(SORRY FOR AUDIO) Things are loosening up at the SBA. More than a few clients received calls & emails from SBA loan officers working on their EIDL INCREASE. Next Steps to Approval: They're requesting additional documentation within 7 days to respond so SBA can mark the file as complete.

See a list of documents below as well as this content in the body of an email from a loan officer sent to our client:

Insurance: Please provide a copy of your business insurance policy that includes coverage for business contents. SBA requires that any loan amount over $25,000 be secured with collateral, business contents. Proof of an active and in effect hazard insurance policy including fire, lightning, and extended coverage on all items used to secure this loan, to at least 80% of the insurable, value is required to be in place when the loan agreement is signed.

Resolution/Certificate: Also, we need a Resolution of the Board or Certificate of Limited Partnership that lists the following:
The Board Resolution should include the following:
1. A statement that the Board held a meeting
2. A statement that the Board authorizes acceptance of the SBA loan; specifying the loan amount (the loan amount should equal maximum loan eligibility)
3. A statement designating an individual or individuals by name; authorizing them to sign the SBA loan closing documents (this individual or individuals should be the same person or persons who signed the SBA disaster loan closing documents on behalf of the Corporation)
4. The Resolution should be dated and signed by the Board Secretary or a Board member. The signature should also include the Board member’s title.
This would be similar to the previous Resolution you provided for your original loan. This new one needs to specify the new loan amount.

Bankruptcy: Is the business, or are any of the three applicants, currently in bankruptcy, or about to declare bankruptcy?
We need a statement from each applicant.

Loan Amount: Please state the loan amount you would like to receive. Would you like to apply for the maximum amount possible?

Banking: Please send a voided check for your business account.

Here’s a sample list of documents they may ask for in addition to above:
✅2018 tax return
✅2019 tax return
✅Board resolution letter that indicates the business will accept the loan up to the maximum amount
✅Letter from the borrower indicating the amount that they wish to accept whether it is the maximum or lower amount
✅Photo ID
✅Voided check*
✅Recent bank statement to match the voided check*
✅Insurance with property coverage - this can be a homeowners/renters policy if you work out of your home as long as it has property coverage. The SBA rep said that they’re not really looking at the amount of coverage.
✅Letter confirming you are not filing or intending to file bankruptcy.

This is all we know right now. This may not EXACTLY apply to you. We do not represent the SBA in any capacity whatsoever. We do not promise or guarantee SBA EIDL loan approvals.

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