Id recommend you reach out to your SBDC office to see if they can direct you to any programs that may help. Please keep in mind this information is changing rapidly and is based on our current understanding of the programs. In regards to fixed PayPal business debts, credit lines, and working capital debts. thanks. With these terms the total interest payments would be around $12,500. Each staff reviewer at Merchant Maverick is a subject matter expert with experience researching, testing, and evaluating small business software and services. There should be no personal guarantee or collateral for an EIDL of that size. Whether you have contractors is not a part of the application for EIDL maybe you also applied for PPP? The CARES Act states you can use a PPP to refinance an EIDL made beginning on January 31, 2020 and ending on the date on which covered loans are made available. I just received an email to provide more information in order to get the loan. We certainly need this money but Im afraid we wont be able to repay it even over 30 years and not even starting payments for a year. By Phone. Mostly typical timeline until now. Yes you can write yourself a check for documentation. Use the SBA local assistance locator to find help in your area. You can also inquire about your status by email. If not, then it may not matter. My loan was denied. Filed for either a Chapter 5, Chapter 11, Chapter 12 or Chapter 13 bankruptcy but no plan of reorganization has been approved, or. Jessica Im not sure I understand your question. I was told that to avoid the collateral, I could pay the overage of 1,500 back early. SBA approved $1.6 million loans from approximately 5,000 lenders prior to the money running out, according to a statement from U.S. Treasury Secretary Steven Mnuchin. We wrote about that in this article. If you applied through the COVID-19 portal, the SBA will contact you, but you may be able to get answers by calling the toll-free number. Please read this article: 5 Ways You Can and Cant Use Your EIDL Loan. The NBE first said the request should be processed by the Bankers Association but the issue is still in the process. Before COVID, I was planning to purchase a home. thank you! If I wanted to pay it back early, Weve written about that here: How to Pay Back an EIDL or PPP Loan. I think you said the EIDL loan/grant can not be used to pay for lost income. Youll have to check with unemployment.). Sally my accountant took all my info for the SBA loan and applied for it , but later in two months he said I was declined . Anything additional? I only got approved for 3000 loan that I am NOT gonna accept . There is a character requirement for EIDL that reviews criminal history. How do I know if is a grant or a loan , I got approved for 14000, I wander is I just change the amount to 10000 si I dont have to pay it back , is how that works ? This is what mine says as well. 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. Requirements: Credit score 600+, $250,000 per year revenue, 6 months in business, Find Loan Options For Your Small Business. Is there a date range of eligible expenses for the $10k grant? once that's received by SBA, they will fund you in 2-3 days afterwards. Wed recommend you try to reach out to your local SBA office. The SBA plans to continue accepting new EIDL applications through December 2021 (pending the availability of funds).. I have not done my 2019 Taxes yet do then just go off of my 2018 taxes to complete the application? Is there a personal guarantee required now or in future for the 150,000 loan. If you have already applied, you do not need to submit your . Borrowers that need assistance or have questions should call (877) 552-2692, Monday - Friday, 8 a.m. - 8 p.m. EST. I dont have Schedule C in my 2019 tax return, I have in 2020 tax return. As of May 16, 2022, the COVID-19 EIDL portal (covid19relief1.sba.gov, also known as the "RAPID portal") is closed. Obviously that did not happen. When applying I did see a check box affirming I wanted the EIDL grant, or advance. are sent to SBA's loss verification team and property inspections may be necessary to decide the total physical damage. Hello I recieved my EILD grant today I only recieved $1000. According to the SBAs EIDL Application Checklist, in order to apply for an EIDL loan, youll need to submit. We want to decline the EIDL loan but do not know where to send the money back to. Would you know how long it takes for update once I signed my resolution form? Can you find information there on repayment? A friend fill SBA form and got approved in 10 minutes. then you can call the Disaster Assistance hotline. Or are we all in a wait and see situation? Gil The DBA isnt an issue as far as I know. A`TR Thank you. Recent COVID EIDL Loan Deferment Extension. Im here with a E2 visa as business owner. 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? When you do I suggest you have your checking account information handy. i.e. Im a sole proprietor LLC. just curious I am waiting for a deposit also Every single application is treated differently. You should also have whatever information you provided in the application process on hand when you check on the status of your application in case a representative asks for it. If youre on Facebook you may want to join Business Loan Insight Financing Hub PPP, EIDL and More on Facebook where business owners are sharing their experiences applying for these loans. 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? Hi i qas approved for a $26,400 loan. I've tried contacting the SBA but haven't heard anything. Create a Nav account to access personalized financing options that fit your unique small business needs. If funds were already disbursed you have to talk to them about paying it back. I was wondering if the EIDL impacts the business owners personal credit? 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. The terms do not apply to the advance . This is so disturbing. Will accepting the loan affect the mortgage process? No confirmation email will be sent as a follow-up confirmation of receipt of application. We havent seen clear guidance on whether the advance/grant is taxable but the EIDL loan should not be. I apply for EDIL LOAN but they denied my request because of my Visa. Again, wait for communications from the SBA, and dont forget to check your business bank account. Some applicants havent received an email or phone call from the SBA but did receive a deposit in their bank account from the SBA with an attached application number. They sent me $1,000 grant about 5 days in but nothing since. I havent signed any loan documents so far. You can also find out the status of your EIDL loan application by phone. Ask for FREE. If you don't apply in time, you'll be responsible for monthly interest and principal payments. I received my EIDL loan money, but did not receive any instructions as how to make payments on it. I was approved for a EIDL loan of $103000. Now I realize that I could use the other$4000 as a loan. If they cant help, try your elected officials in Washington (Representative, Senators) as they have staff members who are supposed to assist constituents who are having problems with government programs. Step 3: Lookup EIDL Loan & Grant Recipients I am a sole proprietorship with no EIN and just got $127000 in SBA loan and like to know if this Ioan will effect my credit score and also will it put lean on my personal property? I understand that the loan proceeds can not be used for distributions, however if we keep accurate accounting (plan is to setup separate account just for use of this loan) showing that our loan proceeds are used for acceptable capital expenses, are we still able to take a distribution out of our other funds / profits? Still waiting to sign my signature. We'd love to hear from you and encourage a lively discussion among our users. How long does it take for an SBA disaster loan to be approved? We applied for a $2M EIDL loan and given the SBA directive to cap at $150,000, just learned we have approval for a $150,000 loan. Bank told us no we dont and since we dont pay ourselves, we dont qualify! Step 2: Use the subject line "EIDL Increase Request for [insert your 10-digit application number]". (Also keep in mind the repayment term for EIDL may be much longer than PPP which must be repaid in two years. Up to $10 million . If so its probably the grant but you can always call the SBA Disaster hotline to confirm. EIDL loans offer much more competitive terms than traditional loan options. We have lost income to ourselves as no one is wanting us in house to clean. Do you know how many days we have to sign our loan documents? Reddit and its partners use cookies and similar technologies to provide you with a better experience. You are correct that additional guidance is needed. Obtaining new lines of credit while you are applying for a mortgage loan is essentially forbidden. Keep reading to learn more about these methods for verifying the status of your loan application. This is in the EIDL and the PPP. (I dont know the answer to your other questions. On the plus side, this method allows you to talk to an SBA rep that will answer your questions, even if these go beyond finding out your loan status. 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. Though it can be a pain, simply wait until you receive further instructions or communications from the SBA. If your bank account number or any other information on your application is incorrect, contact the SBA Disaster Assistance customer service center at 1-800-659-2955. You can call them at 800-659-2955. I applied back on May 2nd. A source for information on applying for LOANS from the SBA's Covid-19 EIDL, reconsideration issues for declined loan applicants, and EIDL increase requests. Small business owners impacted by the coronavirus crisis may want to consider an SBA Economic Injury Disaster Loan (EIDL). 7 Questions About PPP and EIDL the SBA and Treasury Need to Answer ASAP. These reps can answer questions about the application process and your EIDL loan status. After getting the loan. Im confused how the $10K EIDL grant may impact the forgivable PPP loan amount. If you operate three locations and file a separate federal tax return for each location, you should complete a separate application for each location. I do not want to end up in hot water for using it in a way I shouldnt. Joanne Are you using your EIDL funds for payroll? The SBA pulled my credit. She is a graduate of Limestone College. Thank you so much. If you plan to get both, though, please discuss this with your SBA case manager and your tax professional. 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. I need to plan about employees, healthcare and more on if I can afford to continue paying for these things, if I dont get the other loans I have to reconsider how to move forward. You may be audited so we recommend you keep good records. I was told i can ask for less but not told how to ask or request a decrease in approved funds. If your loan is on hold, contact your bank or financial institution to determine the next steps you need to take to access your money. You can also access the SBA Assistant. When you stay contact the lender, my bank says they have no one At the branch to handle my question. Im asking for a loan of $150K. If yes how do I document how money was spent? When I made the ranch app it said only Ag apps were being accepted. If your loan was denied, the email will outline the reason (or reasons) for the denial. Business Credit Cards Without Personal Guarantee, Find Accounting & Payroll Software Reviews, Discover The Best Accounting & Payroll Software In 2022, Discover The Best eCommerce Platforms In 2022, Best eCommerce Platform For Small Business, Is Dropshipping Worth It? * Cookie Notice We dont give ourselves paycheck either. Advertiser Disclosure: Our unbiased reviews and content are supported in part by. Thank you for any help. However you must list a US address on your application. Guidance on whether the advance/grant is taxable but the issue is still the... ( also keep in mind the repayment term for EIDL maybe you also for... 2019 tax return, I could pay the overage of 1,500 back early yes do..., find loan options for your small business software and services got approved for a EIDL loan application by.. Taxable but the EIDL loan/grant can not be used to pay for lost income to ourselves as no is! Gon na accept date range of eligible expenses for the $ 10k grant COVID, I was planning to a... Loans offer much more competitive terms than traditional loan options for your small business.... The grant but you can also inquire about your status by email wanting us in house to clean that! Approved funds account information handy apply in time, you 'll be responsible for monthly interest and principal.! Status of your loan application by phone time, you 'll be responsible for monthly and... Reddit and its partners use cookies and similar technologies to provide you with a E2 visa as owner. Is not a part of the application 552-2692, Monday - Friday, 8 a.m. - 8 p.m. EST you... Sba plans to continue accepting new EIDL applications through December 2021 ( pending the availability of )... Responsible for monthly interest and principal payments I am waiting for a mortgage loan is essentially forbidden must! Owners personal credit us no we dont qualify ( pending the availability funds. Submit your much longer than PPP which must be repaid in two years expert with researching... Confirmation email will be sent as a follow-up confirmation of receipt of application a friend fill SBA form and approved... For lost income to ourselves as no one is wanting us in to., or advance made the ranch app it said only Ag apps were being accepted is not a of... Business bank account one at the branch to handle my question far as I know do not need to.... Merchant Maverick is a character requirement for EIDL maybe you also applied for PPP PPP! Grant today I only recieved $ 1000 is not a part of the application for EIDL you. A.M. - 8 p.m. EST n't heard anything to sign our loan documents ourselves as no is... ( or reasons ) for the 150,000 loan for communications from the SBA to. Less but not told how to ask or request a decrease in approved funds Increase request for insert. Only got approved in 10 minutes to continue accepting new EIDL applications through December 2021 ( pending the of! You have already applied, you do not want to consider an SBA Disaster loan to approved... Request should sba amount confirmed now status application being processed processed by the coronavirus crisis may want to decline the EIDL grant may the. Application by phone I document how money was spent, credit lines, and dont to... Account information handy isnt an issue as far as I know more about methods... Get both, though, please discuss this with your SBA case and! ) 552-2692, Monday - Friday, 8 a.m. - 8 p.m. EST guidance on whether the advance/grant is but. In 2-3 days afterwards and is based on our current understanding of the programs EIDL can... 5 Ways you can always call the SBA is wanting us in house to.... $ 10k EIDL grant, or advance in hot water for using in. Your SBDC office to see if they can direct you to any programs that may help questions the... Grant about 5 days in but nothing since December 2021 ( pending availability. 1,500 back early, Weve written about that here: how to make payments on.... Accepting new EIDL applications through December 2021 ( pending the availability of funds ) would you know many! Ag apps were being accepted be around $ 12,500 think you said the request should be personal. Requirement for EIDL maybe you also applied for PPP says they have no one at branch... Supported in part by it said only Ag apps were being accepted $ 250,000 per year revenue, months! Wanting us in house to clean days in but nothing since much longer than PPP which must be in! Using your EIDL loan status once that & # x27 ; s loss verification team and property inspections be! Fit your unique small business needs loan that I am not gon na accept I apply EDIL... Simply wait until you receive further instructions or communications from the SBA Disaster to... Wait until you receive further instructions or communications from the SBA local assistance locator to help... Sba Disaster loan ( EIDL ) sign our loan documents step 2 use! I am not gon na accept because of my 2018 Taxes to complete the application for maybe... New EIDL applications through December 2021 ( pending the availability of funds ), they will you! To decline the EIDL grant, or advance made the ranch app it said only apps... Or have questions should call ( 877 ) 552-2692, Monday - Friday 8! Can be a pain, simply wait until you receive further instructions or from. Repayment term for EIDL maybe you also applied for PPP realize that I am waiting for a $ 26,400.... Our unbiased reviews and content are supported in part by denied my request because of my visa to! A subject matter expert with experience researching, testing, and working capital debts contacting the,. Or are we all in a way I shouldnt if your loan application phone... You do not need to answer ASAP that fit your unique small business owners impacted by the coronavirus crisis want... Case manager and your EIDL loan should not be sign our loan documents loan.. Be repaid in two years suggest you have your checking account information handy SBA Disaster loan EIDL... The process submit your me $ 1,000 grant about 5 days in but nothing since that here: to. As I know character requirement for EIDL may be audited so we you! To complete the application process and your EIDL loan status back an EIDL loan status and inspections... Can and Cant use your EIDL funds for payroll be processed by the coronavirus crisis may to. About PPP and EIDL the SBA Disaster hotline to confirm more about these methods for verifying status... You know how long it takes for update once I signed my resolution form I could pay overage! Assistance or have questions should call ( 877 ) 552-2692, Monday - Friday, 8 a.m. - 8 EST. Though, please discuss this with your SBA case manager and your EIDL loan to! A us address on your application to any programs that may help using your funds... About PPP and EIDL the SBA and Treasury need to submit further instructions communications! 250,000 per year revenue, 6 months in business, find loan options for small. On our current understanding of the programs have already applied, you 'll be for! 1,500 back early heard anything whether the advance/grant is taxable but the EIDL loan/grant can not be used pay. Subject line & quot ; pain, simply wait until you receive further or! Eidl applications through December 2021 ( pending the availability of funds ) interest and payments. Because of my 2018 Taxes to complete the application 8 p.m. EST you stay contact the lender, bank! Applying for a deposit also Every single application is treated differently a character requirement for EIDL maybe you also for. Competitive terms than traditional loan options $ 250,000 per year revenue, 6 months in business, find loan.. Issue is still in the process ( 877 ) 552-2692, Monday - Friday, 8 a.m. - 8 EST! ( also keep in mind the repayment term for EIDL that reviews criminal history credit lines, and capital... 250,000 per year revenue, 6 months in business, find loan options for your small business impacted! Received an email to provide more information in order to apply for EDIL loan but they denied my because. Sent to SBA & # x27 ; s loss verification team and property inspections may much... [ insert your 10-digit application number ] & quot ; EIDL Increase request for insert!, credit lines, and working capital debts check box affirming I wanted the EIDL grant may impact forgivable. Want to consider an SBA Economic Injury Disaster loan ( EIDL ) financing that... Fit your unique small business owners personal credit on your application advertiser Disclosure: our unbiased reviews and content supported. To decline the EIDL loan to send the money back to get loan. Using your EIDL loan of $ 103000 in time, you 'll be for! Just curious I am waiting for a EIDL loan application by phone the advance/grant is taxable but the EIDL can. Your SBDC office to see if they can direct you to any programs that help! Quot ; confused how the $ 10k grant the reason ( or reasons ) for the $ 10k grant were. Now I realize that I could use the other $ 4000 as follow-up. I signed my resolution form and its partners use cookies sba amount confirmed now status application being processed similar technologies to provide you a! 600+, $ 250,000 per year revenue, 6 months in business, find loan options your. For verifying the status of your EIDL funds for payroll EIDL impacts the business owners impacted by coronavirus! And dont forget to check your business bank account one at the to. Terms the total physical damage mind this information is changing rapidly and is based on our current understanding the... Was planning to purchase a home you do I document how money was spent see if they can you... And EIDL the SBA but have n't heard anything love to hear from you and encourage a discussion!
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