The SBA announced the covid-EIDL program would run out of funding mid-May. There is
some uncertainty in this kind of prediction as a program of this scale winds down because of the volume
of lending involved, but that is our best available projection at this time. To maximize the opportunity to
receive relief funding, the SBA will continue to accept loan increase and reconsideration applications for
the program, from outstanding, eligible borrowers, through May 6th.
- As funds are expiring, the application portal that allows borrowers to apply for this program will
soon close. The SBA is planning to close the portal on May 16, 2022, after funds are projected to
- The portal – which can be located at covid19relief1.sba.gov - will no longer be accessible after
11:59 PM ET on May 16, 2022.
- Approved borrowers that have not signed their loan closing documents for their original loan or
loan increase should do so by 11:59 PM ET on May 16, 2022, to prevent a delay in disbursement.
Obligated loans will only be rescinded if the loan is cancelled.
- Borrowers that do not download their loan closing document by 11:59 PM ET on May 16, 2022,
will need to contact the Disaster Customer Service Center at (833) 853-5638 or their local field
office to obtain copies of their loan closing documents. It may take 3-5 business days to receive
Since March 2022, the SBA has advised COVID EIDL borrowers of the pending exhaustion of funds and
encouraged them to request any increases or loan reconsiderations they may be eligible for. In addition,
borrowers are also encouraged to download and save all their loan documents prior to the closure of the
portal in the coming weeks. The Agency continued outreach surrounding the exhaustion of funding and
document retention through April through various mediums including via email and SBA hosted
webinars. Outreach will continue through early May to ensure borrowers have the information they need
to navigate this transition.
- Additional resources and support are still available. Funding is still available through our
core, traditional lending programs [7(a), 504, Microloan, Disaster Assistance] as well as creating
new initiatives to help small businesses and startups equitably access the capital, resources and
support they need, such as the enhanced Community Advantage Pilot Program, Seed Fund Expo,
Small Business Digital Alliance, and the Community Navigators Pilot Program. In addition, small
businesses owners seeking assistance in navigating government resources can also work with the
SBA’s already robust outreach network of 140+ Women’s Business Centers (WBCs), 22
Veterans Business Outreach Centers (VBOCs), 68 Field Offices, and 1000s of Resources Partners
that offer counseling, training, mentorship, and assistance.
What’s next for EIDL borrowers and applicants: No later than May 6, all eligible EIDL borrowers are
encouraged to apply for a loan increase or reconsideration if they have not reached their maximum
eligibility. Additionally, all borrowers should make every effort to retrieve all their loan documents by
May 16 for their records to prepare for repayment – starting 30 months from the date of disbursement.