Manage your anxiety. Schedule TWICE daily check-ins, once in the morning, the second in the evening. The money’s not going anywhere, it’s not running out, and you’re not going to miss a “place in line” with millions of other EIDL applicants if you don’t submit your request within a few hours. You can wait the day. Doing so will reduce your stress. When you feel yourself getting stressed about not checking the BLUE BUTTON every three minutes, do the following mundane, boring, functional stuff instead:
PREPARE. We’ve seen SBA coming back recently and requesting additional documents for the EIDL Increase requests. YES, it’s true, we’ve seen some requests were automatically approved. That’s the BEST CASE, obviously. Don’t assume the “BEST CASE” scenario; assume the worst case and PREPARE for the SBA request. Here’s a list of documents we’ve seen SBA requesting to approve the EIDL Increase. One important note: don’t assume SBA already has your documents from the list below. If they ask for it, submit it again, in an updated form (current date for your signature instead of a date from two months ago, for example).
- 2018 and 2019 COMPLETE Federal tax returns
- Driver’s License: COLOR legible PDF scan front and back. If the image is blurry, do it again until it is CRYSTAL CLEAR
- VOIDED check for the destination bank account to deposit your funds. BE SURE this is the SAME account you entered on your original EIDL application. BE SURE you don’t reverse the ROUTING number for the ACCOUNT number. Yes, we’ve seen people do that!
- SBA Form 2202. THIS is IMPORTANT. Have a form that is current because SBA wants to confirm if you have incurred any other debt in the name of the business entity since you applied, including existing EIDL and PPP loans or other types of financing. Remember: ONLY business debt in the name of an business entity; personal debt does not go on this form. EIDL and PPP go on the form no matter whether you are an entity or a Sole Proprietor.
- Business Plan and Revenue Projections for 2021. See our BLOG post about how to prepare.
Here’s what we’ve experienced at Aurora Consulting in our two plus years of assisting Small Business Owners to obtain financing, including the EIDL COVID-19 loans and PPP loans:
- Small Business Owners don’t want to be bothered with the basic building blocks that are boring
- They don’t want to take the boring time to write boring business plans
- They don’t want to take on the mundane task of doing some basic fifth grade math to calculate income and expenses
- They don’t want to bore themselves to tears by spending time organizing basic documents into a neat and orderly and presentable fashion
Maybe YOU are NOT in this bucket. GOOD.
Much of what we do at Aurora Consulting is to shepherd our clients through these basic and boring tasks. Here’s the problem: BORING leads to financing success.
Eliminate your stress about the BLUE BUTTON by BORING yourself. It’s much simpler than you think.