What if I made a mistake on my SBA EIDL loan application?

Can I redo my EIDL application?

Small businesses seeking an EIDL loan that have an application number that begins with No. 2 should reapply once the application portal reopens. They will not lose their place in line because SBA can match up the new application with the date/time stamp of the original application submitted.

What if I made a mistake on my SBA loan application?

Generally, if you’ve requested too much, the SBA and your lender will correct the mistake during the application/approval process and only offer the maximum loan amount that you are qualified for based on your verified records. … There’s no prepayment penalty for paying off your loan early.

Can you apply for SBA EIDL twice?

Can I submit multiple COVID-19 EIDL applications? Yes, you can submit one application per eligible business.

How do I cancel my SBA EIDL loan application?

Within the SBA’s government website, you will find a section that informs applicants of how they can cancel their application. To do so, simply email a cancellation request to loanresolution@sba.gov. When you send your request, you will need to include both the loan name and number.

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Can you get the EIDL loan twice?

Can I submit multiple COVID-19 EIDL applications? Yes, you can submit one application per eligible business.

How are EIDL loans calculated?

The standard calculation is “Gross Receipts” of 2019 minus cost of goods sold (COGS) times 2. If your business has ‘cost of goods sold’ (COGS), that comes off the gross receipts first. So for example, if your total gross revenue was $50,000 and your COGS was $10,000, you should be eligible for up to an $80,000 loan.

Can you still get Eidl grant?

If you have not previously applied for EIDL, you may apply at SBA.gov. You will be able to apply for the low-interest-rate loan through December 31, 2021 as long as funds are available. If it appears your business also qualifies for the Targeted Advance or Supplemental Advance, the SBA will invite you to apply.

Can I review my EIDL application?

To check the status of your Targeted EIDL Advance application and/or Supplemental Targeted Advance application, visit the SBA portal or call the customer service phone number listed above. You can also email TargetedAdvance@sba.gov.

Can I reapply for EIDL loan if denied?

You have up to six months after being denied for an EIDL loan to file for a reconsideration. If you’re applying for more than one EIDL loan, you’ll have six months for each of them, based on the date each one was denied.

Is my EIDL loan forgivable?

EIDL funds can be used for working capital and normal operating expenses, such as continuation of health care benefits, rent, utilities, fixed debt payments. … The loan may be forgiven if all employee retention criteria are met and funds were used for eligible expenses.

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How much can I pay myself with EIDL loan?

In 2020 you are now making $500 in one week and $3,000 in another week. You can still pay yourself payroll of $2,000 per week for those two weeks.