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6/4/20 Received $60,000 EIDL loan. In that case, borrowers can immediately pay back the loan … Has anyone actually received the EIDL loan increase yet? 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 Yet many of those who have received their approval notification are confused about how they can use funds from their EIDL loans. You can apply for the EIDL here. Press question mark to learn the rest of the keyboard shortcuts. 2. The EIDL is a federal disaster loan program that offers low-interest loans to businesses that have been impacted by COVID-19. Mine still says Your loan modification is being processed. Log In Sign Up. Has anyone received the EIDL loan increase yet? This article is about EIDL loans. At 2.5 times their payroll, the maximum loan amount would be $25,000. Read More. Unlike the PPP, the EIDL is more open-ended in how you can use the funds. However, if you received an EIDL advance grant, that grant amount will be subtracted from your PPP loan forgiveness amount. Some borrowers may have already accepted the loans without appreciating the full measure of the SBA requirements. According to COVID Loan Tracker, out of 6,860 small businesses reporting, 1.5% have received EIDL grants and 4% have received PPP loans. Say Yami Yoga Studio’s average monthly payroll for the PPP loan amount calculation is $10,000 per month. For example, if you received a $1,000 EIDL advance, your PPP loan forgiveness decreases by $1,000. No, the EIDL loan will not impact your PPP loan forgiveness. 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. 4/6 & 4/7 sent email requesting increase. If you qualify for and received a Targeted EIDL Advance, the funds you receive are fully forgivable. If you’ve received a PPP loan, do not use the EIDL for the same expenses that you use the PPP for. Press J to jump to the feed. Otherwise, the EIDL can be used as operating capital to cover the day to day expenses you incur as a business. YES! Breaking News, Coronavirus. Plus the outstanding amount of any EIDL loan made between January 31, 2020, and April 3, 2020. 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. User account menu. 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. Is the EIDL still available? Updated February 16, 2021. 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