within 21 days
Once a borrower applies for an EIDL, approval timelines can vary depending on volume. Typically, a decision is made within 21 days of application, and disbursement of money within five business days. Borrowers are assigned individual loan officers for servicing the loan.
How do I know if SBA loan was approved?
Call 1-800-659-2955 (the SBA Disaster Assistance customer service center) and ask for Tier 2. These reps can answer questions about the application process and your EIDL loan status.
What does SBA loan being processed mean?
These are the steps the SBA is taking during the EIDL loan underwriting phase which happens as your EIDL loan application says ‘processing’: Once they approve the loan will be passed onto the E-Tran system to receive a loan number.
Is the SBA still able to issue EIDL advances?
SBA is not able to issue EIDL Advances once program funding has been obligated and is no longer available. EIDL loan applications will still be processed even though the Advance is no longer available.
What are the underwriting criteria for an EIDL loan?
They do NOT use FICO. Credit score is largest factor for approval for EIDL loans and no exceptions are made for lower credit scores. Economic Injury: the eligible amount is calculated automatically by formula based on your inputs.
How is the EIDL advance loan program determined?
EIDL Advance was a grant program offered together with the economic injury loan program. The amount of the grant was determined by the number of employees indicated on the EIDL application: $1,000/employee, up to a maximum of $10,000. EIDL Advance does not have to be repaid.
Who is eligible for SBA economic injury disaster loan?
SBA is currently accepting new Economic Injury Disaster Loan (EIDL) applications from all qualified small businesses, including agricultural businesses, and private nonprofit organizations. If you have already applied via the streamlined application portal, please do not resubmit your application.
