Reapplying for Small Business EIDL Loans Under the CARES Act

The new $484 billion aid package approved by Congress includes $60 billion to renew funding for the Economic Injury Disaster Loans (EIDL) program and adds $320 billion to the Paycheck Protection Program (PPP). Those who were caught in the middle of the loan application process when funding ran dry need to know the following:

If you were in the process of applying for a EIDL loan and have an application number that begins with the No. 3, you do not need to reapply for a loan. The Small Business Administration reports it is continuing to process applications that were in the pipeline when funding ran out, and will reopen its application portal and accept new applications once it receives new appropriations.

Small businesses seeking an EIDL loan that have an application number that begins with No. 2 should reapply once the application portal reopens. They will not lose their place in line because SBA can match up the new application with the date/time stamp of the original application submitted.

Businesses applying for an EIDL may request an advance of up to $10,000 to be delivered quickly following the request. An applicant will not be required to repay this advance if the funds are used to cover payroll, provide sick leave or cover other business costs, even if the applicant is subsequently denied a loan under the EIDL program.

The Small Business Administration will resume accepting PPP loan applications on Monday, April 27 at 10:30 a.m. EDT.

More information on the PPP and EIDL loan programs can be found here.

For more information, contact Alex Strong at 1-800-368-5242 x8279 or Heather Voorman at x8425.

 

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Comments (36)

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  1. Janine says:

    When will the portal open for new applications?

  2. Gary moss says:

    What if i was declined? Should i reapply? I was declined because they had my bank account and routing numbers reversed in application

  3. Are 501C(6)’s now eligible to apply for the PPP loan?

    • NAHB Now says:

      No, NAHB continues to advocate for 501(c)(6) organizations to be eligible for the PPP program. 501(c)(6) entities can apply for the EIDL program provided they are not “in the business of lobbying.” That essentially means that if more than 50% of your organization’s resources are devoted to lobbying, you would not be eligible. However, we urge you to consult with your legal counsel to confirm your qualifications.

  4. Shannon says:

    Hi-

    Do you know of any banks that are accepting new applications for ppp. My bank and several others aren’t accepting new applications

  5. K says:

    For more information, contact Alex Strong at 1-800-368-5242 x8279 or Heather Voorman at x8425.
    received this:
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    I’m sorry, but the page you’re seeking does not exist. Perhaps you can find what you’re looking for below.

  6. Roger says:

    When will the portal open for new applications of the EIDL?

    • NAHB Now says:

      Roger,
      As we reported earlier this week, the SBA is currently not accepting new EIDL applications. However, if you were in the process of applying for a EIDL loan and have an application number that begins with the No. 3, your application remains in the queue and you do not need to reapply for a loan.

  7. Emin Kahyaoglu says:

    Applications for EIDL
    I have a number 2 and was never advised to reapply until I called back last week on thrusday and they told us we were suppose to receive and email advising us at the beginning of April to reapply when we already apply on 3/24/2020 , we called before and they never said that before
    I called and sba said we have to wait until they open the portal for EIDL again and reapply

  8. SJ says:

    I bank with Chase. They are not accepting any new applications at this time.

    What banks allowing you to complete application for the Paycheck protected program. Without having a business account with their bank?

  9. Marie says:

    I received an email 4/14 ..I applied 3/30 .Email stated I would get a grant of 1,000 per employee

    I never received my money .My app starts with 3 .I called And was told I was not approved she said.id still get grant ..I haven’t who do I contact

  10. Anquanie says:

    My EIDL loan was denied, likely because a creditor had a lien on business. It was supposed to be terminated, I have a letter from the creditor, should I reapply instead of appeal?

  11. Nancy Updegrave says:

    Will there be new applications accepted for EIDL loans? I applied but site was only accepted loans for farms. My application was not accepted.

    • NAHB Now says:

      The SBA is currently not accepting new EIDL applications; however, NAHB is fighting for additional funding in the next congressional stimulus package.

  12. Melissa says:

    Can you reapply for the Edil grant the 2nd time if you received the 1,000 grant the first time, and was denied the loan?

  13. Mario says:

    Hi
    I was approved and granted a EIDL loan for my business. Am I able to apply again for another loan thru the SBA EIDL Loan. I’ve found that I can use more capital since my business is now open but it’s been very slow to start.
    Thank you

  14. Kevin Nguyen says:

    there were errors in my SBA application and therefore my loan is not being approved. What do I need to do to get pass this problem and to eventually get the loan?

  15. Francesca says:

    Hi, I believe the routing number I provided may not have been the right one, will my EIDL loan/10K advancement still get to my account if the routing number was the incoming instead of the ACH one? Thank you

    • NAHB Now says:

      NAHB is not qualified to answer this type of technical question for the Small Business Administration, which is the entity that is responsible for administering the program. You should contact them directly. Good luck!

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