Email from the United States Small Business Administration (SBA) announcing that EIDL COVID-19 funds are running out soon
At the end of February, we thought there was a estimated at $115 billion in EIDL funds that may still be available. However, many business owners have woken up to this email from SBA Friday, April 1, 2022.
Topic: SBA COVID-19 Economic Disaster Loan – LAST DAYS for an increase in your loan amount
Dear borrower,
EIDL COVID-19 funds are expected to be exhausted by mid-April 2022.
Based on the information submitted with your original SBA COVID-19 Economic Disaster Loan (EIDL) application, you may be eligible for an increase in your loan amount. EIDL COVID-19 funds are running out, so if you wish ask for a raise the amount of your EIDL COVID-19, you are advised to do so now. If you have already submitted your raise request, you can ignore this notice.
Steps to request a COVID-19 EIDL increase:

  • Before requesting an increase, please confirm your eligibility for the loan and review the FAQs.
  • Log in to your account on the SBA portal (do not request another loan) to submit a loan modification request.
  • Follow the steps in the portal and submit relevant documents, including a new version of your IRS Form 4506-T for COVID EIDL.
  • Respond to SBA signature, confirmation, and document requests.

All loan increase requests will be processed in the order received and are subject to the availability of funds.
Truly,
The SBA team