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.