The SBA has released info on what they are still processing. Here is what they are saying:
You can still make certain requests after Dec. 31 including:
- Requesting more funds
- If you need additional funds and have not reached your maximum loan amount that you are eligible for SBA will accept requests for loan increases for up to 2 years from the origination date of your first loan, or until funds have been exhausted.
- Request reconsideration of a declined loan
- You have up to 6 months from the date of decline to request reconsideration, or until funds are exhausted.
- Request an appeal of a declined reconsideration request
- You have up to 30 days from the date of the declined reconsideration request to request an appeal, or until funds are exhausted.
- Request reconsideration of a declined targeted advance decision
- You have up to 6 months from the date of decline to submit one request reconsideration, or until funds are exhausted.
What should you do?
If you have already applied:
→Don’t panic and be patient. There are still billions of dollars in funds available
→Be thorough and responsive. Monitor your portal and emails for actions and requests from SBA. When requesting reconsideration on a decline, take the time you need to craft a clear and thorough response with adequate supporting documentation.
If you need any help on this, please call our SBDC office at (530) 222-8323