How Much EIDL Loan Increase Can I Get 2021 | Amount of SBA EIDL Loan Increase
Know how much SBA EIDL Loan Increase you are eligible for in 2021. The SBA is allowing businesses and self-employed to request an increase to their Covid-19 EIDL Loan with a max of $500,000.
DISCLAIMER This video is intended for educational purposes and should not be taken as legal or tax advice. You should consult with your financial professionals about your unique financial situation before acting on anything discussed in these videos. Freedomtax Accounting and Multiservices Inc. is providing educational content to help small business owners become more aware of certain issues and topics, but we cannot give blanket advice to a broad audience. Freedomtax Accounting and Multiservices Inc. or its members cannot be held liable for any use or misuse of this content.
Now that the SBA is allowing you to request an increase on your EIDL loan. One of the most common questions we get here at Freedom Tax Accounting is well how much of an increase can I get, and that’s what we’re going to talk about in this video. Hello from Freedom Tax Accounting, we’re an accounting firm where we have been providing quality tax and accounting services now for over 20 years. If you are new to this channel, we provide strategies for small business owners so they can achieve their financial goals. This video is being recorded on and we always emphasize the date on the recording on any video relating to the EIDL or the PPP loan program because these programs have been constantly changing. So, there may be things we discussed in this video that can change as soon as tomorrow; so that’s the importance of subscribing to our channel that way you are always payday loan near me up to date with the most current and correct information relating to these SBA loans okay.
So, as you all know the SBA is now allowing businesses or self-employed who got the EIDL loan in 2020 or 2021 to request an increase on their EID alone, and now the most common questions we get here in freedom tax is well if I request an increase how much of an increase can I get. So, basically, that’s what we’re going to discuss. Let me show you okay so this is the most common question, we are getting right now at freedom tax relating to the EIDL, “How much EIDL loan increase can I get?”
Okay so as an overview remember that the EIDL loan has been extended, so you can request an EID alone until . So, if you have not applied for the EIDL loan in 2020 or 2021, you can now apply for the new loan and you have until December 31st loan.
Remember in the past the max you could get was 150,000, now they have increased the max to 500,000. If you received an EIDL loan in 2020 or in 2021 with the old formula, you can now apply for an increase okay.
How Much EIDL Loan Increase Can I Get 2021 | Amount of SBA EIDL Loan Increase
So, basically in the week of April 6, the SBA started to send out an email because in order to request an increase on your EIDL loan, you have to do it via email. So, there’s no website, there’s no portal that you can go and request the increase, it has to be via email. What email? This is the email the SBA started sending out on the week of . Basically, letting you know that according to their records that you received an EIDL loan, and they give you the instructions right here on how to request the increase okay.