How Much EIDL Loan Increase Can I Get 2021 | Amount of SBA EIDL Loan Increase

[@sallylee795]

Thank you for your update My question is how much that business owner can ask for and does credit score matter??

[@bartkosut]

It's doesn't work for me. Gross: 968,000 COGS 341,000 - mine eidl lat year was only 48,000 and increased to 200,000.

[@lakbirmo4540]

Thank you very much for your assistance; I got 25 K in total last week. I’m a self employed driving for Uber/Lyft I don’t have any business asset or house : how can I secure the loan amount over $25 K If I want to get more money please ! Also when I opened my profile ; it doesn’t show the blue box about the increase under the green box . Thank you and be safe

[@mikeag60]

Same, I am curious what secured assets they would look for over $25k, when my business doesn’t have any assets.

[@GB-kl2pd]

I received 10k loan in 2020 as a Sole Proprietor. When I received my sba email for the loan increase, I requested 25k. Will they still ask for 4506T?

[@JulioJimenez-yq5oj]

THERE IS A PORTAL NOW JUST LOG IN INTO YOUR ACCOUNT SND YOU WILLL BE ABLE TO INCREASE THE AMOUNT YOU WANT

[@TheTurk724]

I keep getting denied because of an '' Unverifiable information '' This is probably the third time that I have sent my taxes and 4506 T . I dont know what is hard to verify.

[@adrianbazan374]

Excellent video. Very informative and precise. Blessings my friend,👍🇺🇸

[@eltiburon5240]

What if I started my business in January 2020? I had good sales January and February and then the rest of 2020 was a distant see due to covid would I still need to use the same calculation or is their some sort of exception for cases like mine?

[@YourIndoorExperts]

God bless Freedom Tax staff and families for their tireless work keeping us small FL businesses informed!!!!

[@patriciamoraga7379]

I got my eidl loan in July if 2020 got a letter from SBA about increase to log in to my portal there is no option to request increase no blue button

[@michaelphotodad7993]

Can I get an eidl as a 1099 independent contractor? 🤔

[@designhub360customapparel]

Yes

[@yesthisisvic]

It's 24 MONTHS, not 24 WEEKS. And no, you do NOT need to wait to receive the email to submit a increase request. You DO have to wait to receive the email for the EIDL Targeted Advance request, as that email contains the direct link for the Targeted Advance.

[@patriciamoraga7379]

I didn't get an option for increase or the blue button I got the email to go to my portal but no button

[@Swara96]

I only received 1k grant last year. Is there a reason why I haven’t received the link yet?

[@roadlion7195]

@@patriciamoraga7379 no blue button for me either, but I did get the email telling me to log in. No blue button!

[@hazeleyesgreengrey8438]

Not everyone got the blue button

[@SilverChief]

Wake Up..is it 24 WEEKS ???????? as you powerpoint display here.. or is it 24 MONTHS as stated in the SBA docs. BIGGGGGG difference.. do you make mistakes like that doing other peeps taxes.????? wow

[@KOGYMVentura]

The increase is 24 months not 24 weeks. You may want to update your video.

[@eileenbiedenkapp6256]

Also a copy of 2018 taxes to

[@zenozeno8765]

Yes the portal is open in my previous account to select new increase amount!!!! and i never received email!!!

[@jcastilloarc]

Someone please tell me what was the old formula?

[@steviewonderful2183]

Whay about nonprofits?

[@ahadhasan5641]

The SBA has been sending responses to the old EIDL inboxes with no alerts . When you login there’s a blue button saying request increase

[@mikequick1441]

Great video...thanks!!!

[@edwardoemiliano8018]

I HAVE A BIG QUESTION : The 3.75% interest is monthly or annually ? Because I was approved for 25k with $126 monthly payment and I will end up paying $45,360 in total. Almost double of the loan amount

[@pamelazamora8713]

It's a 30 year loan! The interest is annuall

[@toddmiller5322]

Yeah that's because of the length of the loan, and it won't be that much if you pay it off sooner than 30 years.. The 3.75% is the annual percentage rate, that means you pay 3.75% of the principle balance you owe for that year, divided up across 12 payments + the 12 principle payments you have to make. It's a little more complicated than that, but that's the gist of it. Simple loan calculator with extra payments. You can see a full amortization schedule for the loan there as well. www.bankrate.com/calculators/mortgages/amortization-calculator.aspx That shows that your payment should be 115.78 per month, multiply that by 360 months comes out to 41,680.80. Pay an extra 100 every month and you'll shorten the loan term to 18 years instead of 30 years. You'll pay a total of 31,086.94, saving yourself 10,000 dollars in interest. These numbers are just ballparks, but they're close enough for you to get the idea. Your monthly payment is likely higher because the EIDL starts accruing interest the day of disbursement of the funds to your account so you have back interest to catch up on even though the payments are deferred. Really you should have done all this before you signed the loan documents. I don't know when you got the disbursement, but you can get yourself out of it by returning the funds and paying the miniscule amount of interest that has accrued thus far. The interest is about 78 dollars a month right now, so if you've had the funds for say a couple months, pay them back 25,156 and wash your hands of it if you're discovering it's more than you want to take on.

[@vasilestana9754]

Isn't it just GROSS profit/income/sales? This is what I heard that the new rule/calculation is. If anyone has most current and accurate info about this, please reply below. Thanks everyone:)

[@bellefi2442]

You can request through the portal now as of this morning

[@jenny-DD]

Hey I saw that ! Is your portal working right ? 3 links at bottom not highlighted! Not able to click on it

[@renactustech]

I just did it through the portal as well. Signed the 4506-t as well

[@pamelazamora8713]

@@jenny-DD its glitchy. Signed in and out multiple times to get it to work

[@philderrick6305]

You saying that in the portal right now we are able to request how much we want ?

[@philderrick6305]

@@renactustech you requested how much you want this morning in the portal today?

[@anthonymazar3178]

How can anyone run a buisness even a small nonprofit on a 1000 dollars?

[@eileenbiedenkapp6256]

I got asked permission for another credit pull and. Business license , hazard insurance, drivers license and voided check.

[@marielafernandez6013]

If I got an increase with my 2019 taxes, can I applied for another increase with my 2020 taxes? Thank you!

[@itsthetopicofdiscussion]

Did you ever find out the answer to this?

[@Multifacial]

@@itsthetopicofdiscussion was on the phone with an sba customer service rep & informed me that the increase is pre-pandemic based so they only want your 2019 tax return. I am not a financial advisor though lol

[@greeneyedcatwink]

I was told by 3 sba customer service reps you could use 2020. But the loan officer refused and would only do 2019. If you find a way to do 2020 numbers, please do let me know.

[@alexshortsplus]

Thank you for sharing your information we always appreciate your hard work

[@pamelagyamfi4238]

Pls so if i got 100, 000 and requested an increase of 150,000, am i going to get the 150,000 or 50,000 difference

[@johnnystandifer9419]

50

[@imanueldukovny]

I haven't emailed for the increased amount (2nd loan) yet, if I do send it today, is it going to take laonger wait time?

[@usbangla7418]

Boss. Have to Added unemployment income ? 2020.

[@tamaraparker4409]

Has everyone received their approval or is everyone’s still saying Your loan modification is being processed” Has any received their funds from the increase loan request? If so, how long did it take?

[@franciscom4010]

Still waiting for this aswell

[@jencampbell8780]

I received my money through the help of David

[@jencampbell8780]

213-418-7294

[@jencampbell8780]

Call him now

[@amjedshehadeh7573]

What happens if you opened in the beginning of 2020. I opened in February. Can i use my 2020 numbers?

[@roadlion7195]

I got the email invite but do not have the blue button. They have given me all kinds of different reasons why.

[@jencampbell8780]

I received my money through the help of David

[@jencampbell8780]

213-418-7294

[@jencampbell8780]

Call him now

[@shamsanwar3143]

Hello I need to talk about last year I got Eidl loan and got letter for increase Eidl loan and I did sent letter to them according to their instructions is ok or I need calculate tell amount to them please help me out after listening your video

[@kubendiranagrs3502]

citizenship is important for this this loan? anyone know?

[@thestayathomedad4846]

So are you saying the first eidl loan was Gross income - cost of goods sold multiplied by 6?

[@qwertyz212]

Why not just take your original EIDL Loan amount and multiple by 3?

[@JulioGarcia-rn2lb]

you really need to make a video of how correcting the form t-4506 requesting tax transcript. they have my social wrong and i cant get them to fix it! can i email them or fax my own insted of e-sign?

[@realdealtn]

Does the SBA look at both years or just 2019?

[@cleo5543]

The portal is open to request the funds

[@kathyskelly4546]

Very informative! I will share for people. Thank you!

[@jamescho7598]

I sent email on April 7th. How long does it take to get approved?

[@vincentmai7779]

How long you can get it loan

[@joejanda7557]

God blessed u 2

[@erickagray2282]

We did not get an email back from SBA but we had the offer to increase in the portal.

[@kaytoyatheexplorer59]

How do you get into the portal?

[@adelmicheal6261]

God bless you all. Thanks for all your help.

[@sharonsimpson9459]

Is the previous approved amount plus the new offered amount combined? For example if first loan was approved for $20,000 and now the offer is $40,000, if accepted would that be $60,000 that is considered and one would follow the loan disclosure of being over the $25,000 when it comes to the business assets?

[@wynterriddick3733]

Great question. Did you get an answer? If yes. Please share. Thank you

[@latricianation4446]

Are they performing hard inquiries again? I can not get one right now.

[@ricardovera9838]

I'm in the same situation did u get help ?

[@expressbankruptcypetitione7162]

Hi Guys, So I just applied for an increase online. I received this - Unauthorized : You do do not have permission to complete your request. I then Log Out/Log In and get this Error- An Error occurred while processing your request- any ideas? :(

[@rebertparpinelli586]

I am getting the same Error!!! Not sure what to do now

[@designhub360customapparel]

Keep trying

[@rokfrd]

Yes keep trying. Also, try a different web browser. Eventually it will go through.

[@frey28]

I get an error when I try to submit the request for increase EIDL loan through the portal. What's going on?

[@samanthapompey3216]

I heard that you have to keep refreshing it until it lets you complete it.

[@vasilestana9754]

@@samanthapompey3216 that's what I did. I just refresed it once, and their PoS worked:)

[@yxeymaneartistry3562]

Amen!

[@simonejohnson7765]

I received my increase request today

[@fernanddanlodjis1626]

Hey did they asked u for more documents after u filled urs?

[@macgyver3944]

Well, I ran my numbers with this formula and it came out as $34,432. I but my portal slider went up to 59k loan. I chose the whole 59k, I guess I have to wait and see if I get approved for all of it.

[@designhub360customapparel]

I wonder what happens if you choose more.

[@tiffanytheblackcode3526]

Hello, I was just checking were you able to receive your request. I've been in Reconsideration since April.

[@mr.randolph1054]

how does work if you received a eidl for rental properties as sole prop.?

[@jencampbell8780]

I received my money through the help of David

[@jencampbell8780]

213-418-7294

[@jencampbell8780]

Call him now

[@ahadhasan5641]

223093 my Gross was 55,543 Cost goods was 0 and I was offered to choose between a sliding scale $23,000------------------------------------------------$93000 I received $23000 first time.