How to Write SBA EIDL Loan Reconsideration Letter [SAMPLE TEMPLATE INCLUDED FOR DOWNLOAD]

EIDL Loan Declined? See a sample of the EIDL reconsideration letter you have to send to the SBA to get a second chance of getting your Covid-19 EIDL approved.

#eidlreconsideration #eidlreconsiderationletter #covid19eidl #eidl #eidlloan #sba #sbaloan

DISCLAIMER

This video is intended for education purposes and should not be taken as legal or tax advice. You should consult with your financial professionals about your unique financial situation before acting on anything discussed in these videos. Freedomtax Accounting and Multiservices Inc. is providing educational content to help small business owners become more aware of certain issues and topics, but we cannot give blanket advice to a broad audience. Freedomtax Accounting and Multiservices Inc. or its members cannot be held liable for any use or misuse of this content.

You can contact us via email at info@freedomtaxfl.com or visit our website at www.freedomtaxaccounting.com.

LINK TO SAMPLE TEMPLATE OF EIDL RECONSIDERATION LETTER - https://drive.google.com/file/d/1isOnxNQ3PBg3gxFduImFlk_8HnFzohvm/view?usp=sharing

EIDL Reconsideration: How to Get A Second Chance

If your EIDL loan application was denied by the SBA, you still have an opportunity to request that they take another look. This reconsideration process has been a successful strategy for many applicants, but you'll need to have a detailed reconsideration package.

Here are our tips on preparing a successful EIDL reconsideration proposal. This guide is written for business owners who were denied an EIDL, but you can request a reconsideration for other purposes too, such as if your approved loan amount was too low.

How does getting denied for an EIDL work?

If you were denied an EIDL loan by the SBA, you should receive a notice in writing with a reason for the denial. You have the right to present information to address the reason for the decline and request reconsideration.

When you submit a request for reconsideration, you need to provide all the new information that will overcome the SBA's denial. According to the SBA's regulations, you must also provide your current business financial statements. (You can get a CPA's overview of a business's financial statements here)

You have six months from the notice to request a reconsideration.

How do I request a Covid-19 EIDL reconsideration?

Contact the SBA's Disaster Assistance Processing and Disbursement Center through email at pdcreconds@sba.gov with your reconsideration request. A good reconsideration request will clearly summarize the SBA's reason for rejection, explain your reasoning for the reevaluation, and provide supporting documents to strengthen your proposal.

Be sure to include your EIDL loan application number, the date you applied, your business name, and your contact information.

What would be a good sample EIDL reconsideration letter?

Attention: EIDL Reconsideration Department

I am requesting a reconsideration of my SBA EIDL loan application No. [EIDL APPLICATION NUMBER] for my business, [BUSINESS LEGAL NAME]. The application was denied due to [DENIAL REASON].

I believe I should be eligible for the EIDL because [PROVIDE EXPLANATION]

Attached to this submission are my supporting documents:

[BRIEF DESCRIPTION OF FILES]

Thank you for your time in reconsidering my application. If you have any questions, I am available anytime by phone at [PHONE].

Sincerely,

[FULL NAME]

How long does it take to get reconsidered for EIDL Loan?

Timelines can greatly vary, depending on the complexity of your situation and how complete your application is. Anecdotal reports range from two weeks to several months.

Ensure the contact information you provide is accurate, because a SBA loan specialist may need to contact you for further documentation or verification.

Видео How to Write SBA EIDL Loan Reconsideration Letter [SAMPLE TEMPLATE INCLUDED FOR DOWNLOAD] канала Freedomtax Accounting