Checking Your EIDL Loan Status

Susan Guillory

Updated December 17, 2021

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Editor’s note: Lantern by SoFi seeks to provide content that is objective, independent and accurate. Writers are separate from our business operation and do not receive direct compensation from advertisers or partners. Read more about our Editorial Guidelines and How We Make Money.

If you’re like many small business owners, you may have applied for an Economic Injury Disaster Loan (EIDL) as a way to get through tough times caused by the coronavirus pandemic. If you haven’t heard back and are getting antsy about the status of your loan (or EIDL grant), or you’re interested in increasing your loan, read on. Here’s the latest on how to follow-up on your EIDL loan, what information you’ll need to have at the ready in order to do so, as well as tips for identifying potential EIDL loan scams. Recommended: Can You Apply for an EIDL Loan Twice?

What Is an EIDL Loan?

The Small Business Administration (SBA) has several loan programs for small businesses, one of which is the EIDL. Before the COVID-19 pandemic, the EIDL program was aimed to assist businesses located in declared disaster areas, including those impacted by hurricanes, droughts, and floods.The pandemic has expanded the EIDL program and the SBA now offers these low-interest, long-term loans to businesses negatively impacted by the coronavirus pandemic. These loans are designed to help struggling small businesses cover their operating expenses; then cannot be used to expand your business or start a new small business.In September, 2021, the SBA increased the EIDL loan cap from $500,000 to $2 million. If your business has already received a loan via COVID EIDL, you can apply for an EIDL loan increase through the SBA portal.Recommended: How You Can and Cannot Use Your EIDL Loan

Applying for EIDL Loans

If your business has suffered because of the COVID-19 pandemic, you may qualify for an EIDL loan. You can apply for an EIDL loan directly on the SBA’s website. Here’s how:

Step 1: Make Sure You Qualify

In order to qualify for an EIDL loan, businesses must meet the following criteria:

The business was operational as of January 31, 2020.
The business entity falls under one of the following categories: small businesses, qualified agricultural businesses, eligible nonprofit organizations, Veterans organizations, Tribal organizations, independent contractors, self-employed individuals, or sole proprietors.
The business has fewer than 500 employees (or meets the SBA’s small business size standard for their industry).

Step 2: Gather Your Documents

You’ll need certain papers when you apply, including:

2019 Federal Income Taxes, including all schedules

2020 Federal Income Taxes, including all schedules

If the most recent Federal income tax return has not been filed, a year-end profit-and-loss statement and balance sheet for that tax year

Additional information that must be submitted for loans greater than $500,000:

SBA Form 2202 – Schedule of Liabilities

List of Real Estate Owned

SBA Form 413 – Personal Financial Statement for general partners, managing members, and all owners of 20% or more of the applicant business

Step 3: Apply Online

Once you have everything you’ll need, you can go through the application process. You’ll be asked questions about your business, such as when it was founded, the industry it’s in, and number of employees. You’ll likely also be asked about gross revenues and cost of goods sold. As you enter this information, the application will automatically calculate the EIDL amount you’re eligible for. You can request that amount, or you can request less if you want. Once you submit your application, the SBA will review it, and you’ll be able to check your EIDL loan status. Recommended: How to Calculate Your EIDL Loan Amount

What to Know About the EIDL Grant

In addition to being able to borrow up to $2 million, there is the possibility that you may qualify for one or both of the EIDL grants available to qualifying businesses.Called the Targeted EIDL Advance and Supplemental Targeted Advance, these grants provide funds that do not have to be repaid.The Targeted EIDL Advance provides up to $10,000 to qualifying applicants located in a low-income community who have seen more than a 30% reduction in revenue during an eight-week period beginning on March 2, 2020, and have 300 or fewer employees.The Supplemental Targeted Advance provides a supplemental payment of $5,000 that does not have to be repaid. It has even more stringent requirements. The economic loss must be 50% or greater and you must have 10 or fewer employees to qualify. To apply for either grant, you simply apply for an EIDL loan. The SBA will determine if you qualify and, if you do, will invite you to apply. You don't need to accept the loan or be approved to get a grant. And, depending on your business' size and the losses you suffered, you could receive both of these grants.

What to Expect After Applying

It may take the SBA several weeks or months to review and approve your EIDL loan application.If you’re applying for under $500k, the application can take three weeks. For over $500k, the timeline is approximately six weeks. If you apply for under $500k and then want to extend the amount to more than that, it can take a total of nine weeks to process your application.Once the appropriate time span has elapsed, you may want to check the status of your EIDL loan.Recommended: How Long Does It Take to Get EIDL Funds After Approval?

How to Check Your EIDL Loan Status

There are several ways you can check on your EIDL loan and grant status.

SBA Website

The easiest place to check your EIDL status is through the SBA’s portal. There, you can sign into your SBA EIDL account to review your application and track your loan status. To check your loan status this way, you’ll need to have your user ID and password.

By Email

If you have specific questions about your EIDL status that can’t be addressed via the portal, you can email [email protected] It’s a good idea to include your full legal name and application number in your letter.

By Phone

If you need a fast answer and want to speak with a human, you can call the Disaster Assistance Customer Service Center at (800) 659-2955. You’ll want to have your application number at the ready when you call. If one method of checking your EIDL loan status doesn’t work for you, you can try another. And, if your status remains unchanged today, you can simply try again in a day or two.

Be Wary of Scams

There have been scams where people get voicemails or emails from someone who claims to be from the SBA. Because of this, it’s wise to never give sensitive information (like your social or tax ID, passwords, or bank account numbers) to someone who has reached out to you by phone or email. Some emails look legitimate, and may even have the SBA’s logo, so it’s a good idea to make sure the email address has sba.gov at the end. If you receive a voicemail, you can call the number above to see if it was a legitimate call.

What if Your EIDL Loan Is Declined?

There is the possibility that you will be turned down for an EIDL loan, even if you believe you qualify for one. The SBA will send a letter explaining the reason you were denied. It might be simply because you didn’t provide the right documents or information to back up your financial need. You have the option to ask for EIDL loan reconsideration. To do so, you can send an email to [email protected] and include:

Your application number
Business name
Borrower’s name
Business federal tax ID or Social Security number
Additional information to prove your case

Alternatives to EIDL Loans

If your loan is declined or you miss the deadline to apply for a COVID EIDL loan, you’re not out of small business loan options. There are alternative routes you can take to get the financial assistance you need to keep your business moving forward. These include business loans for emergency use, short-term small business loans, lines of credit, and personal loans.

The Takeaway

One of the most challenging parts of applying for an SBA disaster loan is waiting for your application to be processed. But luckily, there are a few different ways you can check the status of your application -- through the SBA portal, by email, or phone. If you don’t qualify for the EIDL program, or you’re looking to expand your business (which EIDL loans cannot be used for), you may want to look into other small business financing options. With Lantern by Sofi, you can get offers from multiple lenders by filling out one online application.

Photo credit: iStock/Delmaine DonsonThe tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.SOLC112262

About the Author

Susan Guillory

Susan Guillory is the President of Egg Marketing, a content marketing firm based in San Diego. She’s written several business books, and has been published on sites including Forbes, AllBusiness, and Cision. She enjoys writing about business and personal credit, financial strategies, loans, and credit cards. Follow her on Twitter @eggmarketing.

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