• EIDL Program Update

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    April 22, 2022


    Dear COVID EIDL Borrower:

    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). If you are interested, please apply now because COVID EIDL funds are expected to be exhausted this month. Requests are processed in the order received and are subject to availability of funds. (Please disregard this notice of a loan increase if you have already submitted your increase request.) 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 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, confirmation, and documents.
    MONTHLY PAYMENT – SET YOUR REMINDER

    You are responsible for your COVID EIDL monthly payment obligation beginning 30 months from the date shown on the top of the front page of your Note. During this deferment period:
    • You may make voluntary full or partial payments without prepayment penalties at Pay.gov - Home – 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
    • Download copies of your loan documents from the RAPID Portal for your records: Login - SBA Economic Injury Disaster Loan Portal Application
    In the upcoming months, SBA will provide detailed instructions for how to start repayment before the deferred first payment is due. For more information about COVID EIDL loans, please see COVID-19 Economic Injury Disaster Loan (sba.gov). If you have any additional questions, please email disastercustomerservice@sba.gov or call the SBA Disaster Customer Service team at 833-853-5638.

    Sincerely,
    U.S. SMALL BUSINESS ADMINISTRATION