Breaking: SBA Could Exhaust EIDL Funds As Early as Mid-April

eidl • Mar 05, 2022

Recently we heard from a source at the SBA that the Economic Injury Disaster Loan (EIDL) program has approximately $41B remaining. While many factors affect the rate the SBA distributes EIDL funding, at the current rate, the SBA could exhaust the pool of money dedicated to the EIDL program by mid-April. Here's what you need to know — and do.

SBA Could Exhaust EIDL Funds by Mid-April

According to a source at the SBA, there is approximately $41B in EIDL funding remaining. That's substantially lower than the $100B in funding that was reported only a few months ago. Our source also stated that the SBA is awarding about $1B in funding per day.

If the SBA continues to award $1B per day — the EIDL pool will run dry around the 15th of April.

It is important to recognize that several factors affect the rate that the SBA distributes EIDL funds. That means that the exact date that EIDL funds will be officially exhausted may fluctuate. Here are a few factors that impact the rate of EIDL distribution:

The number of outstanding EIDL loans awaiting approval
The amount of each EIDL loan awaiting approval
The number and amount of denied loans eligible for reconsideration
The number and amount of pending EIDL increases

Survey Shows 53% of EIDL Recipients Need More EIDL Funding

Recently, Skip conducted an EIDL survey and had over 1K small businesses respond. One of the staggering realities that we discovered is that 84% of business owners are seeking more funding — EIDL and non-EIDL — but 53% are specifically seeking more EIDL funding. The average amount businesses are awaiting is $199K.

Average EIDL Loan Amount and Percent Businesses Seeking More EIDL Funding

Apply for Increases or Reconsiderations Now

With 53% of survey respondents looking for more EIDL funding, now is the time to apply for reconsideration or an increase. The SBA stopped accepting new EIDL applications on December 31st, 2021, but they are still processing EIDL reconsiderations and loan increases.

The SBA previously reported that they could fund all EIDL applicants to the full amount. According to an article by Yahoo Finance on Saturday, January 1st, an SBA spokesperson said:

"The SBA has enough in available funding to continue supporting all EIDL applicants up to their full, entitled loan amount."

Businesses have two years from the origination date to request an increase and six months from the date of denial to request reconsideration — but you probably do not have that much time anymore. If you have been waiting to apply for reconsideration or an increase, now is the time to do it.

Get EIDL and Other Funding Help for Your Business

Do you need help with your EIDL application or getting other funding for your business? We have helped small businesses collectively secure over $1B in funding. We can help you with EIDL, SBA loans, grants, or other business financing options. Get ongoing personalized help from our team. Join Skip Premium today and get 1-1 support for your business.

How Else Can Skip Help? Whether you need assistance navigating funding for your small business — like SBA loans, grants, or other financing options, or guidance with government-related services — like TSA PreCheck or DMV appointments, we’re ready to help. Become a member and skip the red tape.