The U.S. Small Business Administration on Tuesday announced updated guidance for COVID-19 Economic Injury Disaster Loan, or EIDL, program applicants to better serve small business owners, while funding remains available. Specifically, the following updated guidance is being provided:

• EIDL loan and Targeted Advance applications will be accepted until Dec. 31 and will continue to be processed after this date until funds are exhausted.

• Supplemental Targeted Advance applications will be accepted until Dec. 31; however, the SBA may be unable to process some applications submitted near the Dec. 31 deadline due to legal requirements. The SBA cannot continue to process Supplemental Targeted Advance applications after Dec. 31 and strongly encourages eligible small businesses to apply by Dec. 10 to ensure adequate processing time.

• Borrowers can request increases up to their maximum eligible loan amount for up to two years after their loan origination date, or until the funds are exhausted, whichever is soonest.

• The SBA will accept and review reconsideration and appeal requests for COVID-19 EIDL applications received on or before Dec. 31 if the reconsideration/appeal is received within the timeframes in the regulation. This means six months from the date of decline for reconsiderations and 30 days from the date of reconsideration decline for appeals – unless funding is no longer available.

“The COVID Economic Injury Disaster Loan and EIDL Advance programs still have billions of dollars available to help small businesses hard hit by the pandemic. More than 3.8 million businesses employing more than 20 million people have found financial relief through SBA’s Economic Injury Disaster Loans,” said Patrick Kelley, associate administrator for SBA’s Office of Capital Access.

For additional information on the COVID-19 EIDL and other recovery programs, visit www.sba.gov/relief.

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