Answers to the Most Common EIDL Questions Right Now

eidl Sep 15, 2021

With the release of EIDL 2.0, the SBA announced a series of changes and updates to the EIDL program that businesses have long awaited. Meanwhile, $150 billion remains untouched because a lot businesses are just learning about the program.

If you are new to the Covid EIDL program, there is still time to apply (and apply for reconsideration). The deadline to be approved is December 31, 2021 or when funds are exhausted, whatever occurs first. Here are answers to the top 10 questions we are receiving right now about the EIDL program.

What are the new rules under EIDL 2.0?

The SBA made several changes to the EIDL program. Some of the most important changes include the increase of the loan amount to $2 million, the inclusion of real estate as collateral, and the ability to use EIDL funds to pay off other business debt, past or future. It also changed the rules for affiliates and the reconsideration process.

I already applied for the EIDL program. Can I increase my amount now that EIDL 2.0 is out?

That depends on the maximum amount that you qualify for. EIDL 2.0 raised the maximum loan amount from $500K to $2 million, but not every business will qualify for more funding, based on the SBA's formula. You can request an increase in your EIDL portal, but calculate the amount you qualify for first by using our EIDL calculator.

I have been denied for the EIDL loan. How do I apply for reconsideration?  

According to our latest YouTube poll, 50% of EIDL applicants have been denied or are applying for EIDL loan reconsideration. If you fall into this category, it's important to apply for reconsideration right away. Use the reconsideration template we created and email it to the SBA at

📌 Pro-tip: Have questions about EIDL 2.0, including reconsideration or new requirements? Get 1-1 help from our team. Add your name to the waiting list here.

Does the SBA still require the 4506-T form?

Yes. This form allows the SBA to verify your 2019 tax information with the IRS before approving your EIDL loan. Without the 4506-T form, your application will be denied. Many are being caught up in this step of the process, but it has reportedly sped up. The IRS has been sending thousands more tax transcripts to the SBA.

What do I do if my business is owned by multiple people?

The SBA requires all parties involved with the business to sign for the loan if they own 20% of the company or more. 81% of the business ownership must be accounted for on the application. You could consider applying to other private lenders, but they may have similar requirements.

Why don't I have the blue 'Request More Funds' button on my EIDL portal?

There could be two reasons. The first possibility is that you have reached the maximum amount you can borrow, and thus the button is not activated on your portal. Double check what you qualify for. The second possibility is that the SBA is opening the availability in batches. Remember, no increase over $500K will be touched until October 8th, so there's still plenty of time.

Is the SBA still awarding Targeted EIDL Advances? Will the parameters change?

There are still billions of dollars in the Targeted EIDL and Supplemental Advance pool. If you have not applied for the EIDL program, do so now. The SBA will contact you if you live in a low-income area. Unfortunately, the SBA cannot change the low-income stipulation because it was set by Congress. Congress would need to change it.

What is the priority period for EIDL 2.0?

The SBA announced that it will not be reviewing any loan requests for $500K or more until October 8, 2021. Their goal is to work through initial EIDL applications and EIDL loan increases that fall below $500k. On October 8th, the 2.0 loans ($500K and up) will begin to be reviewed in addition to any remaining loans in the backlog.

I have been approved. When will I get my funds?  

The SBA reports that they will deposit the funds into your bank account within 5-10 business days following approval. Some businesses have waited longer, so it can vary.

I was approved, but my funds were returned due to 'bank error.' What happened and what do I do?

Generally, this can occur if there was something off with your bank account information or the bank did not accept the loan for some other reason. The EIDL program has experienced a lot of fraud and the SBA has been hesitant, in some cases, to re-send the money.

If you are in this position and have already checked with your bank and confirmed the information is correct, contact SBA’s Customer Service Center at 800-659-2955 or send an email to Also, many have been assisted by their Congressman. Consider contacting your representative and ask for assistance.

📌 If you need personalized assistance with your specific situation, check our availability and book a spot to talk with us today before the spots fill up.

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