@cgr
I have another 200K approved for the increase, still deciding if I should take it, but the way interest rates are going, I am crazy if I don't take it, but they require a list of docs to submit.
How much time do I have to submit the docs?
It takes the SBA time to review documents, and the money might run out a lot sooner than the May 6 deadline, so if you want to give yourself a chance, submit the documents now.
I also don't have RE for my business as collateral, will that be an issue?
RE is not a requirement- if you don't have any enter N/A on the collateral spreadsheet (if the business does own any, it must be declared).
Also,.if I have 500K in stocks and another 500K in the bank will they make an issue approving the loan?
The main thing they look at is net business income after adding back interest and depreciation. You need $5,200 in net income for each $100k in EIDL, so if you qualify for $2MM in EIDL, you need $100k net to be approved. If you have $50k in net income, you can be approved for $1MM (if you qualify based on gross income for this amount), etc.
There are some other ways to "spruce up" your net income on top of interest and depreciation, but that depends on the assigned loan officer and how well you know the SBA's internal processing rules.
The above doesn't apply to loans under $500k, but applies to the entire loan, including any amounts under $500k, when seeking an increase above $500k.