Is anyone else facing this scenario? By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. What is the programs status for 2021? It now says "your loan modification is now being processed"! I just signed my EIDL paperwork, but never received the grant. My bank has already stated they have been getting SBA funds everyday with no problem. Can I use this loan money to pay off my businesses line of credit through a different bank? What is the penalty on the money if it is used for other things? I agree with Sangshin, I learned more from this than SBA or my lender. What Is A POS System & Choosing The Best For Your Business, Discover The Best Business Credit Cards In 2022, Best Business Credit Cards For Your Nonprofit Organization, Explore Business Credit & Banking Resources, How Signing a Personal Gurantee Affects You. Should I email them again or should I just wait till they email me back. Applications will be accepted through Dec. 31. Nowhere am I asked for a lender or an amount. Theyre in the best position to advise you on what you should do to help avoid problems funding your loan. Do you know how?. Privacy Policy. You should have seen a confirmation number when you filled out the application but I dont believe confirmation emails are going out. Can I continue to receive unemployment benefits if I received the EIDL loan? You should not use the money for a different business until you talk to the SBA and get approval. Do you remember what happened I'm in this process now, What a good feeling that was and to get 1.5 for $7000 a month. I asked for the transaction id so the bank can track it and there was complete silence and no response to the email requesting this information. A recent email from the SBA indicates the advance/grant will be allocated at $1000 per employee, but the EIDL loan amount for which you are eligible may be more than that. We have been at this stage for about 2 weeks now with the amount confirmed and a message saying your loan modification is being processed. I was hopeful things were moving when I received an experian notification on 4/11 but there has been zero movement since. Thanks for the information. I have 2 questions. I dont take payroll as they are just deposited in my normal everyday account and used to pay household bills. But wed encourage you to set up a business bank account for future uses! Im at a loss for words, thoughts or feelings at this time. 'Mmtak< e"o"B.+(f&oc_OWCsv,FY;R#m}YMCd u]?vo}XGfxNY.1Z$nZr=:sU4H# We havent seen the SBA publish these statistics so without that data its hard for us to estimate. Carol, I just received the same email and did the same steps you did as well. How To Make The Right Choice, Buy Now Buttons: The Key To Selling On Your Blog Or Website, the SBA recently extended loan deferments, The 5 Best R&D Tax Credit Software & Tax Services, How To Claim The Research & Development Credit On Your Taxes, The Complete Guide To Understanding & Receiving The Research & Development Tax Credit, Coronavirus (COVID-19) Guides & Resources, 7 Lenders That Are Offering Second Round PPP Loans Online. I never receive the loan advance and now there saying they have ran out of money. I received my EIDL loan money, but did not receive any instructions as how to make payments on it. Thank you! Step 3: Lookup EIDL Loan & Grant Recipients I am going to be purchasing a home soon. I didnt realize that its a loan that is not going to be forgiven. You may find PPP useful for payroll purposes however. For instance, I read elsewhere it covers car payments for business but it doesnt specify if it will cover a new car payment or right out buying a used car for my business. If you normally use a PO Box for business correspondence, make sure to list your physical home address. SBA is now communicating via email to applicants the next step of the EIDL process. 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. 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 would encourage you to ask the SBA this question either when your case manager reaches out to you or by calling the Disaster Assistance hotline. If it doesnt I recommend you make an appointment to talk with your local SBDC or SCORE mentor to get some further guidance. We'd love to hear from you and encourage a lively discussion among our users. When the EDIL reopened for regular small business, I applied again. Is this a good sign that I am approved,(why would they have me go this far just for a denial). Id suggest talking to your tax professional. Joanne Are you using your EIDL funds for payroll? After getting the loan. Prior bankruptcy is not an automatic reason for denial. You can also inquire about your status by email. I have a s Corp and a small ranch. But you could contact the SBA Disaster Assistance hotline to see if you can request reconsideration. 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. How do I give this money back now without having to pay any interest? Id suggest you make sure you review your loan agreement carefully and if you have questions talk with your local SBDC as they can provide more information. Maybe you are thinking of PPP. More likely they will want you to apply for a single loan that covers both. 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? As for applying for your other S corp I am not quite sure I understand your situation. When you stay contact the lender, my bank says they have no one At the branch to handle my question. 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. There are a lot of business owners sharing their experiences with these programs there. If youre still not sure, your local SBDC should be able to help you understand how EIDL can be used. Should I have this EIDL paperwork changed to my legal single member LLC name in the new EIDL paperwork instead of my personal name before signing? I was able to get thru an explained my concern that SBA did a hard pull on my cr and I havent recieved an email or deposit an was wondering if I am correct about I should recieve the Advance now because I believe by pulling my cr I have successfully submitted an application. Use this method if you have additional questions about the program or submitted your application by mail. i.e. You can call them at 800-659-2955. This article may help: 5 Ways You Can and Cant Use Your EIDL Loan. Hi, I want to pay my EIDL whole this time. 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. Known as a financing and credit expert, Gerri Detweiler has been interviewed in more than 4000 news stories, and answered over 10,000 credit and lending questions online. This field is for validation purposes and should be left unchanged. But now that you have a better understanding of the Economic Injury Disaster Loan program (including how to apply for a low-interst loan and check your application status) youre armed with the information you need to submit an applicationand, hopefully, secure the funding you need to keep your business moving forward through the pandemic. They are negotiating additional funding for this program. EIDL can be used for working capital to pay bills the business would have been able to pay had the disaster not occurred. Ive read the Standard Operating Procedures for Disaster Loans but they just dont go into that level of detail. How long does it take for an EIDL to be approved? Though it can be a pain, simply wait until you receive further instructions or communications from the SBA. Also, are the interest accrued on EIDL tax deductible? Thanks for you help! The vendors that appear on this list were chosen by subject matter experts on the basis of product quality, wide usage and availability, and positive reputation. Still waiting to sign my signature. My other question is if the entire $2,000 cash advance is used on rent and bills, and the entire $10,000 PPP is used on payroll, then will the cash advance still be subtracted from the PPP? And how can small businesses leverage the program to get the funding they need to navigate the continuing coronavirus crisis? You can pay it off early and it is our understanding that interest only accrues on the unpaid balance. Also, can I do BOTH the $10 Grant for EIDL and also the 50% Payroll Tax Credit? Obtaining new lines of credit while you are applying for a mortgage loan is essentially forbidden. Eligible businesses include: Note that as of September 8, 2021, the SBA revised its guidance, including which businesses qualify. Responses have not been reviewed, approved or otherwise endorsed by the credit card, financing and service companies and it is not their responsibility to ensure all posts and/or questions are answered. @k,R~)7ltPuiCF ^sbp1Cd4t?lWY~+bc/Xz$IvRy In order to receive COVID EIDL funds, the applicant must provide SBA with evidence of approval for the loan by the court/trustee for the bankruptcy case. Small businesses interested in applying for an EIDL loan can apply directly through SBA.gov. We, all of us can't even somewhat compare SBA procedures with each other. resources like this that interest continues to accrue. Lamont its hard to say. Another item you note that IS a problem during this COVID19 . How Does That Help Anyone? Payments will be deferred for two years. Get funding up to $3 million as fast as same-day from this loan marketplace. It certainly cant hurt to get some expert advice. it has now been 18 days since the credit pull and the $10,000 going in those accounts and NO WORD EITHER WAY??? If you have questions though you can always call the SBA Disaster Assistance hotline at 1-800-659-2955 or contact your local Small Business Development Center. %PDF-1.6 % Opinions expressed here are authors alone. David I checked with Bob Coleman publisher of The Coleman Report which is one of the leading training firms for SBA loans. endstream endobj startxref The SBA is offering a Hardship Accommodation Plan for borrowers experiencing short-term financial challenges. I am about to sign a 30 year $20,000 DBA disaster loan but have questions before I do. As well that covers both am going to be purchasing a home soon for working capital to pay interest! Certainly Cant hurt to get some expert advice can I use this method if you normally use PO. 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