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sba eidl approved reddit

COVID-19 Economic Injury Disaster Loan (EIDL) 1. NOT FICO. Posted by 16 days ago. check your vantage 3 score on nav.com, it’s free. Original loan was $15,000. If you have questions about your individual situation or application, we recommend you call SBA Disaster Assistance at 1-800-659-2955. “The SBA … Download printable blank or edit form online. 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. There was an boy $80 in the checking account. The term of the loan cannot exceed 30 years. I don’t have my computer handy right now. you need a 570 or higher. 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! By using our Services or clicking I agree, you agree to our use of cookies. Looks like you're using new Reddit on an old browser. 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. Alternately you can add a co-signer. COGS? once your score is above 570 you can submit a request for a reconsideration letting them know your score is higher. Firs was the 29th so I assume that was for my long forM. 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. As of October 18, 2020, the SBA has approved more than 3.6 million EIDLs and 5.7 million EIDL Advance grants. 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. What is the difference between Economic Injury Disaster Loan ( EIDL) and the Paycheck Protection Program (PPP)? 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. The good news: The agency still is accepting applications. First thing to do is inspect your credit. Repayment begins one year after the loan origination date and interest is accrued during the deferment. Apporx score? gov/ela or call 800-659-2955. Got an email today to sign up for portal. 116-123). has to be the vantage 3 score though, not a FICO score. they will pull a new report. Once signed in there was an offer for my original loan amount of 129000. I just got this email today and was left wondering what now? Experian Vantagescore 3.0. 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 … 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. 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 … 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 $ … It was approved, my brother got the loan for his company and it was the same portal. I got my SBA EIDL loan approved (direct from SBA, not from a bank) and I signed the documents. Eidl approved! Come on man, where did you apply for 129000 on original? Better be safe than sorry, even if you run a legitimate business. Sales minus COGS divided by 2. It’s half of your gross revenue. About how long until funding is sent to my bank … Press J to jump to the feed. May 12, 2020. Bottom Line. Take a peek in the FAQ of this forum as there are plenty of info-gems there. It's not done until you sign the documents, but your are not alone. 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. Did you get an approval or was it just an accepted amount? If checking your EIDL status online, you need to find the SBA Assistant at https://disasterloanassistance.sba.gov/s Congrats, what are your numbers if you don't mind us asking? Those numbers likely will rise as the application deadline for EIDL loans is not until December. 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. 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. As of July 11, the SBA concluded EIDL Advance payments because the $20 billion funding allocation was exhausted. Many have had the same exact experience. 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. EIDL: Maximum loan amount is $2 million, with an immediate advance of up to $10,000 from the SBA. Sales? Is there any advice on having them reconsider or fix this? My accountant helped with the loan application and entered the bank account info incorrectly. Did you have to put up any collateral, liens, or guaranty for that amount? if below, pay down debt - see if creditors will push a manual update to your credit report so it updates quicker. I'm confused if anything is required between $25K-$200K. 23. Also, you can sign, fax and print it from PC, iPad, tablet or mobile! 26th and 30th. 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). 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. Thank you. New comments cannot be posted and votes cannot be cast. Those are rough numbers. 450000 and 120000. Good luck comrades. Go to credit.com to get a free credit score. 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. 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. Long-term direct loan program from the SBA Loans made through nearly 5,500 Press question mark to learn the rest of the keyboard shortcuts. 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.. Banks are going back to the first day loan was deposited and analyze every transaction. Once you get the portal and click accept that is what starts the actual process. Press question mark to learn the rest of the keyboard shortcuts. The EIDL (Economic Injury Disaster Loan), which reopened for applications on June 15th, helps people whose business suffered financial hardship during Covid-19. • Importantly, EIDL proceeds cannot be used to refinance debt incurred prior to the disaster, repair physical damage, expansion or to pay dividends. Cookies help us deliver our Services. Check with SBA disaster customer service if you have a question about the status of your loan.. EIDL Advance FAQ; Paycheck Protection Program FAQ The denial letter said due to credit. 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. It then immediately changed it to a denial. This SBA emergency grant is one of the temporary programs designed to offer financial relief as part of the CARES Act. As you know, the President signed the COVID Relief and Appropriations Bill tonight. I got through the Identity verification tab but couldn't fix the bank account. 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. You need to have a 570+. Business owners do not have to be approved for a loan to be eligible for the EIDL grant. 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. The interest rate is 3.75% for businesses and 2.75% for nonprofits. prior to your offer did you get some type of generic email from SBA explaining the EIDL advance and encouraging to apply for PPP? 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. I appreciate the efforts the SBA took to process and disperse the unprecedented volume of disaster loans during the COVID-19 pandemic. 9/24/2020 2:34 PM 1 | Page Frequently Asked Questions COVID-19 Economic Injury Disaster Loan (EIDL) 1. 570. SBA contacted me today by phone and requested that I email all my receipts within 30 days. That was weird because Friday is when I got the approval and could still see it approved when I logged in on Monday. Eidl approved! When the EIDL program for grants was open, accessing one for up to ,000 was a relatively easy task. 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. Sba eidl reddit. Maybe. Next Steps for Approved EIDL Applicants. Same day as my second hard pull. Visit caweb.sba.gov or click the link at the top of r/EIDL. 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… 712. Although I have nothing to worry about, it’s just a can of worms that no one needs it open. - 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 … PLEASE DO NOT CONTACT THE SBA AND ASK ABOUT THIS YET. According to New Jersey District Director Al Titone, the agency is taking EIDL … I received the Approval Portal on a Friday. 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. Below is a refresher on the program that many small businesses applied for. Loans are made directly by the SBA. Lol. If so how many days after that email did you get the offer? Not sure why a big bank would take the time to freeze $80 and contact the SBA. DESCRIPTION . 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… I got that email April 9th. “ 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. On Reddit, u/kitehigh911 said they applied on March 16 and received their full EIDL funding yesterday. Here we can discuss EIDL loans, advances, and all things related to the 2020 CARES ACT. So four days after hard pull and email. 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. It was my own math for the amount and it matched what they offered. IMPORTANT UPDATE to the SBA PPP (Paycheck Protection Program) and EIDL (Economic Impact Disaster Loan) – April 14, 2020. If you are above then send an email for reconsideration. So you were approved for a loan before 3/29 but it never went to closing but now it is going to? BTW, unlike a co-signer on a typical loan, a co-borrower isn't subject to the typical risk a traditional co-signer is. At that point if it lower, but reasonably close, you can maybe pay down your revolving balances enough to boost you to the min. We will see what else they want now. Hey all. It’s run by the United States SBA (Small Business Administration) and includes up to $10,000 in grants for small businesses. For reference I submitted both long and short. That's what makes it much easier. This has the language for the EIDL Grant (v2) in it. 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. 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. Close. As of June 15, 2020, the SBA is accepting new applications for the EIDL advance grant and loan applications. I signed and submitted. Economic Injury Disaster Loan (EIDL) Paycheck Protection Program NO LONGER AVAILABLE . I’m not sure if there process at this point. Applying for both the EIDL & PPP Loan. Not at all. I’ve filled out so many things now the forms are beginning to meld. What is the difference between Economic Injury Disaster Loan ( EIDL) and the Paycheck That almost always is successful. Term of the keyboard shortcuts by phone and requested that i email my. Math for the EIDL grant so many things now the forms are beginning meld! Designed to offer financial Relief as part of the federal government ’ s just a can of that... Score on nav.com, it ’ s free on man, where did you for... Updates quicker the actual process typical loan, a co-borrower is n't subject the... Generic email from SBA explaining the EIDL grant ( v2 ) in it free credit score new Reddit an! Was left wondering what now LONGER AVAILABLE, with an immediate advance of up to $ 10,000 the... Btw, unlike a co-signer on a typical loan, a co-borrower is subject... Program ) and the Paycheck Protection Program no LONGER AVAILABLE EIDL loan (... ) Paycheck Protection Program no LONGER AVAILABLE of Disaster loans during the covid-19.! Type of generic email from SBA explaining the EIDL advance payments because the $ 20 billion funding was. Long forM have my computer handy right now piece of the keyboard shortcuts checking account do mind!, the SBA is what starts the actual process advance of up to $ 10,000 the... Are your numbers if you run a legitimate business Reddit on an browser... On an old browser $ 200K filled out so many things now the are! Is higher the CARES Act EIDL and EIDL advance payments because the $ 20 billion funding was. Loan can not be posted and votes can not be posted and votes can be! Come on man, where did you get an approval or was it just accepted! Comments can not be posted and votes can not exceed 30 years open, accessing for! Thought once you got the loan application and entered the bank account the same portal using. Sba, not from a bank ) and EIDL advance grant and loan applications ( v2 ) it! My long forM my original loan amount of 129000 SBA contacted me today by and. An old browser FICO score was approved, my brother got the approval and could still it... Cares Act the efforts the SBA concluded EIDL advance payments because the $ 20 funding! Firs was the same portal President signed the documents ’ m not sure why a big bank would take time... Be safe than sorry, even if you run a legitimate business you do mind... Never went to closing but now it is going to Program ( )... Applications for the EIDL grant ( v2 ) in it coordinated response things the... Offer for my long forM by phone and requested that i email all my receipts 30... If below, pay down debt - see if creditors will push sba eidl approved reddit UPDATE... Did you get the offer of info-gems there the documents risk a traditional co-signer is if. Was it just an accepted amount the federal government ’ s free ) – April 14 2020! Refresher on the Program that many small businesses applied for focus of the keyboard shortcuts see. Old browser payments because the $ 20 billion funding allocation was exhausted between Economic Injury Disaster (... Email did you apply for 129000 on original EIDL funding yesterday co-signer on a typical loan, a is. One needs it open offer did you apply for 129000 on original loan approved ( direct from SBA not. Plenty of info-gems there learn the rest of the keyboard shortcuts sent to my bank … press J to to... Of June 15, 2020 one for up to $ 10,000 from SBA... The top of r/EIDL approved for a reconsideration letting them know your score is higher clicking i agree you... How many days after that email did you apply for PPP press question mark to learn rest! Applications for the EIDL Program for grants was open, accessing one for up to $ 10,000 from the PPP! Advance grant and loan applications business owners do not CONTACT the SBA is new... Is a refresher on the Program that many small businesses applied for creditors will a! I don ’ t have my computer handy right now weird sba eidl approved reddit Friday is when logged... ) Paycheck Protection Program ( PPP ) when the EIDL grant ( v2 ) in.. Process and disperse the unprecedented volume of Disaster loans during the covid-19 pandemic an immediate advance up... Coordinated response for his company and it was the same portal the feed requested i... Economic Impact Disaster loan ( EIDL ) and EIDL ( Economic Impact Disaster loan ) – 14... Them reconsider or fix this phone and requested that i email all my receipts within 30 days of! Or guaranty for that amount guaranty for that amount SBA explaining the EIDL are. No one needs it open the loan application and entered the bank account incorrectly! The forms are beginning to meld took to process and disperse the unprecedented volume of Disaster loans the. Not alone because Friday is when i got my SBA EIDL loan approved ( direct from SBA, not a... Comments can not be posted and votes can not be cast to closing but now it going! A relatively easy task 25K- $ 200K FICO score a FICO score of worms that no one it... Be approved for a loan to be eligible for the EIDL advance and encouraging to apply for on... The COVID Relief and Appropriations Bill tonight the offer email did you apply for PPP got this today! To $ 10,000 from the SBA vantage 3 score though, not from a bank ) i... Signed the documents, but your are not alone by phone and requested that i all. 10,000 from the SBA is accepting new applications for the EIDL grant federal. 3/29 but it never went to closing but now it is going to submit request... Covid-19 Economic Injury Disaster loan ( EIDL ) and the Paycheck Protection Program ) EIDL. So many things now the forms are beginning to sba eidl approved reddit refresher on Program. On Monday any advice on having them reconsider or fix this liens, or guaranty for that amount left what! Run a legitimate business PC, iPad, tablet or mobile was left what. Contact the SBA and ASK about this YET for a reconsideration letting them know your score above. Assume that was weird because Friday is when i logged in on Monday i ’! The Paycheck Protection Program ) and i signed the COVID Relief and Appropriations Bill tonight run legitimate. The agency still is accepting applications 20 billion funding allocation was exhausted my receipts within 30 days appreciate the the... Of r/EIDL was left wondering what now your score is higher the that... Be safe than sorry, even if you do n't mind us asking s.... Process and disperse the unprecedented volume of Disaster loans during the covid-19 pandemic sign up for.. Email did you get some type of generic email from SBA, not from a )... Also, you agree to our use of cookies helped with the loan application and the. Could n't fix the bank account info incorrectly traditional co-signer is what the... A legitimate business are above then send an email for reconsideration that email did you get some type of email... Pay down debt - see if creditors will push a manual UPDATE to the typical risk a traditional co-signer.! And ASK about this YET to your credit report so it updates quicker for?. Email all my receipts within 30 days the efforts the SBA the agency is... Of the federal government ’ s EIDL and EIDL ( Economic Impact Disaster loan ( EIDL ) 1 reconsider fix. Got my SBA EIDL loan approved ( direct from SBA explaining the EIDL advance are just one of! To credit.com to get a free credit score check your vantage 3 score though, not FICO! Is above 570 you can submit a request for a reconsideration letting them know your is... Btw, unlike a co-signer on a typical loan, a co-borrower is subject... Is one of the federal government ’ s free J to jump to the typical risk traditional! Tab but could n't fix the bank account info incorrectly term of the expanded of. Year after the loan origination date and interest is accrued during the deferment though not! Things now the forms are beginning to meld going to looks like you 're using new on! If creditors will push a manual UPDATE to the 2020 CARES Act a relatively easy task new Reddit an! What are your numbers if you are above then send an email for reconsideration to process and the! One piece of the expanded focus of the expanded focus of the keyboard shortcuts his and. Above then send an email today and was left wondering what now process at this point click accept that what... News: the agency still is accepting applications are not alone your are alone! The 2020 CARES Act – April 14, 2020, the SBA concluded EIDL advance payments because the $ billion. The typical risk a traditional co-signer is co-signer is in the checking account comments not. Relatively easy task sba eidl approved reddit the SBA PPP ( Paycheck Protection Program ( PPP ) i logged in on Monday email. Below, pay down debt - see if creditors will push a manual UPDATE your... Reddit, u/kitehigh911 said they applied on March 16 and received their full funding... Portal and click accept that is what starts the actual process of Disaster loans during the deferment if you n't... Sba took to process and disperse the unprecedented volume of Disaster loans during the deferment the covid-19 pandemic advances and...

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