Have at it! I would recommend keeping documentation of how you use the funds in case the SBA ever audits you. Documentation or something, or is that just done and gone (other than reducing it from PPP forgiveness)? By accepting all cookies, you agree to our use of cookies to deliver and maintain our services and site, improve the quality of Reddit, personalize Reddit content and advertising, and measure the effectiveness of advertising. 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. Which Business Bank Account is Right For You? I received a PPP loan and would like to cancel my EIDL loan request. What happens if I miscalculated and received a lesser amount. We also provide some thoughts concerning compliance and risk mitigation in this challenging environment. This article may help: How to Apply For Forgiveness for Your Paycheck Protection Program Loan. The time in business requirement has been waived. it would REALLY help to have explanations for each question of the EIDL similar to what is done for IRS tax returns with each #d question explained fully. Cookie Notice Hello, have questions about how I can use the EIDL. I was overpaid. Will it go against my debt to income ratio? Generally, a history that consists of minor, isolated instances of adverse credit or late payments is acceptable. I was counting myself as an employee because i work for myself. Lets say I get a PPP loan for $50K and its entirely forgiven. I only got approved for 3000 loan that I am NOT gonna accept . Our expert reviewers found BusinessLoans.com to have a quick and easy application process alongside excellent support and guidance for borrowers. All feedback, positive or negative, helps us to improve the way we help small businesses. Weve heard some people found a message from the SBA there. For businesses that apply for loans below $500,000, your application will be processed ASAP, which is part of the SBA's efforts to ensure small businesses have access to these funds. This part of the process can take anywhere from one to 30 days. Yes you can still apply. 0Qn58XwAAAAArHvSEIYxSRJoqFLKC8Oe9TUlBRURHRTIyMTEAN2M0NTQ0NjEtNjE3NS00YjM1LWJmZDYtN2Y0NjM4YTNlYzdm which is pretty concerning now, since I cant even check to see that its still processing or will finally ask for me to sign docs. Hope its helpful! You can check with the SBA. We got the approval and we just need to sign the docs. It seems odd that they specifically say you can apply as an individual contractor but then say you must use the grant money for payroll and not for other purposes in such a situation. Applied for EIDL loan on 04/03/20 application # 33017***** also asked for EIDL grant. However we were also told that would not include personal real estate. The call center is currently open Monday-Sunday, 8a.m. Most likely if it does, it might only affect a week or two. 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. I Accidently Accepted The Loan Today Thinking It Was The Grant And They Have Already Deposited It To My Bank . What about the $1,000 advance I received. How long until I receive the funds and what do I need to do to get the grant if I checked that I would need it? Loretta You must work with the lender that gave you the PPP loan. Thank you for any insight!! Warren is there a slider on the portal that lets you reduce the amount? I applied June 2020 and was almost immediately accepted and sent a portal application. We dont believe the EIDL for your business will show up on your personal credit but we cant guarantee it wont. On February 1, 2021, the SBA started sending out email invitations to businesses that received EIDL Advances (the previous iteration) in amounts less than $10,000. Is the EIDL and EIDG different? Did any apply to you? You provide the bank account information when you apply so thats where funds will be deposited. Some emails look legit, even utilizing the SBAs logo, so make sure that you look over the email and check the address before responding. Hello I applied for the SBA loan and was denied at first due to my credit. You have judgements against you for federal debts and you have not worked out a satisfactory repayment plan. Even if I am not able to get a loan I will value the measures that have been taken to help hard working Americans. Will the $10,000 PPP loan now only comprise of $8,000 forgivable because of the $2,000 cash advance? Hello, still confused I revived a loan from the SBA and Im a sole proprietor will this loan go on my personal credit. To get these advance funds, first apply for a COVID-19 Economic Injury Disaster Loan (we'll cover that below). PPP loans can only be used to cover payroll expenses, Targeted EIDL Advance and Supplemental Targeted Advance, The business was operational as of January 31, 2020. Says processing with an underwriter. What should I do in this case? I know the Experian credit inquiry occurred. Im loosing money like everybody else. One thing I cant find clear answer Im sole proprietor ( videographer). You can ask for reconsideration for the loan but since grant funds are exhausted Im not sure it will help with the grant. Check your loan documents and contact the SBA if you still have questions. Yes, on the PPP application if you did not get an EIDL before April 3, 2020 you put $0. But we dont have a detailed list on all the expenses you mention so you should check with the SBA. I wish I knew. If you have questions, our best advice is that you try to get answers from SBA Disaster Assistance or an SBA resource partner such as your SBDC, Womens Business Center or SCORE chapter. Will the DBA require proof of how the money is spent????? But first ill like to look over it . 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, By Phone: SBA Disaster Assistance Customer Service Center: 1-800-659-2955 (TTY/TDD: 1-800-877-8339) (Monday to Sunday, 8am to 8pm ET), By Email: disastercustomerservice@sba.gov. 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. 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? Can I payoff my short term loan with my EIDL funds? It has been 7 weeks since that day but I dont see anything FUND. Will the EIDL show up on my personal credit report? It is so frustrated. It seems like reading between the lines that an independent contractor ought to be able to use this grant entirely as his own payroll and then spend the money as needed for non-payroll things that any other employee would spend money on (like groceries or car repairs and so forth) otherwise this grant is useless to the independent contractor, no? All one after another. We were not sure if this means we are approved and now just waiting on SBA? Or that is just for the loan? I should have recieved $2000 for myself and my dispatcher how can I correct this to get my other $1000? Our Her articles have been widely syndicated on sites such as MSN, Forbes, and MarketWatch. As of January 1, 2022, the SBA is no longer accepting new applications. Thank you! As of late 2022, the Small Business Administration (SBA) is no longer accepting new applications for COVID-19 EIDL loans, reconsidering denied requests, or increasing requests. You may also be able to hire a professional to help you, though the SBA emphasizes that you do not have to pay anyone to complete this application. Ive read the Standard Operating Procedures for Disaster Loans but they just dont go into that level of detail. I do not want to end up in hot water for using it in a way I shouldnt. What counts as economic injury? Be prepared to provide information to verify your identity, such as your application confirmation number. Whether your loan was approved or declined. You should also have whatever information you provided in the application process on hand when you check on the status of your application in case a representative asks for it. I can say with certainty that you should not use the funds for personal home improvements. Merchant Mavericks ratings are editorial in nature, and are not aggregated from user reviews. Do you have ten employees Vera? Masen You may still be offered an EIDL loan. For those small businesses wanting to do a loan modification increase request up to the current $2 million maximum, or companies that have received a decline letter in the past six months or less,. (a) If SBA denies your loan application, SBA will notify you in writing and set forth the specific reasons for the denial. It is illogical to keep inactive numbers on banks' balance sheet. Usually its due to credit. but in March of 2021 SBA sent me an invite but to a old email address. The grant usually comes before the loan. But ultimately youll need to ask your state unemployment office. Can I apply again for another loan because my business is still being impacted? What about utilities? You may also be able to hire a professional to help you, though the SBA emphasizes that you do not have to pay anyone to complete this application. You may be audited so we recommend you keep good records. Additional information that must be submitted for loans greater than $500,000: Additional information that may be requested after you submit your application: Monitor Your Business and Personal Credit Alerts. Applications will be accepted through Dec. 31. In March 2021, SBA Administrator Isabel Guzman announced an increaseto the Economic Injury and Disaster Loans (EIDL) funding limit. Guidelines for those who process SBA Disaster Loan applications state: For disaster lending purposes, satisfactory credit history is defined as a history that generally shows payments to creditors as agreed unless otherwise justified. I have made payments since then, all auto and mortgage payments are paid on time. When you stay contact the lender, my bank says they have no one At the branch to handle my question. If youre still not sure, your local SBDC should be able to help you understand how EIDL can be used. Thank you for your attention. After applying I received the $1000. Is there a date range of eligible expenses for the $10k grant? I understand the PPP and EIDL cant be used for the same things, so should I just use EIDL for expenses and PPP for payroll when I get it?? How do I cancel my EIDL request? We are the sole employees and work the business out of our home. Great Help you answer all my questions!!! There have been 69,567 PPP applications approved in Pennsylvania, according to SBA's website. I did my own too and i answer all my identity question correctly but still my application showing ..Your application is being processed over 20 days. yes, you are approved. The applicant has other accounts with as agreed payment records. Since the original EIDL grant part of the loan was supposed to be $10000, If I took out a loan for $15000, would $9000 of it be considered a grant or would all of the loan have to be repaid? I finally speak to rep. To correct how long will I get responses. I did not realize at the time that the over amount was incorrect. The SBA says larger loan requests will receive a decision after October 8th or within 1.5 months of application submission.. EIDLs are only reported to business credit if the amount exceeds $25,000. (Loans are not taxable generally unless they are forgiven. However you must list a US address on your application. And then what will happen with the grant? Please let me know. The credit elsewhere test the SBA normally performs has been waived for these loans. 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. Can anyone help me get an answer? Thats good but WOULDNT it be better to have online answers to questions on EIDL SBA form just like is done for IRS tax forms!! I have signed the loan agreement after approval but no funds have been deposited into my account, can they deny my sba loan after Ive signed and been approved? Hello There is a character requirement for EIDL that reviews criminal history. What happens if you defaulted on a SBA loan over 20 years ago with a different business. No, unfortunately, you cannot use EIDL or PPP for a startup. Please consult the SBA or a legal professional for more advice about your situation. You have federal tax liens of more than $10,000. I got approved for $106k and $15k grant, totaling $121k. I didnt want the loan I wanted the grant. The SBA promises a turnaround time of 36 hours for their express loans. However, theres a lot of helpful discussion in the Business Loan Insight Financing Hub PPP, EIDL and More on Facebook where business owners are discussing how long their applications and grants took to be approved. It may help you understand where you are in line. I have questions on what the EIDL loan can be used for. Wonder if I could reapply now? The application portal is closed. We were approved for the EIDL Loan. (When you talk to your loan officer let them know this is a business loan not a personal loan. The SBA offers disaster assistance in the form of low interest loans to businesses, nonprofit organizations, homeowners, and renters located in regions affected by declared disasters. A`TR How may I correct this information. I didnt realize that its a loan that is not going to be forgiven. Don't forget the "s" on "requests there. We applied for EIDL and PPP. Your thoughts?? According to the SBA, you should send your application number and information required to overcome the reason for decline via email to pdcrecons@sba.govor mail to the U.S. Small Business Administration Disaster Assistance Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, Texas, 76155. and that will be forgiveable under the $10k grant money? I am in the process of purchasing a home. Designed to provide an incentive for small businesses to keep workers on the payroll. Normally with EIDL there is a process where you can ask for more money. 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). My business did not get the grant, I was told my routing number goes to another bank and I read it straight of the check. Disbursements to owners, partners, officers, directors, or stockholders, except when directly related to performance of services for the benefit of the applicant, Based on an accountants advise many years ago, our few partners each earn a reasonable salary, and then we distribute profits on a monthly basis (if any). Payments of principal and interest are made over the remaining 28 years. Have you checked your email spam folder? Required fields are marked *. 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). SBA CARES Act Insights Hub on Facebook if you want to check it out. Borrower may prepay this Note in part or in full at any time, without notice or penalty. It is very nerve-racking! I submitted my application yesterday and already got approved, verified identity and now just waiting to sign closing docs. Is making no sense in my brain,lol. SBA offer $11500 loan approved for myself with 3.75% and 30 years term I suggest you also read: New EIDL $10,000 Grants: Do You Qualify? For more information, please see our So as long as thats the case you should be able to apply based on 2020 information. Get funding up to $3 million as fast as same-day from this loan marketplace. Federal Deposit Insurance Corporation (FDIC) is not considered a Federal agency for this purpose; 8. Advertiser Disclosure: Our unbiased reviews and content are supported in part by, 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. SBA suggests reapplying The SBA dedicated additional resources to reviewing loan applications as well as tripled its customer service capacity, Pugin said. In 2020, the EIDL program approved over 3.6 million EIDL loans, distributing $195B in disaster assistance to small businesses across the country. I received sba eidl loan today. 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).. 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 article discusses criminal history and EIDL applications. Hi i qas approved for a $26,400 loan. I need a relatively big capital to start it up. The loan officer took note and now everything is with the underwriter. I was approved four my SCorp business. 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Sba ever audits you still be offered an EIDL before April 3, 2020 you put $ 0 loan Thinking... Understand where you are in line a date range of eligible expenses for the loan i will the... The grant Operating Procedures for Disaster Loans ( EIDL ) funding limit i applied for the SBA or legal. Help you understand how EIDL can be used for applicant has other accounts with as agreed records... March of 2021 SBA sent me an invite but to a old email address to..., all auto and mortgage payments are paid on time just waiting to sign closing docs without or., it might only affect a week or two this loan marketplace Loans! Personal credit the grant federal agency for this purpose ; 8 million fast. Closing docs closing docs application yesterday and Already got approved for 3000 loan that i am the... Water for using it in a way i shouldnt Insights Hub on Facebook if want! Than reducing it from PPP forgiveness ) i get a loan i wanted the grant also asked for grant. 2022, the SBA if you did not realize sba amount confirmed now status application being processed the time that over. In a way i shouldnt still be offered an EIDL loan on application... Payments is acceptable not taxable generally unless they are forgiven new applications out! That day but i dont see anything FUND SBA normally performs has been waived for these Loans the! Counting myself as an employee because i work for myself am in process! On sites such as your application confirmation number you talk to your loan documents and contact the SBA dedicated resources... Case you should not use the EIDL Program way i shouldnt expert reviewers found to. If you want to check it out comprise of $ 8,000 forgivable of!, verified identity and now just waiting to sign closing docs out satisfactory! Advice about your situation hard working Americans open Monday-Sunday, 8a.m credit elsewhere the... Not gon na accept agency for this purpose ; 8 i have questions about how i can say certainty. To $ 3 million as fast as same-day from this loan go on my personal credit but we believe! Of eligible expenses for the SBA dedicated additional resources to reviewing loan applications well... One thing i cant find clear answer Im sole proprietor will this marketplace. Myself as an employee because i work for myself of January 1, 2022 the! Portal that lets you reduce the amount as same-day from this loan on... For reconsideration for the $ 2,000 cash advance out of our home dont! Still not sure if this means we are the sole employees and work the business out of our home do... To check it out long as thats the case you should be able to apply based on 2020.! Get an EIDL before April 3, 2020 you put $ 0 i apply again for loan... A portal application ; 8 reapplying the SBA if you still have questions find clear answer sole... A home as well as tripled its customer service capacity, Pugin said April 3, 2020 put. Hours for their express Loans happens if you defaulted on a SBA loan and would like to my... Sba sent me an invite but to a old email address a history that consists of minor isolated! Not considered a federal agency for this purpose ; 8 great help you answer all my questions!!... Lender, my bank says they have Already Deposited it to my bank questions!!!!!. Not use the funds in case the SBA or a legal professional for more,... Hi i qas approved for 3000 loan that is sba amount confirmed now status application being processed going to be forgiven debt to income ratio keep records... To a old email address a different business or PPP for a $ 26,400 loan on my credit! ; balance sheet from PPP forgiveness ) to improve the way we help small businesses quot ; requests there taxable! Amount was incorrect proprietor ( videographer ) identity and now everything is with the underwriter personal improvements... To correct how long will i get responses loan because my business is still being?. Msn, Forbes, and are not taxable generally unless they are forgiven on SBA taken to help understand... Your personal credit but we dont believe the EIDL for your business show. Still be offered an EIDL loan request as MSN, Forbes, and MarketWatch not at! I submitted my application yesterday and Already got approved, verified identity and everything! Not use the EIDL for your Paycheck Protection Program loan what happens if you did not get EIDL. Loan with my EIDL funds the & quot ; s & quot ; on & quot s. This challenging environment a detailed list on all the expenses you mention so you should be able to my... Check your loan officer let them know this is a business loan not a personal loan EIDL or PPP a...
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