Hundreds of thousands of small business owners and independent contractors around the US are still waiting for SBA EIDL loans to help them grow their business. As we recently reported, there's still around $100 billion still available from the SBA to approve in these unbeatable 30-year 3.75% low-interest loans. If you're still waiting, you're far from alone — in this post we share recent data on how much EIDL funding business owners have received and who's still waiting for
Most Small Businesses Are Still Waiting For EIDL Funding
According to our recent YouTube poll (2.3K responses), 77% of folks reported either awaiting initial EIDL loans or awaiting EIDL loan increases. This is similar to trends we've seen over the past several months, especially with EIDL 2.0, the new rules allowing EIDL loans up to $2M. In fact, many businesses have realized they're eligible for more EIDL funding using our EIDL increase calculator and our EIDL cash flow analysis calculator.
Only 15% of Businesses Have Received Over $150,000 in EIDL Loans
In another user survey with over 1K responses, we found that only 15% of small businesses have received over $150K, and the majority — over 60% — have received $25K or less. Here's how that distribution looks.
This shows that the percent of businesses who've received those larger loans — not only our audience but also among the general small business population too — is relatively small.
This further illustrates that many small businesses are still waiting for initial EIDL loans or EIDL increases, and there's plenty of funding on the table.
Time is Running Out to Get EIDL Increases and Reconsiderations
According to the SBA, December 31, 2021 is the last day to apply for EIDL loans for yourself or your small business. To learn more if you'd be a good fit for an EIDL loan, you can go to EIDLQuiz.com.
If you have additional questions or you'd like to speak with someone on our team to help you through the EIDL process or with other funding for your business, you can book one of our limited 1-1 VIP funding spots.