![]() “There are many small business owners confused about the December 31st deadline. This means six months from the date of decline for reconsiderations and 30 days from the date of reconsideration decline for appeals – unless funding is no longer available. ![]() The SBA will continue processing applications after the deadline, including increase requests and reconsiderations. ![]() The E RC in Washington is a tax credit program for your WA business that does not expire until 2025. If your Washington business had been declined, you can still go through the reconsideration process within 6 months after the date of the decline letter to request reconsideration, even if it is already past the deadline of. However, if you already received EIDL funds for your Washington business, you can still do an increase request in 2022, or until the COVID EIDL funds run out. Washington SBA EIDL Loan Increase Timelineįor new Washington EIDL applications, the deadline expired on December 31, 2021. Was Your Washington SBA EIDL Loan Denied?.Does Your Washington Business Need an Increase or Loan Modification to Your Existing SBA EIDL Loan?.Washington SBA EIDL Loan Increase Timeline and Process Conclusion and Summary.Loan Reconsideration Request Process for SBA EIDL Disaster Loans in Washington.How Long Does it Take to Get an SBA Loan Increase in Washington?.Washington SBA EIDL Loan Increase Request Guidelines.How to Request an Increase in the SBA EIDL Loan in Washington?.Washington SBA EIDL Loan Increase Timeline.If you have any questions, please reach out to your GBQ representative. For more information on the COVID EIDL program, visit the SBA’s website by clicking here. If you need an alternate capital source to help pay off high interest loans and reset your financing structure, this COVID-19 EIDL may be the solution you are looking for. The National Restaurant Association has provided a fact sheet on this updated program which lays out the terms of the program and how to apply whether you are a first-time applicant or looking to increase your existing EIDL amount.Įfforts continue to advocate for the replenishment of the Restaurant Revitalization Fund however, it does not appear to be a solution for those who need funding now. In order to qualify, your restaurant must have been in operation as of 2019 and the funds cannot be used to expand the business. However, the terms are favorable, allowing a low interest rate and 30 years to repay the loan. It is important to remember that the EIDL is not a forgivable loan and must be paid back. Eligibility rules, including affiliation, are more aligned with those used for the RRG.Use of funds has been expanded to include prepayment of commercial and credit card debt.Loans can be up to $2 million compared to the original maximum amount of $500,000.What has changed compared to the original EIDL? The COVID EIDL expansion is an alternate source of capital to restaurant companies to assist in the recovery from the pandemic. Several restauranteurs had applied for the Restaurant Revitalization Grant (RRG) but due to insufficient funding, many did not receive those funds. Recently, the Small Business Administration (SBA) expanded its Economic Injury Disaster Loan (EIDL) program to help small businesses access working capital with favorable repayment terms. Now, you have two years from the original loan date to request additional funds of up to $2 million. You will recall during the first round of EIDL that loans were maxed out at $500,000. Update: Although new COVID EIDL applications are no longer being accepted, you can still request increases, reconsideration, and appeals until the EIDL funds run out. Forensic Accounting/Fraud InvestigationsĪrticle originally published September 22, 2021.Financial Statement Attestation Services.
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