Can You Apply for an EIDL Loan Twice?
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Can You Apply for an EIDL Loan Twice?
Your original EIDL application was denied. In this case, you should have received a reason for why your application wasn’t accepted. If you can address the SBA’s concerns, then you can initiate an EIDL reconsideration request. You want a second EIDL. You may apply for only one COVID-19 EIDL. But if your business is located in a declared disaster area and it experienced additional economic injury, you may apply for a separate EIDL as well as a COVID-19 EIDL. You received COVID-19 EIDL funds before the loan limit increased either in April 2021 or in September 2021. In either case, you can request a larger loan amount. Technically, this isn’t considered getting an additional loan. Rather, you’re simply taking advantage of new rules regarding loan limits. The SBA will contact you if you’re eligible for additional funds.
Can You Increase Your EIDL Size?
EIDL Size Standards
SBA Size Standards
PPP Size Standards
500 employees or fewer Average annual receipts less than the industry-specific threshold (you can use the Size Standard Tool to check) Alternative-based measures such as net worth and/or net income
How to Request an Increase to Your Existing EIDL Loan
EIDL Maximum Loan Amounts
PPP Maximum Loan Amounts
When Is the Deadline to Apply for EIDL Funding for COVID-19 Relief?
The Takeaway
Frequently Asked Questions
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About the Author
Lauren Ward is a personal finance expert with nearly a decade of experience writing online content. Her work has appeared on websites such as MSN, Time, and Bankrate. Lauren writes on a variety of personal finance topics for SoFi, including credit and banking.
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