Around 4 million small businesses applied for the SBA's Economic Injury and Disaster Loan (EIDL) program starting on March 29th. All of these applicants were eligible for the up to $10,000 Advance (otherwise known as a grant) prior to getting the SBA EIDL Loan. Here we provide the latest SBA EIDL Advance Status information and SBA EIDL Progress, based on the nearly 50,000 small businesses that have been self-reporting on Skip.
UPDATE July 16 2020: To see the latest real-time self-reporting numbers, go to your Skip Dashboard.
EIDL Advance Approvals Continue to Steadily Increase
Based on our self-reporting (as of May 25), 16% of SBA EIDL applicants have received some advance money. That is an increase of about 9% in the last 3 weeks. To most applicants, however, this is still too few and too slow.
The goal behind the SBA EIDL Advance program was to quickly - within a few days - get small businesses $10,000 that they wouldn't have to repay. However, based on our data, we've found that the businesses that have received Advances had to on average wait 3 weeks, and the majority of businesses still have not received anything.
Approvals Odds Still Favor the Early Applicants
If you were part of the first half a million applicants, odds are close to 25% that you have received some of the EIDL Advance money. If you were the 3 millionth business or higher, your odds are closer to 10% or less.
Strangely, the approvals does not consistently go in order of application, which the SBA said they would do. If it was in order of application, we would expect significantly higher approvals earlier on. It is hard to believe that 3/4ths of applicants in the first 200,000 businesses were rejected for some reason.
Here's our latest data. It show's the percent of businesses approved for the Advance based on their application number. For example, 3300200 means that you were in the first 200,000 applications and you would have 23% chance of being approved.
*Note: We have only include the EIDL applications that begin with "33". This is approximately 80% of the applications. We will be publishing "36" data shortly which is around 15% of applications, but the overall trends are very similar.
We predict approvals will continue to happen at about 1-2% per week.
Based on our analysis and looking at the historical trend, we predict Advance approvals will continue to happen at 1-2% in the coming weeks. It's been slow and steady and we don't think that will dramatically change either way.
We have published more data (and we will continue too) on our free Skip loan tracker, if you haven't opted in yet.
The average wait time for an EIDL Loan is 3 weeks after your Advance
The good news is that if you have been received an Advance, it's typically around 3 weeks until you receive a link to your SBA EIDL Loan portal with your larger loan option. These loans are now up to $150,000 with an interest rate of 3.75%. Here is the video guide to the entire SBA EIDL process from application to Advance to loan document (also below).
Support your business when you self-report on Skip
In the coming few days we will be sending tens of thousands of businesses a "Support Covid Recovery" window decal for their storefront as well as provide an online listing, to help encourage people online and on the street to help your business.
These will be free to everyone who is using our self-reporting tracker. If you are already signed up on Skip no action is necessary - we will be sending you information shortly. If you don't have a free account yet, you can sign up here and we'll be sending more information to you shortly.