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.
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