Borrowers under the EIDL can now request additional assistance of up to $2 million. Let’s get into detail about EIDL 2.0 ‘Request More Funds Button’.
After the SBA approved only loans of up to $150,000 for several months, the ceiling was raised to $500,000 in March 2021. Businesses may now request additional funding of up to $2 million in a new upgrade.
Depending on your EIDL financing position and 2019 income, you may now be eligible to seek extra money on your SBA site, ranging from $500,000 to $2,000,000.
On your portal, you may notice a new blue “Request More Funds” button. You will eventually reach a slider where you may choose extra money.
Forms required for $2 million EIDL loan increase
- Schedule of Liabilities: According to the SBA, “This form is offered for your convenience in responding to the filing requirements in item 2 on the application, SBA Form 5.”
- Personal Financial Statement: The SBA utilizes this form to evaluate an application’s repayment potential and creditworthiness for all 7(a), 504, SBG, ODA, WOSB, and 8(a) program offices.
- ODA Form P-022 Standard Resolution
- 2019 Business Tax Return
- List of Owned Real Estate
On August 19, the SBA had authorized over 3.8 million EIDLs totaling $259 billion. Congress authorized $50 billion for EIDL to enable lending power of up to $367.1 billion.
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.