Don’t be surprised if you get an email from the SBA EIDL loan officer, it’s part of the application process.
We all know the Economic Injury Disaster Loan (EIDL) was created to support small businesses’ recovering from the COVID-19 disaster’s economic impacts by providing accessible and borrower-friendly capital.
The SBA said they still have billions left in this EIDL grant program, but it’s running out. According to SBA data through October 21, the $10,000 grant program has funded 447,473 grants totaling nearly $3.8 billion.
However, Lets get into detail about the EIDL loan officer.
Who is an EIDL Loan officer
An SBA EIDL loan officer is someone who will take over your case and work with you to receive
any additional information needed to make a loan determination.
You Insurance or other recoveries are reviewed and the loan officer will provide a recommended loan amount, and advise next steps.
When a loan officer receives an application, they will go over it several times and email the applicants if additional documents are needed. Before the loan is revoked, applicants will be given seven days to reply to the loan officer’s email.
Form 4506-T, P-022 Form, or other documents might be required from your assigned loan officer.
The SBA had accepted 3.8 million EIDL loan applications totaling $283.8 billion as of October 21, 2021.