Last week, I wrote about the first step in applying for an EIDL increase, which essentially involves sending in an email and waiting. 

I know that many readers are wondering about what happens next?  Prepare yourself – it’s more hurry up and wait.

Once your first email gets processed, you will get another one requesting some additional information. 

The current email looks like this:

We have reviewed your request for an increase of the above-referenced disaster loan. At this time, we are unable to complete the evaluation of your request until the following information is provided:

  • Include a complete copy, including all schedules, of the most recently filed Federal Tax Return for the business. (2019)
  • IRS Tax Form 4506-T for Applicant Business.  The correct version of the form may be obtained at: IRS Form 4506T
  • IRS Tax Form 4506-T Instructions may be found at: IRS Form 4506-T Instructions

And once you send this information in, you are once again back in the waiting game.  As of yet, there has been no information released about the process and criteria for being approved.

Keep in mind, that if you are interested in an EIDL increase, it might be wise to apply for a conventional SBA 7a loan through a bank and take advantage of the SBA incentives.  While the terms of these loans aren’t as good as an EIDL, the process is more reliable and predictable. 

If you want to learn more about conventional SBA loans, please join us for an SBA IGNITE session tomorrow at noon EST or sign up for On-Demand Learning.