SAN FRANCISCO, CA / ACCESSWIRE / February 27, 2022 / The U.S. Small Enterprise Administration’s (SBA) Financial Damage Catastrophe Mortgage (EIDL) program continues to course of and approve COVID EIDL small enterprise loans in 2022. Eligible firms eager to do a rise request or mortgage modification to their current SBA mortgage (as much as $2 million), and small companies which have obtained a decline letter prior to now six months or much less, nonetheless can entry funds. Current analysis factors to an estimated $115 billion in EIDL funds that will nonetheless be accessible.
Excellent news for eligible small enterprise house owners and corporations which can be nonetheless capable of entry SBA EIDL catastrophe mortgage funds in 2022. Picture Credit score: 123rf / Rikke.
“After performing some deep dive analysis, we have estimated there could also be as a lot as $115 billion in COVID associated SBA EIDL funds nonetheless accessible as of late February. That is solely an estimate based mostly on knowledge we have uncovered,” mentioned Marty Stewart, Chief Technique Officer of Catastrophe Mortgage Advisors (DLA).
The DLA Strategic Advisory Group are SBA mortgage consultants specializing in aiding enterprise house owners with a number of firm entities or areas, to assist navigate the SBA EIDL mortgage program for optimum EIDL qualification. Firms that obtained prior SBA EIDL loans that want a rise or mortgage modification (as much as $2M most), in addition to EIDL mortgage reconsideration requests for these companies which were denied.
High 5 Questions Small Enterprise Homeowners are Asking Concerning the SBA EIDL Program
- Is the SBA EIDL program out of cash?
- How a lot SBA EIDL funds are remaining?
- Are there SBA EIDL funds nonetheless accessible?
- What’s the quantity of SBA EIDL funds accessible?
- What’s the newest SBA EIDL funding replace?
How A lot Cash Actually is Left within the SBA’s EIDL Program?
Andy Medici, Senior Reporter of The Playbook by The Enterprise Journals, a division of American Metropolis Enterprise Journals (ACBJ), in a current article requested this actual query. How a lot is left within the SBA’s EIDL program? In response to Medici, the SBA’s one-word response was “loads.”
“This coincides with the analysis our DLA Strategic Advisory Group simply accomplished based mostly on accessible SBA and different authorities knowledge as of February twenty fourth. I might say an estimated $115 billion is loads of cash nonetheless accessible, if that determine is right,” mentioned Stewart.
When Stewart and the DLA Strategic Advisory Group did their analysis into answering this query, there have been 1000’s of pages of SBA and different United States Authorities knowledge to pour by.
3 Key Info Uncovered in Researching the SBA EIDL Program
- In response to The Committee for a Accountable Federal Finances (CRFB), there was a complete of $475,000,000,000 in COVID reduction funding allotted for Financial Damage Catastrophe Loans (EIDLs).
- Because of a rescission of COVID-19 appropriations by The Infrastructure Funding and Jobs Act, $13,500,000,000 was completely rescinded from the primary Financial Damage Catastrophe Mortgage (EIDL) fund.
- As of February twenty fourth, 3,905,904 EIDL loans have been authorised totaling $345,562,336,490 by the SBA.
The maths seems so as to add as much as an estimated $115,937,663,510 in funding that will nonetheless be accessible (as of two/24/22) in the primary EIDL fund, which is separate from the a lot smaller focused advance fund.
SBA EIDL $2 Million Mortgage Modification Improve Requests
Despite the fact that the 12/31 SBA deadline is previous for firms who’ve by no means utilized to the SBA EIDL program earlier than, many small enterprise house owners nonetheless have choices in 2022, so long as funds are nonetheless remaining in this system.
“The primary choice is to do a mortgage modification or enhance request. This usually must be finished manually and in letter kind. Sending a number of paragraph e-mail shouldn’t be going to chop it. If you wish to maximize your probabilities of success, and for essentially the most cash your corporation qualifies for, it is advisable do that very strategically and with knowledgeable assist,” mentioned Stewart.
Most mortgage quantities have modified quite a few instances because the inception of the favored SBA COVID EIDL mortgage program began in March of 2020. As of September 2021, it was restored again to the unique $2 million most for these small companies that qualify for this measurement EIDL mortgage. One other favorable change in this system included growth of eligible use of funds. COVID EIDL funds can now be eligible and used to prepay business debt and current loans, and even to make funds on federal enterprise debt.
SBA Catastrophe Mortgage Choices if Your EIDL Mortgage was Declined
In response to the SBA, mortgage candidates can request reconsideration. An applicant has as much as 6 months after the date the SBA utility was declined to request reconsideration.
“The second choice is to do a reconsideration request inside six months of receiving a decline letter from the SBA. Or, when you’ve got been turned down once more after submitting for reconsideration, you will have one final 30 day window to file an attraction. Once more, sending a short e-mail shouldn’t be going to be persuasive sufficient. For the very best likelihood of success in profitable an attraction and getting a sure, you want strategic knowledgeable assist for finest outcomes,” mentioned Stewart.
Associated SBA Program Updates
In associated SBA information, a number of Bryce Covert articles that appeared in The Intercept, reported on the previous Paycheck Safety Program (PPP). Financial institution of America is refusing to forgive some PPP loans in full, giving small companies little recourse. In actual fact, JPMorgan Chase, Financial institution of America, and PNC banks have all handed on an SBA coverage that may permit small enterprise house owners some reduction by the PPP mortgage forgiveness course of.
About Catastrophe Mortgage Advisors™
Catastrophe Mortgage Advisors™ is a trusted group of pros devoted to saving small companies and corporations from misplaced gross sales, misplaced prospects, misplaced income to help in rescuing your corporation from potential monetary smash from the COVID-19 / Coronavirus catastrophe, Delta and Omicron variants, and different declared pure disasters.
DLA focuses on aiding possession teams with a number of enterprise entities, a number of location eating places and retail teams, and different advanced conditions that require an knowledgeable to be introduced in to evaluate the scenario and create essentially the most strategic path ahead.
Has Your Small Enterprise or Firm Suffered Monetary Loss as a result of COVID, Hurricane Ida, or Different Pure Catastrophe? Was Your SBA Mortgage Software Denied for an EIDL Mortgage? Are You Searching for an Improve to Your Present SBA EIDL Mortgage (as much as $2 Million) Want Strategic Steerage Earlier than You Make Your Subsequent Transfer?
CONTACT:
Catastrophe Mortgage Advisors
Elena Goldstein
Director of Media Relations
877-463-9777 ext. 3
elena.goldstein@disasterloanadvisors.com
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SOURCE: Catastrophe Mortgage Advisors
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