How Many EIDLs Can Your Business Obtain?
The U.S. Small Business Administration (SBA) generally allows businesses to obtain only one Economic Injury Disaster Loan (EIDL) per disaster declaration. However, under certain circumstances, you may qualify for an additional EIDL or an increase on an existing loan.
1. Seeking an Increase on an Existing EIDL
If you already have an approved EIDL, you may be eligible for an increase if:
- Your original loan amount was less than the maximum allowed.
- Your business has continued economic injury beyond the initial loan estimate.
- You are within the SBA’s request deadline.
To request an increase:
- Log into your SBA portal or contact the SBA’s Disaster Customer Service.
- Prepare updated financials, including revenue losses and operating expenses.
- Write a justification letter explaining the need for additional funds.
2. Applying for a Separate EIDL for a Different Disaster
If your business has been impacted by another disaster (such as a hurricane or wildfire) after receiving a COVID-19 EIDL, you may apply for a new EIDL under that disaster declaration.
To qualify:
- Check the SBA’s disaster declaration map to see if your location is eligible.
- Submit a new application through the SBA’s disaster loan portal.
3. Do You Own Multiple Businesses?
If you own multiple businesses, each may qualify for its own EIDL, provided that:
- They have separate Employer Identification Numbers (EINs).
- They are legally distinct entities (not just DBAs under the same EIN).
- Each suffered economic injury from the declared disaster.
Final Thoughts
While most businesses can only receive one EIDL per disaster, there are opportunities to apply for additional funds if you qualify. Whether you’re seeking an increase, a separate EIDL for another disaster, or funding for multiple businesses, make sure to check eligibility and submit the necessary documentation.