We've just released a brand-new tracker on the Skip app: Our EIDL Loan Increase Tracker (open on mobile only). On the Skip app you can find it on the Badges screen or Dashboard screen.
What's the Timing for the EIDL Loan Increases?
The SBA's EIDL (Economic Injury Disaster Loan) program is an ongoing program to help provide low-interest loans as a result of the pandemic. Millions of small businesses have received these loans, and the original application is here.
Following the CARES Act in 2020, the SBA put a $150,000 cap on EIDL loans in order to help the most businesses.
On March 25, 2021, the SBA announced they would increase loan limits to $500,000 and change how the loan is calculated.
On April 6, 2021, the SBA announced past EIDL loan recipients could request EIDL loan increases.
On April 15, 2021, our SBA contact said that most businesses would hear back about the requests during the week of April 26th. This doesn't mean the loan increase will be approved then, just that next steps will be articulated.
What is the EIDL Loan Increase Progress Tracker?
Like Skip's other trackers, this tracker was built to help you track self-reported progress, see potential funding, and stay up-to-date. Specifically, you can:
- See potential eligible EIDL loan increase amount
- See self-reported EIDL loan increase progress
- See your relative progress in the EIDL loan process
- Stay up-to-date on any important news on the EIDL loan increase process, including any actions needed and any news from the SBA
How Do I Set Up the EIDL Loan Increase Tracker?
Here's how the EIDL Loan Tracker (mobile only) looks on the Skip app. Hint: You may need to restart the app to see this on the latest version.
Click on it and you can set it up in a few seconds.
And then you can see potential increase amount, self-reported progress, and your status. You can even self-report received once your increase has been approved.
EIDL Loan Increase Summary
📌 Here's the direct link to the EIDL Loan Tracker on the Skip app.
💰 Also, here's a round-up of all of the other important EIDL, PPP, SVOG, and RRF news. This includes much more information on timing and deadlines as well as new opportunities.