AmiSight 12/6: SBA Deadlines Are Looming
As the deadline of December 31st for stimulus benefits for small business draws closer, the Small Business Administration (SBA) has released more clarifying information. Economic Injury and Disaster Loan (EIDL) applications and Targeted Advance applications still have to be in by December 31st, but the SBA will continue to review applications after the deadline, until the funds are exhausted. In contrast, the Supplemental Targeted Advance applications will not continue to be processed after the December 31st deadline due to “legal reasons.”
The SBA is “strongly suggesting” business owners get these applications in by December 10th. If you already have an EIDL loan and are looking for an increase, you may request one up to 2 years after the original loan date. However, I recommend applying sooner rather than later since this incentive will end sooner if funds are exhausted. If you would like your application to be reconsidered or file an appeal it you were denied, do so before December 31st or, no later than 6 months after being declined and no later than 30 days after reconsideration decision for appeals. Before going through either of these processes, make sure funding has not run out yet.