I don’t typically share speculation, but I will make an exception this time. As most of us know, the rollout of the EIDL Extension Program (up to $500 K) has been nothing short of a disaster so far.
There is some noise on Twitter that I thought I share. If valid, they might offer borrowers some hope.
First of all, it seems like the program has been moved inside the SBA to the same department that administered the PPP. This news is promising.
Secondly, there is word that the SBA is going to pause the requirement that they have to wait for the IRS to do a 4506T tax verification before issuing a loan. The IRS is a New York City parking lot right now, which will hopefully make a difference.
All this being said, borrowers should remember that an APPROVAL does not necessarily mean FUNDING is imminent. I know of many borrowers who have been approved weeks ago but have received no word about FUNDING yet. Just remember, “it ain’t over until the money clears the bank.”