There are only 45 days left until the Small Business Administration's Covid EIDL program ends. There is still around $100 billion left in EIDL funding, meaning that millions of small businesses can still apply for these incredibly low-interest loans. If you have applied for an EIDL loan but want to increase your loan amount, we have you covered. Here's how to get an EIDL increase in 5 steps.
Check Your Potential EIDL Increase Amount
The SBA uses your 2019 revenue and your cost of goods sold to determine your maximum loan amount. You can check the total amount you qualify for by using the calculator on your Skip dashboard under services, or sign up here to open a free account. Type your 2019 revenue, COGS, and any EIDL funding to date into the calculator, and click calculate to determine your total potential EIDL amount.
Use the Cash Flow Calculator To Discover Your Likely Loan Amount
If your 2019 revenue and COGS do not clearly indicate that you can afford the loan you requested, SBA officers conduct a cash flow analysis. This calculation enables them to determine if you will be able to repay the EIDL amount you are requesting. We created a cash flow calculator that mirrors the calculations that the SBA makes.
Loan officers use your 2019 net income, depreciation, duplicated interest annual business debt service (which is the current debt of your business as reported on your schedule of liabilities), personal income, and personal debt to calculate the exact EIDL loan amount you qualify for. This amount can be less than your total potential amount. Use the cash flow calculator to see the true amount you qualify for.
Login and Check Your SBA Portal
We frequently receive reports about EIDL portal changes due to bugs. Sometimes the loan amount is removed, reverts to a previous amount, or another change occurs. Normally these resolve on their own, but it's recommended that you check your EIDL portal often to keep abreast of your account status. If you find a discrepancy, the faster you report it to your loan officer or customer service, the better.
Double Check Past SBA Correspondence
It's always a good idea to refresh yourself on what the SBA or your loan officer told you last. After you check your EIDL portal, double-check your email inbox and search for emails from @sba.gov. Many checks in the EIDL review process are automated now. Make sure you didn't miss an automated message that was caught by your spam filter.
Contact The SBA Or Apply For An Increase
Once you have completed the first four steps, you can request your loan increase. If your portal has the request more funds button, use it to request an increase. Our cash flow calculator shows you the exact amount you qualify for, so use the slider to request that amount. Submitting your request on the EIDL portal is the fastest way to receive your decision.
If you do not have a "request more funds" button, it could be because you already have the maximum amount, or the SBA is still processing your EIDL application or increase request. If neither of these situations applies to you, contact the SBA's customer service number, reach out to your loan officer, or email CovidEIDLIncreaseRequests@sba.gov.
Get Personalized EIDL Help
If you have questions about your EIDL situation and you'd like to speak with someone on our team to help you with the EIDL process or other funding opportunities, you can book one of our limited 1-1 VIP funding spots.