EIDL Applications Deadline is December 31, 2021
28 Dec 2021
Latest News, News
Below is an edited excerpt from the IL DCEO's Northern Stateline Newsletter, from December 21, 2021.
The Small Business Administration's (SBA) Economic Injury Disaster Loan Program (EIDL) will be closing at the end of this calendar year. While this program has been open for several months, time is running short for businesses to consider this opportunity for assistance. The purpose of EIDL is for small businesses to meet financial obligations and operating expenses that could have been met had the disaster not occurred. 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, as well as to apply for the program.
The SBA has provided updated guidance for this program, including target dates for applications in December.
- EIDL Loan and Targeted Advance applications will be accepted until December 31, 2021 and will continue to be processed after that date until funds are exhausted.
- Supplemental Targeted Advance applications will be accepted until December 31, 2021; however, the SBA may be unable to process come Supplemental Targeted Advance applications submitted near the December 31st deadline, due to legal requirements. The SBA cannot continue to process Supplemental Targeted Advance applications after December 31, 2021.
- Borrowers can request increases up to their maximum eligible loan amount for up to two years after their loan origination date, or until fund are exhausted, whichever is soonest.
- The SBA will accept and review reconsideration and appeal requests for COVID EIDL applications on or before December 31, 2021 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.
For detailed information, visit the SBA website at www.sba.gov/eidl.