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Answers To The Most Frequently Asked EIDL Questions

The Covid-19 Economic Injury Disaster Loan (EIDL) program ends on December 31, 2021. Luckily, over $100 billion remains, so there is still an opportunity to apply for a grant, loan or an increase. Here are answers to the most asked EIDL questions from this week.

📌 Pro-tip: Have questions about EIDL 2.0, including reconsideration, new collateral requirements, or getting approved? You can now get VIP funding help from our team (become an exclusive Made Member). We'll go through forms, documents, applications in-depth with you. This is brand-new and if no spots are available you can book our regular funding support here.

Can Gig Workers (like Uber Drivers) Apply For the EIDL Loan?

Yes, gig workers are considered independent contractors. Independent contractors can apply to the EIDL program as long as they have verifiable business income for 2019 or January of 2020. Any business formed or conducted after January 31, 2020, does not qualify. We offer 1-on-1 support to fill out the EIDL as an independent contractor.

How Does The SBA Determine My Total Loan Amount?

The SBA calculates your total possible EIDL loan amount based on your 2019 revenue and your cost of goods sold. In addition to the total eligible loan calculation, SBA loan officers use a cash flow analysis to determine the EIDL amount you qualify for, specifically if you will be able to repay the EIDL amount you are requesting.

How Long Does It Take To Receive EIDL Funds?

The SBA reports that businesses that apply for a loan below $500K are typically waiting 2-3 weeks. Those that apply for an EIDL loan above $500K and have business real estate as collateral, can expect to wait about 45 days for their funds to be disbursed. For businesses that do not have business real estate as collateral, it can take an additional 2-3 weeks. Once funds are disbursed, it should take no longer than 10 business days for the funds to hit your bank account.

Which Address Do I Write On The 4506-T Form?

When you sign and submit the 4506-T form, it allows the SBA to ascertain your 2019 tax transcript to complete your EIDL application. The address you use must match your business address from 2019. Even if you have moved, you need to write down your 2019 address on the 4506-T.

What Can EIDL Loans Be Used For?

The Covid-19 disaster loan can be used for many purposes, including paying off or paying down business debt, payroll, utilities, rent or mortgages, making repairs to your business, inventory, and more. Be aware, there are some misconceptions about the EIDL program and expenses that are not allowed.

Can I Use The EIDL Loan To Buy A New Vehicle If The Vehicle Is Pivotal to My Business?

Yes. If you would normally purchase a new vehicle to replace an old one, that is considered a normal operating expense. The Covid EIDL loan cannot be used to expand your business, so dramatically expanding your fleet would not be an acceptable expense.

Can I Still Apply For The Targeted EIDL Advance?

Yes. The SBA is still inviting eligible applicants to apply to the Targeted EIDL Advance. The SBA reports that they have ample funds for this program. If you applied for the EIDL program and you live in an eligible area, you can still apply. If you have not received the email from the SBA, contact your local SBA office. Targeted Advance applications cannot be processed after December 31, 2021.

What Do I Do If My Application Has been “Withdrawn Due to Inactivity?"

The good news is that a "withdrawn" is not a decline. This is a status that loan officers place applications in. Most commonly, this occurs when a loan officer needs an updated 4506-T because the original one was rejected by the IRS. The address on the 4506-T must match your 2019 tax return. The loan officer puts your application in a non-interested status until the SBA gets the transcript from the IRS. When they receive the transcript the SBA's system triggers a review and reactivates your application. If your application has been withdrawn, contact your loan officer, but it's likely the 4506-T.

Can I Apply For Multiple EIDL Loan Increases?

Yes, you are able to request multiple increases up to your total eligible loan amount. The best way to request an increase is through your EIDL portal. Use the slider to select the new amount you would like. You can also email

What Source Does SBA Use To Check My Credit Score?

The SBA uses Experian VantageScore 3.0 to check your credit score and creditworthiness.

Do All Business Owners Need To Fill Out The Personal Financial Statement?

Every owner who owns 20% or more of the business needs to fill out form 413. When you fill out SBA form 413 (Personal Financial Statement), you will need your personal bank account info, tax forms, retirement account info, and more. We offer 1-on-1 support on the Personal Financial Statement if you need help filling it out.

Want Personalized Help With EIDL?

Do you have other EIDL questions, including reconsideration, new collateral requirements, or how to get approved? Get ongoing personalized funding help from our team. There are over 4,500 on our waiting list, but you can skip the wait list and join now!

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This post is to be used for informational purposes only and does not constitute legal, business, or tax advice. Each person should consult his or her own attorney, business advisor, or tax advisor with respect to matters referenced in this post. Made assumes no liability for actions taken in reliance upon the information contained herein.

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