When Is The Last Day to Apply for SBA EIDL Loan | SBA EIDL Loan Application Due Date
In this video we discuss when is the last day small business owners have to apply for the Covid-19 SBA EIDL Loan. Time is running out and if you want to get an SBA EIDL Loan then the due date to apply for the SBA EIDL Loan is very near.
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One of the most common questions that we get here at FreedomTax accounting is, what is the last day available to apply for the SBA EIDL loan. That’s what we are going to talk about in this video.
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Now, many small business owners have already applied and received their SBA EIDL loan to help them get through this coronavirus pandemic, but there are still many business owners that have still not applied for this loan to get additional financial help during this coronavirus pandemic. One of the most common questions that we get here at FreedomTax accounting is, what is the last day that I have available to apply to the SBA EIDL loan?
Now, this video is being recorded on October 4th, 2021; we always emphasize the date of the recording of any video relating to the EIDL loan because these rules have been constantly changing, so there are maybe things that we discuss in this video that can change as soon as tomorrow.
Now, the SBA website says that you have until December 31st 2021 to get your EIDL loan approved. That doesn’t mean that you have until December 31st 2021 to apply; you need to apply many weeks in advance to get it approved before December 31st 2021. Now, the SBA website said that if you are applying for an EIDL loan of $500.000 dollars or lower, that the process should take 3 weeks; and if you are going after an SBA EIDL loan that’s 500.000 dollars or more, and right now the cap is $2.000.000 dollars, then you should expect the process to take 8-9 weeks. Now, that’s what the SBA website says, but in our experience the process is taking a lot longer. So, what is our recommendation if you are still not applying for an SBA loan and you want to apply for an SBA EIDL loan now, is that you apply as soon as possible.
Right now, we are on October 4th, so if you want an SBA loan under $500.000 dollars, the latest you should apply would be November 1st; that’s what we are recommending. If you want an SBA loan that is over $500.000 dollars, then you should apply by the latest by October 15th. Now, the process can be faster, the SBA may process your application faster, but in our experience, they are taking a lot longer than what the SBA website is saying that the process should take.
Remember, you need to have your SBA loan approved by December 31st to get the funds. Once your EIDL loan is approved, the SBA can take up to 10 business days, that’s 2 weeks, to deposit the funds in your bank account.
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Now, at this time FreedomTax is not providing assistance or the service to apply for the EIDL loan, but we have done a video in the past which this is the link right here: FREE SBA EIDL Loan Application Help & Assistance, where we discuss and give you options on several free available services where you can basically get free assistance in applying for the SBA EIDL loan, so please check out that video.
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