration, you have one last 30 day window to file an appeal. Again, sending a brief email is not going to be persuasive enough. For the best chance of success in winning an appeal and getting a yes, you need strategic expert help for best results," said Stewart.
Related SBA Program Updates
In related SBA news, several Bryce Covert articles that appeared in The Intercept, reported on the past Paycheck Protection Program (PPP). Bank of America is refusing to forgive some PPP loans in full, giving small businesses little recourse. In fact, JPMorgan Chase, Bank of America, and PNC banks have all passed on an SBA policy that would allow small business owners some relief through the PPP loan forgiveness process.
About Disaster Loan Advisors
Disaster Loan Advisors is a trusted team of professionals dedicated to saving small businesses and companies from lost sales, lost customers, lost revenue to assist in rescuing your business from potential financial ruin from the COVID-19 / Coronavirus disaster, Delta and Omicron variants, and other declared natural disasters.
DLA specializes in assisting ownership groups with multiple business entities, multiple location restaurants and retail groups, and other complex situations that require an expert to be brought in to assess the situation and create the most strategic path forward.
Has Your Small Business or Company Suffered Financial Loss due to COVID, Hurricane Ida, or Other Natural Disaster? Was Your SBA Loan Application Denied for an EIDL Loan? Are You Looking for an Increase to Your Existing SBA EIDL Loan (up to $2 Million) Need Strategic Guidance Before You Make Your Next Move?
CONTACT:
Disaster Loan Advisors
Elena Goldstein
Director of Media Relations
877-463-9777 ext. 3
elena.goldstein@disasterloanadvisors.com
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For a strategic exploratory conversation, schedule a free consultation call by visiting:
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SOURCE: Disaster Loan Advisors
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https://www.accesswire.com/690598/SBA-EIDL-Disaster-Loans-115-Billion-Estimated-Still-Available
