NEW YORK, NY/ACCESSWIRE/April 30, 2022/ The US Small Business Administration (SBA) has issued a final ultimatum on the Economic Injury Disaster Loan (EIDL) program. On Thursday, the SBA announced more pressing news about the deadlines. Small businesses have until end of day Friday, May 6, the last day the SBA will accept COVID-19-related EIDL loan increase requests or loan reconsideration requests. These EIDL Loan Modifications, Requests for Increases and Denial Reconsiderations will continue to be processed in the order received until all pandemic funds are exhausted. Business owners should seek expert help as soon as possible to file before the deadline.
SBA announces May 6 final last chance filing date for COVID-19 Economic Disaster Loans (EDIL). Image credit: 123rf / Alfexe.
“The SBA Urgent Deadline is truly the last chance to file and have the best chance of securing low-interest loan funds from the SBA Economic Disaster Loan (EIDL) Program. Our team of advisors will be working around the clock next week to help business owners who need paid professional help file their documents before the May 6 deadline,” said Marty Stewart, Chief Strategy Officer of Disaster Loan Advisors (DLA).
Since the start of the pandemic, Disaster Loan Advisors have been at the forefront of EIDL, developing and refining proprietary expertise in SBA augmentation applications and claims for recognition. By strategically assisting corporate clients with SBA EIDL loan filings, such as reconsideration requests and appeals, DLA has helped companies obtain a minimum of $100,000 or more through reconsideration appeals, and up to $500,000 to $2,000,000 through the process of loan increase modification.
The new email from the US Small Business Administration (SBA) announcing the official May 6 filing deadline for EIDL COVID-19 funds
In early April, there was another SBA EIDL Loan Email urging small business owners to get a last chance for a raise or reconsideration due to a lack of funds.
Many business owners have received this email from SBA Thursday, April 28.
Matter: EIDL program update
Dear COVID EIDL Borrower:
ALL COVID EIDL BORROWERS – DOWNLOAD LOAN DOCUMENTS BEFORE MAY 16
Your access to the RAPID COVID EIDL portal ends on May 16. Download copies of your loan documents from the RAPID COVID EIDL portal for your records by May 16, 2022:
Login – SBA Economic Disaster Loan Portal Application
Are you interested in a loan increase?
You may be eligible for an increase in the amount of your SBA COVID-19 Disaster Economic Injury Loan (COVID EIDL), subject to an SBA analysis. (Please ignore this loan increase notice if you have already submitted your increase request.) If you are interested and have not reached your maximum eligibility, please apply by May 6, 2022, which is the last day for submit any loan increase or reconsideration requests for COVID EIDL. Each request is processed in the order received and is subject to the availability of funds.
The steps to apply for a loan increase are:
- Confirm your loan eligibility and view FAQs.
- Log in to your account on the SBA Portal (not requesting another loan) to submit a loan modification request.
- Follow the steps in the portal and submit the relevant documents, including a new version of your IRS Form 4506-T for COVID EIDL.
- Respond to SBA signature and document requests by May 16. Failure to sign and submit documents before funds are depleted/cancelled will not result in any increase.
Monthly payment – Set your reminder
You are responsible for your COVID EIDL monthly payment obligation beginning 30 months from the payment date shown at the top of the first page of your Note.
During this postponement:
- You can make voluntary payments without prepayment penalties at www.pay.gov – select “Make SBA 1201 Borrower Payment”
- Interest will continue to accrue on your loan during the deferral
- If you do not make voluntary payments during the deferral, a final lump sum payment will be due on your loan at maturity
- The SBA will provide detailed instructions on how to begin repayment before the first deferred payment is due.
Questions about COVID EIDL loans? Please see the COVID-19 Economic Disaster Loan (sba.gov). Other questions ? Call the SBA Disaster Customer Service Team at 833-853-5638.
US SMALL BUSINESS ADMINISTRATION
The SBA email indicating the COVID-19 related EIDL filing deadline. Image credit: SBA.gov.
Critical next step for business owners to receive EIDL COVID-19 funds
“This is really the last chance for businesses to receive pandemic-related SBA EIDL funds. By making an increase deposit, or a appeal for review overcome from being denied before. In both cases, speed is needed. Business owners should seek expert assistance immediately to file their case before the SBA’s May 6 deadline,” Stewart said.
About Disaster Loan Advisors™
Disaster Loan Advisors™ is a trusted team of SBA EIDL loan advisory professionals dedicated to rescuing small businesses and businesses from lost sales, lost customers, lost revenue to help rescue your business from potential financial ruin from the COVID catastrophe -19/Coronavirus, Delta and Omicron variants, and other declared natural disasters.
DLA specializes in assisting owner groups with multiple business entities, multiple restaurants and retail groups, and other complex situations that require expert intervention to assess the situation and create the most appropriate path. strategy to follow.
DLA additionally specializes in another key pandemic-era SBA/IRS program where business owners are leaving a lot of relief fund money on the table. This is the often misunderstood and confusing Employee Retention Tax Credit (ERTC) program. Business owners can retroactively receive up to $33,000 for each W-2 employee they had on payroll for the 2020 and 2021 tax reporting years. Done correctly, these tax credits or refunds cash can be claimed retroactively for up to 3 years. 4/15/24 is the deadline for the 2020 tax year and 4/15/25 is the deadline for the 2021 tax year. We encourage businesses to seek professional assistance to go through the complex modified 941-X filing process to help your business maximize the full value of the ERTC program.
Has your small business or business suffered financial loss due to COVID-19, Hurricane Ida, or other natural disaster? Has your SBA loan application been declined for an EIDL loan? Are you looking to increase your existing SBA EIDL loan (up to $2 million)? Need strategic guidance before taking your next step with the SBA?
Disaster Loan Advisors
Director of Media Relations
877-463-9777 ext 3
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For a strategic exploratory conversation, schedule a free consultation call by visiting:
THE SOURCE: Disaster Loan Advisors
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