I receive a few emails a day with anxious borrowers asking for insight into what is happening in the EIDL extension program – that allowed borrowers to request increases of their loan amounts up to $500K. The short and long answer is: who knows.
As far as I know, the furthest some borrowers have gotten in the process is an approval, with loan documents to sign. And then the waiting for funding begins.
I don’t know of any tricks or inside baseball to expedite the process. I suspect that somewhere inside the SBA engine, they are deciding how to prioritize these applications.
In the meantime, think about what you’re hoping to do with the money, should you get it. And it’s probably wise to explore a Plan B.