The Small Business Administration has long maintained a program known as the Economic Injury Disaster Loan (EIDL). Until recently, however, most businesses did not need to take advantage of this loan. All that changed as the coronavirus took over.
In response to economic concerns related to quarantine, the loan program saw a significant expansion via the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Now, a variety of businesses qualify for emergency funding.
Expanded EIDL eligibility provides much-needed relief in a time of economic turmoil, but actually securing and managing such funds can prove surprisingly difficult. Keep reading to learn how you can keep track of your loan money and make the most of this opportunity.
How Are EIDL Applications Processed?
Bad news if you’ve yet to apply for EIDL: between limited funding and unprecedented interest in this program, not all applications can currently be accepted. At the moment, only agricultural businesses are eligible. Previous applications will be accepted on a first-come, first-served basis. Even if your application goes through, be prepared for a long wait prior to approval.
Tracking Your EIDL Application
As you wait to hear back regarding your EIDL application, feel free to track its status. This can be accomplished via several methods. If you applied online, simply click the prompt for ‘status’ on the disaster loan homepage. There, you’ll find details surrounding your application, including its current status (in review, for example) and the date on which this status last changed.
If you’re unable to access application information online, call the SBA Disaster Assistance customer service center or Tier 2 customer service. This may be your best bet for getting in touch if you applied by mail. Be prepared to provide information to verify your application.
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