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Alex McAloon, CEO of Fastway SBA, answers one of the most frequently asked questions - "I received an EIDL and PPP Loan, can I still qualify for an SBA loan?"
Yes, you can get an SBA working capital loan in addition to an EIDL loan. When considering an SBA loan, you will need to make sure that your EIDL is being paid. Since the SBA issued EIDLs, each business payment history is being tracked by the Government. If you are not making payments on your EIDL, you will be required to if considering an SBA guaranteed loan from a bank.
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The PPP loan most likely didn't even have to be paid back. The EIDL loan, however, you will have to pay back, or hopefully you're currently paying it. Having an EIDL loan does not prevent you from getting more financing. Every lender understands that the EIDL was a necessary loan. So, absolutely, we can get you financing in addition to that. We often work with the EIDL portal because they did change it after funding. We can advise our clients on how to get through the setup properly and make sure that they're up to date.
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