The Small Business Administration (SBA) has allocated billions of dollars for Economic Injury Disaster Loans (EIDL) and Advances as well as for the PPP program. This information is for informational purposes only and we try to update based on SBA-information when we know information.
Here is a quick summary of the current state of EIDL and PPP funding. For the best updates, subscribe to our YouTube channel. I do almost daily video updates as things evolve and we receive new information. Also, we do daily posts on our Skip app.
As of April 2021:
Targeted EIDL Grants are being distributed in the order EIDL Grant applications were received last year. We don't know when the SBA will open up applications to 1) past applicants who aren't in "Targeted" areas or 2) new applicants, which may include Targeted and Non-Targeted applicants. For now the SBA is distributed these grants - topping up to $10,000 — to two groups: 1) Past applicants who qualify who received some previous EIDL Advance funding and 2) Past applicants who qualify who didn't receive prior EIDL Advance funding
Increased $5,000 EIDL Grants are part of the March 2021 stimulus package. We do not have details on the distribution for this yet.
EIDL Loans had recent changes. Starting on April 6, the SBA will allow businesses to get loans of up to $500,000 instead of the $150,000 limit. The SBA will reach out to past EIDL applicants on how to get the increase
PPP Loans applications have been extended an additional two months. You can now apply until May 31st for either a First Draw or Second Draw.
Most Commonly Asked Questions
What's the status of my EIDL/PPP? Why don't I qualify? Where's my funding? For these types of questions, the answer is usually we're waiting on information from the SBA or it is up to the SBA. We're only an information provider trying to keep you informed on the latest changes, but we don't control funding, distribution of funding, or approval of funding.
For the EIDL Advances and Loans, this is up to the SBA and there is no action for you to take at this time unless they're asking for tax information via email to you or a loan officer from an official SBA email has reached out to you.
For PPP Loans, this is up to the Lenders you've applied with to approve you and get approval from the SBA so they can provide funding to you. We have two lender partners, Bluevine and Funding Circle, that you can take a look at.