The EIDL program will end in less than a month–December 31st to be exact–but the deadline for Supplemental Advances is December 10th. The SBA has approved over 3.8 million EIDL applications, but there are over 32 million small businesses in the U.S. If you, or someone you know, has not applied for the EIDL program, there is still time to apply.

EIDL Supplemental Grant Deadline Is December 10th

The deadline to apply for the EIDL program is December 31st, but those who qualify for the Supplemental Advance (grant) are highly encouraged to apply by December 10, 2021. The SBA recently stated that they, "cannot continue to process Supplemental Targeted Advance applications after December 31 and strongly encourages eligible small businesses to apply by December 10 to ensure adequate processing time."

The Targeted EIDL Advance program will continue through December 31, 2021, just like the loan portion of the EIDL program. According to the most recent EIDL data, over $4.4 billion in Targeted Advances have been approved and just over $2 billion in Supplemental Advances have been approved.

In order to qualify for an EIDL advance, either Targeted or Supplemental, your business must be in a low-income area. For the $10K Targeted EIDL Advance, you must have fewer than 300 employees and be able to demonstrate a 30% reduction in revenue compared to the previous year. The reduction in revenue can be over any eight-week period of time starting March 2, 2020.

For the $5K Supplemental Targeted Advance, you must have 10 employees or fewer and show a 50% reduction in revenue compared to the same eight-week period of the previous year. When you apply for the EIDL program, the SBA will automatically send an invite email if you are eligible for the Advances, based on location.

If you believe that you qualify for the Targeted and/or Supplemental Advance and did not receive an email invite, you can email the SBA at disastercustomerservice@sba.gov or contact customer service at 1-833-853-5638.

EIDL Loan Reconsiderations, Appeals, and Increases Can Occur After December 31st

The deadline to apply for a first-time EIDL loan is December 31st, but the SBA will continue to process applications after the deadline. Specifically, reconsiderations, appeals, and loan increase requests can still be made after December 31st, as long as they are within the timeframe.

If your EIDL application is denied, you have six months from the date of denial to request reconsideration. For example, if you receive the denial on January 31, 2022, you have until July 31, 2022, to file a reconsideration–as long as the initial application was in by December 31, 2021.

Businesses have two years from the origination date to request an increase and appeals must be made within 30 days of the date of decline. Below is a chart illustrating the different timeframes.

If Your EIDL Application Is Denied, Try Using Add Backs

The SBA will deny your EIDL application if your business tax form indicates a negative income. However, some expenses can be added back into your business profit which could help your application get approved. Cash Flow add-backs are expenses that are added back into the profit of a business for the sole purpose of improving the company's financial situation.

In order for an expense to be an eligible add-back, it has to be a one-time expense or change. Examples of add-backs include adjustments to owner's compensation, lawsuit settlements or severance payments, and more. We go into detail about add-backs in this article if you want to learn more.

30% of Businesses Have Not Received Funding

According to our recent survey, with over 1,200 responses, 30% of small businesses have received no funding so far. 25% have received funding from the Paycheck Protection Program (PPP) and 25% have received EIDL funding. Only 19% have received funding from all three programs (PPP, EIDL Advance, and EIDL loan).

Additionally, 56% of small businesses are waiting on more EIDL funding. The SBA recently announced that the current wait for loans below $500K is two to three weeks and the wait can be over 45 days for loans above $500K.

Get Personalized EIDL Help For Your Business

Do you have other EIDL questions, including reconsideration, new collateral requirements, or how to get approved? Get ongoing personalized funding help from our team. There are over 4,000 on our waiting list, but you can skip the waitlist completely with this invite link.