The SBA Administrator announced major enhancements to the COVID Economic Injury Disaster Loan (EIDL) program, a federal disaster relief loan designed to better serve and support our small business communities still reeling from the pandemic. The SBA is ready to receive new applications immediately from small businesses looking to take advantage of these new policy changes.
Key changes include:
How to apply
Eligible small businesses, nonprofits, and agricultural businesses in all U.S. states and territories can apply. Visit www.sba.gov/eidl to learn more about eligibility and application requirements. The last day that applications may be received is December 31, 2021. All applicants should file their applications as soon as possible.
For additional information on COVID EIDL and other recovery programs please visit www.sba.gov/relief. Small business owners may call SBA’s Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the deaf and hard of hearing) or email DisasterCustomerService@sba.gov for additional assistance. The center is open Monday through Friday from 8 a.m. to 8 p.m. EST. Multilingual representatives are available. Small business owners may also contact SBA’s Resource Partners by visiting www.sba.gov/local-assistance.
Application Process and Fraud Control Enhancements
In addition to the policy enhancements, the SBA has invested in optimized processes and increased capacity to improve the customer service experience for applicants. The revamped management team implemented new processes and performance management such as prioritizing personnel for COVID EIDL and increasing the average number of loan application decisions made. The SBA accelerated daily processing of loan increases from close to 2,000 applications to more than 37,000 applications daily. Loan officer productivity also went from 1.86 applications per day to 15 applications per day. As a result of these increased loan review rates, the 600,000+ loan increase backlog has been cleared and new applications can be processed immediately. At the same time, and to ensure taxpayer dollars are used to support businesses that need COVID EIDL funding most, the SBA has increased fraud controls and is working in collaboration with the SBA Inspector General to closely monitor the program.
All business owners that have received previous loans through the SBA’s Paycheck Protection Program (PPP), Restaurant Revitalization Fund (RRF), or Shuttered Venue Operators Grant (SVOG) can still benefit from COVID EIDL. To learn more about the application process, visit www.sba.gov/eidl.