COVID-19–related EIDL application deadlines looming - Spidell

COVID-19–related EIDL application deadlines looming


The SBA is reminding businesses that applications for the COVID-19–related EIDL loans and targeted advances must be received by December 31 at the latest. (SBA Release No. 21-110)

Specifically:

  • EIDL loan and Targeted Advance applications will be accepted until December 31 and will continue to be processed after this date until funds are exhausted;
  • Supplemental Targeted Advance applications will be accepted until December 31; however, the SBA may be unable to process some Supplemental Targeted Advance applications submitted near the December 31 deadline due to legal requirements. The SBA cannot continue to process Supplemental Targeted Advance applications after December 31 and strongly encourages eligible small businesses to apply by December 10 to ensure adequate processing time; and
  • 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.