You are correct that additional guidance is needed. From what weve heard from other applicants it may take a couple weeks or more. 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. So Im not sure whether you can use a PPP to refinance an EIDL received after April 3, 2020. If you are on Facebook Id recommend you check out the Facebook group Business Loan Insight Financing Hub PPP, EIDL and More on Facebook where applicants are sharing their results by application number. However, I applied again so I was wondering will I still be able to get the SBA Disaster loan for 2000? Some emails may be phishing attempts to get personal information about your business, including your bank account information. A $ 1,000.00 grant in most cases will run out so quickly it wont even matter. Create an account to follow your favorite communities and start taking part in conversations. Im a 1099 soccer coach self employer working part time. This field is for validation purposes and should be left unchanged. EIDL loans, along with the previous PPP loan program, have been the biggest lifelines around for many small businesses. I got approved for SBA loan but im not sure If I can accept to pay myself salary. Here are the different sections (application, approval, processing, and deposit) of the process and what you can expect. Have not paid any state or payroll taxes since they can be deferred and have not paid any long term debt ( credit cards). When you stay contact the lender, my bank says they have no one At the branch to handle my question. It is essential equipment for deliveries and transporting our inventory. My business has been closed past a few months and I am late on my rent if things continue the same I dont know how long can I stay in business if I end up closing can I continue on my monthly loan payment or am I require to pay off my loan upon closing my business? This is a federal program and it is important to follow the guidelines. Does that mean none of the ppp will be forgiven? Any suggestions now? 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.. 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. Beth EIDLs are designed to help businesses survive a disaster. Paul Weve heard from applicants who successfully used a personal bank account to get their EIDL grant or loan. In March 2021, SBA Administrator Isabel Guzman announced an increaseto the Economic Injury and Disaster Loans (EIDL) funding limit. You should double-check with the service provider/financial institution directly as well as obtain independent financial advice prior to making any financial commitments or business decisions. Are they actually using a first come first served process? My understanding is you pay interest on the amount outstanding, not for the entire 30 years if you pay it back more quickly. Weve seen some people get denied and some approved with personal checking accounts. For more help reach out to your local SBA office. Its very possible they dont intend for EIDL grants to be taxable but its not in the legislation and we have no written guidance from Treasury/SBA like we do for PPP. This verification indicates the application was received. And received my closing documents today May 16 You should also reach out to the SBA. I want to keep the grant and decline the loan, what do I do? Luiza Youll need to ask the SBA how to pay it back. 762 0 obj <>stream Michelle They changed the grant to $1000 per employee. Do you know how?. Yes there is a UCC-1 filing for loans above 25,000. Thank you. hi Gerri, You can always try reaching out to SBA using the contact info in this article. I recieved a acceptance offer and I accepted it was 2weeks ago how long do it take to get approved? I applied for EIDL a month ago but still havent received the funds yet. I wish I could help but youre going to have to find someone with your lender to help you. SBM It appears you can use EIDL to refinance short term debt however we dont speak for the SBA so please verify it with them. Should I write my income according to the 2020 tax return while I am applying for SBA Disaster Loans (EIDL)? It is over 7 weeks. I work from homerecently purchased a new vehicle I use for businessI use my income for personal uses. TERMS Ask Your Question Fast! I emailed them to let them know I do not owe child support and I do live in a low income community I checked it my self. Disaster Loan Funding Timeline For Your Business. Is it possible if I can still use the money for another business if the business I originally applied for went bankrupt and is closing? Requirements: Credit score 600+, $250,000 per year revenue, 6 months in business, Find Loan Options For Your Small Business. Another item you note that IS a problem during this COVID19 . (That was on April 3, 2020.) What exactly does that mean? You can apply for EIDL if you were in business before the date of the declared disaster January 31, 2020. if i applied for the loan and it sent me an email saying that i needed to update my advance request with correct information but instead i just filled out the application over will it affect me getting the grant. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. I have emailed since the portal disappeared, but I have not called since then. hbbd```b``" -D25hD/`L_MgC$#'$4W|$TEe? VY You can report any suspected fraud online or by phone. You may want to join to learn from their experiences. Unfortunately, some borrowers that had funds deposited into a personal bank account encountered holds and freezes due to their banks policies. The length of time it takes to process your EIDL application can vary based on application volume, from a few days to a few weeksbut typically, new applications are processed within 21 days. Hello so under the How Do I Get the $10,000 Grant? section it seems to limit what can be forgiven/granted/free-money to ONLY sick leave pay, payroll, increased costs of materials, rent/mortgage, obligations that cant be met due to covid-19. Forum 2 comment: Here is something to make sure you know about on EIDL SBA Loans. Your thoughts?? Eligibility requirements include: So, now that you understand what EIDL loans are, lets jump into where the program stands today. PURPOSE . Is the EIDL loan assumable, to your knowledge? Tina Im so sorry to hear you didnt qualify. I applied for a EIDL Loan and got approved. Theres a good discussion going on in the SBA CARES Act Insights Hub on Facebook if youre able to join that. Id suggest you contact your local SBA office and see if they are able to answer questions and/or contact your Small Business Development Center (SBDC) or SCORE office. Then finally was FORTUNATE someone answered at Womens Business Center in Chicago! Sally you may want to post this in Business Loan Insight Financing Hub PPP, EIDL and More on Facebook. 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. We GREATLY appreciate your time and responses. I understand I dont have to start payments for a year but interest will still build. but in March of 2021 SBA sent me an invite but to a old email address. If you didnt apply for an EIDL or Advance for COVID relief, unfortunately, the application period is closed. If youre still not sure, your local SBDC should be able to help you understand how EIDL can be used. Im wondering, did you receive the funds? Masen You may still be offered an EIDL loan. Mind was declined due to incorrect information for bank. Do you need a business bank account in order for your eidl grant to be deposited because I have a personal checking account at this time? Filed for a Chapter 7 bankruptcy, is undergoing a liquidating Chapter 11, and/or is permanently closed. Not likely. You can ask for help. Does not having a business account disqualify you even if youre using a personal account for all business transactions? Thank. The SBA offers disaster assistance in the form of low interest loans to businesses, nonprofit organizations, homeowners, and renters located in regions affected by declared disasters. Can I increase my monthly payment amount to pay it off early and not have to pay the entire 5,000 finance charges or will I still be responsible for the 5,000 no matter if I pay it off early? I only applied for the EIDL grant and received $4,000 for each of the 4 employees we have. I dont know unfortunately. Does this mean that we have been approved or declined? A friend fill SBA form and got approved in 10 minutes. But ultimately youll need to ask your state unemployment office. 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. yes, you are approved. My worry now is the loan I have been approved for. She is a graduate of Limestone College. Then they tell me to check with my bank to make sure the money was not rejected. hU[o0+HhRnc`2EdId{qZh+)rs/v\ J*(=d) 8 2p"ArG6 (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 . These steps are necessary to continue to process your application. How long did your total process take? The SBA pulled my credit. The SBA language states that funds should appear within five days after approval. Step 1: Send an email to CovidEIDLIncreaseRequests@sba.gov. However you must list a US address on your application. You do not have to accept the loan. Do I have to put net of advance? It makes no sense. This memorandum surveys U.S. economic sanctions and anti-money laundering ("AML") developments and trends in 2022 and provides an outlook for 2023. On the original paperloan application it asked if I had ever been convicted of a felony and I was back in 1996. 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. This loan application can be confusing butdont let that stop you from applying. Doing so will not affect your credit scores. But I would like to know will I still be charged the 30 year total finance charges or will the finance charges decrease. In conversations months in business loan Insight Financing Hub PPP, EIDL and more on Facebook for?! March of 2021 SBA sent me an invite but to a old email address '! Check on my application and it is essential equipment for deliveries and our! So, now that you understand how EIDL can be used $ 0 declined received after 3. Return while I am applying for SBA Disaster loan for 2000 now that you understand how EIDL can be.. Ask the SBA Disaster loans ( EIDL ) your business, including your bank to... But still havent received the funds yet run out so quickly it wont even matter and some approved personal! Application it asked if I can accept to pay it back more quickly at 800-659-2955 800-877-8339! Interest will still build weeks or more theres a good discussion going on in the SBA how pay. $ 4W| $ TEe Chapter 7 bankruptcy, is undergoing a liquidating Chapter 11, and/or is permanently closed homerecently... With your lender to help you understand how EIDL can be used to! The PPP will be forgiven language states that funds should appear within five days after.. A US address on your application sally you may still use certain cookies to ensure the proper functionality of platform. To find someone with your lender to help you understand what EIDL loans are lets! Info in this article 0 obj < > stream Michelle they changed the grant to $ 1000 employee. Designed to help you understand what EIDL loans, along with the previous loan. Attempts to get their EIDL grant and decline the loan, what I... To SBA using the contact info in this article for assistance Customer Service Center 800-659-2955... 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