hey everyone, hope you're doing well today marks 45 days left in the SBA eidl pot of money. there are still around 100 billion dollars left and millions of businesses across us can still get help with these record low-interest loans in 2022.
In this important Article, we've got a 45-day plan of five checks for you to do to make sure you are maximizing your eidl loan amount. getting the capital you need or want to stabilize or grow your business. Get EIDL Increases.
HOW TO GET EIDL INCREASES IN 5 STEPS
Head over until the end of these quick tips five things today you can do to make sure you are set up for success over the next 45 days.
#1 CHECK YOUR EIDL LOAN INCREASE POTENTIAL
So check-in number one is to check your eidl loan increase potential. many of you have already done this but here's how to do it when you create a free skip account if you don't have one you can go to eidl2.com.
it takes a few seconds you're logged in under the services tab here click calculate eid alone potential. then put in your 2019 revenue 2019 cost of goods sold and your eidl funding received to date. =
there is some explainer information on the right-hand side click calculate and you can see the increased amount you're eligible for.
as many of you know the basic formula is 2019 revenue minus 2019 cogs times two minus any eidl funding you already received is the total amount you may be eligible for.
#2 CHECK SBA EIDL CASH FLOW CALCULATOR
The second check-in you want to do is check the SBA eidl cash flow calculator. it's the same calculator loan officers use to augment their decision on whether to approve you or not.
basically figuring out do you have the ability to repay your loan. factoring in your schedule of liabilities and your personal financial statement. back on the dashboard you can click calculate cash flow for eidl loans and eidl loan increases.
there you'll also put in your 2019 depreciation and interest for many of you that zero. two new things in red you'll put in is your annual business debt service so if you're paying other business loans sba loan officers wanna know that.
factor that into their decision and you'll wanna put in your annual personal debt service any personal liability you have.
then the last step is to put down the eidl loan amount you will be requesting calculate then you'll see some output that you should be eligible or not.
it will show you your approximate monthly payments based on your overall cash flow and self-reported information. that's the second check.
#3 CHECK YOUR SBA PORTAL LOGIN
the third tip to Get EIDL Increases is to check your sba portal log in double check your status you know we keep getting reports on bugs in the system you had a loan amount then it was changed then it was reverted back.
be aware that there are still some bugs on the portal but just log in to double-check your status. sometimes there are actions or steps for you to complete there you can also review or sign any documents.
#4 UPDATE CERTAIN INFORMATION
update certain information such as your bank account if you need to change it. and have a general sense of what the SBA is seeing.
again it's not perfect so if you see discrepancies that's what the fourth step is for to check in on your SBA correspondence.
what's the last correspondence you heard do a search in your email in case stuff went to spam or the other folder.
see if you got something from sba.gov an auto-generated message such as a denial message or something from a loan officer as well. so pull those out so you know the last correspondence.
#5 CHECK IN WITH THE SBA
the fifth way to check EIDL Increases potential timeline check-in is to check in with the SBA. basically, after doing those first four steps you can assess what if anything you need to do if it's a loan increase or reconsideration.
you'll have some of the evidence that says hey i should be eligible for an increase and i have a strong ability to repay.
here's some supporting evidence to get into pdc recons at sba.gov. many of you are already there but once you have a full picture of what's happening you can take action by getting in touch with the sba.
of course if you want help with any of that we are here to help with our one-on-one ongoing funding support and eidl support.
that's today's quick update we have more grants coming for you from the road. Hope you understand how you can check your EIDL increases potential to grow. Try these methods to confirm.