Has anyone actually received the EIDL loan increase yet? Unlike the PPP, the EIDL is more open-ended in how you can use the funds. Press J to jump to the feed. While advance grant funds are exhausted, there are still loan funds available. Log In Sign Up. Read More. Some borrowers may have already accepted the loans without appreciating the full measure of the SBA requirements. In that case, borrowers can immediately pay back the loan … For example, if you received a $1,000 EIDL advance, your PPP loan forgiveness decreases by $1,000. 4/6 & 4/7 sent email requesting increase. Otherwise, the EIDL can be used as operating capital to cover the day to day expenses you incur as a business. Breaking News, Coronavirus. Mine still says Your loan modification is being processed. According to COVID Loan Tracker, out of 6,860 small businesses reporting, 1.5% have received EIDL grants and 4% have received PPP loans. YES! Yet many of those who have received their approval notification are confused about how they can use funds from their EIDL loans. If you qualify for and received a Targeted EIDL Advance, the funds you receive are fully forgivable. Learn about the Targeted EIDL grants here.. Over $200 billion in Economic Injury Disaster Loans (EIDLs) have been approved by the Small Business Administration (SBA) as of February 12, 2021. Press question mark to learn the rest of the keyboard shortcuts. The EIDL is a federal disaster loan program that offers low-interest loans to businesses that have been impacted by COVID-19. 6/4/20 Received $60,000 EIDL loan. Currently, you can receive up to $150,000 through the EIDL if your business has been financially impacted by the coronavirus outbreak or related shutdowns. Plus the outstanding amount of any EIDL loan made between January 31, 2020, and April 3, 2020. At 2.5 times their payroll, the maximum loan amount would be $25,000. Minus any EIDL advance you received. You can apply for the EIDL here. Is the EIDL still available? 2. 4/20 Loan Officer called asked about BK, Hazard Insurance (on file from existing EIDL Loan), said I qualified for $330,000 (I calculated it would be $240,000 total) based on my tax return, he sent my file on to legal It is a typical practice for many small businesses to take out dividends, but now it is illegal for those who have received EIDL loans. An EIDL Loan is Not Required to Be Refinanced with a PPP Loan When: • The PPP Borrower received funds from an EIDL loan from January 31, 2020 through April 3, 2020; and • The PPP Borrower used the EIDL loan for purposes other than payroll costs. No, the EIDL loan will not impact your PPP loan forgiveness. Has anyone received the EIDL loan increase yet? Updated February 16, 2021. This article is about EIDL loans. However, if you received an EIDL advance grant, that grant amount will be subtracted from your PPP loan forgiveness amount. 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