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As of January 1, 2022, SBA stopped accepting applications for new COVID-19 EIDL loans or advances. As of May 6, 2022, SBA is no longer processing COVID-19 EIDL loan increase requests or requests for reconsideration of previously declined loan applications.

You may get denied an SBA loan if your business could obtain financing elsewhere or has a wealth of assets above the loan amount requested. You also probably won't get approved if you've had a past default on a government loan. Finally, the SBA disqualifies specific industries, including: Financial institutions.

An SBA Express loan is a working capital loan of $500,000 designed for small businesses. It is part of the 7(a) loan program. But unlike other loans offered through the 7(a) program, Express loans are faster business loans that can be processed within 36 hours and potentially funded within a few weeks.

Can you get an SBA loan without making a down payment? Yes, the SBA offers some loan programs that do not require a down payment, such as the SBA disaster loan program. Keep in mind that lenders that do not require a down payment will likely place more weight on your business plan and financial statements.

SBA-qualified lenders usually set their own criteria when assessing your eligibility. Most lenders will require a minimum FICO score of 620 or higher for their SBA Loans.

About the SBA.gov website.

If your loan is approved, the SBA will send you an email with loan details. Contact the SBA directly if you have not received an email and want to check your application status. Depending on your lender, you may also be able to check your application status online or by contacting your loan officer.

SBA Express It features the easiest SBA application process and accelerated approval times, plus it offers longer terms and lower down payment requirements than conventional loans.