Have you applied for an SBA EIDL loan?

If you have applied for an Small Business Administration (SBA) Economic Injury Disaster Loan (EIDL) loan to help your small business, you're not alone. According to the SBA, over 3 million people applied for the EIDL loan program when it started its "$10,000 Advance" program on March 30th. It was so popular that on April 15th the SBA announced they stopped accepting applications to the program.

If you have applied, it is highly likely that you haven't received anything yet. According to our self-reporting EIDL tracker on our sister site, Skip, 97.7 percent of EIDL applicants have still not received anything. Here's the latest information.

According to our data, only around 2% of people have received some part of the EIDL Advance.

We launched our EIDL self-reporting tracker on Thursday April 9th and since then have had tens of thousands of SBA EIDL applicants enroll into our progress tracker. Among other things, we ask people to self-report when they have received a loan. The reason for all of this? We want to help businesses and individuals understand just what they can expect and how much progress has been made.

We have heard from thousands of people that the process has been incredibly frustrating. They expected $10,000 within 3 days. But to date, most people have received nothing.

Disclaimer: Our SBA EIDL progress tracker on Skip is for informational purposes only, based on self-reporting by users like you, and is not owned or operated by any public entity or the SBA. In addition, the progress tracker is free to use and has no access to the SBA's actual loan approval system.

The SBA changed the EIDL loan amounts due to overwhelming demand.

When the SBA originally announced their $10,000 Advance program, it was understood that these were "emergency funds" to be distributed within 3 days. These would be loans that would not have to be paid back and it seems that the first 1 million people who applied and were accepted would be able to receive the full $10,000.

This ended up not being the case.

On Monday April 13th the SBA sent emails to many of the applicants announcing a policy change. Due to the overwhelming demand for the program, the SBA decided it would give out $1,000 per eligible employee instead of the full $10,000 by default.

Most businesses approved have not received the $10,000 amount.

According to our latest data, around 16% of approved applicants have received the $10,000 amount. Over half of approved applicants received less than $5,000, and around 1/3 only received $1,000.

People were expecting the $10,000. We've heard hundreds of comments about this change: “Something is better than nothing. But it’s not what they said on the application” said one approved applicant. 

Another wasn't so kind: “$9,000 less than requested. Can’t believe we are going to let them get away with this”

Many businesses assumed they would not only get the EIDL Advance but that they would get the full amount.

Everyone still waiting for the SBA EIDL loans are extremely frustrated.

The 97+% of people still waiting are extremely frustrated. We've heard this consistently from the people who have shared their comments and are still waiting.

And many of these people applied on the first day of the program and are baffled that they are still waiting. Many of these same people were shut out of the Paycheck Protection Program (PPP) too.

“It's ridiculous how long this is taking”, “Praying”, “Heartbreaking”, “Never received any email confirmation or any other correspondence”. These were just a few of the comments people left. 

The reality is setting in for so many small business owners who are facing extreme struggles:

“It's beyond depressing I am a little business I have 3 employees and desperately need the funds”


For the time being larger EIDL loan amounts do not exist.

What has also become apparent in the last few days is that the EIDL and PPP pots of money have run dry.

The EIDL program had two parts: The $10,000 Advance and then the up to $2 million low-interest long-term loan. This second program has been the main EIDL program that has been around for years. This program, however, has no funding it seems.

People were desperately hoping to get approved for these larger loan amounts that have interest rates between 2.75% and 3.75% however, they will have to wait. Congress is debating its next funding options.

Looking for help with loans? Here are 3 things you can do now:

Here's our advice to everyone and we hope it helps maximize your chances of getting grants and loans to save your business or livelihood.

First, you should be the first to know about any new programs that exist, such as any new government funding options. We keep our eye on every single update and every single piece of legislation. As soon as we find out we do videos and post them on YouTube. Want to find out first about these programs? Subscribe to our YouTube channel here.

Second, you should diversify your options and apply for as many things as possible. You can't afford to rely on 1 program. That's true for both government programs and private programs. It's a very competitive time as nearly everyone is in the exact same boat as you. We post resources every single day on our Skip page. You can get 45 days free of Skip (usually it's 15 days) if you use this link. Then you'll have access to unlimited resources and information as it comes in.

Third, you should sign-up for our free EIDL self-reporting tracker. It updates daily with the latest numbers from users like you, and we share important updates, links, and other information to help you understand what's happening.

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