Nonprofit EIDL $500000 Loan – Increase Your Amount provides charitable executives the simple steps they need to follow to expand their existing EIDL Loan. The SBA has approved more than $200 billion in COVID-19 EIDL loans. The loans have a 30-year maturity with interest rates of 2.75% for not-for-profits.
Here’s the steps:
Within an hour you will receive the following email message from the SBA:
Dear SBA Borrower:
We received your request to increase your COVID-19 Economic Injury Disaster Loan (EIDL). To continue processing your request, please complete the following steps:
1. Log into your SBA loan portal account at: https://covid19relief1.sba.gov/
2. After you log into your account, click on the button that reads “Request More Funds”
The “Request More Funds” button will only be visible if your current loan amount is not already at the maximum loan limit
3. Next, you will be asked to disclose if any changes have occurred since the original EIDL application was submitted, such as any owners of 20% or more of the applicant business being currently involved in a bankruptcy
4. You also will be asked which form was used for the applicant business’s most recent tax return, such as Form 990.
5. Next, you will use the slider bar to select a new increased loan amount
6. You may be required to electronically sign an IRS Form 4506-T allowing the SBA to obtain tax transcripts directly from the IRS
7. Once these steps are completed, you can submit the loan increase for processing
We will continue to process increase requests in the order they are received. Due to the high volume of incoming requests, it may be several weeks before you receive a response from SBA on the final steps. If you have any questions regarding the COVID-19 EIDL program, or SBA’s other COVID relief programs, please visit our website at SBA.gov/relief for the most current updates.
Administrator Guzman, Small Business Administration
Upon clicking https://covid19relief1.sba.gov/ there are three simple pages requesting updated information. There are no document uploads only fields to be completed that are very similar to the original application.
The announcement of the higher loan limits came less than two weeks after the SBA announced it was extending deferment periods for all its disaster loans, including the COVID-19 EIDL loans. Thanks to that decision, COVID-19 EIDL recipients won’t have to start making payments on their loans until 2022, though borrowers may voluntarily continue to make payments during the deferment as interest will continue to accrue on the outstanding loan balance. Starting the week of April 6, the loan limit for COVID-19 EIDL loans will jump from six months of economic injury with a maximum loan amount of $150,000 to up to 24 months of economic injury with a maximum loan amount of $500,000.
“More than 3.7 million businesses employing more than 20 million people have found financial relief through SBA’s Economic Injury Disaster Loans, which provide low-interest emergency working capital to help save their businesses,” said SBA Administrator Isabella Casillas Guzman in a news release. “However, the pandemic has lasted longer than expected, and they need larger loans.”
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