The COVID EIDL cap has been raised from $500,000 to $2 million by the SBA. Loan money can be used for any typical operational expenditures and working capital, such as wages, equipment purchases, and debt repayment.
Loan Cap Increased to $2 Million, Expanded Use of Funds to Pay and Prepay Business Debt, Streamlined Review Processes, and Deferred Payments Introduced; First Approval and Disbursement of Loans of $500,000 or Less Introduced
How to Apply
Eligible small businesses, nonprofits, and agricultural businesses in all U.S. states and territories can apply. The SBA said.
Visit www.sba.gov/eidl to learn more about eligibility and application requirements.
The deadline for submission of applications is December 31, 2021. All applicants are encouraged to submit their applications as soon as feasible.
SBA has also invested in optimized processes and increased capacity to improve the customer service experience for applicants.
“The revamped management team implemented new processes and performance management such as prioritizing personnel for COVID EIDL and increasing the average number of loan application decisions made,” SBA said.
The Small Business Administration also said they have” accelerated daily processing of loan increases from close to 2,000 applications to more than 37,000 applications daily.”
“Loan officer productivity also went from 1.86 applications per day to 15 applications per day.” They added. “As a result of these increased loan review rates, the 600,000+ loan increase backlog has been cleared and new applications can be processed immediately. “
All business owners that have received previous loans through the SBA’s Paycheck Protection Program (PPP), Restaurant Revitalization Fund (RRF), or Shuttered Venue Operators Grant (SVOG) can still benefit from COVID EIDL.
GSS2 Stimulus Update: Chase, Wells Fargo Deposit Confirmed
Some people using Chase and Wells Fargo bank account have started to receive their golden state (GSS2) Stimulus payment.
The first payment was made on August 27 and consisted of 354 million dollars divided among 600,000 payments. Some Californians are already receiving the next round of payments.
“GSS II deposited this morning. Wells Fargo checking in.” A reddit user wrote alongside a screenshot of his payment on his bank account.
“Chase confirmed,” Another Reddit user wrote with a picture of the payment on a Chase bank account.
GSS2 Stimulus delay
The state of California have warned that some of the payments might be delayed as they “may need more review depending on the situation or information we have.”
“This could include address changes, bank account changes, etc,”.
These stimulus check payments are part of the state of California’s recently passed $100 billion budget, with governor Gavin Newsom claiming that the money is there to help those who have faced financial difficulties as a result of the pandemic.
The second round of these Golden State Stimulus payments is there to help low-income parents and self-employed workers.