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The biggest change is the maximum loan amount. Now the max the EIDL has been increased to $2 million. Okay. Remember that in 2020, the EIDL loan had a max of $150,000. In early 2021, they increase that to $500,000. And now they are increasing it to $2 million.When is the EIDL/PPP 2021 being recorded?
Now this video is being recorded on September 13 2021, we always emphasize the date on the recording on any video relating to the EIDL or the PPP, because these programs have been constantly changing. So, there may be things we discuss in this video that can change as soon as tomorrow.When will the SBA approve EIDL loans?
Now, if you want to apply for an EIDL loan that’s over $500,000 the SBA did say that they are going to start approving loans greater than $500,000 on October 8. So, basically from now to October 8, the SBA will be concentrating on loans that are under 500 $1,000. Another change is the payment deferment period.Are you eligible for an EIDL loan increase?
Be sure to include EIDL loan number on mailed-in checks. Loans approved prior to April 7, 2021 for less than $500,000 are likely eligible for an increase based on new loan maximum amounts announced March 24, 2021. Businesses that received a loan subject to the previous loan limit can submit a request for an increase at this time.