SBA EIDL Loan Increase Update - SBA Emails for EIDL Loan Increase Request

The SBA has started to send out the emails to request an increase on your SBA EIDL Loan. Now business can request an increase of their Covid-19 EIDL of up to $500,000.
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VIDEO ON NEW EIDL LOAN AMOUNT FORMULA - • NEW SBA EIDL Loan 2021...
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DISCLAIMER
This video is intended for education purposes and should not be taken as legal or tax advice. You should consult with your financial professionals about your unique financial situation before acting on anything discussed in these videos. Freedomtax Accounting and Multiservices Inc. is providing educational content to help small business owners become more aware of certain issues and topics, but we cannot give blanket advice to a broad audience. Freedomtax Accounting and Multiservices Inc. or its members cannot be held liable for any use or misuse of this content.
The SBA Press Release published March 24, 2021 reads as follows:
"The U.S. Small Business Administration is increasing the maximum amount small businesses and non-profit organizations can borrow through its COVID-19 Economic Injury Disaster Loan (EIDL) program. Starting the week of April 6, 2021, the SBA is raising the loan limit for the COVID-19 EIDL program from 6-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. However, the pandemic has lasted longer than expected, and they need larger loans. Many have called on SBA to remove the $150,000 cap. We are here to help our small businesses and that is why I’m proud to more than triple the amount of funding they can access ,” said SBA Administrator Isabella Casillas Guzman.
Businesses that receive a loan subject to the current limits do not need to submit a request for an increase at this time. SBA will reach out directly via email and provide more details about how businesses can request an increase closer to the April 6 implementation date. Any new loan applications and any loans in process when the new loan limits are implemented will automatically be considered for loans covering 24 months of economic injury up to a maximum of $500,000.
This new relief builds on SBA’s previous March 12, 2021 announcement that the agency would extend deferment periods for all disaster loans, including COVID-19 EIDLs, until 2022 to offer more time for businesses to build back. In order to shift all EIDL payments to 2022, SBA will extend the first payment due date for disaster loans made in 2020 to 24-months from the date of the note and to 18-months from the date of the note for all loans made in the calendar year 2021."
Source - www.sba.gov/ar...
#eidlloanincrease #eidlincrease #eidl2021 #eidl #eidlloan

[@shoreteos1797]

All this free money is scary....... something behind all of this

[@Chief]

They're breaking the US economy to take dollar off reserve currency. I'm getting as much of this money as possible and buying gold, possibly some crypto too

[@mwright3312]

i did not recieve a response but i sent last night

[@Idaliasantana68]

You definitely deserve to have more subs! Always valuable and easy explained info. Thank you!

[@jh5cha]

Thank you for this video. This may be more of legal question than a tax question. For personal guarantee of loans above $200K, is that for all of the loan amount or for amount above $200K? So for example, if I got a loan of $250K, am I liable for $250K or $50K?

[@slwascrown3484]

If you don’t want to put the collateral upto $25000 then it is upto $25000 per loan or both loans added upto $25,000?

[@johnyannijr7129]

I ubering got 1099k does that count because it did take a chunk out of my taxes. Please someone help me...I am veteran just trying get on the right track. Please anyone of such knowledgeable DM me asap so we can chop it up

[@percyflores7517]

I applied las Year I got denied for low score so do I need to apply as new or for reconsideration ? ( Send it to where) because is no increase since I never got anything.., anybody? Thank you

[@mottymoskowitz2218]

Hi, thanks for the update, quick question, are they pulling my credit score again or if i was approved last time ill be approved this time too?

[@thefish2010]

To be safe, I'd unlock your Experian report if you have it frozen. I just did that yesterday, because if they try to pull it and they can't, you'll likely go to the back of the line. I don't know if they are pulling them or not, but it's better safe than sorry.

[@scogill7]

I am hearing no credit check unless they suspect or smell something fishy

[@WayneTheWolf]

So if you already received $150,000 will you be able to get an additional $500,000 or will it be $500,000 total combined so this time you wi receive $350,000?

[@Chief]

Mine ended up in my spam folder incase anyone is wondering why they don't see theirs

[@emilamax9972]

Where are you at ?

[@Avimaxim]

Good job

[@dominiquehardwick2869]

Got my email two days ago waiting on funds to hit

[@brendenellasfunadventures4186]

I got my targeted grant email amd sent the info back and sent the increase email and still waiting fir both

[@HighGrade592]

it seems like the email system is overcrowded. it keeps rejecting the email to mailer demon/ undelivered

[@marcelstallings2740]

Remove the plus sign (+) in front of the email.

[@mottymoskowitz2218]

because you added the + take it off and it will go thru

[@monatilson1386]

Make sure that the email address does not have the + before the actual address.

[@jenny-DD]

Then wait till next week and try again

[@Spotlighttosuccess]

@@marcelstallings2740 I’m still getting it. I took the + off

[@leslie1194]

Thank you

[@isabelcastellanos8339]

I got email for grant

[@irynadellamorte5421]

Thank you for your video! We receive an email. But coved email bounced email us undelivered. Did SBA provide wrong email?

[@shannonforehand4036]

Same thing happened to me

[@charchar7897]

We got our email today. Yippy!

[@JoseReyes-rh6ck]

Yesss sir!!

[@ياسرحسنى-ظ2ذ]

[phone]

[@ياسرحسنى-ظ2ذ]

Text him for help

[@ericbeckwith8883]

Hell yeah ! Just got my email yesterday...excited

[@gashawwakene4539]

I applied early morning (1:30am) but I received invitation email from SBA around 7:40 am. Do I need to submit again ?

[@cchima9932]

Call SBA to find out if they have recieved your email.

[@larryjones9773]

no

[@adriancandelario2902]

Lucky, no email yet :/, I’d submit it again

[@johnward3521]

It clearly says not to resubmit.

[@AryanAli0007]

Will they run ur credit again i got approved after reconsideration process of 4 months?

[@chantalxoxo4822]

Do they?

[@pototo1]

Have not received EIDL increase invitation emai yetl. Are you aware of delays?

[@slidenthru9203]

check spam mines was in junk folder

[@sandrahodges9625]

Follow these instructions if you wish to request a loan increase: Send email to [e-mail] Use subject line "EIDL Increase Request for [insert your 10-digit application number]" Be sure to include in the body of your email identifying information for your current loan including application number, loan number, business name, business address, business owner name(s), and phone number. Important: Do not include any financial documents or tax records with your initial request. You will receive a follow up email notification if we need additional documents. We will process increase requests in the order they are received. Due to the expected high volume of incoming requests, it may be several weeks before you receive a response from SBA on next steps to follow. Please do not resend multiple requests if you do not hear back right away as the extra emails could slow down the overall response time. If you have any questions regarding the COVID-19 EIDL program, or SBA's other COVID relief program, please visit our website at SBA.gov/relief for the most current updates. We look forward to assisting with your recovery from this pandemic.

[@cometotruthofislam3108]

Hello how r u Sir? I am an uber driver with Schedule C. I don't have any business account. I only have checking account. Can i get this loan with checking account?

[@emilamax9972]

Better still apply for 30,300$relief grant which is non refundable am sure it will go a long way for you I have gotten already

[@MustangMaximus]

The email address doesn't work. I called the SBA and they already know it doesn't work. She said she didn't understand why the SBA would send out an email when their email isn't up and running yet. Said it should be by 4/12

[@scogill7]

You have to type it in. Many are having trouble because when copying to Google or gmail it adds a plus sign, so type it in.

[@Swara96]

Scott Gilliam so we can only apply if we received an email? I received a loan last year but I haven’t been contacted yet

[@pamelamorales6286]

Y en español????😔

[@philderrick6305]

Sir can you answer some of the questions on your comments inbox please?

[@jenny-DD]

He doesn't read

[@saqibjaved1108]

I didn't receive the email but can i still send the email to sba?

[@AdkinsTINTSHACK1]

yes

[@slidenthru9203]

nope because this is a process like different other processes they have like the target

[@Butterflygirl1112]

What if you got an increase? Do you include both loan numbers?

[@williebrent6111]

Do I need to reapply I got approved for the first eidl loan but they ran out of money

[@scogill7]

No

[@stanleylara264]

So I can’t sumbit a request if I still didn’t receive the loan? I’m waiting for documents to sign. Will people like me get another different email?

[@ChrisTam93]

The E-Mail doesn't work! "Mail not delivered" I used the link on my E-Mail.

[@mauricedavis1106]

Take out the + sign

[@scogill7]

Don’t copy and paste, you have to type it in bc of email company you are using

[@huseyinkavci5559]

Hi, Did anyone get funded yet with SBA EIDL loan increase?

[@thestayathomedad4846]

If you got the max $150,000 the first time are chances are you will get the full difference of $500,000?

[@rickrios9183]

What about if people who got denied?

[@slidenthru9203]

u should have gotten the targeted advance email check spam folder

[@tlesane1]

What if you applied and still in reconsideration? I received the advance but nothing from targeted advance or loan...it just says it’s still processing.

[@isabelcastellanos8339]

I got email for grants

[@abolajimuheez80]

7864713641 text him for help

[@abolajimuheez80]

786 713641

[@fostermervin1]

What if I sent the email last night and the SBA just sent me the the invitation for the increase? Do I respond to this one?

[@scogill7]

No

[@Swara96]

What’s the email? Are we supposed to ask for loan increase and eidl grant?

[@FoxRacingNYC]

Hi. I just want to say thank you for all your valuable information.. Please, can you upload a video explaining on how is the process of PPP forgiveness loan for independent contractors self employed, and what are the steps of getting the loan forgiven after the loan has already been disbursed. Kind Regards,

[@eugenewells4997]

Can you send me the sba application for this eidl loan . And what about the targeted eidl advance email that I'm waiting on ?

[@jerrygraphic]

They do not, I repeat, they do not process in the order they were received.

[@brandonbell8556]

If someone is 100% stockholder in two S corporations would the $200,000 limit requiring personal guarantee apply to the total of loans with both corporations or $200,000 per loan?

[@darrellredus5321]

I’m an Uber driver and if I get more money for this increase then I’ll be over the 25k. I have no collateral so should I even request it?

[@Spotlighttosuccess]

Yes

[@designhub360customapparel]

Please let me know how it works

[@ياسرحسنى-ظ2ذ]

Text him for help

[@scogill7]

If you want money, then yes. The next time you hear back for SBA, if approved, I’m sure you can request the amount you want to stay under $25k

[@wenvel23]

Your vehicle would be collateral and possibly money in your business bank account.. also anything you use to run your business with....exp: electronics, any items in your office (if any) inventory....

[@uanta866]

Hello sir, thank you for all your shares of SBA information. We really appreciate your time and your knowledge. So far is it possible we can apply for the EIDL LOAN forgiveness?

[@riazk27]

Thanks for the update 🙏 According to Reddit, some folks who follow the directions in the email receive an automated response immediately from the SBA stating the increase request has been received & is being added to a queue .... While others who follow the same directions do not receive any responses after sending their request for an increase.

[@StyleRipp]

Yeah I sent my email and did not receive any automated response 🥺🤣

[@nicolechae8907]

@@StyleRipp me too

[@adriancandelario2902]

@@StyleRipp same

[@abby03villalon]

Same mine not receive the automated

[@abmia77]

That’s not true,clearly states it may take weeks for a response,and to not send multiple emails.

[@russpeaknuckel9525]

Can we apply for increase before getting the email ? It appears so, since the email they send just says to request it...?

[@scogill7]

Yes you can, just make sure every character matches and you have all the correct info as stated in email in this video.

[@Swara96]

Scott Gilliam so if I got 15k last year I can ask for increase? What about the advance grant? I only received 1k

[@jckbunton]

Will it be two seperate loans or will it be consolidated? The way it is phrased it appears there will be two different loans because the increase would be originating another loan (even if the y are compbined) in 2021.

[@totoroisbi]

Emails bouncing back as of 5pm edt

[@kenanthony8771]

Excellent breakdown!

[@choongta]

If my EIDL loan amount is $100,000.00 to be paid over 30 years at 3.75% APR, what will be the monthly payment ? TY

[@reginaldhudson1456]

Well I received $75,000 and my payment is $337 a month

[@philderrick6305]

Anybody has the correct email address for the loan increase that started yesterday?

[@slidenthru9203]

its in ur email

[@sandrahodges9625]

Follow these instructions if you wish to request a loan increase: Send email to [e-mail] Use subject line "EIDL Increase Request for [insert your 10-digit application number]" Be sure to include in the body of your email identifying information for your current loan including application number, loan number, business name, business address, business owner name(s), and phone number. Important: Do not include any financial documents or tax records with your initial request. You will receive a follow up email notification if we need additional documents. We will process increase requests in the order they are received. Due to the expected high volume of incoming requests, it may be several weeks before you receive a response from SBA on next steps to follow. Please do not resend multiple requests if you do not hear back right away as the extra emails could slow down the overall response time. If you have any questions regarding the COVID-19 EIDL program, or SBA's other COVID relief program, please visit our website at SBA.gov/relief for the most current updates. We look forward to assisting with your recovery from this pandemic.

[@scogill7]

It’s in this video and just type it in is best bc many did copy and paste and it added a plus sign

[@alameenbenhezam3502]

I sent my increase request yesterday but didn't receive the automatic confirmation email from them

[@topgearexotics4252]

Hi did anyone received the increase yet? I emailed increase request on the 7th still waiting for reply email from SBA

[@aaronjohnson6501]

7th as well no reply.

[@zewduhailu4324]

How can we get free for former lian

[@alicecoppers8980]

Got my email yesterday. Requested funds to build tiny office on property. let u know

[@beautifulnae2787]

Hi quick question what if my Womply status reflected lender funding yesterday (all ✅) promissory signed and today it reflects funding failed. Can you please tell me what this means. (Harvest)

[@scogill7]

Contact your lender

[@gonchalo95]

I could really use an increase, but I dont really have many assets in my business. I don't own many things, just some small equipment and tools.

[@sauravacharya5503]

Does loan under $25000 need collateral now for increse for loan.. as i am a gig worker. Today i got my email for reapply.

[@Spotlighttosuccess]

Did you reapply?

[@mariasandoval9368]

Hi I got the email yesterday, but the email provided to send my informations is not working, it said that is an invalid email. Should I just apply online SBA.

[@scogill7]

No, type the link in your email, many are having this issue because copying and pasting is adding a plus sign in some cases.

[@felfidofabien8696]

Freedomtax accountant, I have a question. Does a lender pay a fee to your accountant if he or her fill your ppp loan please?

[@romeolives1027]

Is this email legit? Usually, the SBA logo is fully visual, plus the address to send is a no reply! PLEASE ADVISE!

[@slidenthru9203]

its says .gov then its legit

[@a.r.3456]

Hi Stephan. thanks for video. Do we need to write any text like " Hi my name is.... . Can you increase my loan from ...$ to ...$" ? Or we will just write requested information and they will decide amount themselves?i mean can you also give example how to write email?

[@scogill7]

Use format as you saw in this video

[@stylemattersts9667]

David Edward's checking in From N.C. Can you apply for the eidl loan more than once? By that I mean you might have applied already but haven't heard anything back yet.

[@scogill7]

No, unless you want to royally mess up case. Just wait

[@irynadelamorte6583]

The SBA email, which was provided in the email- did not work! Tried everything. On wait call for 3 hours since 8am.

[@scogill7]

Many are having this issue. The link will work, but you will have to type it in, copy and paste is adding the plus sign in some cases depending on the email company you are using.

[@johnrtaylormba4225]

Seems like its a reconsideration process.

[@gopgop009]

I am trying to email regarding about lone increase request when I email it says your email could not delivered for further assistance please send email to postmaster what should I do on this case plz help me

[@scogill7]

Many are having this problem, so just type it in. Apparently, some are copy and paste and on some email systems, it adds a plus sign. Just type it out.

[@bigboybuilder77]

Freedomtax accounting. Thank you for all the updates you provide everyone. Do you have videos in Spanish regarding ppp loan and loan forgiveness?

[@pirexaccountingfirmtaxacco7133]

Do you want to apply for the forgiveness

[@kwakub2029]

Great job Sir

[@nadiaasencio3584]

Excellent breakdown thank you 😊

[@daisymercado6441]

Can I apply even though I didn’t get the first loan

[@ياسرحسنى-ظ2ذ]

Text him for help

[@rascrypto9589]

What if you were waiting for a reconsideration did not get the loan but had to provide additional documentation?Should I just reapply for the new eidl loan?

[@scogill7]

No, call SBA before doing anything

[@JazzyMarineVet]

I assume they rewrite the new loan documents for us to review the approved amount and terms of repayment. If we agree to the new terms, we e-sign and return and wait for the deposit into our account?

[@markvanmeter7043]

after you have agreed to the terms, SBA has to call you and ask some questions and the money will be deposited into your account asap! hope this helps you

[@daisymercado6441]

Can we still apply even if I’m in still reconsideration

[@scogill7]

Not sure what you mean, but if you have applied before and are reconsideration, I would wait. However, call SBA for guidance on this

[@adrianbazan374]

Good morning. I applied for EIDL LOAN but got denied because of a low credit score back May 2020. I heard that under bee rules and regulations proposed by president Biden credit scores won’t be a contributing factor in determining approval of a SBA loan. If that is in fact true, may I apply for an EIDL LOAN under the new program? Thank you for your time. Blessings.

[@truth1757]

I got deny 2 time for low credit and my credit score is 640 If you think you have good luck go for it.

[@scogill7]

Don’t apply again. Call SBA for guidance. You may have to do a Reconsideration

[@rennexoxo]

I received an email today!

[@howardkritzer8105]

the email is not seem to be working. is anyone else having that problem? keeps getting bounced back to me

[@nalston33]

Yes has been happening to me all day. Says it cant send

[@riazk27]

Try removing the (+) in the address they gave us.

[@Kamranakaus]

Thank you guys

[@adriancandelario2902]

I sent the email to the SBA last night no response yet.

[@ياسرحسنى-ظ2ذ]

[phone]

[@michelledelgiorno]

I sent my email for the increase but they didn’t send back an automated reply that they received it, should I be concerned?

[@pcarr28]

Try again, because i sent mine last week, and didn't get a response, so i was worried also, and sent it today, and finally got an automatic reply

[@mickytadu5032]

Send at night

[@Swara96]

What is that email and what do we write in it

[@luisgarza2948]

Can I apply if I don't get the letter or have gotten a loan?

[@emilamax9972]

We have to pay back

[@emilamax9972]

Better still apply for 30,200$ relief grant which is non refundable am sure it will go a long way for you I have gotten already

[@davidsaylor3582]

What if you are already in Reconsideration & Documents Already Submitted?

[@tammywright9469]

I’m wondering the same thing too. I have applied for reconsideration in February, but nothing so far. I’m worried that I will be forgotten

[@slidenthru9203]

reconsideration is a different process you need to get this email first

[@dexterneal6861]

The email don’t work

[@riazk27]

You need to remove the "+" from the address they give you.

[@Spotlighttosuccess]

Yes the email the work

[@Spotlighttosuccess]

Don’t

[@t.edwards7935]

Worked for me 30 minutes ago

[@Spotlighttosuccess]

@@t.edwards7935 what you do? It didn’t work

[@moestern2762]

If your applying for an increase will they pull your credit again?

[@ericbeckwith8883]

Only if you take a loan over 200k

[@ياسرحسنى-ظ2ذ]

Text him for help

[@Swara96]

Eric Beckwith what’s the email that we’re supposed to contact tbem on? Or should I just fill out the application on the sba website?

[@alfredjones306]

I got an EIDL LOAN and still haven’t received any email regarding the increase invitation. What if we did NOT get the email to the increase loan opportunity yet? Is it any way where we can initially send an email to sba or call sba to make sure we get started on the application for increase?

[@fragilexaviera]

Log into your portal

[@jonimetcalf5737]

Yay! Never got my email so just sent my info to the email they told us to!

[@slidenthru9203]

did u get a response

[@Swara96]

What’s the email we’re supposed to asked the loan increase on?

[@antoniochandler4149]

I received my email. For some odd reason they keep rejecting it. Kinda strange to me tho

[@AdkinsTINTSHACK1]

i left the "s" off of "requests" my fist time. was sent back

[@riazk27]

Try removing the (+) in the address they gave us.

[@msway836]

just call them and they will instruct you, the csr is pretty helpful...

[@oscardelfin3242]

@@riazk27 you are correct, I got my email rejected many times, that I deleted the '+' and got my confirmation right away, thank you!!

[@Swara96]

So you can’t apply for loan increase unless you’re emailed? What about the eidl advance?

[@lakbirmo4540]

Keep up the excellent work! I received the email this morning from the SBA : I sent them the request for the increase right away. My question please ; I got $7850 last time what’s the exact amount I’ll receive! Is it $7850 time four = $31400 minus the first $7850 = $23550 or the whole amount? Thank you very much God bless

[@larryjones9773]

$23,550

[@slidenthru9203]

where did you get this calculation info from?

[@beautifulnae2787]

Hi quick question what if my Womply status reflected lender funding yesterday (all ✅) promissory signed and today it reflects funding failed. Can you please tell me what this means. (Harvest)