McAllen EIDL Disaster Loans and SBA Grants in Texas (2022)

McAllen EIDL Disaster Loans and SBA Grants in Texas (1)

McAllen, Texas is the #191 ranked city based on population. 144,744 residents live in McAllen.

McAllen, Texas SBA Loans are a type of loan issued by the Small Business Administration (SBA). It provides either term loans or working capital to qualified small businesses through banks and other private lenders.

McAllen, Texas was considered a disaster area due to COVID, which allowed McAllen small business owners and those Texas residents that qualified to apply.

Table of Contents

What are McAllen SBA Disaster Loans (EIDL and PPP)?

McAllen, TX, and all other major cities have multiple SBA loan programs, including the popular Economic Injury Disaster Loan (EIDL) and the Paycheck Protection Program (PPP).

In McAllen, TX news, the U.S. Small Business Administration (SBA) announced that the deadline to apply for the Texas Economic Injury Disaster Loan (EIDL) program for the COVID-19 Pandemic TX disaster declaration has been extended to December 31, 2021.

The McAllen, Texas Paycheck Protection Program (PPP) deadline has already expired.

SBA loans are a type of loan given by the US government that must be paid back over a period of time. This is a low-interest debt that the Small Business Administration guarantees. This means that if the borrower defaults on their payment, the federal government will cover it to protect against loss.

These loans are popularly used in business expansion and provide an easy way for a company to receive a loan when they have trouble borrowing from banks or traditional lenders.

What are McAllen SBA Grants?

McAllen, Texas SBA grants, unlike loans, do not have to be repaid with interest fees. These grants come from several sources, including the US Department of Education and state governments / agencies that run specific grant programs designed to give employers money to assist with training and education programs.

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The SBA loans are also used to recover from financial losses due to COVID and other natural disasters, such as floods, hurricanes, tornados, storms, fires, earthquakes, and other forms of natural disasters in McAllen, Texas.

Grants are often awarded to help McAllen, Texas small businesses offset the cost of employee training, or they can be used for start-up costs, such as new technology and equipment.

How Do SBA Disaster Loans Work in McAllen, TX?

McAllen, Texas banks and private lenders provide SBA loans to small businesses that may not qualify for traditional loans. The Small Business Administration guarantees these loans against default, helping the business obtain financing from a place they couldn’t get it before.

As the loan is guaranteed, the interest rates tend to be lower as well as monthly payments. This makes SBA loans very popular with those who need funding fast but don’t want an expensive payment plan.

In McAllen, Texas, many businesses have received this SBA loan help and were able to grow their companies thanks to this assistance from the SBA in TX.

How Many McAllen SBA Disaster Loans Can You Have?

McAllen, Texas and Federal law restricts the number of SBA loans that can be issued. This is to help promote competition in the small business lending market and prevent large companies from swallowing up smaller ones.

With some exceptions, the limit for how many SBA 7(a) loans a company can have depends on how much money it has already borrowed.

How Long Do McAllen SBA Loans Take to Process?

The McAllen, Texas SBA loan process from application to final approval can take anywhere from three weeks to several months. This is because McAllen city lenders need to make sure everything is in order before committing this size.

While every McAllen, Texas company’s situation is different, it typically takes between 7 to 10 days for a company to qualify and be approved for an SBA loan. It is reported that, on average, it takes approximately 9 more days for the funds to go through once you are approved.

How to Apply for McAllen EIDL, PPP, or SBA Loans?

In the past, a business owner would have to go through a lengthy application process and meet certain requirements before being approved for an SBA loan. Now, companies can apply online, in some cases taking less than 10 minutes.

Once you’re approved, it takes about 2 weeks for lenders to fund your account since this is how long it takes for the company’s underwriting department to review everything once they receive all of the necessary documents about you and your McAllen, Texas business.

You’ll also need to allow time for any additional documentation that may come up during the approval process, which can add another week or more to this period.

(Video) How to get $15,000 SBA Disaster Loan

How to Qualify for Grants for a Small Business in McAllen?

Grants are given to companies through both state and federal agencies for several reasons, and based on fund availability. Most commonly, they are employed in matching grants where the company must provide some funding themselves.

McAllen, Texas’s small businesses qualify based on their revenue, employees, or even employees that work within specific minority groups or low-income areas.

How to Apply for Small Business Grants in McAllen?

A company can apply for SBA grants by filling out an application for McAllen, Texas. In addition, the US government has a listing of all their available grants, including those provided through the SBA.

You’ll need to compose a proposal that explains why you qualify for the money and how much will be used to assist with your business goals. This proposal can include written proposals, presentations, or other presentation material depending on what requires.

The total amount you receive depends on how much money is available for distribution each year, and there may be different rules depending on if it’s federal or state funding.

Nearest McAllen, TX Local SBA Office Address and Contact Information

In Texas, there are seven offices:
Lower Rio Grande Valley District, TX
Corpus Christi, TX
Dallas/Fort Worth, TX
El Paso, TX
Houston, TX
San Antonio, TX
Lubbock, TX

Main SBA Assistance Office:
Lower Rio Grande Valley District Office

Address:
2422 E Tyler Ave Suite E
Harlingen, TX

Texas SBA Telephone and Email Contact Information:

Phone Number:
956-427-8533

Website:
https://www.sba.gov/offices/district/tx/harlingen

Lower Rio Grande Valley District Office

The Lower Rio Grande Valley District Office in Harlingen, Texas is committed to fostering economic growth by providing assistance to the small businesses that are located in its area of operation. We are determined to reach out to small businesses in unprecedented ways, to listen to their needs and to focus on customer outreach and quality management.

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The SBA’s district office in Harlingen serves Cameron, Hidalgo, Jim Hogg, Kenedy, Starr, Willacy and Zapata counties in southern Texas. The branch office in Corpus Christi serves Aransas, Brooks, Duval, Kleberg, Nueces, San Patricio and Jim Wells counties.

Corpus Christi, Texas SBA Office

2820 S. Padre Island Dr. Suite 108
Corpus Christi, TX
361-879-0017

Dallas/Fort Worth, Texas SBA Office

150 Westpark Way Suite 130
Euless, TX
817-684-5500
https://www.sba.gov/offices/district/tx/dallas-fort-worth

The Dallas/Fort Worth District Office (DFW DO) is committed to fostering economic growth by providing assistance to small businesses that are located in its area of operation.

The DFW DO will continue to focus on customer-driven outreach and quality management. We are determined to reach out to small businesses in unprecedented ways, to listen to their needs, to report these needs back through the Regional Administrator who in turn will forward to Headquarters.

El Paso, Texas SBA Office

211 N. Florence Street 2nd Floor, Suite 201
El Paso, TX
915-834-4600
https://www.sba.gov/offices/district/tx/el-paso

The El Paso District Office jurisdiction is El Paso, El Paso County and the West Texas counties of Brewster, Culberson, Hudspeth, Jeff Davis, Loving, Pecos, Presidio, Reeves, and Terrell.

Houston, Texas SBA Office

8701 S. Gessner Drive Suite 1200
Houston, TX
713-773-6500
https://www.sba.gov/offices/district/tx/houston

At the US Small Business Administration, we help make the American dream of small business ownership a reality. We are the only federal agency dedicated to helping small businesses start, grow, expand, or recover after a disaster.

The Houston District Office (HDO) is home to over 600,000 small businesses and is growing rapidly. Houston is repeatedly ranked as a top location for entrepreneurship, and two local universities – University of Houston and Rice University – have been recognized as the best in the US for studying entrepreneurship. Counties served include: Angelina, Austin, Brazoria, Brazos, Burleson, Chambers, Colorado, Fort Bend, Galveston, Grimes, Hardin, Harris, Houston, Jasper, Jefferson, Leon, Liberty, Madison, Matagorda, Milam, Montgomery, Newton, Orange, Polk, Robertson, San Jacinto, Trinity, Tyler, Walker, Waller, Washington, and Wharton.

San Antonio, Texas SBA Office

615 E Houston St. Suite 298
San Antonio, TX
210-403-5900
https://www.sba.gov/offices/district/tx/san-antonio

The San Antonio District Office (SADO) is committed to fostering economic growth by providing assistance to small businesses that are located in its area of operation.

(Video) $70B in PPP and COVID-19 disaster loans from SBA paid to fraudsters, fake business owners

The SBA’s San Antonio district spans across 55 counties within Texas. The counties served are: Atascosa, Bandera, Bastrop, Bee, Bexar, Blanco, Burnet, Caldwell, Calhoun, Comal, Concho, Crockett, De Witt, Dimmit, Edwards, Fayette, Frio, Gillespie, Goliad, Gonzales, Guadalupe, Hays, Irion, Jackson, Karnes, Kendall, Kerr, Kimble, Kinney, La Salle, Lampasas, Lavaca, Lee, Live Oak, Llano, Mason, Maverick, McCulloch, McMullen, Medina, Menard, Real, Refugio, San Saba, Schleicher, Sutton, Tom Green, Travis, Uvalde, Val Verde, Victoria, Web, Williamson, Wilson, and Zavala.

Lubbock, Texas SBA Office

1205 Texas Avenue Room 408
Lubbock, TX
806-472-7462
https://www.sba.gov/offices/district/tx/lubbock

The Lubbock – West Texas District Office is committed to fostering economic growth in west Texas through the delivery of SBA’s many programs and services. In collaboration with our resource and lending partners we provide quality customer service and assistance to small businesses in 71 west Texas counties.

McAllen, TX SBA Summary and Conclusion

McAllen, Texas SBA loans and grants can be a great resource for any company looking to expand its operations, and many McAllen, Texas businesses have benefited from this type of SBA financing. Do you think your small business could benefit from an SBA loan? Did you already apply for one? Or, were you turned down for a PPP, EIDL, or other SBA disaster loan in McAllen, Texas?

Share your thoughts in the comment section below.

McAllen, Texas Small Business Help: Get Loan Assistance for Your Business in McAllen

Was Your McAllen SBA Disaster Loan Denied?

Has your McAllen SBA disaster EIDL loan been denied?

We can assist you in filing for an SBA EIDL loan reconsideration appeal for your business that was affected by COVID in McAllen, Texas.

Schedule Your Free Disaster Loan Consultation to see if we may be able to help your McAllen, TX business with the SBA Loan Reconsideration Process.

Need an Increase on Your McAllen SBA Disaster Loan?

Did you already receive a McAllen SBA EIDL disaster loan for your business?

We can assist your McAllen, TX business in requesting additional SBA EIDL loan funds through the increase request process.

Schedule Your Free Disaster Loan Consultation to see if we may be able to help your McAllen, TX business with the SBA Increase Request Process.

Cover Image Credit: 123RF.com / AntonioGuillem, IgorBondarenko / Disaster Loan Advisors.

(Video) No Business Needed How to fill out the SBA Disaster Loan Application

FAQs

Is the targeted Eidl grant still available? ›

Current Targeted EIDL Advance applicants:

The SBA is no longer accepting new Targeted EIDL Advance applications as of December 31, 2021. This opportunity is for small businesses that were declined for the Targeted Advance program and can provide additional information to demonstrate their eligibility.

Who qualifies for Eidl grant? ›

If you have suffered substantial economic injury and are one of the following types of businesses located in a declared disaster area, you may be eligible for an SBA EIDL: Small business. Small agricultural cooperative. Most private nonprofit organizations.

Are SBA EIDL loans being forgiven? ›

EIDL loans cannot be forgiven. However, EIDL loans do have a deferment period. Any EIDL loan approved in 2020, 2021, and 2022 can be deferred up to 30 months from the date of the note. Full or partial payments can be made during this time but are not required.

How long does it take the SBA to approve a EIDL loan? ›

Once a borrower applies for an EIDL, approval timelines can vary depending on volume. Typically, a decision is made within 21 days of application, and disbursement of money within five business days. Borrowers are assigned individual loan officers for servicing the loan.

Will there be another PPP loan in 2022? ›

Unfortunately, PPP loans in 2022 aren't happening –– eligibility for the program ended in May 2021 and there are no signs of it coming back. There are other options for securing small business funding besides PPP loans. Read on to learn about your options for how to get the funding you need.

Can I use SBA disaster loan to pay myself? ›

Pay Yourself and Your Employees

While EIDL funds cannot be used to make direct payments to owners, pay bonuses, or pay dividends to shareholders, EIDL funds can be used for payroll. Paying yourself and your employees (if you have them) is not only legitimate but necessary to keep your business running.

What is the easiest SBA loan to get? ›

SBA microloans are one of the easiest SBA loans to get. SBA microloans are issued by nonprofit community lenders, who set their own rates and eligibility requirements (with some guidance from the SBA).

Is SBA still accepting applications? ›

As of January 1, 2022, SBA stopped accepting applications for new COVID EIDL loans or advances. As of May 6, 2022, SBA is no longer processing COVID-19 EIDL loan increase requests or requests for reconsideration of previously declined loan applications.

What can a EIDL loan be used for? ›

The SBA lifted the COVID EIDL cap from $500,000 to $2 million. Loan funds can be used for any normal operating expenses and working capital, including payroll, purchasing equipment, and paying off debt. Implementation of a Deferred Payment Period.

What happens to EIDL loan if business closes? ›

If your business closes next week, you're personally liable for the debt. Here's another very important facet of the EIDL loan. These loans are not intended to be forgivable. In other words, they are not designed to be completely forgiven, but the expectation is you will pay a small amount every month for 30 years.

What happens if you don't pay back a SBA loan? ›

The SBA or your lender will take legal action: If you are not able to repay any money within a certain amount of time, the SBA will go through your business (and possibly your personal) finances. If they can identify money that can be used to repay the loan, they may start legal proceedings.

Can I use EIDL loan to pay off debt? ›

With a recent change made by the SBA, EIDL funds can now be used to pay or prepay commercial debt. Essentially, you can pay down the entire outstanding balance of a commercial loan obtained through traditional lenders with your EIDL funds. You can also make payments on your federal business debt (e.g. other SBA loans).

Can I buy a car with Eidl? ›

Can I Use The EIDL Loan To Buy A New Vehicle If The Vehicle Is Pivitol to My Business? Yes. If you would normally purchase a new vehicle to replace an old one, that is considered a normal operating expense.

Can I put my EIDL loan in a savings account? ›

The answer was “no.” More precisely, the answer was “EIDL funds cannot be deposited into interest bearing accounts.” That means, “no” to a brokerage account. “No” to a money market account. “No” to a savings account. And, technically-speaking, it is even a “no” to an interest-bearing checking account as well.

Can I buy a car with SBA loan? ›

The short answer to this question is: yes, if your SBA loan does not restrict you from buying a car, then you can use an SBA loan to buy a car. It all comes down to your business plan, the type of SBA loan you go for, and what your lender restricts.

Will there be a PPP Round 3? ›

Key Takeaways. A third round of Paycheck Protection Program (PPP) loans was authorized by the passage of H.R. 133: Consolidated Appropriations Act, 2021 into law on Dec. 27, 2020.

Is Womply PPP still available? ›

The Paycheck Protection Program (PPP) is no longer accepting applications. Womply is not involved with PPP forgiveness. Please contact your PPP lender for information on their forgiveness process. If your lender has opted-in you can apply via the SBA's direct forgiveness portal.

Is it too late to apply for PPP? ›

Notice: PPP ended May 31, 2021

Existing borrowers may be eligible for PPP loan forgiveness. SBA also offers additional COVID-19 relief.

What can't I spend my Eidl on? ›

After all, the SOP states that EIDL can't be used to pay: “Disbursements to owners, partners, officers, directors, or stockholders, except when directly related to performance of services for the benefit of the applicant.” But if you continue to work in your business, paying yourself is a reasonable use of these funds.

Will the EIDL loan show up on my credit report? ›

Since these loans are made by the SBA, EIDLs should not appear on personal or business credit reports. However, for loans of $25000 or more, the SBA files a UCC-1 filing which can appear on business credit reports and may impact your ability to get other financing.

Will my EIDL loan be audited? ›

Nonprofits who receive greater than $750,000 in federal awards, including EIDL loan proceeds and other awards, are required to undergo a single audit.

How much collateral is needed for a SBA loan? ›

Lenders are not required to take collateral for loans up to $25,000. For loans in excess of $350,000, the SBA requires that the lender collateralize the loan to the maximum extent possible up to the loan amount.

What are the easiest loans to get approved for? ›

The easiest loans to get approved for would probably be payday loans, car title loans, pawnshop loans, and personal installment loans. These are all short-term cash solutions for bad credit borrowers in need. Many of these options are designed to help borrowers who need fast cash in times of need.

What is rapid Covid Eidl? ›

The COVID-19 Economic Injury Disaster Loan (EIDL) and EIDL Advance programs provide funding to help small businesses recover from the economic impacts of the COVID-19 pandemic.

Is PPP loans coming back? ›

PPP Is Back With $310 Billion in Additional Funding, But Small-Business Owners Must Act Fast. The new round will go even quicker, so those who missed out must choose the right bank and move immediately.

How much Eidl increase can I get? ›

Here are the details. Update: As of May 6, 2022, SBA is no longer processing EIDL loan increase requests or requests for reconsideration of previously declined loan applications due to a lack of available funding.

How does SBA disburse Eidl funds? ›

After receipt of the signed documents the funds are direct deposited typically in 3 -5 business days. If collateral is required for the loan SBA will prepare a partial disbursement of $25,000 to submit to the borrower and release the remaining funds once all collateral is appropriately secured.

Can I use my EIDL loan to purchase equipment? ›

The SBA lifted the COVID EIDL cap from $500,000 to $2 million. Loan funds can be used for any normal operating expenses and working capital, including payroll, purchasing equipment, and paying off debt.

What happens if you misuse Eidl funds? ›

Potential Penalties for Misuse of EIDL Funds

Penalties for conviction of these offenses range from five years in federal prison and $100,000 to 30 years imprisonment and $1,000,000 in fines.

Does Eidl have to be paid back? ›

SBA must distribute the Emergency EIDL within 3 days of the request. The up to $10,000 advance will be considered an Emergency EIDL grant. The borrower will not be required to pay back the Emergency EIDL Grant even if they are subsequently denied for an EIDL loan.

Can I sell my business if I have an EIDL loan? ›

So, now you know that you can sell your business if your business received an SBA EIDL loan, but you need authorization from the SBA first.

Can EIDL loan be garnished? ›

The short answer is that there is nothing in the PPP, CARES Act and the Healthcare Enhancement Act (CARES Act 2.0), that expressly provides any exemption from garnishment and/or levy by judgment creditors for either economic impact payments (“EIP”) or PPP loan proceeds.

Can I use Eidl to relocate? ›

What you can't spend EIDL funds on: Relocation costs. Bonuses. Stockholder dividends.

How much would a monthly payment be on a 50000 loan? ›

The monthly payment on a $50,000 loan ranges from $683 to $5,023, depending on the APR and how long the loan lasts. For example, if you take out a $50,000 loan for one year with an APR of 36%, your monthly payment will be $5,023.

Can SBA take your house? ›

As a homeowner, renter and/or personal-property owner, you may apply to the SBA for a loan to help you recover from a disaster. Renters and homeowners alike may borrow up to $40,000 to repair or replace clothing, furniture, cars or appliances damaged or destroyed in the disaster.

How much money can you get from an SBA loan? ›

Loan amounts

Most 7(a) loans have a maximum loan amount of $5 million. However, SBA Express loans have a maximum loan amount of $350,000. SBA Export Express loans have a maximum loan amount of $500,000. The SBA's maximum exposure is $3.75 million ($4.5 million under the International Trade loan).

Can you use Eidl to buy real estate? ›

EIDL Funds Can Be Used To Expand Your Business

EIDL loans are not intended to expand your business. If you are looking to purchase new real estate, open a second location, or expand your business in other ways, consider other SBA options, such as the 7(a) or 504 loans or private funding options.

What happens after EIDL loan is approved? ›

If you're approved for an EIDL loan, you'll be sent an email with details on how much you're eligible to borrow. Once you sign the agreement, loan proceeds will be deposited into your business bank account within five to 10 business days.

What can I spend my SBA loan on? ›

SBA loans and SBA express loans can be used for a wide range of expenses. According to the SBA, you can use these loans for “most” business purposes, including start-up, expansion, equipment purchases, working capital, inventory or real-estate purchases.

Will EIDL loans be forgiven in the future? ›

Covid EIDLs are not forgivable and must be repaid in full. Borrowers can, however, take advantage of a 30-month payment deferral period that begins on the date of the note. This deferral period applies to loans approved in 2020, 2021 and 2022, and is an extension of the original 12-month deferment.

Will there be EIDL loan forgiveness? ›

EIDL loans cannot be forgiven. However, EIDL loans do have a deferment period. Any EIDL loan approved in 2020, 2021, and 2022 can be deferred up to 30 months from the date of the note. Full or partial payments can be made during this time but are not required.

How long does it take to receive Eidl increase? ›

The current EIDL loan increase timeline is several weeks if you're asking for an increase of under $500,000, and one and a half months if you are asking for more. You can always check EIDL loan status to see where your increase request is.

Do you need a business bank account for Eidl? ›

You do not need a separate bank account for the EIDL grant (you will need separate accounts for the main EIDL loan and PPP loan). We recommend that you use the grant money to pay for operating expenses excluding payroll, rent, and utilities.

Is Eidl based on gross or net income? ›

Loan Amount

The standard calculation is “Gross Receipts” of 2019 minus cost of goods sold (COGS) times 2. For example, if your total gross revenue was $50,000 and your COGS was $10,000, you should be eligible for up to an $80,000 loan.

Can I use my SBA loan to buy stocks? ›

For example, funds guaranteed by the SBA can't be used for investing or purchasing a building that will be leased to another business. They also can't be used to reimburse a business owner for money previously invested in the business by the owner or to repay money owed to the government.

What is the oldest car a bank will finance? ›

Typically, a bank won't finance any vehicle older than 10 years, even if you have good credit. If you don't have great credit, you may find it difficult to finance through a bank, even for a new car.

How do I buy a car in my business name? ›

  1. Before you can buy a car under a business name, you'll need to establish your business credit, which can take up to two years.
  2. Get a tax ID number. ...
  3. Create a credit profile. ...
  4. Build and maintain your business credit. ...
  5. Check your business credit score. ...
  6. Find car dealerships that specialize in commercial sales.
11 Aug 2021

How can I get approved for a car loan? ›

How to Qualify for a Car Loan
  1. Make Sure You Have Good Credit.
  2. Have a Source of Income.
  3. Be Able to Prove Your Identity and Residence.
  4. Consider Getting Preapproved.
  5. Have a Down Payment or Trade-In.
  6. Understand How Financing at a Dealer Works.
  7. Qualifying for a Car Loan With Bad Credit.
  8. Work on Your Credit Before Applying.
10 May 2019

How long does it take to get the targeted Eidl grant? ›

After applying for an EIDL, most applicants will receive a funding decision within 21 days. If approved, disbursements are typically made within a week. However, be aware that the EIDL approval timeline can vary based on how many applications the SBA is processing.

How long is SBA targeted Eidl advance? ›

Most EIDL applicants will receive a funding decision within 21 days. If you're approved, you should get a disbursement within a week of approval.

How long does it take to receive targeted Eidl funds after approval? ›

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.

Can you get targeted Eidl twice? ›

You want a second EIDL.

You may apply for only one COVID-19 EIDL. But if your business is located in a declared disaster area and it experienced additional economic injury, you may apply for a separate EIDL as well as a COVID-19 EIDL.

Can I put my EIDL loan in a savings account? ›

The answer was “no.” More precisely, the answer was “EIDL funds cannot be deposited into interest bearing accounts.” That means, “no” to a brokerage account. “No” to a money market account. “No” to a savings account. And, technically-speaking, it is even a “no” to an interest-bearing checking account as well.

What happens after EIDL loan is approved? ›

If you're approved for an EIDL loan, you'll be sent an email with details on how much you're eligible to borrow. Once you sign the agreement, loan proceeds will be deposited into your business bank account within five to 10 business days.

How does SBA disburse Eidl funds? ›

After receipt of the signed documents the funds are direct deposited typically in 3 -5 business days. If collateral is required for the loan SBA will prepare a partial disbursement of $25,000 to submit to the borrower and release the remaining funds once all collateral is appropriately secured.

Can you get EIDL if you didn't file taxes? ›

Do I have to file my 2019 taxes returns to apply for the EIDL? No, you do not need to have filed your 2019 tax return before applying for the loan. You will need to submit Form 4506T to provide your historical tax returns to the SBA, though.

Does EIDL have to be paid back? ›

SBA must distribute the Emergency EIDL within 3 days of the request. The up to $10,000 advance will be considered an Emergency EIDL grant. The borrower will not be required to pay back the Emergency EIDL Grant even if they are subsequently denied for an EIDL loan.

How much targeted EIDL advance will I get? ›

The Targeted EIDL Advance provides advance funds of up to $10,000 to applicants in low-income communities who previously received an EIDL Advance for less than $10,000, or those who applied but received no funds due to lack of available program funding.

Can I use EIDL loan to pay off debt? ›

With a recent change made by the SBA, EIDL funds can now be used to pay or prepay commercial debt. Essentially, you can pay down the entire outstanding balance of a commercial loan obtained through traditional lenders with your EIDL funds. You can also make payments on your federal business debt (e.g. other SBA loans).

Can I buy a car with SBA loan? ›

The short answer to this question is: yes, if your SBA loan does not restrict you from buying a car, then you can use an SBA loan to buy a car. It all comes down to your business plan, the type of SBA loan you go for, and what your lender restricts.

How do you know if SBA loan is approved? ›

Call 1-800-659-2955 (the SBA Disaster Assistance customer service center) about the application process, the status of your loan, or with any other questions you may have. If you applied through the COVID-19 portal, the SBA will contact you, but you may be able to get answers by calling the toll-free number.

Can EIDL loans be used to purchase real estate? ›

EIDL Funds Can Be Used To Expand Your Business

EIDL loans are not intended to expand your business. If you are looking to purchase new real estate, open a second location, or expand your business in other ways, consider other SBA options, such as the 7(a) or 504 loans or private funding options.

What can a EIDL loan be used for? ›

The SBA lifted the COVID EIDL cap from $500,000 to $2 million. Loan funds can be used for any normal operating expenses and working capital, including payroll, purchasing equipment, and paying off debt. Implementation of a Deferred Payment Period.

Can you apply for 2 SBA loans? ›

How many times can you apply for an SBA loan? There's no limit to how many times you can apply for an SBA loan. The only limitation is for special long programs, like the Paycheck Protection Program (PPP). Borrowers can only draw twice from the PPP loans at this time.

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3. How to fill out the SBA Disaster Loan Application
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4. How To Get an SBA Loan in 2022 [Easy Method]
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5. SBA Disaster Loans for Storm Damage Recovery
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Job: Sales Manager

Hobby: Table tennis, Soapmaking, Flower arranging, amateur radio, Rock climbing, scrapbook, Horseback riding

Introduction: My name is Corie Satterfield, I am a fancy, perfect, spotless, quaint, fantastic, funny, lucky person who loves writing and wants to share my knowledge and understanding with you.