Small Business Administration (SBA) Update

ALL COVID EIDL BORROWERS - DOWNLOAD LOAN DOCUMENTS BY MAY 16 Your access to the RAPID COVID EIDL portal ends on May 16. Download copies of your loan documents from the RAPID COVID EIDL Portal for your records by May 16, 2022: Login - SBA Economic Injury Disaster Loan Portal Application ARE YOU INTERESTED IN A LOAN INCREASE? You may be eligible for an increase in your SBA COVID-19 Economic Injury Disaster Loan (COVID EIDL) amount, subject to SBA analysis.(Please disregard this notice of a loan increase if you have already submitted your increase request.) If you are interested and you have not reached your maximum eligibility, please apply by May 6, 2022, which is the last day to submit any loan increase or reconsideration requests for COVID EIDL. Each request is processed in the order received and is subject to availability of funds. The steps to request an increase are:

  1. Confirm your loan eligibility and review the FAQs.

  2. Log onto your Account on the SBA Portal (do not apply for another loan) to submit a loan modification request.

  3. Complete the portal steps and submit relevant documents, including a new version of your IRS Form 4506-T for COVID EIDL.

  4. Respond to SBA requests for signature and documents by May 16. The failure to sign and submit documents prior to funds being exhausted/rescinded will result in no increase.

MONTHLY PAYMENT – SET YOUR REMINDER You are responsible for your COVID EIDL monthly payment obligation beginning 30 months from the disbursement date shown on the top of the front page of your Note. During this deferment:

  • You may make voluntary payments without prepayment penalties at www.pay.gov – select “Make a SBA 1201 Borrower Payment”

  • Interest will continue to accrue on your loan during the deferment

  • If you do not make voluntary payments during the deferment, a final balloon payment will be due on your loan at maturity

SBA will provide detailed instructions for how to start repayment before the deferred first payment is due. Qs about COVID EIDL loans? Please see COVID-19 Economic Injury Disaster Loan (sba.gov).Other Qs? Call the SBA Disaster Customer Service team at 833-853-5638. U.S. SMALL BUSINESS ADMINISTRATION

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