Welcome to the Capital Access Financial System (CAFS). As of August 5, 2021, New Mexico entities have received $988.7 million in Economic Injury Disaster Loans comprising 15,207 loans. Borrowers who need copies of their loan documents can contact us at, Maximum loan cap increased from $500,000 to $2 million, Use of funds was expanded to include payment and pre-payment of business non-federal debt incurred at any time (past orfuture) and payment of federal debt, Extend the deferment period to 24 months from origination for all loans (existing loans with a less than 24-month deferment will be adjusted), Affiliation requirements simplified to an affiliate is a business that you control or in which you have 50% of more ownership, Developed additional path to meet program size standards for businesses assigned a NAICS code beginning with 61, 71, 72, 213, 3121, 315, 448, 451, 481, 485, 487, 511, 512, 515, 532, or 812, Exclusivity Period: From September 8, 2021, to October 8, 2021, the above policy changes were applicable to applications for <$500K while applications for >$500K received the policy changes on and after October 8, 2021. on the Paycheck Protection Program I need more information about SBA Express Bridge Loans I need more information on the Economic Injury Disaster Loans I need to know about SBA COVID Funding Options established by the CARES Act I . Indeed, these COVID-19 programs are extended through the end of the year. May 16 is the deadline. According to the SBA, the steps to request a loan increase are: Confirm your loan eligibility and review the SBA Frequently Asked Questions (FAQs). Q: What is status of my existing application? You will need the loan information below in order complete your payment. If you think you made an error in your application, were denied for "unverifiable information," or haven't heard anything, email pdc.reconsideration@sba.gov or pdcrecons@sba.gov. If you are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services. Private nonprofit organizations: 2.75% fixed. This past year it was raised to $500,000. 4/15/24 is the deadline for the 2020 tax year and 4/15/25 is the deadline for the 2021 tax year. U.S. Small Business Administration409 3rd St., SWWashington, DC 20416800-827-5722. If it does not, the form will be rejected or "not found." Borrowers trying to monitor their loan status using SBAsCapital Access Financial System (CAFS)borrower portal can contact CAFS support at 833-572-0502 orby e-mail. You can alsocontact yourSBA District Officefor help planning, starting, or growing your small business. When emailing SBA, remember to always include your loan or application number as well as reason for request in the email subject line. A locked padlock secure websites. New applicants can apply here:EIDL Application or call1-800-659-2955. SBA also provides eligible small businesses and nonprofit organizations with working capital to help overcome the economic injury of a declared disaster. Once you've. If you have no COGS, subtract 0. Borrowers may be able to renew the Hardship Accommodation Plan, if necessary. The Small Business Administration ran out of funding for its Covid-19 EIDL program on May 5 but now small-business owners need to look ahead to May 16, the agency says. In this case where no button is visible, the only way to do an EIDL loan increase request is manually by email. These NAICS codes begin with 61, 71, 72, 213, 3121, 315, 448, 451, 481, 485, 487, 511, 512, 515, 532, or 812. U.S. territories served: American Samoa, Federated States of Micronesia, Guam, Marshall Islands, Northern Mariana Islands, Republic of Palau, and U.S. Virgin Islands (St. Croix, St. Thomas, and St. John). As of May 16, 2022, the COVID-19 EIDL portal (covid19relief1.sba.gov, also known as the "RAPID portal") is closed. 3elena.goldstein@disasterloanadvisors.com. Usually, applicants would log into the SBA portal and see a button that says "Request More Funds." Instructions for CDC Closing Counsel Sign Up, Instructions for CLS Account Certification, Instructions for Lender Authorizing Officials (LAO) Sign Up, Activity by Congressional District Report. Complete the SBA Portal steps and upload requested documents,. The SBA has extended what is considered a small business to include businesses that have one of the following NAICS Codes and have 500 or fewer employees per physical location and, together with affiliates, haveno more than 20 locations. Was Your SBA Loan Application Denied for an EIDL Loan? Interest will continue to accrue on the loans during deferment. Steps to Increasing Your EIDL Loan up to $2,000,000. , Coronavirus (COVID-19): Apply for an Economic Injury Disaster Loan. CAFS Support Line: 1.833.572.0502. A locked padlock System personnel may give to law enforcement officials any potential evidence of crime found on U.S. Government information systems. Please allow 3-7 business days to receive your materials. Please review our privacy policy As of May 16, 2022, the COVID-19 EIDL portal (covid19relief1.sba.gov, also known as the "RAPID portal") is closed. The COVID-19 EIDL Customer Service Center is open from 8:00 a.m. to 8:00 p.m. SBA employees are not permitted to assist you with SVOG inquires due to federal grant regulations. The Small Business Administration lifted its disaster loan cap to $2 million. SBA Connect is a web-based application designed to provide secure Single Sign On capabilities for SBA users. Here's how to determine your eligibility, what you'll need to apply, and a timeline for when you might actually see the money hit your account. (They go to the same place.) $2 million. The Supplemental Targeted Advance providesa supplemental payment of $5,000 that does not have to be repaid. Official websites use .gov If you are waiting on approval for a loan under $500,000 and an increase to over $500,000, the timeline is closer to nine weeks. A refreshed look at leadership from the desk of CEO and chief content officer Stephanie Mehta, Inc. 5000 Application Deadline Approaching: April 21. The following is a synopsis of the COVID-19 EIDL, Targeted EIDL Advance, and Supplemental Targeted Advance. Urgent Step for Small Business Owners to Receive an Increase on Their Existing COVID-19 EIDL Loan from the SBA. Paycheck Protection Program (PPP) loan forgiveness. In the body of the email, include your loan or application number, reason forrequest, business name, applicant nameand contact information. portal . ET. The portal is located online by going to: covid19relief1.sba.gov. Please switch to one of the supported browsers Approval and disbursement of loans over $500,000 will begin after the 30-day period. Lock Continue using this Pay.gov form to setup recurring payments on all types of loans, and to make payments on Microloans or 504 loans. Advances are like grants, but without typical U.S. government grant requirements. If you are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services. It is far easier to get approved for under $500k, than it is for over $500k. the .gov website. Inc. 5000 Application Deadline Approaching: April 21Apply Now. If you've received an Economic Injury Disaster Loan (EIDL) from the Small Business Administration, chances are you may be eligible for more money. Because there are no continuing compliance requirements, these audit requirements only apply in the year that the loan funds are spent. Learn how to monitor the status of your COVID-19 EIDL, make payments, and request servicing actions. You should receive a confirmation email for your SBA EIDL loan increase request saying "Thank you for contacting the Covid EIDL Increase Team. Completing the Targeted EIDL Advance application is a requirement to be considered for the Supplemental Targeted Advance. Borrowers eligible for this plan may make reduced payments for six months. "The EIDL increase request deadline is very urgent. Click here for the CAFS Support Email. The SBA has signaled the popular EIDL loan program is coming to an end for pandemic related funding. Here's how to apply. Official websites use .gov The U.S. Small Business Administration (SBA) offers disaster assistance in the form of low interest loans to businesses, nonprofit organizations, homeowners, and renters located in regions affected by Hurricane Ian. To find the SBA Resource Partner nearest you, visit sba.gov/LocalAssistance. Business Loans: Economic Injury Disaster Loans (EIDL) - The law limits EIDLs to $2,000,000 for alleviating economic injury caused by the disaster. Email subject line should read, "EIDL Increase Request for [insert your 10-digit EIDL application number]". For help with Targeted EIDL Advance, emailTargetedAdvance@sba.gov. Please enter text shown in the image. If you cannot find your invitation email, you can contact SBA's COVID-19 EIDL Customer Service Center at 833-853-5638 (TTY: 855-440-4960) or by email at TargetedAdvance@sba.gov to request a new invite. You're leaving the Small Business Administration website. This deferment extension is effective for all COVID-19 EIDL loans approved in calendar years 2020, 2021, and 2022. A lock ( Note that if you've already applied for an EIDL loan or increase, and it has not yet fully funded, you will not see the "Request an Increase" button on your portal yet, even if you are eligible. U.S. Government information systems are provided for the processing of official U.S. Government information only. Eligible 8(a) firms must meet the following qualifications: Any firm that participated in the 8(a) Program between March 13 . Note your application number in the subject line and attach the denial letter if applicable. What if Your EIDL SBA Portal "Request More Funds" Button is Not Showing? To check the status of an existing application, you can log in to your COVID-19 EIDL applicant portal where you find information about your application status.. ) or https:// means youve safely connected to Existing RRF awardees can call the RRF's Post-Award Reporting Hotline at 844-279-8898 for technical assistance with the RRF award portal. The portal is located online by going to: covid19relief1.sba.gov. A lock ( Small Business Administration Make a SBA 1201 Borrower Payment Did you receive a payment notice (Form 1201) from the Small Business Administration? Business owners can retroactively receive up to $33,000 back for each W-2 employee they had on payroll for the 2020 and 2021 tax filing years. For loans greater than $500,000 where real estate was pledged as collateral: One-time $100 fee for filing a lien on borrowers business assets. A: Applicant should send an email toTargetedAdvanceReevaluation@sba.gov. Please email your assigned servicing center for guidance on other matters such as an anticipated business closure or liquidation. the .gov website. Borrowers who need copies of their loan documents can contact SBA at 833-853-5638. When clicking on that button, applicants would then use the slider bar to select a new EIDL increased loan amount, up to their maximum eligibility based on 2019 tax returns, or in some cases 2020 tax returns. Visit https://lending.sba.gov and login with your current CAFS user ID and password. The actual amount of each loan is limited to the economic injury determined by SBA, less business interruption insurance, and other recoveries up to the administrative lending limit. Simplification of affiliation requirements. What are the Required EIDL Loan Increase Documents for Increases on Loans Under $500,000 and up to $2,000,000? secure websites. Lock Secure .gov websites use HTTPS You must match the information exactly from your 2019 tax returns that were filed with the Internal Revenue Service (IRS). Box 2206 Albuquerque, NM, 87103 Phone: 505-248-8225 www.sba.gov/nm, Subscriber ServicesUnsubscribe| Manage your account. An official website of the United States government. FAQ Regarding Agricultural and Farm Loan Collateral Security and the SBA EIDL Program; You must be signed in to submit this form. 4. The U.S. Small Business Administration (SBA) Email Announcing COVID-19 EIDL Funds are Running Out Soon In late February, it was thought there was an estimated $115 billion in EIDL funds that. The SBA has increased its management capacity and resources to the. The Act provides $310 billion in additional funding for the Paycheck Protection Program (PPP), $50 billion for the Disaster Loan program and $10 billion for the Emergency Disaster Loan grant, as well as funding for other critical needs dealing with the effects of COVID-19. The Paycheck Protection Program (PPP) is a federal relief program that was signed into law on March 27, 2020, in response to the COVID-19 pandemic. Pay it right here As of August 5, 2021, New Mexico entities have received $988.7 million in Economic Injury Disaster Loans comprising 15,207 loans. Share sensitive information only on official, Implementation of a Deferred Payment Period. Note: SBA beganapproving loans greater than $500,000 on October 8, 2021. Q: I need a reconsideration/reevaluation of a declined application for a Targeted EIDL Advance or a Supplemental Targeted Advance. Official websites use .gov In 2021, eligible businesses that received a partial grant for less than $10,000 can apply for the difference. The maximum combined loan amount is $2 million. Secure .gov websites use HTTPS Make Payments for Economic Injury Disaster Loans (EIDL) and Disaster Loans Click here to login or register for a MySBA Account Business Physical Disaster Loans. 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