if below, pay down debt - see if creditors will push a manual update to your credit report so it updates quicker. BTW, unlike a co-signer on a typical loan, a co-borrower isn't subject to the typical risk a traditional co-signer is. Not sure why a big bank would take the time to freeze $80 and contact the SBA. COVID-19 Economic Injury Disaster Loan (EIDL) 1. New comments cannot be posted and votes cannot be cast, More posts from the smallbusiness community, Questions and answers about starting, owning, and growing a small business, Press J to jump to the feed. I’m not sure if there process at this point. I appreciate the efforts the SBA took to process and disperse the unprecedented volume of disaster loans during the COVID-19 pandemic. Economic Injury Disaster Loan (EIDL) Paycheck Protection Program NO LONGER AVAILABLE . That's what makes it much easier. According to New Jersey District Director Al Titone, the agency is taking EIDL … Worth noting: Businesses that applied for an EIDL— even earlier in 2020– and meet the qualifications may receive the full $10,000 grant (minus any amount already received) even if their EIDL applications were not approved. Come on man, where did you apply for 129000 on original? Sba eidl reddit. SBA seems to be progressing in processing the numerous Economic Injury Disaster Loans (EIDLs) that were applied for at the commencement of the COVID pandemic. Better be safe than sorry, even if you run a legitimate business. COGS? Alternately you can add a co-signer. Press question mark to learn the rest of the keyboard shortcuts. prior to your offer did you get some type of generic email from SBA explaining the EIDL advance and encouraging to apply for PPP? Posted by 16 days ago. The denial letter said due to credit. It’s run by the United States SBA (Small Business Administration) and includes up to $10,000 in grants for small businesses. SBA EIDL and Emergency EIDL Grants: Data by State Updated December 17, 2020 Congress made COVID-19-related economy injury an eligible expense for the Small Business Administration’s (SBA) Economic Injury Disaster Loans (EIDL) in the Coronavirus Preparedness and Response Supplemental Appropriations Act, 2020 (P.L. IMPORTANT UPDATE to the SBA PPP (Paycheck Protection Program) and EIDL (Economic Impact Disaster Loan) – April 14, 2020. Note: If you’re calling the SBA’s 1-800-659-2955 number to check on the status of your EIDL application, make sure to ask for the Tier 2 option, as this pertains specifically to the COVID-19 program. 9/24/2020 2:34 PM 1 | Page Frequently Asked Questions COVID-19 Economic Injury Disaster Loan (EIDL) 1. Apporx score? Original loan was $15,000. “ Just spoke with a (SBA) representative by phone (1-800-659-2955) and was told that there is no possible way to check my current status of the EIDL Emergency Advance grant. Same day as my second hard pull. Firs was the 29th so I assume that was for my long forM. SBA Disaster Assistance Update Nationwide EIDL Loans / COVID-19 Loans Approved 3,589,667 Dollars Approved $190,365,492,858 2 September 14, 2020 Figures as of 9/13/20 STATE APPROVED DOLLARS STATE APPROVED DOLLARS Alabama 44,084 $ 1,971,965,130 Kansas 18,377 $ … Visit caweb.sba.gov or click the link at the top of r/EIDL. It was my own math for the amount and it matched what they offered. We will see what else they want now. So you were approved for a loan before 3/29 but it never went to closing but now it is going to? • Importantly, EIDL proceeds cannot be used to refinance debt incurred prior to the disaster, repair physical damage, expansion or to pay dividends. I just got this email today and was left wondering what now? Sales minus COGS divided by 2. Small businesses, small agricultural cooperatives and most private nonprofit organizations located in a declared disaster area and which have suffered substantial economic injury may be eligible for an SBA Economic Injury Disaster Loan (EIDL). EIDL: Maximum loan amount is $2 million, with an immediate advance of up to $10,000 from the SBA. The site may not work properly if you don't, If you do not update your browser, we suggest you visit, Press J to jump to the feed. For reference I submitted both long and short. Those are rough numbers. Press question mark to learn the rest of the keyboard shortcuts. Many have had the same exact experience. you need a 570 or higher. Is there any advice on having them reconsider or fix this? Long-term direct loan program from the SBA Loans made through nearly 5,500 Here we can discuss EIDL loans, advances, and all things related to the 2020 CARES ACT. If checking your EIDL status online, you need to find the SBA Assistant at https://disasterloanassistance.sba.gov/s The EIDL (Economic Injury Disaster Loan), which reopened for applications on June 15th, helps people whose business suffered financial hardship during Covid-19. I've read reddit threads a couple days ago that people who sent their recon letter on 4/24 have received responses and today someone who sent it on 4/27. The term of the loan cannot exceed 30 years. SBA’s EIDL and EIDL Advance are just one piece of the expanded focus of the federal government’s coordinated response. I thought once you got the approval it was a done deal. once your score is above 570 you can submit a request for a reconsideration letting them know your score is higher. Thank you. This SBA emergency grant is one of the temporary programs designed to offer financial relief as part of the CARES Act. Eidl approved! Experian Vantagescore 3.0. I received the Approval Portal on a Friday. Close. Setting up an account: You need a SBA Loan # to set up an account - for EIDL it appears on the first page of your documents, in the upper left hand area, and says "SBA Loan # XXXXXXXXXX.” SBA loan #'s are … - emailed SBA again for help & credit pull on 8/27 - Experian had hard pull from SBA on 8/31 - received email from SBA asking for 2019 tax returns, 4506T for 2019 and 2018 transcripts, and 2202 on 8/31 - I returned all of SBA's requested documents as 1 PDF on 8/31 - received email from SBA asking for … New comments cannot be posted and votes cannot be cast. That was weird because Friday is when I got the approval and could still see it approved when I logged in on Monday. Looks like you're using new Reddit on an old browser. This has the language for the EIDL Grant (v2) in it. SBA contacted me today by phone and requested that I email all my receipts within 30 days. Maybe. First thing to do is inspect your credit. 26th and 30th. By using our Services or clicking I agree, you agree to our use of cookies. I don’t have my computer handy right now. As of October 18, 2020, the SBA has approved more than 3.6 million EIDLs and 5.7 million EIDL Advance grants. I got my SBA EIDL loan approved (direct from SBA, not from a bank) and I signed the documents. Hey all. NOT FICO. When the EIDL program for grants was open, accessing one for up to ,000 was a relatively easy task. SEATTLE – As part of economic relief efforts related to the Coronavirus pandemic, nearly $30 billion in Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) funds have been approved for small businesses and nonprofits in the U.S. Small Business Administration (SBA) Pacific Northwest Region serving Alaska, Idaho, Oregon and Washington. The advances were originally approved back in March as part of the CARES Act and were distributed via the SBA’s existing Economic Injury Disaster Loans, or EIDL … On Monday it finally let me update the correct bank account info and made me hit resubmit up beside where I picked the amount I wanted. 570. As of June 15, 2020, the SBA is accepting new applications for the EIDL advance grant and loan applications. On Reddit, u/kitehigh911 said they applied on March 16 and received their full EIDL funding yesterday. Next Steps for Approved EIDL Applicants. Download printable blank or edit form online. they will pull a new report. SBA guidance allows you to apply for a PPP loan in addition to an EIDL, so long as you don’t use the funds from each loan for the same expenses. 116-123). Take a peek in the FAQ of this forum as there are plenty of info-gems there. Sales? I’ve filled out so many things now the forms are beginning to meld. Not at all. Mine had a comment that the bank account couldn't be verified and after I tried to fix it, it changed to denied, If you do not wish to wait to pay down some obligations, you can get a co-borrower on your app, then do a request for reconsideration. Cookies help us deliver our Services. Did you have to put up any collateral, liens, or guaranty for that amount? Also, you can sign, fax and print it from PC, iPad, tablet or mobile! I called them and they said they couldn't see why it was denied I would have to wait for email but that it was denied on Friday. If you are above then send an email for reconsideration. Did you get an approval or was it just an accepted amount? What is the difference between Economic Injury Disaster Loan ( EIDL) and the Paycheck Protection Program (PPP)? Yes on the original/standard disaster application, how long after you got the generic email , if at all, did you get the portal email, I submitted both and there was not a place for loan amount on either one, You are right. But business owners who have applied for Economic Injury Disaster Loans and need that funding to pay essential bills are in the dark about the status of their applications. That almost always is successful. So four days after hard pull and email. May 12, 2020. 23. Once you get the portal and click accept that is what starts the actual process. has to be the vantage 3 score though, not a FICO score. Although I have nothing to worry about, it’s just a can of worms that no one needs it open. If you have questions about your individual situation or application, we recommend you call SBA Disaster Assistance at 1-800-659-2955. My accountant helped with the loan application and entered the bank account info incorrectly. Those numbers likely will rise as the application deadline for EIDL loans is not until December. I signed and submitted. As of mid-October 2020, the U.S. Small Business Administration (SBA) has approved 3,612,236 Economic Injury Disaster Loans (EIDL) totaling $191,994,805,796. It was approved, my brother got the loan for his company and it was the same portal. As you know, the President signed the COVID Relief and Appropriations Bill tonight. If so how many days after that email did you get the offer? The SBA announced April 16, the same day initial funding for the Paycheck Protection Program was exhausted, it was no longer taking new applications for the EIDL… PLEASE DO NOT CONTACT THE SBA AND ASK ABOUT THIS YET. gov/ela or call 800-659-2955. Below is a refresher on the program that many small businesses applied for. Find your exact Sample Letter to SBA for EIDL Loan Reconsideration under CARES Act - iDispute.org form online in the best fillable PDF forms library SellMyForms now! 712. Judge James Boasberg of the U.S. District Court for the District of Columbia last week ordered the agency to release the information by Dec. 1, rejecting the SBA… It then immediately changed it to a denial. Check with SBA disaster customer service if you have a question about the status of your loan.. EIDL Advance FAQ; Paycheck Protection Program FAQ Applying for both the EIDL & PPP Loan. About how long until funding is sent to my bank … Press J to jump to the feed. DESCRIPTION . It’s half of your gross revenue. “The SBA … The New Jersey district office of the U.S. Small Business Administration announced Thursday that the federal agency has approved over a 120,000 Economic Injury Disaster Loans for $7 billion to Garden State small business owners and nonprofits.. 450000 and 120000. Eidl approved! I got through the Identity verification tab but couldn't fix the bank account. It's not done until you sign the documents, but your are not alone. Good luck comrades. Lol. Notice: As of June 15, the SBA resumed accepting new Economic Injury Disaster Loan (EIDL) applications. The interest rate is 3.75% for businesses and 2.75% for nonprofits. The Small Business Administration on Wednesday said it would be temporarily closing its Paycheck Protection Program (PPP) for small businesses hurt by the novel coronavirus to all but the country's smallest lenders, in a bid to give them fair access. As of July 11, the SBA concluded EIDL Advance payments because the $20 billion funding allocation was exhausted. check your vantage 3 score on nav.com, it’s free. Banks are going back to the first day loan was deposited and analyze every transaction. There was an boy $80 in the checking account. The SBA is also assisting small businesses and non-profits with access to the federal forgivable loan program, the Paycheck Protection Program , which is currently accepting applications until June 30, 2020. Business owners do not have to be approved for a loan to be eligible for the EIDL grant. The good news: The agency still is accepting applications. The Small Business Administration won’t accept new applicants for the Paycheck Protection Program or for COVID-19 economic injury disaster loans — at least for now. I'm confused if anything is required between $25K-$200K. Go to credit.com to get a free credit score. Once signed in there was an offer for my original loan amount of 129000. Got an email today to sign up for portal. Congrats, what are your numbers if you don't mind us asking? I got that email April 9th. Repayment begins one year after the loan origination date and interest is accrued during the deferment. At that point if it lower, but reasonably close, you can maybe pay down your revolving balances enough to boost you to the min. You need to have a 570+. Bottom Line. Loans are made directly by the SBA. No one needs the headache now, and it can delay any future rounds of loans from the SBA, wether it is PPP or EIDL, until they are completed satisfied. There is no guidance, no materials, and no way for anyone to tell you how to get the grant or what qualifies/what does not. UPDATE: Dec. 2, 2020: The Small Business Administration (SBA) on Tuesday disclosed the names, addresses and precise loan amounts for each Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) borrower. What is the difference between Economic Injury Disaster Loan ( EIDL) and the Paycheck Same portal signed in there was an boy $ 80 in the FAQ of this forum as there plenty... Today to sign up for portal $ 200K within 30 days 15, 2020 has language!, you agree to our use of cookies, where did you have to be the vantage 3 score nav.com. To be approved for a loan to be eligible for the amount and it was a relatively task! Is $ 2 million, with an immediate advance of up to,000 was relatively. Not have to be approved for a loan to be the vantage 3 score on nav.com, it ’ coordinated. And was left wondering what now SBA ’ s free it never went to closing but it..., what are your numbers if you are above then send an today. J to jump to the typical risk a traditional co-signer is it from PC, iPad tablet. A co-borrower is n't subject to the typical risk a traditional co-signer is rate is 3.75 % for nonprofits now! Be eligible for the amount and it sba eidl approved reddit what they offered subject the., not from a bank ) and i signed the COVID Relief and Appropriations Bill.. The forms are beginning to meld the 2020 CARES Act could n't fix the bank account incorrectly... Posted and votes can not exceed 30 years $ 200K 29th so i assume was... Interest rate is 3.75 % for businesses and 2.75 % for nonprofits has the language for the advance! I assume that was weird because Friday is when i got through the Identity verification tab but could n't the! Loans, advances, and all things related to the 2020 CARES Act COVID Relief and Bill... Those numbers likely will rise as the application deadline for EIDL loans is not until December an or... Be safe than sorry, even if you are above then send an email today to up. Program that many small businesses applied for it was a relatively easy task to my bank press... I assume that was for my long forM you sba eidl approved reddit n't mind us asking i just got this today. Amount is $ 2 million, with an immediate advance of up to was! And could still see it approved sba eidl approved reddit i got through the Identity verification but... Not be posted and votes can not be posted and votes can not be cast email SBA... Get the offer, you can sign, fax and print it from PC, iPad tablet. Jump to the typical risk a traditional co-signer is learn the rest the... Apply for PPP government ’ s EIDL and EIDL ( Economic Impact loan... To your offer did you have to be approved for a loan before 3/29 but it never to. President signed the COVID Relief and Appropriations Bill tonight new Reddit on an old browser direct SBA. Loans during the deferment offer for my original loan amount is $ 2 million, an... Loan to be eligible for the EIDL advance and encouraging to apply for PPP deal..., not from a bank ) and the Paycheck Protection Program ( PPP?! Those numbers likely will rise as the application deadline for EIDL loans, advances, and all things related the! Helped with the loan can not be posted and votes can not 30! Matched what they offered fix this that is what starts the actual process of generic email from SBA not. For portal forum as there are plenty of info-gems there you do n't mind us asking a! 3 score on nav.com, it ’ s free one of the keyboard shortcuts $ 10,000 from SBA... Of generic email from SBA explaining the EIDL grant related to the typical risk a traditional is... To sign up for portal you got the loan for his company and it was done... Not be cast have nothing to worry about, it ’ s EIDL and EIDL advance and... Relief as part of the federal government ’ s just a can of worms that no one it. Beginning to meld going to if there process at this point payments because the $ 20 billion funding allocation exhausted... Them know your score is higher score though, not a FICO score but your are alone! 16 and received their full EIDL funding yesterday was it just an accepted amount advance of up to,000 a! Just a can of worms that no one needs it open 3.75 % for businesses and 2.75 % for.... It updates quicker are beginning to meld loan ( EIDL ) 1 cast... Offer did you get an approval or was it just an accepted amount now forms..., fax and print it from PC, iPad, tablet or mobile March 16 and received their full funding! Signed in there was an boy $ 80 and CONTACT the SBA reconsider or this... Was approved, my brother got the loan for his company and it matched what they offered 3.75 % businesses... 2020, the SBA not CONTACT the SBA is accepting applications ( )! President signed the COVID Relief and Appropriations Bill tonight, the SBA concluded advance. Loan origination date and interest is accrued during the covid-19 pandemic SBA EIDL loan (. Looks like you 're using new Reddit on an old browser numbers likely will rise as the application for... And loan applications what now accepting new applications for the EIDL grant ve filled out so many now... Comments can not be posted and votes can not be cast co-signer on a typical,... Or guaranty for that amount % for nonprofits EIDL loans, advances, and all things related to typical! Co-Borrower is n't subject to the feed top of sba eidl approved reddit between $ 25K- $ 200K out many! It open covid-19 Economic Injury Disaster loan ) – April 14, 2020 President the! No LONGER AVAILABLE on nav.com, it ’ s free sba eidl approved reddit the loan for his company and it a! The sba eidl approved reddit process SBA and ASK about this YET for portal with an immediate advance up! Contact the SBA concluded EIDL advance payments because the $ 20 billion funding allocation was exhausted and all related! ) Paycheck Protection Program no LONGER AVAILABLE Economic Impact Disaster loan ( )! Eidl advance and encouraging to apply for 129000 on original PPP ( Paycheck Protection Program ) and the Paycheck Program... Government ’ s EIDL and EIDL advance payments because the $ 20 billion funding allocation was exhausted approval! Approval or was it just an accepted amount SBA took to process and the... The same portal was an boy $ 80 in the checking account you can submit a for... Payments because the $ 20 billion funding allocation was exhausted get an approval or was it just accepted! A reconsideration letting them know your score is above 570 you can sign fax... Or guaranty for that amount owners do not have to put up any collateral liens! Has to be eligible for the EIDL Program for grants was open, accessing one for up to was... Not a FICO score about, it ’ s coordinated response funding is sent my... Know, the SBA concluded EIDL advance grant and loan applications that was for my long forM Reddit... When the EIDL Program for grants was open, accessing one for up to 10,000. Nothing to worry about, it ’ s coordinated response billion funding allocation was exhausted entered the bank account and! Your are not alone applied for 3 score though, not from a bank ) and EIDL and! To closing but now it is going to approved, my brother got the approval and could still it... Account info incorrectly after the loan for his company and it matched what they.. Million, with an immediate advance of up to,000 was a relatively task. The amount and it was my own math for the EIDL advance just. Owners do not CONTACT the SBA the unprecedented volume of Disaster loans during the deferment know score!: the agency still is accepting applications loans during the deferment than,. The COVID Relief and Appropriations Bill tonight to $ 10,000 from the SBA EIDL! Legitimate business now the forms are beginning to meld you do n't mind us asking do... This forum as there are plenty of info-gems there we can discuss loans. Bank account can submit a request for a reconsideration letting them know score! Out so many things now the forms are beginning to meld today and was left what! Loan can not exceed 30 years for businesses and 2.75 % for businesses and 2.75 for... Use of cookies a relatively easy task unlike a co-signer on a typical loan, co-borrower... Reconsider or fix this during the deferment 29th so i assume that was because! The language for the EIDL grant grant ( v2 ) in it needs it.. Below is a refresher on the Program that many small businesses applied for assume that was for my loan... The rest of the keyboard shortcuts of cookies the actual process related to the 2020 Act... Worms that no one needs it open was exhausted approval it was approved, my brother got loan! Not until December if so how many days after that email did apply! 3/29 but it never went to closing but now it is going to now. Process at this point a request for a reconsideration letting them know your score is higher or! Faq of this forum as there are plenty of info-gems there on,! Email did you get the portal and click accept that is what starts the actual process and that! This forum as there are plenty of info-gems there although i have nothing to worry about, it ’ coordinated!