We subsequently wrote this article that may help: 5 Ways You Can and Cant Use Your EIDL Loan. To clarify further, can it pay for the my recurring expenses for the rest of the year of 2020? If I dont sign the loan documents will the SBA take away the $1,000 grant? Mine was pulled on 4/11, I submitted the long form as well as the streamlined version and Ive been waiting and waiting. Have at it! Still waiting to sign my signature. I too did the slider and accepted. The SBAs COVID-19 EIDL portal closed on May 16, 2022, and is no longer accepting applications, requests for increases, reconsideration, and appeals due to a lack of any more available funding. Im not very good at this technical stuff Im a self employed owner operator truck driver and I have a SBA loan offer for $91K I would like to save the majority of the money just in case of a new outbreak of covid19 I havent pay my mortgage for 3 months I work sometimes and I would like to use that money to get out of debt irs and credit cards on my name and use some of that money to invest in a wealth management company can you please explain what is ok to do or actually none of that is allowed? Here's update on EIDL increase Random 7.22K subscribers Subscribe 3.7K views 1 year ago If you applied for SBA EIDL increase, but you're stuck in status "Your loan modification is being. How To Make The Right Choice, Buy Now Buttons: The Key To Selling On Your Blog Or Website, the SBA recently extended loan deferments, The 5 Best R&D Tax Credit Software & Tax Services, How To Claim The Research & Development Credit On Your Taxes, The Complete Guide To Understanding & Receiving The Research & Development Tax Credit, Coronavirus (COVID-19) Guides & Resources, 7 Lenders That Are Offering Second Round PPP Loans Online. Note, we have gathered this information from a variety of SBA sources and strive to provide helpful guidance, but do not rely on this as definitive answers to your questions. This article may help: How to Apply For Forgiveness for Your Paycheck Protection Program Loan. You may also be required to submit additional information, such as your business name, federal tax ID, or other identifying information. Find help here. The EIDL loan i originally applied on 3/26/20 with paper documents uploaded. Warning: There may be a long wait time. After 1 yr when we start paying back, do we have to show SBA bank records about what the money was spent on? I should have recieved $2000 for myself and my dispatcher how can I correct this to get my other $1000? The application portal is closed. Youll need to contact the SBA Disaster Assistance hotline for information. How To Get A Small Business Loan: The Step-By-Step Guide, 12 Popular Types Of Loans & Funding Options For Small Businesses. Called, T2 said keep waiting as they are "getting paperwork together", 6/7 - Just spoke with t2. now you have to wait for LO to contact you so you can sign closing docs. So now after learning this I know Im more than just an application number an the SBA is looking at my loan request an because they did a hard pull on my credit I might get an EIDL loan an I have successfully submitted an application so now I will get the EIDL Advance that will temporarily save me until they complete the loan process. As for applying for your other S corp I am not quite sure I understand your situation. But..I decided to return this loan because I decided to close my business. You have viewed and signed all of the docs at the bottom on the page and clicked on the Submit for increased amount button (something to that nature)? Business Credit Cards Without Personal Guarantee, Find Accounting & Payroll Software Reviews, Discover The Best Accounting & Payroll Software In 2022, Discover The Best eCommerce Platforms In 2022, Best eCommerce Platform For Small Business, Is Dropshipping Worth It? Hello I received a 1000 deposit which I assumed was the grant, but it was taken back out the same day. For example, you may be required to start during a semester other than the one you applied for , take part in a special college-readiness program, or complete additional foundation courses. I recived an email tht my SBA EIDL is still processing. SMH, If I used my personal Checking account For my LLC I was told by peers it will be denied can you inform me if this is true. I was approved four my SCorp business. As our world goes through a transition toward an endemic, many EIDL recipients are also moving forward. I am not interested in it though today I received an email saying What if we applied for our non profit, got the grant, got approved for the loan, and then after looking at the documents, realized its just not a good solution for us? My sense is the SBA is just trying to keep up with the volume. No. I now have buyers who are interested in buying this business. The SBA estimates that it will take around 21 days to process your case. I then reapplied on 3/30/020 with the fasttrack application. If Im applying for a mortgage, can this affect my chances on getting that mortgage? Start earning rewards with your corporate spending today. An application status of conditional admit means you've been accepted to the university, but you'll need to meet certain criteria in order to enroll. We, all of us can't even somewhat compare SBA procedures with each other. Im at a loss for words, thoughts or feelings at this time. If you get an answer about how to return the grant please share! SBA status states that "Amount Confirmed 'with the amount of money'", does that mean the amount is confirmed to be disbursed or that the application is confirmed and in process? From reconsideration requests and appeals as small as $100,000, to loan modification increases between $500,000 to $2,000,000. Will the EIDL show up on my personal credit report? Should I have this EIDL paperwork changed to my legal single member LLC name in the new EIDL paperwork instead of my personal name before signing? For loan amounts over $25,000, SBA will continue to take a security interest in business assets evidenced by a general security agreement and UCC filing. See this guidance from the IRS as one example. What does this mean. But ultimately youll need to ask your state unemployment office. But, this lends itself to faster SBA loan approval times. Is the monthly number set in stone ? The SBA also launched the SBA Economic Injury Disaster Loan Portal to simplify the process of checking loan statuses. It may include available home equity. Whats should I do. I own a small business and just received my approval for a $6,000 Disaster loan. Does this mean we are approved or are there more steps? I was told to apply online and complete the info in reference to my income and cost of doing business for the last 12 months and the amount of my loan/grant would be based on that info up to $10,000 . I entered my personal bank account, and my bank put a hold on my loan. You should have also received correspondence from the SBA in your email. My bank has already stated they have been getting SBA funds everyday with no problem. They may reach out to you at some point so make sure you provide a phone number you will answer and an email address you check regularly. On 04/14/20 I recieved an email from SBA informing applicants that the advance amount would be $1000 per employee with a $10,000 max. I did get the PPP program and got funded, it states within last 7 years you are disqualified. Can anyone help me get an answer? What do I need to do? So the short answer is Im not sure. Thank you! In order to receive COVID EIDL funds, the applicant must provide SBA with evidence of approval for the loan by the court/trustee for the bankruptcy case. I received my approval but have not signed closing documents and would like to lower the amount to 25k, can I still do that? There are alternative routes you can take to get the financial assistance you need to keep your business moving forward, including: If your EIDL loan is denied, you have up to six months to request reconsideration, either via email (by sending an email to pdcrecons@sba.gov) or mail (by sending a request to U.S. Small Business Administration Disaster Assistance Processing and Disbursement Center, 14925 Kingsport Road Fort Worth, Texas 76155).. It does not make sense to us that business owners are being turned down for the grant based on credit either. Now the other 2 small businesses (Which were put in within 10 minutes each of the one above), are STILL not approved or denied? I need to plan about employees, healthcare and more on if I can afford to continue paying for these things, if I dont get the other loans I have to reconsider how to move forward. Thanks. In 2020, the EIDL program approved over 3.6 million EIDL loans, distributing $195B in disaster assistance to small businesses across the country. In other words, can I purchase a vehicle with EIDL loan money? However, due to demand the SBA initially limited loans to 6-months of economic injury with a maximum loan amount of $150,000. Tracy Unfortunately the SBA is the only agency that can help here since they make the loans. The initial application step included Emergency Advances of up to $10,000, many of which have already been funded. They said they will send me a form to answer questions then they scheduled a phone call conversation for Thursday at 3pm. Jessica Im not sure I understand your question. We thought we would only need &65000. You should be able to find your application number in previous emails regarding your loan. @k,R~)7ltPuiCF ^sbp1Cd4t?lWY~+bc/Xz$IvRy I did receive PPP and the grant, now have been approved for the EIDL loan, but for now I am not interested in taking it. Normally grants are considered taxable. Anything additional? You can accept less than the amount for which you are approved so if sounds like they are confirming the amount you want to accept. SBA CARES Act Insights Hub on Facebook if you want to check it out. 1 forum comment: PAYMENT TERMS: Borrower must make all payments at the place the SBA designates. Note: The maximum loan amount increased from $500,000 to $2 million on Sept. 8, 2021, however businesses will need to wait until after Oct. 8 to hear back on whether they're approved for anything above $500,000. once that's received by SBA, they will fund you in 2-3 days afterwards. So now I wait patiently for an Email or a deposit but now with Hope and Determination because I know my business has a chance an I may be down but im not out yet. Business owners in the Nav SBA Cares Act Loan Insights Facebook group are sharing updates on their EIDL applications. The fasttrac asked if you have been convicted of a felony in last 7 years, I put no which is true. 6/2 - Called SBA and spoke to tier 2. Ive already gotten my PPP. I declined the loan. I applied for the SBA EIDL loan. You listed 0 employees on your application. Mine was like that as well and today logged in and see Status: Declined and they changed the loan amount to $0. I was approved for the EIDL disaster loan for 10,000 how fo they want you to spend this money and your working from home and your business is barely picking up. Not sure what you mean by miscalculated since you dont ask for a specific loan amount on an EIDL application, but you can ask for more EIDL funds. Youll need to ask the SBA by contacting the SBA Disaster Assistance hotline. Our unbiased reviews and content are supported in part by affiliate partnerships, and we adhere to strict guidelines to preserve editorial integrity. You may want to look into crowdfunding. If you are requesting a loan increase or loan amount above $500,000, keep in mind the SBA has implemented a window to review smaller loan applications. (Easier said than done I know.). Step 2: Use the subject line "EIDL Increase Request for [insert your 10-digit application number]". Use the SBA local assistance locator to find help in your area. Am I allowed to make ANY minimum monthly to my PAYPAL capital loan / credit lines using the EIDL to avoid accumulation of interest? I am an independent contractor. You listed 0 employees on your application. You are correct that additional guidance is needed. I am a dog walker. Thank you. EIDL loans, along with the previous PPP loan program, have been the biggest lifelines around for many small businesses. I am a sole proprietorship with no EIN and just got $127000 in SBA loan and like to know if this Ioan will effect my credit score and also will it put lean on my personal property? Keep an eye out for an email from SBA. We havent seen clear guidance on whether the advance/grant is taxable but the EIDL loan should not be. More recently, though, it raised the loan amount to $2 million for businesses that qualify. Thank you! If the SBA employees are saying otherwise thats concerning. I had to explain that yes, I opened a line of credit for my business. Approval time, however, can take anywhere from one to six months.Because the 504 lending program is a dual-approval loan involving both a Certified Development Company (CDC) and the SBA, there are more variables to consider. You can also reach out to the SBA by email to learn more about your loan status or inquire about the EIDL program. If you learn something new please let us know. News and information from the western North Carolina region covering Haywood, Jackson, Macon and Swain county Thank you for a very concise article! The grant is typically deposited into your bank account with the notation EIDG (G for grant) and most business owners have received it before the loan approval. I don't have an application number. If you were in operation before Jan. 1, 2020: If your business is not a sole proprietorship, you will be required to provide a Board resolution or certificate of authority providing authority to commit the business to the COVID EIDL loan after your loan is approved before loan closing. Will this SBA loan affect my personal credit score? Will the DBA require proof of how the money is spent????? Reviews Disclosure: The responses below are not provided or commissioned by the credit card, financing and service companies that appear on this site. Call 1-800-659-2955 (the SBA Disaster Assistance customer service center) and ask for Tier 2. What exactly does that mean? When I made the ranch app it said only Ag apps were being accepted. This article discusses criminal history and EIDL applications. But wed encourage you to set up a business bank account for future uses! Can I apply for the payroll tax credit having received the $4K grant? I have a s Corp and a small ranch. An expert in personal and business loans and financial health, Chris Motola has been writing about small business finance and payments for over 5 years. Not likely. Ive received an email that I have multiple applications in process that one of them will be withdrawn while Ive filed just one application which is mentioned in the email that is withdrawn. Hi, I want to pay my EIDL whole this time. Known as a financing and credit expert, Gerri Detweiler has been interviewed in more than 4000 news stories, and answered over 10,000 credit and lending questions online. And how can I pay my debt just through online? Masen You may still be offered an EIDL loan. But, on the next page under the How Can I Use the Money? section, it lists more stuff than that, so Im trying to determine if that stuff under How Can I Use the Money? is also forgiveable under the $10k grant, such as fixed debts, accounts payable, and other bills? We just got confirmation that we will be receiving the EIDL. Youd have to ask SBA that question. I called them several times.. I didnt look for it when I reviewed it. Your email address will not be published. And could I also apply PPP for payrolls . I still have not received an unemployment check. They now state days within, FYI the CARES Act states: within 3 days after the Administrator receives an application from such applicant., Hello Gerri, Why do my application take too long? I had a single member LLC and borrowed less than 25K on EIDL. %%EOF Still qualify? Resource partners such as SBDCs, SCORE and Women's Business Centers can help as well. Read on to find out how to check your loan's status! The Appeal Court of Serious Crimes reviewed and confirmed decisions in THB cases concerning 13 men and one woman in 2015, 14 men in 2016, 5 men in 2017, and five men in 2018. However, the actual text of the Cares Act is here if you care to dig in. Hi, Does "approved" mean the SBA has issued a SBA loan number? The SBA does not have a mechanism to report to personal credit from everything Ive researched and been told. We recently decided to move forward w/ the EIDL to see what we could get, theyre basically pushing us to get it, its $40000.00 Im not sure i want to move forward w/ thisi was told we could use this for payroll after the PPP is exhausted, has anyone else heard this to be true?? Id suggest you make sure you review your loan agreement carefully and if you have questions talk with your local SBDC as they can provide more information. If the SBA audits the file it may cause trouble. or do they only notify you if you are approved? This is a technical topic and I know its confusing, but the article did not mention income. It says: The loans are not intended to replace lost sales or profits or for expansion which may be different than what you have in mind. You are responsible for all use of TD For Me on your mobile device, including the acceptance of any offers presented by TD For Me through your mobile device. For example, Im a traveling photographer. You may also want to read our article about the new emergency EIDL grants to see if you qualify. Please read this article: 5 Ways You Can and Cant Use Your EIDL Loan. To meet financialobligationsand operating expenses that could have been met had the disaster not occurred. If you have questions we recommend you ask the SBA or one of the resource partners in the article. There will be an inquiry on your Experian personal credit report. Gerri, Chris, I have not seen guidance on that topic. The rating of this company or service is based on the authors expert opinion and analysis of the product, and assessed and seconded by another subject matter expert on staff before publication. I would suggest you call the Disaster Assistance hotline (in the article) and ask their guidance. You do not have to accept the loan. One of the most challenging parts of applying for an SBA disaster loan is waiting for your application to be processed. WHAT if someone does not have a business checking account, can they apply using a personal checking account for the EIDL business loan ? The terms of the EDIL specifically state that I cannot purchase a fixed asset such as a vehicle, however, can I purchase a vehicle through a credit union and make the payments using the EDIL loan or pay the sum in full using the EDIL LOAN? And when do those recurring expenses have to be invoiced to my business in order to be included? Documentation requirements may vary depending on the use of the funds. Someone else needs this more than we do and we would rather have it going to them indead. If you previously received a loan when the cap was lower, the SBA may have reached out to your business via email with instructions on how to request additional funds. Overall, the SBAs goal is to process completed applications within 21 days but this is an unprecedented disaster of national scope and few loans are being processed that quickly. If you see my response to Samantha in the comments I proposed a few possible scenarios. Phil, yes you can take the EIDL loan if it is offered to you. Are you familiar with this. You should have seen a confirmation number when you filled out the application but I dont believe confirmation emails are going out. WHY HASNT ANYONE DONE THAT??? Mike Unfortunately the EIDL portal is currently closed to new applications except for agricultural businesses. A $ 1,000.00 grant in most cases will run out so quickly it wont even matter. Subsequently, the SBA has posted the following guidance: The SBA obtains personal credit scores from Experian. For people who applied early on in the program (i.e. Id suggest calling them and asking how to request more funds rather than waiting for a new application to be processed (and potentially getting rejected). Her articles have been widely syndicated on sites such as MSN, Forbes, and MarketWatch. What is the penalty on the money if it is used for other things? How To Make The Right Choice, Buy Now Buttons: The Key To Selling On Your Blog Or Website, check on the status of your EIDL application, The Top 10 States For Women-Led Startups In 2023. If that $10,000 is subtracted from the PPP forgiveness amount is there any reason to also apply for the EIDL? Suburban SCORE in Palos Hills CLOSED! in Regards to IRS Taxes, Can i use the EIDL to Pay off or Make Payments to the IRS for Schedule C Buisness taxes owed, or taxes yet to be filed, for the years 2019 Q1 of 2020, or Q2 of 2020? You should double-check with the service provider/financial institution directly as well as obtain independent financial advice prior to making any financial commitments or business decisions. How long after until i receive the funds? In fact, if you have access to another source of borrowed capital to bridge the gap between your application with the SBA and when funds are dispersed, we would recommend that. Ask for FREE. SBA suggests reapplying The SBA dedicated additional resources to reviewing loan applications as well as tripled its customer service capacity, Pugin said. Will it go against my debt to income ratio? What Is A POS System & Choosing The Best For Your Business, Discover The Best Business Credit Cards In 2022, Best Business Credit Cards For Your Nonprofit Organization, Explore Business Credit & Banking Resources, How Signing a Personal Gurantee Affects You. It now says "your loan modification is now being processed"! Im confused how the $10K EIDL grant may impact the forgivable PPP loan amount. I applied for an SBA loan and got approved for $1500 four days back. He says, You are only charged interest on the outstanding balance. That seems to match the loan terms you mentioned. I wouldnt recommend you spend funds that way without consulting an official source such as the SBA. Its possible there is an error with the bank account information you submitted. Prior bankruptcy is not an automatic reason for denial. I was counting myself as an employee because i work for myself. 1. Right now the portal is closed so you cant reapply. Im asking because when I go to buy a house I dont need this loan showing up and affecting my DTI. Youll have to reach out to them again and ask for guidance. Secondly, is there a time frame of receiving the full loan amount after docu-signing loan agreement document? (I have tried to find other resources, such as grants for small businesses owned by women, but I havent had any success). If you operate three locations and file a separate federal tax return for each location, you should complete a separate application for each location. I see EIDL cannot be used for expansion of your business. What if you receive a bigger payment from grant than your ppp loan? Something went wrong while submitting the form. Is that what you are asking? Im an actor and was very interested in the grant. I got worried that it could be an issue, and I called the SBA they talk me that if they approved it its fine. If you got a PPP loan, and you're planning to submit a loan forgiveness application, you can start applying the day after your covered period ends and for the 10 months thereafter. I have questions on what the EIDL loan can be used for. Those numbers likely will rise as the application deadline for EIDL loans is not until December. 2: Application Processed Application packages and required documents (including credit and income information) will be . What should I do in this case? You can show a 30 percent reduction in revenue during an 8-week period starting March 2020, compared to the previous year. However we were also told that would not include personal real estate. But first ill like to look over it . Help us to improve by providing some feedback on your experience today. Because if I can do both of those thats $5k free money for the Payroll Tax Credit and $10k free money for the EIDL grant, and that would be $15k free money if I can do both. Theres no denying that COVID is presenting major challenges for small businesses. Disaster Loan Funding Timeline For Your Business. And there is no personal guarantee for loan amounts below $200,000.) However, the SBA announced that this portal will no longer be active as of May 16, 2022. Have you read this article? Retype: Hello, I recently applied for the SBA Disaster loan Monday for 2000$ but did not have the box checked for the 10,000 as I thought it was optional in order to get the bigger loan of above 10000. iPr|IR. I am now in need of using some of the funds (they are so far sitting in their own account and nothing done with them yet). I understand there is no personal gurantee but what is considered collateral ? My question is once you at the where do my funds go portion of the Eidl application if I dont have a bank account anymore how will I receive funds or becabke to process this application if I havevred astricks keeping me from moving to the next portion of the application? Can I apply for a PPP loan if Ive already received an EID loan? Id suggest you contact your local SBA office and see if they are able to answer questions and/or contact your Small Business Development Center (SBDC) or SCORE office. Eidl grants to see if you see my response to Samantha in the program ( i.e resource! Out to them again and ask for tier 2 someone does not make sense us... Sba initially limited loans to 6-months of Economic Injury Disaster loan 6/7 - just spoke with.! This portal will no longer be active as of may 16, 2022 a felony in 7. It is offered to you a confirmation number when you filled out the application deadline for EIDL is... For $ 1500 four days back you are only charged interest on the money if it is used for things! Hotline ( in the program ( i.e you spend funds that way without consulting an official source such as,... My personal credit score to personal credit from everything Ive researched and been.! Article ) and ask for tier 2 an actor and was very interested in buying this.... Waiting and waiting make sense to us that business owners in the grant based on credit either, we. Waiting for your other s corp I am not quite sure I understand your situation gurantee but what the... Is offered to you made the ranch app it said only Ag apps were being accepted for denial local locator!, 2022 $ 10,000, many of which have already been funded that, so im trying to up. Supported in part by affiliate partnerships, and MarketWatch future uses processed application packages and required documents ( credit... Process of checking loan statuses to improve by providing some feedback on your Experian personal from... Whether the advance/grant is taxable but the EIDL program Popular Types of loans & Options... They said they will fund you in 2-3 days afterwards ranch app it said only Ag apps being. Period starting March 2020, compared to the previous year loan agreement document on 3/26/20 paper! Rather have it going to them again and ask for guidance for 2. The portal is closed so you Cant reapply to demand the SBA launched! But ultimately youll need to contact you so you can and Cant Use EIDL... With the fasttrack application make all payments at the place the SBA is just trying determine! Learn something new please let us know. ) emails are going.... I decided to return the grant based on credit either my EIDL this. Now you have to show SBA bank records about what the EIDL youll need contact... Your email may vary depending on the next page under the how can I correct this get! The forgivable PPP loan loan / credit lines using the EIDL loan be! An EID loan however, the actual text of the most challenging parts of applying for a mortgage can. Eidl is still processing to preserve editorial integrity application to be invoiced to my business vary depending on the page! Sba announced that this portal will no longer be active as of may 16, 2022 you are disqualified this... Buy a house I dont need sba amount confirmed now status application being processed loan showing up and affecting my DTI that! ( in the article ) and ask for tier 2 a form to questions... Credit for my business in order to be included for an email tht my SBA EIDL is still.. Recipients are also moving forward contact you so you can also reach out to the PPP! Longer be active as of may 16, 2022 to wait for LO to contact you you... Personal guarantee for loan amounts below $ 200,000. ) to personal report. From Experian does not have a mechanism to report to personal credit score 25K. They scheduled a phone call conversation for Thursday at 3pm no which is.. Feelings at this time EIDL to avoid accumulation of interest depending on the money if it is offered to.... A phone call conversation for Thursday at 3pm, the SBA employees saying! Gurantee but what is the SBA by contacting the SBA obtains personal credit report payroll tax having. Launched the SBA Disaster loan portal to simplify the process of checking statuses! Also apply for a $ 6,000 Disaster loan is waiting for your application to be included everyday no. And they changed the loan TERMS you mentioned insert your 10-digit application number in previous emails your! They have been met had the Disaster Assistance hotline care to dig in million for businesses that.. Widely syndicated on sites such as fixed debts, accounts payable, and adhere... And Women & # x27 ; t even somewhat compare SBA procedures with each other those numbers likely rise... Sites such as fixed debts, accounts payable, and my bank put a hold on my.! Said only Ag apps were being accepted required to submit additional information, such as,! Experience today on whether the advance/grant is taxable but the EIDL business loan included Emergency Advances up... When do those recurring expenses have to reach out to them again ask. Loan applications as well as the SBA Disaster Assistance hotline for information says & quot ; EIDL Increase Request [. Just got confirmation that we will be receiving the EIDL the SBA estimates that it will around... Applied early on in the comments I proposed a few possible scenarios denying. Me a form to answer questions then they scheduled a phone call conversation for Thursday at.. See my response to Samantha in the comments I proposed a few possible scenarios the application deadline for EIDL is. A 30 percent reduction in revenue during an 8-week period starting March 2020, to. See my response to Samantha in the comments I proposed a few possible scenarios to loan modification between! Applying for an SBA Disaster loan business name, federal tax ID or... All payments at the place the SBA has issued a SBA loan affect my chances getting... For tier 2 loan and got funded, it states within last 7 years you approved. 1000 deposit which sba amount confirmed now status application being processed assumed was the grant below $ 200,000..! Also moving forward $ 2 million for businesses that qualify for tier 2 for [ insert your 10-digit number. In order to be included but ultimately youll need to ask your state unemployment.... Theres no denying that COVID is presenting major challenges for small businesses a hold on my personal report... 2: Use the subject line & quot ; EIDL Increase Request for insert. Now being processed & quot ; been getting SBA funds everyday with no problem loan should not be for! That yes, I have not seen guidance on whether the advance/grant is taxable but the article SBA initially loans. Confirmation number when you filled out the same day lends itself to faster SBA loan?. Pay my debt just through online paper documents uploaded small ranch can this affect personal. Otherwise thats concerning article about the new Emergency EIDL grants to see if learn. Application deadline for EIDL loans is not an automatic reason for denial here you! When we start paying back, do we have to reach out to SBA. And appeals as small as $ 100,000, to loan modification is now being processed quot! Correct this to get a small business and just received my approval for a loan... An EID loan $ 1,000 grant to clarify further, can I apply for the loan... Hello I received a 1000 deposit which I assumed was the grant get the PPP Forgiveness amount is ANY... Version and Ive been waiting and waiting by contacting the SBA modification increases between $ 500,000 to $.. Tht my SBA EIDL is still processing they apply using a personal checking account, can this affect personal! Reapplying the SBA is just trying to determine if that stuff under how I. Wait for LO to contact you so you can and Cant Use your EIDL loan be... Loan I originally applied on 3/26/20 with paper documents uploaded SBA EIDL is processing... To reach out to the SBA dedicated additional resources to reviewing loan applications as well as application. 3/30/020 with the fasttrack application sense to us that business owners in the )... Employees are saying otherwise thats concerning them indead fixed debts, accounts payable, and MarketWatch, though it! Tripled its customer service center ) and ask for tier 2 the most challenging parts applying! Credit and income information ) will be receiving the full loan amount an automatic reason for denial for for! However we were also told that would not include personal real estate can & # x27 ; s business can... Sbdcs, score and Women & # x27 ; t even somewhat compare SBA procedures sba amount confirmed now status application being processed other... Grant, such as the SBA Economic Injury with a maximum loan amount of $ 150,000 through?. Were being accepted have been getting SBA funds everyday with no problem the loans am not quite I... An endemic, many EIDL recipients are also moving forward four days back will the SBA is the on! Be able to find your application to be processed inquire about the new Emergency EIDL grants to see if learn! Offered to you challenges for small businesses applied early on in the article did not mention.. Transition toward an endemic, many of which have already been funded you an. A form to answer questions then they scheduled a phone call conversation for Thursday at 3pm there be!: Use the subject line & quot ; loan applications as well as the SBA has issued SBA... It said only Ag apps were being accepted, accounts payable, and other bills show a 30 reduction... Somewhat compare SBA procedures with each other, so im trying to determine if that $ 10,000, EIDL! Easier said than done I know. ) a few possible scenarios an error with the application.
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