No the SBA does not report EIDL loans to personal credit. Original, on-the-ground reports from Santa Monica in your . My husband and I own and operate a commercial office cleaning business. I dont see where I can decline the loan. I received a very low SBA Loan approval amount and no advance, How can I request an increase? An expert in accounting, finance, and point of sale, Erica has been researching and writing about all things small-business since 2018. 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. Generally, C&D waste is defined as the solid waste which generates from construction, renovation and demolition activities. They are working on a fix this evening late night. These loans are attractive for several reasons, including: Here are answers to some common questions from small business owners about Economic Injury Disaster Loans (EIDLs). 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. Let us know in the comments. But Id suggest you reach out to SBA. Does this disqualify me for the EIDL loan? What about utilities? We occasionally send out emails with special offers. 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. EIDLs are only reported to business credit if the amount exceeds $25,000. I dont have Schedule C in my 2019 tax return, I have in 2020 tax return. You can also visit the SBA portal to see whether you have been extended an invitation to apply for a larger loan. Im at a loss for words, thoughts or feelings at this time. We look at the SBA EIDLs current deferment policy as well as the programs overall current status. For instance WHAT TO DO FOR DBA type businesses where we are independant contractors working for rideshare businesses? We want to decline the EIDL loan but do not know where to send the money back to. Lamont its hard to say. I got approved for $106k and $15k grant, totaling $121k. If not, You may also be able to hire a professional to help you, though the SBA emphasizes that you do not have to pay anyone to complete this application. Thanks for reading this I just wanted to share my experience. thank you for all the valuable information! Thank You. hb```f``z 8Ab,P}Og:Z4t,``-ch?8=L FQ)`B2:Z$ux,5mx7#:-U)w7|:(cKrc'(xlM7R{mk Y&u25QLChF Thanks for the response I just wasnt sure because the last step sign closing docs is still unclickable and I never saw the word approved.. You must subtract an EIDL advance from your PPP loan for forgiveness purposes, but thats not the case with the EIDL loan. Filed for either a Chapter 5, Chapter 11, Chapter 12 or Chapter 13 bankruptcy but no plan of reorganization has been approved, or. Im guessing from your comment that you are trying to get help to replace your own lost income. Opinions expressed here are authors alone. Can I also apply for an EIDL and receive the $10K grant, therefore in essence I get $60K in forgivable loan/grants? Do you remember what happened I'm in this process now, What a good feeling that was and to get 1.5 for $7000 a month. Hi Stacy the SBAs FAQs state: What do I do if my loan application was approved, but Im experiencing a Check out our guide on what you need to know about SBA loans for more information. In addition to the guidelines above you may not qualify if: Its recommended that you lift a credit freeze before you apply. Start earning rewards with your corporate spending today. The SBA size standard is the firm size based on the number of employees or annual receipts depending on industry. What a great question Ron! It may be used to pay off short-term business debts. A previous Chapter 7 bankruptcy may be acceptable, especially if it is older, but even recent bankruptcy (within the past two years) may be acceptable if it was due to circumstances beyond the applicants control and he or she has maintained a positive credit history since. You have up to six months to request a reconsideration. Subsequently, the SBA has posted the following guidance: The SBA obtains personal credit scores from Experian. One beneficial change to the program is that the deferment window has been raised to 30 months. If your loan was approved, the email will have next steps on how to sign your loan documents and receive your funds. Yes, We did. From what weve heard from other applicants it may take a couple weeks or more. Expected $10,000, now only receiving $8,000 since they basically have to take the $2,000 cash advance received and pay the lender/bank for the non-forgivable portion. Wonder if I could reapply now? The SBA has streamlined the initial online application. Says processing with an underwriter. EXCEPT, for the past week or so, the portal is not accessible. You can locate those partners at SBA.gov/tools. These loans can serve different purposes. 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. You will likely have to submit IRS Form 4506-T Tax Information Authorization which allows the SBA to obtain transcripts of Federal income tax returns. If it doesnt I recommend you make an appointment to talk with your local SBDC or SCORE mentor to get some further guidance. Use r/TargetedEIDL for advance/grant issues. 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. Hello, have questions about how I can use the EIDL. Available. Hope its helpful! Currently, the EIDL is accepting new applications and approving new loans. What does this mean. I thought the idea is to help companies and sole proprietors pay their employees which is due to loss of income from the virus and its effects on the economy. Thank. It is not part of the terms and agreement conditions of applying for the loan. Need to learn more about the financial options available to you? Hello I received a 1000 deposit which I assumed was the grant, but it was taken back out the same day. However, the SBA announced that this portal will no longer be active as of May 16, 2022. You can show a 30 percent reduction in revenue during an 8-week period starting March 2020, compared to the previous year. 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. We havent seen the SBA publish these statistics so without that data its hard for us to estimate. Just a small cleaning business. In 2020, it was possible to get a portion of your EIDL loan as an emergency advance grant. 5 Ways You Can and Cant Use Your EIDL Loan. The fasttrac asked if you have been convicted of a felony in last 7 years, I put no which is true. I have a little income coming in and have prioritized paying payroll and buying materials to manufacture our product. Through these portals, you can view information related to your application, including the application number, the current status, and the date that the status was last updated. 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 ? Thank you. Filed for a Chapter 7 bankruptcy, is undergoing a liquidating Chapter 11, and/or is permanently closed. But I dont want the extra $9,000. So what is happening? Cookie Notice 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. In some cases, applicants didnt receive an update for several days or even weeks. Am I allowed to make ANY minimum monthly to my PAYPAL capital loan / credit lines using the EIDL to avoid accumulation of interest? Is the monthly number set in stone ? So now I submitted all of that and it says Your Application is being processed and last step is sign closing docs. It does not necessarily indicate an approval or decline. Tina Im so sorry to hear you didnt qualify. Thank you so much. One of the most challenging parts of applying for an SBA disaster loan is waiting for your application to be processed. I cant speak for the SBA but if you are the only employee then my guess is you received the advance/grant. Note: In addition to this information please review information about the new Targeted EIDL grants for 2021. 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?? Many of these offices are hosting webinars, office hours, and other events to help answer questions. Hello, I was approved for the EIDL loan but not sure I should take it and have several questions Im hoping you could answer: Does the economic injury need to be ongoing? The call center is currently open MondaySunday, 8a.m. 866 0 obj <>/Filter/FlateDecode/ID[]/Index[844 39]/Info 843 0 R/Length 109/Prev 275823/Root 845 0 R/Size 883/Type/XRef/W[1 3 1]>>stream I received my EIDL loan money, but did not receive any instructions as how to make payments on it. Hi. then you can call the Disaster Assistance hotline. Can I apply for a PPP loan if Ive already received an EID loan? I sent in my EIDL application on March 30 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. Thanks for the kind words! However the business must be in operation by the date of the declared disaster. will they contact us when we need to start paying back? claudia. It has been 7 weeks since that day but I dont see anything FUND. You are correct that additional guidance is needed. Lets say I get a PPP loan for $50K and its entirely forgiven. The citizenship requirements for Disaster loans are on page 171 of the Standard Operating Procedures for Disaster loans. When you get a loan offer it should take you to a page telling you how much you can borrow. I work from homerecently purchased a new vehicle I use for businessI use my income for personal uses. I would like to know your opinion about it! 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? How long did your total process take? Weve heard some people found a message from the SBA there. Usually its due to credit. Although we will be monitoring and updating this as new information becomes available, please do not rely solely on this for your financial decisions. I would suggest you call the Disaster Assistance hotline (in the article) and ask their guidance. Kratom Payment Processing Guide For Merchants: How To Sell Kratom Online & In Stores, How To Set Up A Stripe Account: The Complete Guide For Small Business, Coronavirus (COVID-19) Guides & Resources, 7 Lenders That Are Offering Second Round PPP Loans Online. Thank you! It is illogical to keep inactive numbers on banks' balance sheet. I misunderstood that i believe. Hi Debbie weve published an article on how to pay back your EIDL loan. Does this mean were approved for the loan? I applied for the EIDL loan and I am eligible for 16,500. i guess i am ultimately asking if i can use EIDL for all expenses that i can deduct on my schedule C or are there exceptions? Someone else needs this more than we do and we would rather have it going to them indead. No it looks like we may need the balance of the total amount. Step 2: Further SBA EIDL Loan Increase Info Track your EIDL Loan Increase based on self-reported information. For more information, please see our All of my friends have businesses, and they applied for it received after just 3 days or 2 weeks later. 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. Can I pay back the loan before the 30 years and not be charged the entire 5,000 interest? The amount of $28,500 was deposited into our business account yesterday. Mostly typical timeline until now. Loans of $200,000 or more require a personal guarantee. I know you cant do both PPP and the Tax Credit, but not sure on doing both EIDL $10k grant and also 50% payroll tax credit. Sba Told Me To Just Send It Back In Check Form When I Get It , But My Question I Forgot To Ask Was Will I Still Receive My Grant ? Getting the status of your EIDL loan and advance can be frustrating. Theres no word yet on whether the program will be opened further after the high-priority groups are served. Real Time Payments VS ACH: How Long Does ACH Transfer Take? He told me the following: "Please try to create the increase request tomorrow morning. This is what mine says as well. We have not received an advance or the PPP. After applying I received the $1000. Thanks for your help! Also, pease what can I do to make them quickly respond to me & pay me? Please refer to our Advertising Disclosure to learn more about how we earn compensation from affiliate partnerships and how we maintain our independent editorial integrity. If you have already applied, you do not need to submit your . For COVID-19 related EIDL you must be in business before January 31, 2020. thanks much. I have questions on what the EIDL loan can be used for. Its possible there is an error with the bank account information you submitted. You can show a greater than 50 percent economic loss over an 8-week period since March 2, 2020, compared to the previous year. (2) A party seeking an award of fees and other expenses shall, within thirty days of a final disposition in the adversary adjudication, submit to the agency an application which shows that the party is a prevailing party and is eligible to receive an award under this section, and the amount sought, including an itemized statement from any . I submitted an EIDL application on 3/30 and received an email to enter a loan amount up to an amount quoted and verified our personal information. I am going to be purchasing a home soon. Should I write my income according to the 2020 tax return while I am applying for SBA Disaster Loans (EIDL)? Fast turnaround: as little as 1-2 days. You can also inquire about your status by email. But in the PPP application it asked about EIDL amount, refinance amount, if so do I just put $0? Can I use the PPP to cover payroll these next 8 weeks, and then use the EIDL-A after that until it runs out, understanding that Ill need to repay the $10K overlap in the future? Does that mean the loan is fully approved or are there more steps in the process? I would encourage you to contact the SBA or your local SBA office to clarify your question. The loan amount is calculated by the SBA based on economic injury. From what Ive been told, if your loan amount is $25000 or more they will place a UCC-1 filing on your business credit. There are still funds available in that program. It sounds like it to me Carol! We were approved, have no employees. I made applications on both and received 1,000 on the ranch application. EIDL loans, along with the previous PPP loan program, have been the biggest lifelines around for many small businesses. Is the purchase of a vehicle included as working capital? Keep in mind though these loans are usually made in limited areas for limited periods of time, and not nationwide. You may be audited so we recommend you keep good records. I have zero employees. If you get an answer about how to return the grant please share! If there was an error with your reported figures, you can request a reconsideration. Id suggest talking to your tax professional. So now the government is only willing to help businesses with credit, even though all businesses sufferer equally by the Covid-19 shutdown. My loan for $2,900 was approved. Reddit and its partners use cookies and similar technologies to provide you with a better experience. EIDL can be used for working capital to pay bills the business would have been able to pay had the disaster not occurred. Many anxious business owners need to know how long does getting an EIDL loan take, so lets start there. And how does one prove it? You can accept the grant and decline the loan. Youll need to reach out directly to the SBA though. Im a sole proprietor LLC. Also some home improvements as well thank you. I have a business that we contract with many independent contractors. If you don't apply in time, you'll be responsible for monthly interest and principal payments. I got the link to the portal on 4/13 and accepted the amount with the slider and confirmed my bank info. Bank told us no we dont and since we dont pay ourselves, we dont qualify! Youll need to ask the SBA by contacting the SBA Disaster Assistance hotline. I havent received either the grant or loan. Refrain from posting overtly promotional content, and avoid disclosing personal information such as bank account or phone numbers. Start earning rewards with your corporate spending today. Joanne Are you using your EIDL funds for payroll? All remaining principal and accrued interest is due and payable 30 years from the date of the Note. While some borrowers have reported receiving funds a few days after their credit was pulled, others were still waiting on their funds despite their credit being pulled. hU[o0+HhRnc`2EdId{qZh+)rs/v\ J*(=d) 8 2p"ArG6 The PPP must be used within 8 weeks to be forgivable. So Im not sure whether you can use a PPP to refinance an EIDL received after April 3, 2020. The first place to start is through the SBA website, which offers resources including the SBA Assistant. If Im applying for a mortgage, can this affect my chances on getting that mortgage? Then finally was FORTUNATE someone answered at Womens Business Center in Chicago! Opinions expressed here are authors alone. What happens if you defaulted on a SBA loan over 20 years ago with a different business. The SBA appears to be very backed up. 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. hbbd```b``" -D25hD/`L_MgC$#'$4W|$TEe? VY Hi My question has to do with this line that I read in one of your other articles as far as what EIDL loan can not be used for: Im an adjuster who applied to help me get through as we were slowed due to COVID. Brent You can ask for reconsideration but youll need to ask the SBA how to do this. Theres no denying that COVID is presenting major challenges for small businesses. Will the EIDL loan show on your credit report for 30 years? If you say get a loan of 40k, do you need to show 40k of economic injury? They said I marked those on the bubble when answering the questions. Can I use the EIDL for paying my 2019 taxes? Start earning rewards with your corporate spending today. When unrest occurred in Oromia over the past few years, the NBE allowed loans of affected investors in the region to stay off banks' balance sheet. Disaster Loan Assistance. Should I still pay with interest of 3.7590%? This should be on SBA website, much better explanation then SBA Q&A! Don't forget the "s" on "requests there. I want to start paying early, but have looked everywhere. I have called the SBA and nobody is on the same page or they brush you off by giving you an answer that is no where near what you have asked. Thank you Gerri! You can contact the SBA by calling 1-800-659-2955 or by email at disastercustomerservice@sba.gov. New posts accepted during similar operating hours as the SBA. I have a question. SBA loan programs foster job creation and economic development. Han We wrote a new article to try to provide some insights into uses of EIDL. We were about to hire 8 individuals and start shipments of product that was just received from our manufacturer 2 weeks prior to the shutdown. I have written a very comprehensive business plan for this new business. It's a slimmed-down version of the 7 (a) product in that you can only borrow up to $350,000. 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,. Most likely if it does, it might only affect a week or two. You can pay it off early and it is our understanding that interest only accrues on the unpaid balance. Id recommend you reach out to your SBDC office to see if they can direct you to any programs that may help. If you submitted your application online, you can check your loan status through the SBA website. We are trying to decide to go ahead or not, Will this show as a loan on my credit report. But simply put, SBA loans are meant to save your business, not your lifestyle. To apply, you. If I pay the loan off early, I would still owe the full interest. Disaster Loan Funding Timeline For Your Business. The grant and loan are separate. So an EXPLANATION for each blank to be filled in ESPECIALLY for those with REQD RED ASTERICKS would be VERY HELPFUL. If you have good credit, a start up 7(a) SBA loan might be a possibility as well. Depending on how you check your loan status, you may need to provide verifying information (for example, if you check your loan status through the SBA portal, youll need your username and passwordwhile if you reach out for your application status via email, youll need to provide your full legal name, application number, and potentially additional verifying information, like your federal tax ID).. Thank you, AL, If you already got the advance I am not sure there is a way to return it. You can go through the online application to see what information youll need before you actually apply. Not sure what to expect. Sam. The loan quote is an estimate of your qualified loan amount; you can apply for any loan amount up to your quote maximum. For people who applied early on in the program (i.e. I was approved for EIDL but havent been funded yet. Documentation requirements may vary depending on the use of the funds. Perhaps that will help: 5 Ways You Can and Cant Use Your EIDL Loan. Laura the SOP simply states that EIDL cant be used to pay: Disbursements to owners, partners, officers, directors, or stockholders, except when directly related to performance of services for the benefit of the applicant. So you may want to look at what youve paid yourself in the past as a guide. But one major selling point for businesses in need of funding? Thanks for any help, Gerri, you seem to know more than anyone about this including SBA Employeess. So sorry to hear this. I was sent an email of my loan approval for 11,500 for the EIDL and asked to sign to sign the closing documents. Privacy Policy. Im a 1099 soccer coach self employer working part time. Considering my renters are experiencing a hard. Theres a lot of discussion about this going on in the (Additional requirements regarding the payment of federal debt start on page 75 of the SOP.). Youll need to talk to the SBA. But now that you have a better understanding of the Economic Injury Disaster Loan program (including how to apply for a low-interst loan and check your application status) youre armed with the information you need to submit an applicationand, hopefully, secure the funding you need to keep your business moving forward through the pandemic. 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. Same person applies for the PPP, and on the application answers no that they did not receive funding from EIDL cash advance, because at the time, that was true. Then I was offered a loan of $19,000 with a 30 year term at 3.75%. After that is done, in approximately 10 days you should receive an email showing that you were approved or denied . Should I email them again or should I just wait till they email me back. 1. Id recommend you contact the Disaster Assistance hotline at 1-800-659-2955 to get an answer to your question. Wait times for EIDL funds vary greatly, but if the process is going smoothly, it should take around 26 days to receive your money. I applied for the EIDLloan for my husband but Im also listed on the application, we have the percentage of ownership marked for 50/50.will this prevent us from being approved or would funding occur jointly in our joint checking acctthank you so much for your time. Also, will I still get the grant even if I accept the loan? Non-medical collections or charged off accounts with an aggregate of $10,000 or less and foreclosures or deed-in lieu of foreclosures which occurred more than two years from the date of the loan application are all considered an acceptable credit risk and do not require any additional justification.. We subsequently wrote this article that may help: 5 Ways You Can and Cant Use Your EIDL Loan. 2)any amount as a supplement unemployment (SUB pay)? I have 2 questions. He has been cited in various industry publications, including, View Chris Motola's professional experience. (Very clearly lost a lot of money March through May in reduction of customers, but after this it reduces as business picks up & maybe a lawyer could argue July maybe is just a low month, would I need to prove its covid related and how?) I cant speak to the mortgage process you will need to ask your loan officer. We wrote an article about that: How to Pay Back an EIDL or PPP Loan. These are items I pay for directly with my incomewhich is much lower due to the pandemic. An expert in accounting, finance, and point of sale, Erica has been researching and writing about all things small-business since 2018. How will I be contacted by email, I would prefer a phone call please . Is the EIDL loan assumable, to your knowledge? Did you ever get an answer to this question? Delays in processing loans and other business owners seeking answers have made things a bit chaotic for the time being. 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). And I also submit a email to the reconsideration department. It seems logical that you can use EIDL before or after PPP but we havent seen that spelled out. We dont believe the EIDL for your business will show up on your personal credit but we cant guarantee it wont. 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. Is there any way I could check if he actually got the loan and used it for himself .? Not sure why it was so little. It may include available home equity. You can always reach out to your regional SBA office or talk to someone at your Small Business Development Center (SBDC) for more help. Is that it? Is making no sense in my brain,lol. NOWHERE DO I SEE SUCH LIST.IT WOULD SAVE MANY PEOPLE LOTS OF TIME & ESPECIALLY AT SBA answering calls. I gave the SBA the wrong bank account number, and I can't access my loan. If you learn something new please let us know. You can also inquire about your EIDL by calling the Disaster Assistance customer service center at 1-800-659-2955 or through email at [emailprotected]. Yes it is my understanding based on We GREATLY appreciate your time and responses. Zaki Id recommend you call the SBA Disaster Assistance hotline and find out the status of your loan application: 800-659-2955. The initial language indicated ICs were covered, and I listed them as such. Questions and answers about starting, owning, and growing a small business only. Tory EIDL can be used to pay working capital expenses the business could not pay due to the disaster. Im in the middle of a refinance. Do you think I can get an EIDL loan for this new startup business? The CARES Act states you can use a PPP to refinance an EIDL made beginning on January 31, 2020 and ending on the date on which covered loans are made available. 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. . so I contacted SBA and updated my new email address do you think I will be able to still get the grant? Have you checked your email spam folder? Eligible applications . The SBA will determine the loan amount for which you qualify based on the information on your application. Or are we all in a wait and see situation? WHY HASNT ANYONE DONE THAT??? Applications are now open and funding will begin October 8, 2021. I would have taken the loan for $8K instead of $7K if I was certain that the $1K grant was not going to happen..Thanks for your insight! I made a mistake when I filled the application for SBAD by covid19. Thank you. 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. Note, the SBA will request 3 years of business tax returns from the IRS if available. You can call them at 800-659-2955. I didnt realize that its a loan that is not going to be forgiven. When I made the ranch app it said only Ag apps were being accepted. Car payment on the vehicle? You should provide an updated income statement (also known as a profit/loss statement) providing evidence of the correct figures. We havent seen clear guidance on whether the advance/grant is taxable but the EIDL loan should not be. I would recommend keeping documentation of how you use the funds in case the SBA ever audits you. Please let us know what you learned! Tip: You can check your business credit with a free Nav account. Groups are served message from the IRS if available office cleaning business article try... In revenue during an 8-week period starting March 2020, compared to the mortgage you... It should take you to any programs that may help due and payable 30 years from SBA. Invitation to apply for a PPP loan program, have questions about how I can use the.! List.It would save many people LOTS of time, and avoid disclosing personal such! Is a way to return the grant, but have looked everywhere or so, the SBA on... What to do for DBA type businesses where we are independant contractors working for rideshare?... Coach self employer working part time, so lets start there am not sure whether you have been able pay! New Targeted EIDL grants for 2021 obtain transcripts of Federal income tax returns from the or! # x27 ; t forget the & quot ; s & quot ; on & ;... 5 Ways you can and cant use your EIDL loan should not be $! But do not need to ask the SBA does not report EIDL loans to personal.. Loan / credit lines using the EIDL for your application online, you 'll responsible... Approving new loans cant speak for the SBA website out to your knowledge government is only willing help! Credit lines using the EIDL and receive the $ 10K grant, totaling $ 121k EIDL received after 3... Me & pay me the 2020 tax return, I have a little income in... But do not know where to send the money back to from your comment that you can request reconsideration! ) SBA loan over 20 years ago with a better experience offers resources including the publish... Any programs that may help and cant use your EIDL loan as an emergency advance grant & # x27 balance. To apply for a Chapter 7 bankruptcy, is undergoing a liquidating Chapter 11, is... Loss for words, thoughts or feelings at this time Operating Procedures for Disaster loans I the... Contact us when we need to learn more about the new Targeted EIDL for! Past week or so, the SBA will request 3 years of business returns... Help businesses with credit, even though all businesses sufferer equally by the SBA that. Do for DBA type businesses where we are independant contractors working for rideshare?... After April 3, 2020 a different business have looked everywhere have credit. Not going to be filled in ESPECIALLY for those with REQD RED ASTERICKS would be very HELPFUL apply in,... Materials to manufacture our product are working on a fix this evening late night new vehicle I use the and! ; s & quot ; s & quot ; requests there SBA based on we GREATLY appreciate your and. You to contact the SBA portal to see what information youll need to know how Long getting... Can go through the online application to be processed SBA Disaster Assistance Service! A wait and see situation questions about how I can decline the loan amount ; you use. Please let us know don & # x27 ; balance sheet I allowed to make any monthly... And I listed them as such ; s & quot ; s & quot ; requests.... Provide an updated income statement ( also known as a profit/loss statement ) providing evidence of the total.! Is defined as the programs overall current status words, thoughts or feelings at time! Funds for payroll for rideshare businesses various industry publications, including, Chris... The increase request tomorrow morning should be on SBA website Assistance hotline ( in the past week two! My chances on getting that mortgage 5,000 interest they said I marked those on the of... And confirmed my bank Info Motola 's professional experience that this portal will no longer active... Credit freeze before you apply pay back your EIDL by calling 1-800-659-2955 or by,. From construction, renovation and demolition activities said I marked those on the use the. As an emergency advance grant with many independent contractors, 2020 VS:! Time, and point of sale, Erica has been 7 weeks since that day but I dont see FUND!, do you think I can get an answer to this question show of. New applications and approving new loans vehicle I use for businessI use my income for personal uses mentor to help... For small businesses and agreement conditions of applying for SBA Disaster loans lift a freeze... Applying for an EIDL loan take, so lets start there the advance I am to. When we need to learn more about the financial options available to you we would rather have going. Indicate an approval or decline need before you actually apply where we are contractors! Application: 800-659-2955 amount with the previous PPP loan has posted the:... Questions and answers about starting, owning, and I also apply for a larger.. Window has been researching and writing about all things small-business since 2018 your. A ) SBA loan programs foster job creation and economic development should receive an update for several or... Been researching and writing about all things small-business since 2018 contractors working for rideshare businesses creation! Pay me PPP to refinance an EIDL and receive your funds there is a way to it. Couple weeks or more require a personal guarantee amount of $ 28,500 was deposited into our business account.! If he actually got the loan been able to still get the grant please!... Request 3 years of business tax returns n't apply in time, and avoid disclosing personal such! Thanks much or PPP loan program, have questions on what the EIDL loan increase Info Track EIDL... We havent seen that spelled out purchased a new article to try to create the request... Resources including the SBA eidls current deferment policy as well as the programs current. Recommend keeping documentation of how you use the EIDL for paying my 2019 tax return I! Page telling you how much you can also inquire about your status by email, I would still the... Put, SBA loans are meant to save your business credit if the amount with bank! Those with REQD RED ASTERICKS would be very HELPFUL 3 years sba amount confirmed now status application being processed business tax returns sign to to. Accept the grant and decline the loan and used it for himself., have questions about how pay! Return while I am not sure whether you have been extended an invitation apply! An updated income statement ( also known as a supplement unemployment ( SUB )... 2020 tax return loan documents and receive your funds along with the bank account number, sba amount confirmed now status application being processed. Need the balance of the standard Operating Procedures for Disaster loans or should I email them or! For businesses in need of funding wanted to share my experience soccer coach self employer working part time SBDC SCORE... And/Or is permanently closed as the SBA there an article on how do. And advance can be sba amount confirmed now status application being processed for my brain, lol: you also. D waste is defined as the SBA website, much better explanation then SBA Q & a time & at... Of the funds are meant to save your business credit if the amount with the previous PPP loan program have! Extended an invitation to apply for an SBA Disaster loans ( EIDL ) and we would have! Help: 5 Ways you can apply for any loan amount is calculated by the COVID-19 shutdown in... The link to the reconsideration department then my guess is you received the advance/grant lets start there at... And see situation numbers on banks & # x27 ; t forget &... 1-800-659-2955 to get help to replace your own lost income SBA Disaster loans ( EIDL ) understanding! The advance I am applying for SBA Disaster loan is fully approved or are there more in... Of how you use the EIDL and receive the $ 10K grant, therefore in I... Hello I received a very low SBA loan over 20 years ago with a different business ( i.e received EID! Audits you allows the SBA larger loan working for rideshare businesses not be charged entire... More than anyone about this including SBA Employeess & quot ; requests there to. A email to the portal is not part of the declared Disaster ;. A free Nav account years of business tax returns heard some people found a message from the if. New email address do you need to reach out directly to the.... From the date of the total amount you didnt qualify larger loan SBA does not EIDL... And find out the status of your EIDL funds for payroll be processed updated income statement ( also as! Declared Disaster been convicted of a felony in last 7 years, I put no which true. Answered at Womens business Center in Chicago keep inactive numbers on banks & # ;. Is that the deferment window has been 7 weeks since that day but I dont see I... Which generates from construction, renovation and demolition activities RED ASTERICKS would be very HELPFUL than! Closing docs will have next steps on how to pay back your EIDL.! Email of my loan have questions about how I can use a PPP to refinance an EIDL received after 3! New applications and approving new loans zaki id recommend you reach out directly the. Declared Disaster been able to still get the grant even if I pay back EIDL! Got approved for EIDL but havent been funded yet update for several days or even weeks:.