The following time-sensitive notice was issued (twice) by the U.S. Small Business Administration on December 17, 2021. Florida’s businesses should take note now and act immediately if interested in still participating in the Economic Industry Disaster Loans (EIDL) program.
- The deadline for submitting COVID EIDL loan applications is 11:59 PM ET on December 31, 2021. No new loan applications will be accepted after the December 31 deadline.
- SBA will continue to review loan applications after December 31. Applicants are encouraged to submit their COVID EIDL loan applications as soon as possible.
- COVID EIDL borrowers can request increases up to their maximum eligible loan amount for up to two years after their loan origination date, or until the funds are exhausted, whichever is soonest.
- SBA will accept and review reconsideration and appeal requests for COVID EIDL applications if the reconsideration/appeal is received within the timeframes in the regulation—6 months from date of decline for reconsiderations and 30 days from date of reconsideration decline for appeals – unless funding is no longer available.
- The deadline for submitting Targeted EIDL Advance and Supplemental Targeted Advance applications is 11:59 PM ET on December 31, 2021.
- Targeted EIDL Advance applications can continue to be processed after December 31, but the deadline for approving Supplemental Targeted Advance applications is December 31. No Supplemental Targeted Advance applications can be processed or approved after December 31.
Further,
Earlier this week, the SBA held a COVID EIDL Application Completion Office Hours webinar to help answer your questions. If you missed it, a recording of it is available here. SBA will hold another webinar on Wednesday, December 22, 2021 at 4:00 p.m. ET. To join, click here
As noted by the SBA, this is the final opportunity to apply for EID Loans. Please “act accordingly”.
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For more information, call Philip N. Kabler, Esq. of the Gainesville, FL office of Bogin, Munns & Munns, P.A. at (352) 332-7688, where he practices in the areas of business, real estate, banking, and equine law. He has taught business and real estate law courses at the University of Florida Warrington College of Business Administration and Levin College of Law. He is a member of the Greater Gainesville Chamber [www.gainesvillechamber.com] Board of Directors, and is the Immediate Past President of the Eighth Judicial Circuit Bar Association.
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