Are you one of the many small business owners who have been affected by the COVID-19 pandemic? If so, you may have applied for the Economic Injury Disaster Loan (EIDL) program from the Small Business Administration (SBA). However, it’s not uncommon for applications to be denied or receive a lower amount than requested. The good news is that there’s a chance to appeal that decision with a sample EIDL application reconsideration email.
In this article, I’ll be sharing with you a sample EIDL application reconsideration email that you can use as a template for your own appeal. This email will not only help you understand what information to include in your request for reconsideration, but also how to format it properly.
Plus, I’ll be providing you with additional examples of EIDL reconsideration letters, so you can get a better sense of how to tailor your own email. As a small business owner myself, I understand how important it is to maximize every opportunity to secure funding. That’s why I’ve curated this resource to help you succeed in your EIDL application process.
So, if you’re ready to take your EIDL application to the next level, keep reading!
The Best Structure for Your Sample EIDL Application Reconsideration Email
If you have applied for the Economic Injury Disaster Loan (EIDL) and got declined for it, don’t lose hope! You can request a reconsideration of your application and give your business another chance to be approved. Writing an EIDL application reconsideration email is a delicate and crucial part of the process. It’s important to know the best structure to follow in crafting your email for the reconsideration process.
Here is the best structure for your sample EIDL application reconsideration email.
Introduction
Start your email by addressing the recipient properly and introduce yourself. Provide your business name, address, and the date of your original application. Express your appreciation for the opportunity to have your application reconsidered and proceed with the main body of your email.
Explanation
Explain the reason why you believe that your loan application should be reconsidered. Provide a clear and concise explanation of why you think your business qualifies for the loan. Cite all the relevant details, provide supporting documents, and emphasize your business’ economic injury. Explain how the COVID-19 pandemic has impacted your business’ operations and financial situation. State your purpose for applying for the loan and how it will help your business recover or continue operations.
Appeal
This is the most critical part of your email. Your appeal should be persuasive and compelling. Restate the urgency and importance of your request and highlight the positive impact that getting a loan will have on your business. Make a strong case by providing specific examples, statistics and data. Highlight the benefits of the loan not only to your business but also to the economy. Show your determination to repay the loan and maintain good credit standing. Avoid making emotional appeals and stick to the facts.
Closing
Conclude your email by thanking the recipient for their time and consideration. Restate your contact information and place to leave a final impression. Indicate your willingness to cooperate and provide additional information that they might need to reconsider your application.
Writing a well-structured EIDL application reconsideration email can increase your chances of getting approved. By following the steps outlined above, you can craft a persuasive email that will help you get the financial assistance your business needs to recover from the economic impacts of COVID-19.
EIDL Application Reconsideration Email Templates for Various Reasons
Adjustment of Business Revenue
Dear EIDL Customer Service,
I hope this email finds you well. I am writing this letter to request a reconsideration of my EIDL application for the reason that my business’s revenue has decreased due to unforeseen circumstances.
My business was unable to generate as much income as expected due to the recent pandemic, which affected most industries, including ours. The financial support provided through the EIDL would significantly help in covering our operating expenses and maintaining our workforce.
Thank you for taking the time to review my request, and I hope for a positive outcome.
Best regards,
[Your Name]
Missing Documentation
Dear EIDL Customer Service,
I am writing to request a reconsideration of my EIDL loan application as I believe my application was denied due to the lack of certain documents submitted. Unfortunately, I was unable to obtain the documents required as they were also lost in the same disaster that led to the EIDL application.
I would be happy to provide alternative documentation or any other information that would help in reconsidering my application. I appreciate your support and understanding of my situation.
Thank you for considering my request.
Best Regards,
[Your Name]
Incorrect Business Information
Dear EIDL Customer Service,
I recently received feedback that my EIDL application was denied because of incorrect business information in my application. I apologize for any confusion or inconvenience this may have caused.
Please let me know which information was incorrect, and I will provide updated and accurate information as soon as possible. I understand that timely and accurate information is crucial in processing loan applications, which is why I am willing to do whatever it takes to complete my application procedure.
Thank you for understanding my situation and revisiting my loan application.
Sincerely,
[Your Name]
Credit Score Issues
Dear EIDL Customer Service,
I am writing to request a reconsideration of my EIDL application for the reason that my credit score was not satisfactory. Unfortunately, my credit score has been negatively impacted by reasons beyond my control, which resulted in a lower credit rating.
Despite this setback, I am committed to rebuilding my credit and would like to avail of the EIDL loan for this purpose. I would appreciate it if you could take another look at my application and provide feedback on how I may qualify for the loan, given my current credit score situation.
Thank you for considering my request.
Best regards,
[Your Name]
Unexpected Financial Hardship
Dear EIDL Customer Service,
I am writing to request a reconsideration of my EIDL loan application due to unexpected financial hardship caused by a sudden health crisis in my family.
We have experienced enormous out-of-pocket medical expenses and have struggled to pay for our operating costs and maintain our workforce. The funds from the EIDL would significantly help us weather this turmoil and stay afloat during this challenging time.
Thank you for your time and consideration.
Sincerely,
[Your Name]
Inability to Pay Current Debt
Dear EIDL Customer Service,
I hope this email finds you well. I am writing to request that my EIDL application be reconsidered, given my inability to pay off my current debt due to the COVID pandemic’s economic downturn.
Despite our best efforts to continue operations, the COVID pandemic’s impact has severely affected our revenue generation abilities, and in turn, we have accumulated unmanageable debt that needs to be addressed. We hope to avail of the EIDL loan and use it to pay off our current debts to help keep our company afloat.
Thank you for your time, and we hope for a positive outcome.
Best regards,
[Your Name]
Delay in Applying for EIDL
Dear EIDL Customer Service,
I am writing to request a reconsideration of my EIDL loan application as I was unable to apply for it by the initial deadline due to unforeseen circumstances.
Despite my best efforts, I was unable to apply for the EIDL loan by the deadline due to significant personal commitments and a lack of support resources. I believe that the EIDL loan would significantly help my business recover and continue operations as usual, and I would appreciate it if you could reconsider my application in light of my situation.
Thank you for your time and understanding.
Sincerely,
[Your Name]
Related Tips for Writing a Sample EIDL Reconsideration Email
Receiving rejection for your EIDL loan application can be disappointing, especially when you need the funds to run your business smoothly. However, it is not the end of the road. You can write a reconsideration email and stand a chance to get your application approved. Here are some tips on how to write a sample EIDL loan reconsideration email:
- Start by analyzing the reason for rejection- Before you begin writing your EIDL loan reconsideration email, go through the rejection notification and understand the reason for the denial. If it is due to simple mistakes or omissions in your application, correct them before sending a reconsideration email.
- Be polite and concise- The EIDL loan reconsideration email is your chance to make a first impression. Therefore, you should try to be as polite and professional as possible. Be brief, precise, and stick to the facts. Do not go off-topic or provide additional information that is not relevant to your application.
- Address the reason for denial- In your email, address the reason for your application’s denial. Be clear and straightforward, explaining why you believe the rejection was unjustified and what you have done or plan to do to rectify the issue or simply provide additional information if required.
- Provide supplemental documentation when necessary- If you have additional documentation that can help your case, provide it. However, make sure to keep it relevant to the reason for your loan’s denial. You should try and put the relevant document(s) in a pdf format, collate the documents, and send them to the organization’s email.
- Show your eagerness to work with the organization- Express your willingness to work with the organization and adhere to its lending criteria. Let them know that you are committed to fulfilling the loan obligation if approved. You need to demonstrate a sense of responsibility and accountability.
- End the email with gratitude- Finally, thank the organization for their time and consideration. Remain professional in your final words but express a degree of gratitude and willingness to work with them.
When crafting your EIDL loan reconsideration email, it is essential to remember that it’s all about mitigation. The goal is to convince the lending organization that your EIDL loan application is justifiable and that your business is worth the risk. With these tips, you can write a persuasive and successful reconsideration email that increases your chances of getting approved for the EIDL loan.
FAQs on Sample EIDL Application Reconsideration Email
What is an EIDL application reconsideration?
An EIDL application reconsideration is a process through which a borrower can request the SBA to reconsider its decision of denying their EIDL application.
What are the reasons for an SBA to deny an EIDL application?
An EIDL application can be denied due to low credit score, insufficient collateral, ineligible business type, or incomplete paperwork.
What documents do I need to submit with the EIDL application reconsideration email?
You need to submit a detailed explanation of why you think the original decision was wrong, any new supporting documentation, and a completed IRS Form 4506-T.
How long does it take to get a response for the EIDL reconsideration email?
The SBA typically takes four to six weeks to review and respond to an EIDL reconsideration request. However, the response time can vary depending on the complexity of the case.
How can I make sure my EIDL reconsideration request is approved?
To increase your chances of getting your EIDL reconsideration request approved, you should provide clear, concise and convincing reasons for why you believe the original decision was incorrect and provide concrete supporting documentation to back up your arguments.
Is there any fee for submitting an EIDL reconsideration request?
No, there is no fee for submitting an EIDL reconsideration request.
Can I submit multiple reconsideration requests for the same EIDL application?
Yes, you can submit multiple reconsideration requests, but each request must include new and substantial information that was not previously submitted.
What happens if my EIDL reconsideration request is denied?
If the SBA denies your EIDL reconsideration request, you have the option to file a lawsuit in federal court or find other financial assistance options.
Can I hire a lawyer or an SBA consultant to help with the EIDL reconsideration process?
Yes, you can hire a lawyer or an SBA consultant to assist you with the EIDL reconsideration process. However, it is not a requirement, and you can do it on your own.
Can I withdraw my EIDL application after I submit a reconsideration request?
Yes, you can withdraw your EIDL application and request at any time by sending an email to the SBA’s reconsideration department.
Thank You for Checking Out Our Sample EIDL Reconsideration Email!
We hope that our sample email helps you create your own effective reconsideration request. Remember to double-check all of your information and make sure that your email is clear and concise. We wish you the best of luck in getting the funding you need. Thanks for reading, and come back soon for more helpful tips and resources!