Breaking: SBA Updates EIDL Loan and Supplemental Grant Deadlines

Updated November 19, 2021


Today, the SBA released official guidance on applicant deadlines for the EIDL grant and loan programs. The deadline to apply for EIDL loans and Targeted Advances remains December 31, 2021, but the timeline for Supplemental Advances is earlier. More than 3.8 million businesses have received financial assistance through the Covid EIDL program, but millions still have not. Here's what you need to know.

Deadline for New EIDL Applications Is December 31st

To date, over 3 million businesses have been approved for an EIDL loan. That means millions of small businesses around the country have not applied, but still can. The deadline for new EIDL applications is December 31, 2021. If you apply for an EIDL loan of $500K or below, the standard wait time for a decision is 2-3 weeks. For loans over $500K, the wait time is 45 days but can take longer depending on the type of business collateral.

Businesses Can Apply For EIDL Reconsideration, Appeals, and Increases After December 31st

The deadline to apply for a first-time EIDL loan is December 31st, but the Covid EIDL program will continue to process applications after the deadline. If you are denied an EIDL loan you have six months from the date of denial to request reconsideration. For example, if you apply for an EIDL loan today and do not hear back until February 10, 2022, you have until August 10, 2022, to apply for reconsideration. Any appeals must be made within 30 days of the date of decline.

Businesses have two years from the origination date to request an increase, even past this December. If, for example, you are approved for an EIDL loan on December 1, 2021, you have until December 1, 2023, to request an increase. This holds true as long as the SBA has the available funds.

Currently, the SBA still has close to $100 billion allocated to EIDL funding, but that may quickly dwindle as more businesses apply and request increases. The best option is to request reconsideration or an increase right away, while the SBA has the funds available.

Apply For EIDL Supplemental Grants By December 10th

The EIDL Supplemental Advance cannot be processed after December 31, 2021 and so applicants should apply by December 10th. In the press release, the SBA stated, "The SBA cannot continue to process Supplemental Targeted Advance applications after December 31 and strongly encourages eligible small businesses to apply by December 10 to ensure adequate processing time."

The Targeted EIDL Advance program will continue through December 31, 2021 and will be processed into 2022. The Targeted Advance program has a hard deadline of December 31st, like the EIDL loan, but those that qualify for the grant will still receive it if they applied by December 31, 2021.

According the most recent EIDL data, just over 800,000 Targeted and Supplemental Advances have been approved. The Targeted EIDL Advance program awards $10K grant to businesses that live in low-income areas across the county and had a 30% or more loss of revenue over an eight-week period between 2019 and 2020. If you believe that you qualify for the Targeted Advance and did not receive an email invite, you can email the SBA at disastercustomerservice@sba.gov or contact customer service at 1-833-853-5638.

Get Personalized EIDL Help For Your Business

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 2,000 on our waiting list, but you can skip the wait list completely with this invite link.


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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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