EIDL Loans up to $2M will not start to be approved before October 8th.
As more information becomes explicit about the EIDL increase program, borrowers should be aware that $2M approvals will not begin until October 8th. The SBA is likely trying to help the largest amount of businesses by approving the increases (and backlog) up to $500K first, and then they will use the remaining funds for the $2 M increases.
Borrowers should remember that getting one of these $2M loans will be a bit like winning a lottery ticket. There will be far more applicants than available funds, and there will be some luck based on what office you land up being processed through. Remember, this program is being run by the government, and it’s messy !!!