SBA EIDL Declined Due to Credit Part I | You Can Still Get Approved for the EIDL Even If Denied
SBA EIDL Declined Due to Credit Part I | You Can Still Get Approved for the EIDL Even If Denied. Submit your Reconsideration Letter using my template.
Click on the link below to download the Reconsideration letter.
EIDL Reconsideration Template:
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This is Part I: EIDL Declined Due to Credit – How to Get Approved.
Here are the facts before we review the Reconsideration Letter:
Facts About the SBA Economic Injury Disaster Loan
1. There are still Billions of dollars that have not been given to small
businesses from the first covid stimulus
2. Funds from the second relief stimulus have not been used as of yet
3. EIDL will be available probably for the next couple of years
4. Congress is specifically concerned that too many small minority businesses have not received funding
5. The Biden administration is expected to provide even more for small businesses in the 1.9 trillion
6. Believe it or not the SBA and the government want to give you this money but it has to be justified
7. They must make sure that you are a legitimate business
8. They must also consider that too many large & small businesses abused the first stimulus funding
9. The 1st part of the process is automated, if you were declined it was done by a system not a person
10. If you’ve been declined due to credit, they want you to write a letter to ask for reconsideration
11. Reconsideration is managed by a person or persons, it is not
automated, there are actual people
Small Businesses obtaining the Stimulus Cov-19 Relief can use the funding to help their doors open, pay employees, pay rent or just to start a new service within the existing business. Out of a $284 Billion Stimulus for all Small Businesses, Congress has set-aside $12 Billion Dollars for Minority Owned Business because they were left of the first stimulus. Small Minority Businesses will have the opportunity to apply for both stimulus programs, Economic Injury Disaster and Paycheck Protection Program.
According to Forbes August 10, 2020, “Black businesses experienced the most acute decline, with a 41% drop. Latinx business owners fell by 32% and Asian business owners dropped by 26%.”
12. Reconsideration means you will need to help them see that you are legitimate business and that the funding will help you not just keep your doors open but keep employees and sustain jobs
13. Many businesses have asked for reconsideration and have been approved
14. All you need to do is demonstrate your case, we will show you how in part II