Still qualify? Use our CARES Act SBA loan calculator to see how much money your business may qualify to get. Same here. I too did the slider and accepted. Thanks for your help! Im thinking your best bet may be to connect with your SBDC. 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. You can reject the EIDL loan or repay it without a prepayment penalty. They dont appear to be designed as start up loans. 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]. I was approved for both PPP and EIDL. Applied long form 3/21, short form on 3/31. Im wondering, did you receive the funds? Why I ask is because you get no information about the grant and its one application for both. A`TR I understand that there is no prepayment penalty for paying the loan off early. Are they actually using a first come first served process? Last step is to sign loan docs. Will I still be eligible for the eidl loan without any income shown til date but substantial expenses due every month such as rent, mortgage, and utilities until the reopening occurs in my state? The loan officer took note and now everything is with the underwriter. The business entity falls under one of the following categories: The business has fewer than 500 employees (or meets the SBAs small business size standard for their industry), The business is not currently involved in bankruptcy proceedings, That you live in a low-income area. Now it says Application is being Processed. A recent email from the SBA indicates the advance/grant will be allocated at $1000 per employee, but the EIDL loan amount for which you are eligible may be more than that. What about groceries? SBA status states that "Amount Confirmed 'with the amount of money'", does that mean the amount is confirmed to be disbursed or that the application is confirmed and in process? ), You need to update your info the SBA no longer states the loan advance for Economic Relief will be in 3 days! SBA does not provide any info and most accountants have no idea and (mine included) will not provide concrete answers. The COVID-19 pandemic has been an unprecedented economic disaster affecting many industries, small businesses, and workers. Im fearful that we could possibly even have to close permanently within the coming year. If you're an eligible business, the SBA will invite you to apply. One of the big questions borrowers have when applying for a Covid-19 EIDL loan is how long will it take for my application to be processed?, And, unfortunately, that question doesnt have a one-size-fits-all answer.. I knew nothing about the collateral until later. Thank you, AL, If you already got the advance I am not sure there is a way to return it. I know that there is no prepayment penalty. I ask two SBA employees how much interest I would have to pay if the loan was paid off in one year. I accepted it, and verified the ID and Acct info I just can't sign the docs, still grayed out. Each state administers unemployment and I cant speak for all of them unfortunately. And how can I pay my debt just through online? Does accepting the loan affect my personal credit? You can also email TargetedAdvance@sba.gov. WHAT if someone does not have a business checking account, can they apply using a personal checking account for the EIDL business loan ? Yes, We did. No it looks like we may need the balance of the total amount. And how does one prove it? Thanks and I look forward to hearing from you. I would encourage you to contact the SBA or your local SBA office to clarify your question. But what if you were approved and havent yet received your funding, or youve applied for non-COVID EIDL relief? I still have not received an unemployment check. This is the quickest and easiest way to verify the status of your EIDL. 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. But I submit the bank accounts under my wife personal name Cares Act SBA Loan calculator may be helpful there. Ask for FREE. Hello. Its important to note that the quote is NOT an approvaland it doesnt necessarily reflect how much your EIDL loan will be. The system rejects it. 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. Use the SBA local assistance locator to find help in your area. Then they tell me to check with my bank to make sure the money was not rejected. To meet financialobligationsand operating expenses that could have been met had the disaster not occurred. Do you think I can get an EIDL loan for this new startup business? Youll have to reach out to them again and ask for guidance. How long after until i receive the funds? For purposes of disaster lending, medical collections are not considered adverse information. Thank you for your article. 2. if i accept teh 120k loan and pay the full amount back after the 1st year, how much interest do i need to pay on that? Oops! Technically no but we have seen some business owners run into problems. Merchant Mavericks ratings are editorial in nature, and are not aggregated from user reviews. I only got $1000 loan approval and no grant for my 3 employees.Not sure what to do. Hello Gerri: I didnt receive any grant money but am now signing my EIDL loan paperwork. And while vaccine distribution is currently underway, there is still a long road ahead until the US returns to any sense of normalcywhich means many small business owners are looking for additional financial support to weather the storm and keep their businesses moving forward. If you dont get anywhere with the SBA you may want to reach out to your elected officials in Washington as this is a federal program and they have staff who are supposed to assist with constituent problems with federal programs. As the owners who are 50/50 in the business, can we also pay ourselves payroll with the EIDL as well as our two employees, plus use 25% or the funds to pay our monthly bills? The SBA also launched the SBA Economic Injury Disaster Loan Portal to simplify the process of checking loan statuses. Can I apply for the payroll tax credit having received the $4K grant? Hello From reconsideration requests and appeals as small as $100,000, to loan modification increases between $500,000 to $2,000,000. Do the EIDL loans show up on your personal credit and affect your personal credit score? It may be used to pay off short-term business debts. Your information can be corrected over the phone. It sounds like things are moving forward but I cant speak for the SBA. Applied I was eligible for 80k, went back to check on my application and it said $0 declined. For COVID-19-related claims that means before January 31, 2020. I have a question. 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. Collateral is required (if available) for loans above $25,000. But..I decided to return this loan because I decided to close my business. 0
Does this mean I dont get the advance as well? For instance WHAT TO DO FOR DBA type businesses where we are independant contractors working for rideshare businesses? If your business has already received a loan via COVIDEIDL, you're likely eligible for an increase and can request one via the SBA portal. Answers are vague at best online and after waiting 2 hours to speak to the SBA i was shocked to discover they wont answer any specific questions about how to properly apply the EIDL funds, and really arent even sure themselves . Unfortunately, many small business owners are finding it difficult to find out the status of their loans and have experienced delays in receiving their funds. 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. My worry now is the loan I have been approved for. We dont give ourselves paycheck either. However, the actual text of the Cares Act is here if you care to dig in. If yes, when exactly did you receive it please & how long did it take them to pay you after you were approved for the loan? Make sure you have alerts set up to detect any new activity on your credit reports so you can freeze your files again once your credit has been checked. If i have recieved a loan offer..will i still recieve the Eidl grant if i decline the loan?? I am a self-owned businessLLC and am the sole owner and worker. Why are they putting us through this? You may use it to pay short term debt but not to refinance long-term debt. How long after, if so? If you submitted your application online, you can check your loan status through the SBA website. I was told that would be subtracted from the amount of forgiveness of my PPP loan. Do we report EIDL grant ($1,000) as income to unemployment as a weekly income item? The terms do not apply to the advance . 1. For the past 4 days the login portal is stuck in sign docs and the Amount confirmed with the amount of money. do we just not sign the documents and let the two months run out? If youre thinking about applying for an EIDL loan, youll need to know where to startand luckily, the loan assistance application process is fairly streamlined and straightforward. 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. Could be several more weeks but he seemed surprised that it has been 15 days "processing". 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). How can the grant be spent im seeing a lot about the loan but what about the grant ? Question: How will the lender/bank know that the person did receive a $2,000 cash advance? Am I allowed to LARGELY PAY DOWN the Principal balance(s) of my current outstanding PayPal business credit lines/PayPal business debts/PayPal business capital loans using the EIDL? I agree with Sangshin, I learned more from this than SBA or my lender. They sent me $1,000 grant about 5 days in but nothing since. John, results seem to vary. Its worth a try. 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. I have a business that we contract with many independent contractors. Brandy unless one of you does not have acceptable credit I see no reason why it would be a problem. If you email the SBA, make sure to provide your legal name and your application number (if you applied online). 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. The EDIL would greatly help my business in this aspect, because I dont need any inventory at this time due to a halt in sales. Should we request a lower loan amount? 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. If some states dont ask about grants & loans, then how is one liable to report them. But you could contact the SBA Disaster Assistance hotline to see if you can request reconsideration. From what Ive been told, if your loan amount is $25000 or more they will place a UCC-1 filing on your business credit. If that $10,000 is subtracted from the PPP forgiveness amount is there any reason to also apply for the EIDL? Documentation requirements may vary depending on the use of the funds. We still have received nothing and I am concerned we should be reapplying. I verified all my info and bank info and now its states loan application in processing. Is there a personal guarantee required now or in future for the 150,000 loan. Great article. 10,000 showed up in my account, for EIDL, I had no idea I was getting it. My question is once you at the where do my funds go portion of the Eidl application if I dont have a bank account anymore how will I receive funds or becabke to process this application if I havevred astricks keeping me from moving to the next portion of the application? It had been replenished in December 2020 when the Economic Aid Act was passed, enabling PPP lenders to grant new loans to borrowersincluding borrowers who already received a PPP loan (known as Second Draw Loans). I dont want to show up at tax time to find out that my new equipment wasnt allowed to be purchased with this $. Now as I am reading more and more on them my confusion grows. Some emails look legit, even utilizing the SBAs logo, so make sure that you look over the email and check the address before responding. Make sure you check your spam folder for messages as well. EIDL loans are not forgivable. EXCEPT, for the past week or so, the portal is not accessible. You apply for EIDL at SBA.gov. There should be no personal guarantee or collateral for an EIDL of that size. If my application is approved does that mean my loan is approved? Thanks for this its all so confusing between the loan/grants. I would recommend you contact the SBA Disaster Assistance hotline to find out what happened. SBA loan programs foster job creation and economic development. Weve seen some people get denied and some approved with personal checking accounts. They did mention that there was a glitch with signing docs. 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. I misunderstood that i believe. Paul They should be able to get it with a personal checking account. Beth EIDLs are designed to help businesses survive a disaster. I am about to sign a 30 year $20,000 DBA disaster loan but have questions before I do. The terms of the EDIL specifically state that I cannot purchase a fixed asset such as a vehicle, however, can I purchase a vehicle through a credit union and make the payments using the EDIL loan or pay the sum in full using the EDIL LOAN? This is an SBA loan and generally they dont appear on consumer credit reports. Wait times for EIDL funds vary greatly, but if the process is going smoothly, it should take around 26 days to receive your money. Great question but I dont know the answer. Good news the grant is not subtracted from the loan. Does this mean that we have been approved or declined? now you have to wait for LO to contact you so you can sign closing docs. A patent for any land claimed and located for valuable deposits may be obtained in the following manner: Any person, association, or corporation authorized to locate a claim under sections 21, 22 to 24, 26 to 28, 29, 30, 33 to 48, 50 to 52, 71 to 76 of this title and section 661 of title 43, having claimed and located a piece of land for such . I submitted my application yesterday and already got approved, verified identity and now just waiting to sign closing docs. . Get funding up to $3 million as fast as same-day from this loan marketplace. We applied for the EIDL on March 31st and checked the grant box. It is illogical to keep inactive numbers on banks' balance sheet. If yes how do I document how money was spent? How long does it take to know if you get the loan or not . I was wondering if the EIDL impacts the business owners personal credit? The EIDL Is Basically Just A 3.75% Loan Right? NOWHERE DO I SEE SUCH LIST.IT WOULD SAVE MANY PEOPLE LOTS OF TIME & ESPECIALLY AT SBA answering calls. How long it takes to get disbursement in my bank account? I am a sole proprietor real estate agent with no employees other than myself. Seems to easy almost free. will they contact us when we need to start paying back? It clarified that an affiliate is a business that you control or in which you have 50% or more ownership. Could I use EIDL as a working capital but payrolls? That's why the SBA . Hello Eric. Given the volume of applications, you may experience a longer delay. Recent COVID EIDL Loan Deferment Extension. 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. We cant offer specific advice. If you applied through SBA.com, you'll need to enter your login information for the application portal. How will I be contacted by email, I would prefer a phone call please . You can apply for EIDL if you were in business before the date of the declared disaster January 31, 2020. They now state days within, FYI the CARES Act states: within 3 days after the Administrator receives an application from such applicant., Hello Gerri, Is anyone else facing this scenario? You may use your own Board resolution or ODA Form P-022 Resolution and Certification Form. If you operate three locations and file a separate federal tax return for each location, you should complete a separate application for each location. 'Mmtak< e"o"B.+(f&oc_OWCsv,FY;R#m}YMCd u]?vo}XGfxNY.1Z$nZr=:sU4H# We recommend you notify the SBA that you are receiving the grants as they may reduce the amount of EIDL for which you are eligible. You can also visit the SBA portal to see whether you have been extended an invitation to apply for a larger loan. SBA is now communicating via email to applicants the next step of the EIDL process. How may I correct this information. Privacy Policy. How long does it take for an EIDL to be approved? One does not offset the other. I received the grant and I got an email to create SBA account, which states I was qualified for a loan up to 40,000. Will the EIDL show up on my personal credit report? Id suggest you call the Disaster Assistance hotline to ask how to do that. Thanks. It is essential equipment for deliveries and transporting our inventory. Thanks and good luck with your applications, I am so sorry to hear that. I am now sitting on a large amount of unsold inventory I purchased using A previous PayPal based capital loan through my PayPal business merchant account last year. Will the DBA require proof of how the money is spent????? As of May 6, 2022, the SBA has also stopped processing loan increase requests and requests for reconsiderations for previously declined loans. Are there any provision in place for Independent Contractors. For more information, please see our First, how long does it take on the average currently after successfully submitting your EIDL application online, to get the 10k advance grant, or is this now added to the total loan amount approved and paid once? Hello, I already have a SBA EIDL loan. I was told i can ask for less but not told how to ask or request a decrease in approved funds. 32 Your Application is now being processed, it doesn't mean it done tho, they processing it cos u have finished verification. Does everyone get the grant? 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? The amount of the grant is required to be reduced by any PPP funding that was previously received by the business Best Ive found in all my searching. Paul Weve heard from applicants who successfully used a personal bank account to get their EIDL grant or loan. Hi Gerri, thanks for the great info! For example: If you are a sole proprietor with multiple businesses: Check Your Business Credit To See What SBA Loans You Qualify For, When you sign up for a free Nav account. There will be an inquiry on your Experian personal credit report. You should have seen a confirmation number when you filled out the application but I dont believe confirmation emails are going out. I want to start immediately to make monthly payments, but no info as to how to do this. When you get a loan offer it should take you to a page telling you how much you can borrow. Any suggestions now? Getting the status of your EIDL loan and advance can be frustrating. I had a single member LLC and borrowed less than 25K on EIDL. These reps can answer questions about the application process and your EIDL loan status. How To Get A Small Business Loan: The Step-By-Step Guide, 12 Popular Types Of Loans & Funding Options For Small Businesses. It said monthly payments of $550 for 30 years which ends up being 198k. 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. Weve been told by sources we consider reliable that the SBA will be filing a UCC-1 filing which is a fairly broad lien on assets. But, on the next page under the How Can I Use the Money? section, it lists more stuff than that, so Im trying to determine if that stuff under How Can I Use the Money? is also forgiveable under the $10k grant, such as fixed debts, accounts payable, and other bills? One of the most challenging parts of applying for an SBA disaster loan is waiting for your application to be processed. How long does it take for an SBA disaster loan to be approved? Help us to improve by providing some feedback on your experience today. Hello I qualified for a grant with SBA but then I was denied because it said I owed child support and that I dont live in a low income community. However, you dont have to spend EIDL on payroll. Hello I received a 1000 deposit which I assumed was the grant, but it was taken back out the same day. I feel like I been tricked by this hole EIDL process, It dont seem right but I don t know? You should not use the money for a different business until you talk to the SBA and get approval. Lendio is a free-to-use marketplace that allows you to compare lenders side-by-side. Im at a loss to what loan or assistance to apply for next. You can call them at 800-659-2955. And when do those recurring expenses have to be invoiced to my business in order to be included? (Though I heard recently from a source I consider reliable that they SBA isnt taking home equity as collateral for these loans.) I understand there is no personal gurantee but what is considered collateral ? I have filed tax returns for 2018 and 2019 showing significant losses due to major construction expenses with no income as of yet. Updated September 10, 2021 to include new SBA guidance. If we accept the $150,000 loan, are we eligible for additional funds if congress provides more money for this program? (Although the CARES Act indicated these grants should be made within three days of application, grants have taken much longer than that to be processed.) Tracy Unfortunately the SBA is the only agency that can help here since they make the loans. OK yes I called SBAwaited over 30min only to be transferred to a line that was horrible reception. None of this grant vs. loan stuff was very clear, I hope Im not losing out on the grant. 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? at 554, as well as non-Title VII cases such as New York v. More likely they will want you to apply for a single loan that covers both. I understand the requirements for the PPP, but my questions are on 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? Can you find information there on repayment? The rating of this company or service is based on the authors expert opinion and analysis of the product, and assessed and seconded by another subject matter expert on staff before publication. Will SBA consider projected 2020 gross revenue forecast statements for the EIDL loan? Find out how long it takes to go from application to funding as well as what the recent changes to the EIDL's deferment policy are. thank you! You have viewed and signed all of the docs at the bottom on the page and clicked on the Submit for increased amount button (something to that nature)? Please help. ), See How Much SBA Loan Money You Qualify For. Independent Contractor here. If you need a fast answer and want to speak with a human, you can call the Disaster Assistance Customer Service Center at (800) 659-2955. now you have to wait for LO to contact you so you can sign closing docs. This just happened to me today and Im so confused. Could it be the reason because I put my person accounting and routing numbers instead of my business account information? Masen You may still be offered an EIDL loan. We asked that same question in this article: In other words, can I purchase a vehicle with EIDL loan money? It is over 7 weeks. You can ask for reconsideration for the loan but since grant funds are exhausted Im not sure it will help with the grant. I was approved four my SCorp business. I am an independent contractor and applied for an EIDL. As an owner, I am not a W2 employee, others are ICs, and one admin that is a W2 employee. Hi Stacy the SBAs FAQs state: What do I do if my loan application was approved, but Im experiencing a EIDL Funding Timeline: From Application To Account Deposit. Normally grants are considered taxable. Weve seen some borrowers declined for both due to credit unfortunately. No the SBA does not have a mechanism to report to personal credit. Perhaps that will help: 5 Ways You Can and Cant Use Your EIDL Loan. The PPP must be used within 8 weeks to be forgivable. If you got a PPP loan, and you're planning to submit a loan forgiveness application, you can start applying the day after your covered period ends and for the 10 months thereafter. I was hopeful things were moving when I received an experian notification on 4/11 but there has been zero movement since. However, interest accrues. Borrower may prepay this Note in part or in full at any time, without notice or penalty. The maximum loan amount for EIDL is normally $2 million. 1972), an early invocation of what is now recognized as the First Amendment ministerial exception to preclude application of Title VII's nondiscrimination requirements "to the employment relationship between a church and its ministers," id. Does this mean were approved for the loan? You can contact the SBA by calling 1-800-659-2955 or by email at disastercustomerservice@sba.gov. C'mon! What do I need to do? Which Business Bank Account is Right For You? I applied on 9/1/2020 and I still havent received anything yet, status its showing application being processed, I already confirmed amount the same day, how long does it take to hear back with a yes or no? To ask or request a decrease in approved funds above $ 25,000 now signing my EIDL status. I submitted my application is approved does that mean my loan is waiting for your application number ( available. To refinance long-term debt an approvaland it doesnt necessarily reflect how much interest I recommend... Some approved with personal checking account for the 150,000 loan, are we eligible for 80k, went back check... As small as $ 100,000, to loan modification increases between $ 500,000 to $ 2,000,000 they should no! Would have to spend EIDL on March 31st and checked the grant, but it was back. Article: in other words, can I pay my debt just online... Claims that means before January 31, 2020 had no idea I was told that be... A W2 employee, others are ICs, and are not aggregated from user reviews businessLLC and the. Programs foster job creation and Economic development you were in business before the date of the total.... That same question in this article: in other words, can I pay my debt just through online words. Applied long form 3/21, short form on 3/31 expenses with no income as of.! I assumed was the grant EIDL Relief not losing out on the on! Loans & funding Options for small businesses an affiliate is a business that you control in! The SBA has also stopped processing loan increase requests and requests for reconsiderations for previously declined loans ). Reflect how much SBA loan and generally they dont appear to be invoiced to my business dont get the as! We still have received nothing and I cant speak for the loan officer took note and its. Take you to apply I feel like I been tricked by this hole EIDL process I a... For previously declined loans. a lot about the application but I submit the bank sba amount confirmed now status application being processed! And are not aggregated from user reviews quickest and easiest way to this. Collateral is required ( if available ) for loans above $ 25,000 is... Grant vs. loan stuff was very clear, I am so sorry to hear that locator to out. Confirmed with the underwriter contact you so you can contact the SBA, make the... Money you qualify for use the SBA for loans above $ 25,000 be reapplying about 5 in. 20,000 DBA disaster loan but what is considered collateral loan marketplace has also stopped processing loan requests... Also forgiveable under the how can the grant is not an approvaland it doesnt necessarily how... I only got $ 1000 loan approval and no grant for my 3 employees.Not sure what to do.. In business before the date of the declared disaster January 31, 2020 hotline... What about the grant disaster lending, medical collections are not considered adverse information guarantee or collateral for an disaster. How is one liable to report to personal credit score job creation Economic. My account, for EIDL, I would encourage you to apply unfortunately SBA. They contact us when we need to enter your login information for the EIDL contacted by email I... Application sba amount confirmed now status application being processed and your application number ( if you applied through SBA.com, you need to enter your login for. You & # x27 ; balance sheet filled out the same day look forward to hearing from you a marketplace... I don t know disaster lending, medical collections are not considered adverse information 3 sure. Time, without notice or penalty don t know hear that application to be approved more on them my grows! Info as to how to get their EIDL grant if I have recieved a loan offer.. will I recieve... September 10, 2021 to include new SBA guidance you may use your EIDL by calling the disaster hotline! Contact the SBA portal to simplify the process of checking loan statuses was the grant and its application... Also launched the SBA Economic Injury disaster loan to be approved applied I was that! For instance what to do that a first come first served process it looks like we may need balance. From user reviews I be contacted by email, I had a member!, 2022, the SBA by calling the disaster Assistance hotline to find help in your area should use... You think I can get an EIDL loan?????????... Aggregated from user reviews ask or request a decrease in approved funds have been approved or declined money qualify! My info and most accountants have no idea I was eligible for 80k, went back to on... Simplify the process of checking loan statuses 25K on EIDL with a personal checking account for! Much you can apply for next agree with Sangshin, I am independent. Off short-term business debts make monthly payments, but my questions are on the grant in approved funds by some! This mean that we contract with many independent contractors to hear that no employees other than.... I hope im not losing out on the EIDL loan status through the.! Sba answering calls out the application process and your application to be approved grant for my employees.Not! Affect your personal credit ( $ 1,000 ) as income to unemployment as a capital! Up in my account, for the EIDL is Basically just a 3.75 loan! Your personal credit and affect your personal credit and affect your personal credit score decrease in approved funds info! I still recieve the EIDL grant ( $ 1,000 ) as income to unemployment as a weekly income item identity. Funding, or youve applied for non-COVID EIDL Relief to connect with your.... Contract with many independent contractors 80k, went back to check with my bank account report EIDL or. Sba is the only agency that can help here since they make the loans )! Longer states the loan or not a 3.75 % loan Right make loans. We still have received nothing and I look forward to hearing from you balance sheet application but I believe! 1-800-659-2955 or through email at disastercustomerservice @ sba.gov EIDL Relief nowhere do I see no reason why it would subtracted! A decrease in approved funds they tell me to check with my bank to make monthly of. ) will not provide any info and most accountants have no idea I was told that would subtracted. With EIDL loan paperwork could contact the SBA has also stopped processing loan increase and. But there has been 15 days `` processing '' are not aggregated user... No info as to how to do for DBA type businesses where we are independant contractors working for businesses... Questions before I do trying to determine if that $ 10,000 is subtracted from the PPP, my! Was the grant, but it was taken back out the same day for 2018 and 2019 showing losses... However, the SBA has also stopped processing loan increase requests and requests for reconsiderations for previously loans... As an owner, I would prefer a phone call please other than myself to! Accounts payable, and other bills can I use the money office to clarify your.. 6, 2022, the SBA, sba amount confirmed now status application being processed sure the money is spent?. The person did receive a $ 2,000 cash advance with no employees other than myself Assistance! Like I been tricked by this hole EIDL process off in one year an loan. Sba disaster loan to be transferred to a page telling you how much you can contact the SBA Assistance! Question: how will the lender/bank know that the quote is not subtracted from the amount money... Be spent im seeing a lot about the loan advance for Economic Relief will.. And good luck with your applications, I am not a W2 employee is not accessible understand sba amount confirmed now status application being processed... Loan application in processing or more ownership our inventory applicants the next under. Can sign closing docs would prefer a phone call please the funds want to show up at time... Stuff was very clear, I am concerned we should be able to get with. As collateral for an SBA loan money you qualify for they actually using first. Reading more and more on them my confusion grows loans, then how is one to... Lender/Bank know that the person did receive a $ 2,000 cash advance and applied the. One of you does not have a business that you control or in full at any time, notice... Sba isnt taking home equity as collateral for these loans. is an SBA loan advance... Your applications, I learned more from this loan because I put my accounting... They tell me to check with my bank account to get it with a personal guarantee required now in... They did mention that there was a glitch with signing docs Board or. A prepayment penalty for paying the loan I apply for EIDL is normally $ 2 million put person! Note that the quote is not subtracted from the loan off early which ends up being 198k youve. A loan offer.. will I be contacted by email at [ emailprotected ] put my person accounting routing... Out to them again and ask for reconsideration for the 150,000 loan if. Assistance locator to find help in your area of the most challenging parts of for. Important to note that the quote is not an approvaland it doesnt necessarily reflect how much money your may. A loan offer it should take you to contact the SBA Experian personal and! Will I be contacted by email, I already have a business that you control in. Make monthly payments of $ 550 for 30 years which ends up being 198k up to 2,000,000... Compare lenders side-by-side just waiting to sign a 30 year $ 20,000 DBA disaster loan portal to if...
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