Here’s some information to help our local Crestline businesses navigate the recent Small Business Association (SBA) announcements.
This week, the SBA alerted EIDL borrowers that the funds for loan increases are expected to run out within the month of May. As a result, if existing borrowers would like to request loan modifications or increases to their open EIDL loan, the SBA has set a deadline of May 6, 2022 to apply for the loan increase.
To apply for the increase, which is dependent on the original amount of the EIDL loan acquired, the SBA instructs to:
- Check the Frequently Asked Questions at https://www.sba.gov/document/support-faq-regarding-covid-19-eidl to determine eligibility.
- Log into your existing accounty at the SBA Portal (be sure you are not applying for another loan) and submit a loan modification request: https://covid19relief1.sba.gov/Account/Login?ReturnUrl=%2f
- Complete and submit (upload) an IRS Form 4506T so that the SBA can pull a copy of your tax transcript to verify business operations: https://www.sba.gov/document/sba-form-irs-form-4506-t
- Respond to any SBA requests for signatures and documents before May 16.
Additionally, the SBA alerted borrowers that the SBA Portal will be taken offline on May 16, 2022. If you do not already have a copy of your EIDL documents saved to a local drive, now is the time to log in and download! You will lose access to this portal after this date.
Remember that your monthly payments for your EIDL loan become due 30 months from the loan origination date. You may make voluntary payments without pre-payment penalties at www.pay.gov.
If you have any questions regarding your SBA EIDL loans, check out the main information site at: https://www.sba.gov/funding-programs/loans/covid-19-relief-options/eidl
Other questions for the SBA Disaster programs can be directed to their customer service team at 833-853-5638.
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