These days, the most common question I get is borrowers asking me if I have any insight into the status of the EIDL extensions. Today my response was that waiting for an EIDL extension was like playing roulette in a deep dark black hole. After some reflection, I was worried that I was too coy and sarcastic, so I decided to do some digging. Unfortunately, my findings make my description look pretty.
The SBA releases weekly reports on EIDL approval numbers (careful – approval does not mean funded). Anyways, if you compare the results from the 5/27 report to the 5/20 one, you see that the SBA approved 560 loans for shy of $922 M. This data is especially problematic because that means the average new loan was just over $1.6 M – when the maximum loan size is $500K. The week before, according to the data, the SBA approved 971 loans for an average of about $846K.
I am sticking to my description of playing roulette in a deep dark black hole. If you are hoping for the money or planning to use it for something specific, I encourage you to work on a Plan B.