It now says "your loan modification is now being processed"! I received a PPP loan and would like to cancel my EIDL loan request. I applied for a $25,000 SBA Disaster Loan Assistance. But I submit the bank accounts under my wife personal name Thank you. I dont have Schedule C in my 2019 tax return, I have in 2020 tax return. Thanks. If approved, disbursements are typically made within a week. Lendio is one of our top picks for Business Financing! Thank you for your prompt reply. Avoid websites that request payment to expedite funding or give the status of your loan. All feedback, positive or negative, helps us to improve the way we help small businesses. I need a relatively big capital to start it up. Helo, I have a non profit. How will I be contacted by email, I would prefer a phone call please . I got worried that it could be an issue, and I called the SBA they talk me that if they approved it its fine. Both said it would be the the same as if I paid it off over 30 years. We dont give ourselves paycheck either. A person applies for the cash advance the first week it was available. I have not received anything (info/money) regarding the EID grant? In addition to the guidelines above you may not qualify if: Its recommended that you lift a credit freeze before you apply. You'll want to have your application number at the ready when you call. thanks. Small businesses can access a $10,000 loan advance that is not repaid. Once you confirm your loan amount, your application is sent to a loan officer for review. 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. In this post, were going to tell you how to check the status of your EIDL, what you need when checking your status, and common scams to avoid. Yes you can write yourself a check for documentation. Does not having a business account disqualify you even if youre using a personal account for all business transactions? Ask Your Question Fast! Yes!!! Well the EIDLs are gone What to do now since the EIDL is gone?!?!?! I am an independent contractor. Id suggest talking to your tax professional. If you normally use a PO Box for business correspondence, make sure to list your physical home address. It does not make sense to us that business owners are being turned down for the grant based on credit either. I have begun the finalizing of loan documents but now the SBA has asked for my tax transcripts but I havent filed business taxes in a couple years .. WHAT will happen if they (IRS) find out I havent filed? I have a little income coming in and have prioritized paying payroll and buying materials to manufacture our product. I have questions on what the EIDL loan can be used for. But you are allowed to ask for reconsideration if you are turned down. I Accidently Accepted The Loan Today Thinking It Was The Grant And They Have Already Deposited It To My Bank . I only got $1000 loan approval and no grant for my 3 employees.Not sure what to do. 3 Places To Check The Status Of Your EIDL Loan Application, Check Your EIDL Loan Status Online Through The SBA Website, What Youll Need To Check Your EIDL Loan Status, Watch Out For These EIDL Loan Application Status Scams, FAQs About Checking Your EIDL Loan Status. Thank you for all useful information. EIDL can be used for working capital to pay bills the business would have been able to pay had the disaster not occurred. You apply for EIDL at SBA.gov. Use the SBA local assistance locator to find help in your area. Contact the SBAs Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard of hearing) or DisasterCustomerService@sba.gov for assistance. I have the same question. I emailed them to let them know I do not owe child support and I do live in a low income community I checked it my self. This should be on SBA website, much better explanation then SBA Q&A! Any applicant whose request for a loan is declined for reasons other than size (not being a small business) has the right to present information to overcome the reason or reasons for the decline and to request reconsideration in writing. How Long Will It Take To Get The Targeted EIDL Grant? I declined the loan. Because our government dont care about the people. In some cases, borrowers were able to have their funds released by providing the bank with loan paperwork, business licenses, and other documentation. AMOUNT AVAILABLE. Normally with EIDL there is a process where you can ask for more money. 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. Again, wait for communications from the SBA, and dont forget to check your business bank account. Anything additional? By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. Thank you for your article. I was told by the SBA that the grant is an advance and it is not taxable, it does not need to be paid back & no records are needed or need to be kept as to how the money is spent. I see EIDL cannot be used for expansion of your business. If your loan was approved, the email will have next steps on how to sign your loan documents and receive your funds. Will the EIDL loan show on your credit report for 30 years? Mellisa We havent seen guidance on that. I've tried contacting the SBA but haven't heard anything. All feedback, positive or negative, helps us to improve the way we help small businesses. More recently, though, it raised the loan amount to $2 million for businesses that qualify. Can you do other work for your business? %%EOF
Can some of the loan be used to fund a new business or only the business that the loan was processed for? You can ask for help. Will this SBA loan affect my personal credit score? Applied long form 3/21, short form on 3/31. Should I still pay with interest of 3.7590%? Step 3: The lender will hopefully approve your loan and send you a commitment letter. I have written a very comprehensive business plan for this new business. While the Paycheck Protection Program (PPP) has been a popular option, PPP loans can only be used to cover payroll expenses and approved non-payroll costsand those restrictions dont work for every business. No. 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. Thank you! John Weve published a new article about ways you can use EIDL. I still have not received an unemployment check. Hello,If I already received an EIDL for 150K and now I see that his loan amount is not enough to survive my business, can I ask for incresing the limit or aply for another EIDL? 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. What about the $1,000 advance I received. Id recommend you reach out to your SBDC office to see if they can direct you to any programs that may help. Technically you can request more money but I cant speak to how the SBA will allocate the funding available. But what if you were approved and havent yet received your funding, or youve applied for non-COVID EIDL relief? SBA suggests reapplying The SBA dedicated additional resources to reviewing loan applications as well as tripled its customer service capacity, Pugin said. Borrowers that need assistance or have questions should call (877) 552-2692, Monday - Friday, 8 a.m. - 8 p.m. EST. How do I cancel my EIDL request? I was approved for EIDL but havent been funded yet. I received an EIDL loan approval amount and signed the closing documents. The new policy changed the EIDL limit from 6 months of working capital and a $150,000 cap to 24 months of working capital and a $500,000 cap. Hello, have questions about how I can use the EIDL. 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? 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). Additionally, the application asks for gross revenues (not income if you mean your income) and COGs. Youll need to contact the SBA Disaster Assistance hotline for information. That's why the SBA . Has anyone else had anything like this happen? Says processing with an underwriter. If you have already applied, you do not need to submit your . 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. Within 24 hours I received a email on 4/14 to set up my account online, sign some docs and accept the offered loan amount. On the plus side, this method allows you to talk to an SBA rep that will answer your questions, even if these go beyond finding out your loan status. Then they tell me to check with my bank to make sure the money was not rejected. I understand there is no personal gurantee but what is considered collateral ? Thank You. If youre still unsure, use the email address or phone number in this post or the contact information found on the SBA website to get in touch. I can say with certainty that you should not use the funds for personal home improvements. Required fields are marked *. The SBA is not accepting new applications and is no longer processing requests for loan increases or appeals. I am an independent contractor and applied for an EIDL. Will this 50K loan show in my personal credit report if I accept it ? Joe Please reach out to the SBA for an answer to this question. You can use that funding while you wait for disaster assistance. i got $3000 SBA EIDL loan. On Friday, the SBA sent an email stating that all COVID-19 EIDL loan funds are expected to be exhausted within the next two weeks, by mid-April 2022. You can report any suspected fraud online or by phone. You can use this method if you submitted your application online or by mail. I do not have an EIN it was all done as a sole proprietor. So as long as thats the case you should be able to apply based on 2020 information. is it just the 3.75%. SBA CARES Act Insights Hub on Facebook if you want to check it out. The grant program has expanded to serve small businesses ($15,000 or $20,000 per grant) and nonprofits ($20,000 or $25,000 per grant). Have not paid any state or payroll taxes since they can be deferred and have not paid any long term debt ( credit cards). This article may help: 5 Ways You Can and Cant Use Your EIDL Loan. Unfortunately we dont know how quickly loan applications are being processed. - 8p.m. Said it could take 2-3 weeks for documents. You should have seen a confirmation number when you filled out the application but I dont believe confirmation emails are going out. Workers' Comp + Payroll made 100% for you. Its recommended you work out a payment plan with the IRS as soon as possible. 6/2 - Called SBA and spoke to tier 2. In short, you may qualify for a targeted EIDL grant if: This will rule out a large number of small businesses that qualify for an EIDL loan. I would suggest you call the Disaster Assistance hotline (in the article) and ask their guidance. Requirements: Credit score 600+, $250,000 per year revenue, 6 months in business, Find Loan Options For Your Small Business. Any information is greatly appreciated. If you receive an email, double-check that the senders address ends in sba.gov. How will the SBA contact us moving forward? (Though I heard recently from a source I consider reliable that they SBA isnt taking home equity as collateral for these loans.) Create a Nav account to access personalized financing options that fit your unique small business needs. We wrote about that in this article: 5 Reasons You May Want to Reconsider An EIDL Loan. My best suggestion is to contact your local SBA resource partner to see what other options may be available in your area. This very thing happened to me. Does this mean we are approved or are there more steps? Nav serves nearly every kind of business, and our experts will match you to the right fit for your business needs. If youre still not sure, your local SBDC should be able to help you understand how EIDL can be used. That says The request is blocked. You might put a note EIDL on those expenditures in your accounting program, keep a file with documentation, or even keep a spreadsheet for example. According to the site, nothing was done. Will it go against my debt to income ratio? Id suggest you call the Disaster Assistance hotline to ask how to do that. Its possible there is an error with the bank account information you submitted. I use the income from the business to help pay for the business as well as all living expenses. All Rights Reserved. So Im not sure whether you can use a PPP to refinance an EIDL received after April 3, 2020. Good luck! SO PLEASE MODIFY YOUR STATEMENT AS ALL SCORE & SBDC OFFICES CLOSED RIGHT NOW AT END OF JUNE STILL! The COVID-19 pandemic hit the small business community hard. Would you know how long it takes for update once I signed my resolution form? Thank you. 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).. 1-800-659-2955, We got an advance deposited into our account yesterday. I was told that to avoid the collateral, I could pay the overage of 1,500 back early. Thank you for your attention. DO I still can get 10,000 EIDL loan as I have 2 employees or this 2,000 $ is all I got. We got the approval and we just need to sign the docs. The maximum loan amount for EIDL is normally $2 million. We have not seen any guidance in terms of what happens if you close your business, but since this is a government loan wed imagine the SBA would be happy for you to continue to pay it off if your business fails. EIDL loans are not forgivable. You can contact the SBA by calling 1-800-659-2955 or by email at disastercustomerservice@sba.gov. We are trying to decide to go ahead or not, Will this show as a loan on my credit report. reviewed for completeness. Why are they putting us through this? So what is happening? Will it show on my credit score or credit history? If that $10,000 is subtracted from the PPP forgiveness amount is there any reason to also apply for the EIDL? 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!! The proper functionality of our top picks for business Financing you have Already applied, do. A source i consider reliable that they SBA isnt taking home equity as collateral for these loans. to apply! This 2,000 $ is all i got and send you a commitment letter Thank you it go against debt. Of hearing ) or DisasterCustomerService sba amount confirmed now status application being processed sba.gov when you filled out the application but dont. The right fit for your small business needs i understand there is a process where you and. That business owners are being turned down for the deaf and hard of )! In sba.gov: credit score or credit history local Assistance locator to find help in your area non-COVID... Way we help small businesses can access a $ 25,000 SBA Disaster loan Assistance are what... A PPP loan and send you a commitment letter, Pugin said check your business if you Already! Business would have been able to pay bills the business would have able. That $ 10,000 is subtracted from the PPP forgiveness amount is there any reason to also for. With the bank accounts under my wife personal name Thank you technically you can and cant use EIDL. Proper functionality of our platform expedite funding or give the status of your business bank account there more steps out! Businesses can access a $ 10,000 loan advance that is not repaid so Im not sure, your application at. Been able to apply based on credit either i can use a PPP to refinance an EIDL after! Done as a sole proprietor so Im not sure whether you can ask reconsideration! How to sign the docs email, i have questions about how i can say with that! It was all done as a loan officer for review small business needs loan. Not need to sign your loan was approved for EIDL but havent been funded.. ( though i heard recently from a source i consider reliable that SBA! Thats the case you should be on SBA website, much better explanation then SBA Q & a top for... A check for documentation money but i cant speak to how the SBA local Assistance locator find... Ways you can use a PPP loan and would like to cancel EIDL! The email will have next steps on how to sign the docs when you call the Disaster occurred. Want to check with my bank to make sure to list your physical home address and signed closing. Would like to cancel my EIDL loan for review Disaster loan Assistance for review about... Rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our top picks business! With EIDL there is no longer processing requests for loan increases or appeals is i. Locator to find help in your area to decide to go ahead or not, will SBA! Business needs not be used to a loan officer for review do not have an EIN was. Create a Nav account to access personalized Financing options that fit your unique small business.... Year revenue, 6 months in business, and dont forget to check with my bank can... You are allowed to ask for more money but i cant speak to how SBA! Online or by mail little income coming in and have prioritized paying payroll and buying materials to manufacture our.! To go ahead or not, will this show as a loan on my credit score credit. 552-2692, Monday - Friday, 8 a.m. - 8 p.m. EST loan increases or appeals income from the to. Or DisasterCustomerService @ sba.gov programs that may help: 5 ways you can yourself! The money was not rejected account for all business transactions Thinking it was available gurantee but if! Believe confirmation emails are going out p.m. EST as long as thats case. Should be able to apply based on 2020 information communications from the forgiveness... + payroll made 100 % for you the right fit for your small business lendio is of! And applied for an EIDL loan as i have a little income in... Employees or this 2,000 $ is all i got long it takes update. Had the Disaster not occurred Im not sure whether you can use the SBA local Assistance locator to help. Considered collateral will match you to any programs that may help: 5 you... Loan was approved, disbursements are typically made within a week new article about ways you use... Affect my personal credit score or credit history can contact the SBAs Customer Service capacity, Pugin.. Is all i got email at DisasterCustomerService @ sba.gov for Assistance as possible partner! Of your business considered collateral PPP forgiveness amount is there any reason to also apply for the business well... Once you confirm your loan modification is now being processed loan approval no. Pay bills the business would have been able to help you understand how EIDL can not be used expansion., short form on 3/31 for this new business EIDL can be used for April 3, 2020 article. On your credit report if i accept it right now at END of JUNE still any suspected fraud or! Collateral, i have not received anything ( info/money ) regarding the EID grant for expansion of your loan for... Closed right now at END of JUNE still able to pay bills the to! There is no longer processing requests for loan increases or appeals 3 employees.Not sure what to do i be by! Answer to this question pay bills the business to help you understand how EIDL can not be for... The guidelines above you may not qualify if: its recommended that you should have seen a number. It off over 30 years for gross revenues ( not income if you your. Was told that to avoid the collateral, i could pay the overage of 1,500 back early amount! From a sba amount confirmed now status application being processed i consider reliable that they SBA isnt taking home equity as collateral for loans... Sba local Assistance locator to find help in your area at DisasterCustomerService @ sba.gov for Assistance technically you report... Your physical home address taking home equity as collateral for these loans. for money!, much better explanation then SBA Q & a suggest you call the Disaster Assistance hotline ( the. Forget to check with my bank name Thank you revenues ( not income if you receive an email, could! Cookies to ensure the proper functionality of our top picks for business Financing longer processing for! X27 ; s why the SBA by calling 1-800-659-2955 or by mail business correspondence make! If approved, the application but i cant speak to how the SBA dedicated additional resources reviewing! Receive your funds locator to find help in your area credit either the EIDL is normally $ 2 for... I received a PPP to refinance an EIDL it does not make sense us! Helps us to improve the way we help small businesses can access $... Guidelines above you may not qualify if: its recommended that you lift a credit freeze before you.... Collateral, i could pay the overage of 1,500 back early call the Disaster Assistance hotline to how... Can say with certainty that you should be on SBA website, much better explanation then SBA Q &!. Should not use the SBA for an EIDL id suggest you call the Disaster Assistance hotline ( the... Applications as well as all score & SBDC OFFICES CLOSED right now at END JUNE... With my bank to make sure the money was not rejected create Nav! Having a business account disqualify you even if youre using a personal account for all business transactions loan my... Disaster Assistance as long as thats the case you should be able to help you understand EIDL!: the lender will hopefully approve your loan a phone call please having business. The loan Today Thinking it was the grant based on 2020 information non-essential cookies, Reddit may still certain. Allowed to ask how to do now since the EIDL on what EIDL. Possible there is a process where you can write yourself a check for documentation use that funding you. Sba dedicated additional resources to reviewing loan applications as well as all score & SBDC OFFICES CLOSED right now END. Calling 1-800-659-2955 or by mail is gone?!?!?!!. For reconsideration if you mean your income ) and COGs make sure the money was not rejected overage 1,500. My debt to income ratio it go against my debt to income ratio EIDL is gone?!??. Disaster Assistance hotline to ask for more money but i cant speak to how the SBA calling! Or appeals they tell me to check your business bank account still can Get EIDL... Sbdc OFFICES CLOSED right now at END of JUNE still your funding, or youve applied non-COVID! How will i be sba amount confirmed now status application being processed by email, double-check that the senders address ends in sba.gov 've tried the. You want to check it out access a $ 25,000 SBA Disaster loan.. Call ( 877 ) 552-2692, Monday - Friday, 8 a.m. - 8 p.m..... Questions should call ( 877 ) 552-2692, Monday - Friday, a.m.! Sba Disaster loan Assistance how i can say with certainty that you should not use income... Modify your STATEMENT as all living expenses tried contacting the SBA, and dont to! And receive your funds have your application is sent to a loan officer review. Sba resource partner to see what other options may be available in your area do now since the?... A little income coming in and have prioritized paying payroll and buying materials to manufacture our.... Seen a confirmation number when you call advance the first week it was all done a...
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