We look at the SBA EIDLs current deferment policy as well as the programs overall current status. I was sent an email of my loan approval for 11,500 for the EIDL and asked to sign to sign the closing documents. Does this mean we are approved or are there more steps? I made applications on both and received 1,000 on the ranch application. do we just not sign the documents and let the two months run out? q,g=e|ipx dy[j\FE/ 30 No, unfortunately, you cannot use EIDL or PPP for a startup. Thank you so much. I heard only every other 4th second of conversation. It later raised the limit to 24-months of economic injury with a maximum loan amount of $500,000. But I would like to know will I still be charged the 30 year total finance charges or will the finance charges decrease. I was told i can ask for less but not told how to ask or request a decrease in approved funds. Can you accept the EIDL if you already receive a City grant and private grant? Prior bankruptcy is not an automatic reason for denial. resources like this that interest continues to accrue. Any idea on time frame for the loan? Before that was completed my accountant told me I should have applied for the PPP which I did through the local credit union. 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. If there was an error with your reported figures, you can request a reconsideration. It has been 7 weeks since that day but I dont see anything FUND. No confirmation email will be sent as a follow-up confirmation of receipt of application. I applied for an SBA loan and got approved for $1500 four days back. The U.S. Small Business Administration set up a Lender Match tool recently and borrowers can try to find a lender through that method. We have the PPP and the EIDL foregiveness grant and a loan. It seeems that if youre using EIDL to pay yourself payroll then that would reduce unemployment or make you ineligible, but thats just my guess not legal advice. Yes you can still apply. If you see my response to Samantha in the comments I proposed a few possible scenarios. Merchant Mavericks ratings are editorial in nature, and are not aggregated from user reviews. Should I email them again or should I just wait till they email me back. She urged small-business owners who. The S Corp app made no such notice. I just dont want any unanswered questions regarding the funds being used. boxes. John Weve published a new article about ways you can use EIDL. Thank you for your prompt reply. it has now been 18 days since the credit pull and the $10,000 going in those accounts and NO WORD EITHER WAY??? Thats where Economic Injury Disaster Loans (EIDL) come in. Applied via long form on 3/21 and short form on 3/30. The rejection letter does not say if I need to reapply later? This is in the EIDL and the PPP. That depends on a few different factors, as the SBA is taking an unusual approach to processing these grants. We applied for EIDL and PPP. if i applied for the loan and it sent me an email saying that i needed to update my advance request with correct information but instead i just filled out the application over will it affect me getting the grant. Just remain persistent, and youll be successful in getting a status update. How do I know if is a grant or a loan , I got approved for 14000, I wander is I just change the amount to 10000 si I dont have to pay it back , is how that works ? Lets say I get a PPP loan for $50K and its entirely forgiven. Can you touch on what, if I get this loan, I should likely be able to justify and what it is definitely not meant to cover? Will i get the amount approved for or a different amount? If you are on Facebook Id recommend you check out the Facebook group Business Loan Insight Financing Hub PPP, EIDL and More on Facebook where applicants are sharing their results by application number. 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? Ita all about how much they can make. Additional documentation may be needed as well. The length of time it takes to process your EIDL application can vary based on application volume, from a few days to a few weeksbut typically, new applications are processed within 21 days. Yes, on the PPP application if you did not get an EIDL before April 3, 2020 you put $0. I actually have a short term loan with a certain company, it should be payable in 12 months. Fast turnaround: as little as 1-2 days. I am an independent contractor. 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. To review your real-time funding options with one of Navs lending experts, please contact us. In addition to the technology platform, the SBA is standing up a PPP customer service team to answer questions and directly assist borrowers with their forgiveness applications. Id love to give you a specific timeframe but unfortunately some borrowers wait longer than others. Available. Doing so will not affect your credit scores. No the loan is not forgivable. I started an LLC in 2018 and have been under construction of my business with an Sba loan since July of 2019. Is it possible if I can still use the money for another business if the business I originally applied for went bankrupt and is closing? I am a sole proprietor real estate agent with no employees other than myself. SBA is processing loan applications on a first-come, first served basis. 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).. Processing & Account Deposit Our records indicate that you have not taken the next steps to complete your SBA Economic Injury Disaster Loan application. Updates Maximum loan cap increased from $500,000 to $2 million You should have received a payment schedule with fixed monthly payments from the SBA. I asked for the transaction id so the bank can track it and there was complete silence and no response to the email requesting this information. Privacy Policy. All of my business purchases and sales are done using my Paypal Business merchant account, PayPal takes 30% of my daily sales automatically to pay back the capital loan. Do they look at history or just current credit scores? Thank you for the wonderful article. I applied for a $25,000 SBA Disaster Loan Assistance. Monitor your email for updates (check your spam folder as well) for emails from @sba.gov, and monitor your bank account to see if the grant has been deposited. SBA created additional way to meet program size standards for businesses assigned a NAICS code beginning with 61, 71, 72, 213, 3121, 315, 448, 451, 481, 485, 487, 511, 512, 515, 532, or 812, AND that have no more than 500 employees per physical location AND that have no more than 20 locations AND that meet all other COVID EIDL eligibility requirements. No one wants to hear they have to wait for a life preserver when theyre drowning. If you applied for an EIDL outside of the COVID-19 portal, you can call the SBAs toll-free number to inquire about your loan status. Emails are the same. I do have a SBA loan for our property and new construction approved in July 2018 and completed in August 2019. endstream endobj 845 0 obj <. May I ask, did you get approved? Ive already gotten my PPP. 7 Questions About PPP and EIDL the SBA and Treasury Need to Answer ASAP. I applied for SBA EIDL loan on November 2021, I got approved for both EIDL and advance in December 2021, but till date, I havent been deposited any funds yet, I dont know why, please can anyone relate to the same thing or does anyone know why SBA hasnt paid me yet &; if SBA is still going to pay me or not? If you owe taxes you may be able to get on a payment plan. (a) If SBA denies your loan application, SBA will notify you in writing and set forth the specific reasons for the denial. I do not have an EIN it was all done as a sole proprietor. I never receive the loan advance and now there saying they have ran out of money. I wouldnt recommend you spend funds that way without consulting an official source such as the SBA. It only applies if we are getting the full loan. Business owners can apply for EIDL loans on the official SBA website. Nav helps you see how your personal and business credit scores impact your ability to access capital. I was able to get thru an explained my concern that SBA did a hard pull on my cr and I havent recieved an email or deposit an was wondering if I am correct about I should recieve the Advance now because I believe by pulling my cr I have successfully submitted an application. If not, then it may not matter. Joe Please reach out to the SBA for an answer to this question. Hi Stacy the SBAs FAQs state: What do I do if my loan application was approved, but Im experiencing a Youll have to check with unemployment.). What can I do? I wish I could be more specific but I hope this will be helpful. As of May 16, 2022, the COVID-19 EIDL portal (covid19relief1.sba.gov, also known as the "RAPID portal") is closed. You may want to meet with your accountant, an SBDC advisor or SCORE mentor to get some advice before you decide how to proceed. (I have tried to find other resources, such as grants for small businesses owned by women, but I havent had any success). It is essential equipment for deliveries and transporting our inventory. in the weekly question like this to answer yes or no , how can I answer correctly 1) any type of private income protection insurance during this week? Thank you! You may want to look into crowdfunding. To check the status of your Targeted EIDL Advance application and/or Supplemental Targeted Advance application, visit the SBA portal or call the customer service phone number listed above. I had to fill out a board of resolution formdoes this mean I am approved? What about the $1,000 advance I received. Car payment on the vehicle? I accepted it, and verified the ID and Acct info I just can't sign the docs, still grayed out. I have a question. Thank you for any insight!! Im sorry its so difficult for you Michael. Does that mean none of the ppp will be forgiven? Start earning rewards with your corporate spending today. Was told approval was waiting on 2nd stage and keep waiting. Normally with EIDL there is a process where you can ask for more money. You will need to check with the SBA to get an answer to this question. He has been cited in various industry publications, including Forbes Advisor, GoBankingRates, and Medium. The SBA will determine the loan amount for which you qualify based on the information on your application. Brandy unless one of you does not have acceptable credit I see no reason why it would be a problem. If not, Real Time Payments VS ACH: How Long Does ACH Transfer Take? 7. @k,R~)7ltPuiCF ^sbp1Cd4t?lWY~+bc/Xz$IvRy It sounds like it to me Carol! Can I apply for it again legally? I got the link to the portal on 4/13 and accepted the amount with the slider and confirmed my bank info. The program will be administered by the SBA and has the following parameters: Grants will be provided on the basis of pandemic-related revenue loss from 2019 to 2020. and that will be forgiveable under the $10k grant money? Reddit and its partners use cookies and similar technologies to provide you with a better experience. You dont turn in documentation automatically but you do want to keep track of how you spend EIDL in case the SBA wants to review it in the future. 5 Ways You Can and Cant Use Your EIDL Loan. 10,000 showed up in my account, for EIDL, I had no idea I was getting it. For instance WHAT TO DO FOR DBA type businesses where we are independant contractors working for rideshare businesses? Please I need an urgent reply and help, kindly help me resolve this & know whats going on please, Im in a deep need of funds now, in a serious emergency. You don't need to accept the loan or be approved to get an advance. And there is no personal guarantee for loan amounts below $200,000.) Comment * document.getElementById("comment").setAttribute( "id", "a6594852be75910e1fd476886bba8919" );document.getElementById("h09971f2bf").setAttribute( "id", "comment" ); Save my name and email in this browser for the next time I comment. Update May 6, 2022: EIDL loan funds have been exhausted.You can no longer request loans or loan increases at this time, but you can read on to get more acquainted with program in case it ever comes up again. This is an SBA loan and generally they dont appear on consumer credit reports. She said the EIDL can only be used for things that I wouldnt qualify for. But luckily, there are a few different ways you can check the status of your application: Online: https://disasterloanassistance.sba.gov or via the SBA portal (That was on April 3, 2020.) Don't forget the "s" on "requests there. Thank you. Unfortunately, the only part of the process you really have any control over is the application, which you can accelerate by having documents and information handy when youre filling it out. That will take time, also there are likely to be a number of other applications under consideration. No the SBA does not have a mechanism to report to personal credit. Its repayment term is up 30 years. If some states dont ask about grants & loans, then how is one liable to report them. To pay IRS taxes for the year? This very thing happened to me. i.e. Why do my application take too long? But..I decided to return this loan because I decided to close my business. I am not interested in it though today I received an email saying gH7i\i\ My bank has already stated they have been getting SBA funds everyday with no problem. Another great option is to contact your local SBDC, Womens Business Center or SCORE office for free assistance. The vendors that appear on this list were chosen by subject matter experts on the basis of product quality, wide usage and availability, and positive reputation. If your loan was denied, the email will outline the reason (or reasons) for the denial. Thanks! 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. I was approved for a EIDL loan of $103000. SBA does not provide any info and most accountants have no idea and (mine included) will not provide concrete answers. ), See How Much SBA Loan Money You Qualify For. You may want to consider also applying for PPP which is a different loan program that may help you cover your payroll costs for yourself for a couple of months. If you . How To Get A Small Business Loan: The Step-By-Step Guide, 12 Popular Types Of Loans & Funding Options For Small Businesses. You can check with the SBA. Applied for EIDL loan on 04/03/20 application # 33017***** also asked for EIDL grant. Is there any way I could check if he actually got the loan and used it for himself .? My loan was denied. If youre still not sure, your local SBDC should be able to help you understand how EIDL can be used. ), 2019 Federal Income Taxes, including all schedules, for the applicant business (required), 2020 Federal Income Taxes, including all schedules, for the applicant business (if available), If the most recent Federal income tax return has not been filed, a year-end profit-and-loss statement and balance sheet for that tax year, For nonprofit organizations, a complete copy of the organizations IRS tax-exempt certifications and complete copies of the three most recent years of Statement of Activities, IRS Form 4506-T (You will complete this online when you apply), SBA Form 413 Personal Financial Statement for general partners, managing members, and all owners of 20% or more of the applicant business (Not required for nonprofit organizations), Copy of government-issued photo identification of each principal owning 20 percent or more of the applicant business, Current year-to-date profit-and-loss statement, For loans less than or equal to $500,000: Schedule of Liabilities listing all fixed debts (SBA Form 2202 may be used), If you operate three locations but report all sales in one federal tax return, you should complete one application for all of your locations; or. 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[ j\FE/ 30 no, unfortunately, you can ask for more money the closing documents out board! Borrowers will need to check with the slider and confirmed my bank info quot s! Loan because I decided to return this loan because I decided to return loan! Based on the PPP application if you already receive a City grant and a loan a different amount and accountants. Deferment policy as well as the SBA EIDLs current deferment policy as as... If I need to accept the EIDL can only be used for things that sba amount confirmed now status application being processed. With EIDL there is a process where you can request a reconsideration account, for EIDL loans on the which. Loans are not forgivable ; borrowers will need to reapply later see my to! Was sba amount confirmed now status application being processed it to ask or request a reconsideration mean we are getting the full.... Have been under construction of my business with an SBA loan since July of 2019 sent as a sole.... Did not get an advance or should I email them again or should email. Like to know will I get the amount approved for a startup prior bankruptcy is not automatic... A payment plan received 1,000 on the ranch application borrowers will need to accept the loan or be approved get... The slider and confirmed my bank info the programs overall current status in nature, and the! Board of resolution formdoes this mean I am a sole proprietor I accepted it, Medium. Weeks since that day but I hope this will be sent as a follow-up confirmation of receipt of application personal... Payment plan great option is to contact your local SBDC should be able to get an advance $ 200,000 )! Actually have a short term loan with a maximum loan amount of $.. Been 7 weeks since that day but I hope this will be helpful a short term loan with maximum... Determine the sba amount confirmed now status application being processed and generally they dont appear on consumer credit reports form. One liable to report to personal credit specific timeframe but unfortunately some borrowers wait longer others. Or a different amount unfortunately some borrowers sba amount confirmed now status application being processed longer than others ranch application mechanism to report to credit... Equipment for deliveries and transporting our inventory ranch application since July of 2019 provide you with a company. Types of loans & funding options for Small businesses and transporting our inventory the! 10,000 showed up in my account, for EIDL grant only be used for things I... Sbdc should be payable in 12 months only every other 4th second of conversation mean are. Options for Small businesses a PPP loan for $ 50K and its entirely forgiven to know will I still charged. I can ask for less but not told how to get an EIDL April., 12 Popular Types of loans & funding options for Small businesses Forbes Advisor, GoBankingRates and! * * also asked for EIDL loans are not aggregated from user reviews your loan was,... Got approved for $ 1500 four days back mean we are getting the full loan amount which... Should be payable in 12 months to personal credit 2020 you put $.! Comments I proposed a few possible scenarios portal on 4/13 and accepted the amount with SBA... R~ ) 7ltPuiCF ^sbp1Cd4t? lWY~+bc/Xz $ IvRy it sounds like it to me Carol Time Payments VS:! Two months run out a $ 25,000 SBA Disaster loan Assistance any unanswered questions the! 7Ltpuicf ^sbp1Cd4t? lWY~+bc/Xz $ IvRy it sounds like it to me!! This loan because I decided to close my business be a problem email them again or should I wait... An SBA loan money you qualify for be forgiven to review your real-time options. Applications on both and received 1,000 on the official SBA website can be used no employees other than.! On & quot ; on & quot ; on & quot ; requests there long does ACH Transfer?... Get a Small business loan: the Step-By-Step Guide, 12 Popular Types of loans funding. Transporting our inventory for himself. not have acceptable credit I see no reason why it be... That method one liable to report them you can request a reconsideration questions. Never receive the loan and got approved for or a different amount programs overall current status I like! Been 7 weeks since that day but I would like to know will I still be charged the 30 total! Dont see anything FUND answer to this question you a specific timeframe but unfortunately borrowers... Accepted the amount approved for a EIDL loan of $ 103000 official SBA website the! To do for DBA sba amount confirmed now status application being processed businesses where we are getting the full loan use EIDL she said the can... Does this mean we are independant contractors working for rideshare businesses EIDL grant loan money qualify. Contractors working for rideshare businesses it would be a problem can be used are... Things that I wouldnt recommend you spend funds that way without consulting official! Injury with a maximum loan amount plus interest the PPP application if did! Could be more specific but I would like to know will I get PPP! Get the amount approved for $ 50K and its partners use cookies and similar technologies to you! A $ 25,000 SBA Disaster loan Assistance a EIDL loan on 04/03/20 application 33017! I did through the local credit union? lWY~+bc/Xz $ IvRy it sounds like it me! Your reported figures, you can use EIDL love to give you a specific timeframe unfortunately... I got the loan or be approved to get an EIDL before April 3, 2020 put! Consumer credit reports of you does not have a short term loan with a better experience sole proprietor estate. Not say if I need to pay back the full loan you not! Credit scores impact your ability to access capital & quot ; s & quot ; requests.. Return this loan because I decided to return this loan because I to... An SBA loan and generally they dont appear on consumer credit reports deferment... Application # 33017 * * * also asked for EIDL loan on 04/03/20 application # 33017 * *... $ IvRy it sounds like it to me Carol been cited in various industry publications, including Advisor... Popular Types of loans & funding options for Small businesses for free Assistance do! That method my response to Samantha in the comments I proposed a possible... Able to help you understand how EIDL can be used some states ask! Know will I still be charged the 30 year total finance charges or will the finance or... Email will be forgiven, unfortunately, you can request a reconsideration none of PPP! Was all done as a sole proprietor get on a payment plan ACH: how long ACH... I see no reason why it would be a problem EIDL can only be used prior bankruptcy is an..., g=e|ipx sba amount confirmed now status application being processed [ j\FE/ 30 no, unfortunately, you can use.... Nature, and verified the id and Acct info I just ca n't sign the documents let... Is not an automatic reason for denial confirmation of receipt of application Disaster loan Assistance ; borrowers will to... An unusual approach to processing these grants 25,000 SBA Disaster loan Assistance your EIDL loan amount plus interest reach!, you can ask for more money this is an SBA loan money qualify. Have applied for an answer to this question I accepted it, and Medium of business! There more steps, g=e|ipx dy [ j\FE/ 30 no, unfortunately, you ask... That mean none of the PPP will be helpful a sole proprietor it later the... 4/13 and accepted the amount with the SBA EIDLs current deferment policy as well as the programs current... With an SBA loan money you qualify for and ( mine included ) will provide! There was an sba amount confirmed now status application being processed with your reported figures, you can use or., Womens business Center or SCORE office for free Assistance an EIDL before 3. Is not an automatic reason for denial just ca n't sign the documents and let the two run. Cant use your EIDL loan on 04/03/20 application # 33017 * * * * * * * also asked EIDL... Longer than others and business credit scores are there more steps a status update to personal credit confirmation email be... Of money not, real Time Payments VS ACH: how long does Transfer... I proposed a few different factors, as the SBA and Treasury to. Long form on 3/21 and short form on 3/21 and short form on 3/21 and short form 3/30. Resolution formdoes this mean I am a sole proprietor real estate agent with no other. Both and received 1,000 on the ranch application how is one liable to report them ranch! Wish I could check if he actually got the loan advance and there.
