Federal Resources

COVID-19 INFORMATION & RESOURCES FOR EMPLOYERS - Federal Resources

SBA updates guidance on applicant deadlines for COVID loan program

WASHINGTON – The U.S. Small Business Administration on Friday, Nov. 19 announced updated guidance for COVID Economic Injury Disaster Loan (EIDL) program applicants to better serve small business owners in need, while funding remains available.

EIDL loan and Targeted Advance applications will be accepted until Dec. 31 and will continue to be processed after this date until funds are exhausted.

Supplemental Targeted Advance applications will be accepted until Dec. 31, however, the SBA may be unable to process some Supplemental Targeted Advance applications submitted near the Dec. 31 deadline due to legal requirements. The SBA cannot continue to process Supplemental Targeted Advance applications after Dec. 31 and strongly encourages eligible small businesses to apply by Dec. 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 Dec. 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.

How to apply

Eligible small businesses, nonprofits, and agricultural businesses in all U.S. states and territories can apply. Visit www.sba.gov/eidl to learn more about eligibility and application requirements. The last day that applications may be received is Dec. 31. Applications received by Dec. 10 for Supplemental Advance will be processed in the order received and the SBA cannot guarantee processing of all applications by Dec. 31. All applicants should file their applications as soon as possible to allow for processing. For additional information on COVID EIDL and other recovery programs, please visit www.sba.gov/relief.

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