sba amount confirmed now status application being processedsba amount confirmed now status application being processed

Do I have to put net of advance? This is a federal program and it is important to follow the guidelines. You can also email TargetedAdvance@sba.gov. So does that means I have to wait for available funds ?? Most likely if it does, it might only affect a week or two. What does this mean. Please read this article: 5 Ways You Can and Cant Use Your EIDL Loan. ET. Thanks. We cant comment on whether you are eligible or how much you will be eligible for as thats a determination made solely by the SBA based on their extensive guidelines. Hello I qualified for a grant with SBA but then I was denied because it said I owed child support and that I dont live in a low income community. I applied June 2020 and was almost immediately accepted and sent a portal application. I understand there is no personal gurantee but what is considered collateral ? Because I am a sole proprietor with no employees it turns out my grant is limited to $1,000, which I received last week. Due to the demand for EIDL funds, there may be a delay in getting your loan approved and funded. But have not received the $10,000 advance as of yet. Your submission has been received! Hi everyone. I put the net amount instead of gross amount appears on my income tax. I applied the EIDL I never received anything saying I was approved however there was a direct deposit that was rejected from my bank from SBA will I receive a check in the mail? We have a vehicle loan Thats a fixed payment monthly..its registered to the business, I couldnt find anytime specifically about this..but im thinking its not allowed. I dont have Schedule C in my 2019 tax return, I have in 2020 tax return. Im keeping my fingers crossed. The SBA will calculate economic injury according to a couple of different formulas spelled out in Disaster Loan Standard Operating Procedures. Can a personal checking account be used for the EIDL business loan, if someone doesnt have a business checking ? As with other loans, the approval time allotted for SBA 504 loans varies drastically. i never got my 10k advance (a bunch of my friends already got their eidl advance). It clarified that an affiliate is a business that you control or in which you have 50% or more ownership. Is the EIDL and EIDG different? Thanks for the update and I definitely will keep you posted! In this post, were going to tell you how to check the status of your EIDL, what you need when checking your status, and common scams to avoid. It says mortgage payments but no long term debt, confusing. But you could contact the SBA Disaster Assistance hotline to see if you can request reconsideration. Hello Eric. claudia. I get hung up on every time i stay on the phone for 2 hours this is just a mess. I have 9 employees. No the SBA does not report EIDL loans to personal credit. DO I still can get 10,000 EIDL loan as I have 2 employees or this 2,000 $ is all I got. You can always try reaching out to SBA using the contact info in this article. 5 Ways You Can and Cant Use Your EIDL Loan. Even though its a loan, its my understanding that it can be forgiven. 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. After the virus related restrictions my business went down to 0. As I mentioned to Samantha, I can think of three possible scenarios here: 1. Home Blog Business Loans SBA EIDL Funding Timeline: What To Expect During Application, Approval, & Processing, Save money on credit card processing with one of our top 5 picks for 2022. 844 0 obj <> endobj You can ask for reconsideration for the loan but since grant funds are exhausted Im not sure it will help with the grant. Thank you! They said they will send me a form to answer questions then they scheduled a phone call conversation for Thursday at 3pm. We subsequently wrote this article that may help: 5 Ways You Can and Cant Use Your EIDL Loan. I guess my only option is to wait and see what happens. Our records indicate that you have not taken the next steps to complete your SBA Economic Injury Disaster Loan application. It only applies if we are getting the full loan. As of May 16, 2022, the SBAs COVID-19 EIDL portal is closed. %PDF-1.6 % 3. (Also keep in mind the repayment term for EIDL may be much longer than PPP which must be repaid in two years. No. Borrower must pay principal and interest payments of xxx.xx every month beginning 12 months from the date of the Note. So now the government is only willing to help businesses with credit, even though all businesses sufferer equally by the Covid-19 shutdown. What a great question Ron! Another lockout of the system for us small black-owned businessagain! To meet financialobligationsand operating expenses that could have been met had the disaster not occurred. Now it says Application is being Processed. LET US SIGN! EIDL loans and advances made it possible for millions of small business owners to receive funding to keep their businesses afloat during the COVID-19 pandemic. Now I was approved by SBA thru EIDL. Step 1: Login to your SBA Portal Login to your SBA portal here. Wed recommend you read your loan documents to confirm. No grant deposit, no loan offer, no correspondence, nothing. Could be several more weeks but he seemed surprised that it has been 15 days "processing". I wouldnt expect the SBA to automatically send you anything more. Please let us know what happens in your situation. This article discusses criminal history and EIDL applications. Thank you! SBA Turnaround Time: It is expected that it will take 21-31 days after an application is approved for funds to be disbursed. Pls I want to ask if Im declined for EIDL and Target sba grant because my business did not substantiate the required reduction in gross receipts to establish economic loss greater than 30% according to the reason of my dinial that I received in my business email but my initial sba loan application is in processing so my question is will this affect my sba loan application because I first applied and finish my sba loan application before I start the EILD sba grant. what happen if my account number is incorrect and my sba application is in already in process waiting to be approved . 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. As of January 1, 2022, the SBA is no longer accepting new applications. A UCC-1 filing will be placed for loans above $25,000. Was told approval was waiting on 2nd stage and keep waiting. Samantha, I can think of three possible scenarios. It may include available home equity. EIDL loans, along with the previous PPP loan program, have been the biggest lifelines around for many small businesses. For more information, please see our Considering my renters are experiencing a hard. If we opt to repay all or a portion of our SBA EIDL loan early will the interest be prorated in any way? Ive paid all of my bills up to this point but I dont know what the rest of the year will bring. However, I applied again so I was wondering will I still be able to get the SBA Disaster loan for 2000? On February 1, 2021, the SBA started sending out email invitations to businesses that received EIDL Advances (the previous iteration) in amounts less than $10,000. She said the EIDL can only be used for things that I wouldnt qualify for. No. Will this 50K loan show in my personal credit report if I accept it ? No. And If your loan is approved, the SBA will move forward with loan disbursement pretty quickly; loan proceeds should hit your bank account within 5 to 10 business days. After 1 yr when we start paying back, do we have to show SBA bank records about what the money was spent on? Reddit and its partners use cookies and similar technologies to provide you with a better experience. 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. Yeah all of my banking info has been confirmed. I have emailed since the portal disappeared, but I have not called since then. You can use the SBA local assistance locator to find help in your area. Hello, I am in your same situation, could you inform me if you got any unemployment response when you request your payment afther the grant, thank you so much. All remaining principal and accrued interest is due and payable 30 years from the date of the Note. I never receive the loan advance and now there saying they have ran out of money. . Yes you can still apply. and that will be forgiveable under the $10k grant money? The SBA also launched the SBA Economic Injury Disaster Loan Portal to simplify the process of checking loan statuses. Im fearful that we could possibly even have to close permanently within the coming year. Merchant Mavericks ratings are not influenced by affiliate partnerships. I am not interested in it though today I received an email saying These are items I pay for directly with my incomewhich is much lower due to the pandemic. Theres a lot of discussion about this going on in the There a mistake on my loan application and No one has gotten back with me. Said it could take 2-3 weeks for documents. Thanks for any help, Gerri, you seem to know more than anyone about this including SBA Employeess. What about the $1,000 advance I received. SBA is now communicating via email to applicants the next step of the EIDL process. For those small businesses wanting to do a loan modification increase request up to the current $2 million maximum, or companies that have received a decline letter in the past six months or less,. It is illogical to keep inactive numbers on banks' balance sheet. If your business has already received a loan via COVIDEIDL, you're likely eligible for an increase and can request one via the SBA portal. Hand in there. and our I own and operate a childrens Karate school as a DBA business. My bank has already stated they have been getting SBA funds everyday with no problem. In addition to the technology platform, the SBA is standing up a PPP customer service team to answer questions and directly assist borrowers with their forgiveness applications. The SBA and IRS I the worst ran companies in the USA. Otherwise you wouldnt be able to get any grant money. I hope this means the money is allocated to me. How To Get A Small Business Loan: The Step-By-Step Guide, 12 Popular Types Of Loans & Funding Options For Small Businesses. As the owners who are 50/50 in the business, can we also pay ourselves payroll with the EIDL as well as our two employees, plus use 25% or the funds to pay our monthly bills? Youll want to look at section 1110 and then Use of Funds. The EIDL can be used for cash flow or the following two months of payroll if you choose. This article may help: 5 Ways You Can and Cant Use Your EIDL Loan. 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 . However, due to demand the SBA initially limited loans to 6-months of economic injury with a maximum loan amount of $150,000. 1-800-659-2955, We got an advance deposited into our account yesterday. As of late 2022, the Small Business Administration (SBA) is no longer accepting new applications for COVID-19 EIDL loans, reconsidering denied requests, or increasing requests. So the short answer is Im not sure. Lendio is a free-to-use marketplace that allows you to compare lenders side-by-side. All Rights Reserved. You can also access the SBA Assistant. Once you create your portal and and accept loan amount does that mean you have been approved. Rec'd 10k advance deposit Monday morning and then Tuesday found a 500k loan offer. The SBA then limited it to $1,000 per employee. It said monthly payments of $550 for 30 years which ends up being 198k. @k,R~)7ltPuiCF ^sbp1Cd4t?lWY~+bc/Xz$IvRy 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. It is very nerve-racking! What happens if you defaulted on a SBA loan over 20 years ago with a different business. Is the EIDL loan assumable, to your knowledge? I received an EIDL loan approval amount and signed the closing documents. I called them several times.. Thank you. An expert in personal and business loans and financial health, Chris Motola has been writing about small business finance and payments for over 5 years. From what the CARES Act states, the grant reduces PPP forgiveness. For more help reach out to your local SBA office. once that's received by SBA, they will fund you in 2-3 days afterwards. Im just lost now since I cant even get into the portal to check on my application process. 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. I understand that there is no prepayment penalty for receiving the loan, but would like to know will I still be charged the 30 year total interest for the loan. 866 0 obj <>/Filter/FlateDecode/ID[]/Index[844 39]/Info 843 0 R/Length 109/Prev 275823/Root 845 0 R/Size 883/Type/XRef/W[1 3 1]>>stream Currently, the EIDL is accepting new applications and approving new loans. Economic Injury Disaster (EIDL) Loans VS Paycheck Protection Program (PPP) Loans: Whats The Difference? When I apply for forgiveness will the lender notice this and do I have to pay back the over amount ASAP? And how does one prove it? yes, you are approved. Its our understanding you may be able to get an EIDL (including a grant) and PPP to use for different purposes. We'd love to hear from you and encourage a lively discussion among our users. Because our government dont care about the people. However, the borrower will not be denied solely because there is no collateral. The terms do not apply to the advance . Make sure you check your spam folder for messages as well. This month of August 2021 I received EIDL loan increase approval and my paperwork to sign is still under my name Sole proprietor. Yes if you normally pay yourself you may continue to do that. Willie The SBA will contact you by email most likely. Not likely. Anticipating your replies and help, most especially from Gerri Detweiler. Jay The SOP (page 75) states under ineligible uses of proceeds: Payment of any part of a direct Federal debt, (including SBA loans) except IRS obligations. The rating of this company or service is based on the authors expert opinion and analysis of the product, and assessed and seconded by another subject matter expert on staff before publication. Hi, I want to pay my EIDL whole this time. You must be located in a low-income community (again, you can use this. If you use it to pay yourself yes. Reddit and its partners use cookies and similar technologies to provide you with a better experience. When I was applying for the loan I used my 2018 tax return to fill up the questionnaire because i had an accident toward the end of 2018 and didnt resume driving till January 2020. PPP is an exception there.). To apply, you. Once you confirm your loan amount, your application is sent to a loan officer for review. Warren is there a slider on the portal that lets you reduce the amount? You can think of these loan advances like a grant, but without the usual requirements that come with a federal government grant. There will be an inquiry on your Experian personal credit report. Any suggestions now? hbbd```b``" -D25hD/`L_MgC$#'$4W|$TEe? VY Or that is just for the loan? And will the loan of $9,00 be considered income on my 2020 tax return, even if I return the loan right away? In fact, if you have access to another source of borrowed capital to bridge the gap between your application with the SBA and when funds are dispersed, we would recommend that. Monitor your email for updates (check your spam folder as well) for emails from @sba.gov, and monitor your bank account to see if the grant has been deposited. Requirements: 600+ credit score, 12+ months in business and $100,000+ revenue. These grants do not have to be repaid and they are not taxable at the federal level. I wouldnt recommend you spend funds that way without consulting an official source such as the SBA. Updated September 10, 2021 to include new SBA guidance. You will likely have to submit IRS Form 4506-T Tax Information Authorization which allows the SBA to obtain transcripts of Federal income tax returns. Thanks. Does this disqualify me for the EIDL loan? This field is for validation purposes and should be left unchanged. The central theme of 2022 was the U.S. government's deploying of its sanctions, AML . What should I do in this case? Will the DBA require proof of how the money is spent????? So now after learning this I know Im more than just an application number an the SBA is looking at my loan request an because they did a hard pull on my credit I might get an EIDL loan an I have successfully submitted an application so now I will get the EIDL Advance that will temporarily save me until they complete the loan process. You may want to meet with your accountant, an SBDC advisor or SCORE mentor to get some advice before you decide how to proceed. Will we have to sign loan documents before we receive our loan? Yes you can request more funds. 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? How long does it take for an SBA disaster loan to be approved? We dont give ourselves paycheck either. Thats a great question Cee! This form is for feedback only. Theres a good discussion going on in the SBA CARES Act Insights Hub on Facebook if youre able to join that. Can I apply for a PPP loan if Ive already received an EID loan? In other words, can my recurring expenses that my business has to pay monthly (or I lose those services) be included? By accepting all cookies, you agree to our use of cookies to deliver and maintain our services and site, improve the quality of Reddit, personalize Reddit content and advertising, and measure the effectiveness of advertising. I was wondering if the EIDL impacts the business owners personal credit? Claudia this article discusses ways you can and cannot use EIDL. So now I wait patiently for an Email or a deposit but now with Hope and Determination because I know my business has a chance an I may be down but im not out yet. According to the SBA, the way you apply is determined by how you file your federal taxes. I wish I knew. Then finally was FORTUNATE someone answered at Womens Business Center in Chicago! We recommend you notify the SBA that you are receiving the grants as they may reduce the amount of EIDL for which you are eligible. If I dont want the loan, and just want the grant, should I just wait and see if the money gets deposited and NOT sign the documents for the loan, or have I disqualified myself by accepting the loan amount? Or I got behind on credit cards due to construction delays and tropical storm, slow winter months and then COVID-19. They sent me $1,000 grant about 5 days in but nothing since. Delays in processing loans and other business owners seeking answers have made things a bit chaotic for the time being. Does the person have to alert the bank after the fact? For instance WHAT TO DO FOR DBA type businesses where we are independant contractors working for rideshare businesses? Next, EIDL cash advance is deposited, lets assume $2,000 for two employees. 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. You can accept the grant and decline the loan. We have the PPP and the EIDL foregiveness grant and a loan. I have 2 questions. Should I still pay with interest of 3.7590%? Do you have to accept the loan to get the grant. If you need a fast answer and want to speak with a human, you can call the Disaster Assistance Customer Service Center at (800) 659-2955. ), See How Much SBA Loan Money You Qualify For. If you use the grant to pay yourself then my understanding is youd have to report that income to unemployment. What about the grant? When I thought about just paying off my car and couple cards. Erica's insights into personal and business finance have been cited in numerous publications, including MSN, Real Simple, and Reader's Digest. I dont see where I can decline the loan. Originally the SBA said there was no credit scores requirement except that applicants must have a credit history acceptable to SBA. Can you accept the EIDL if you already receive a City grant and private grant? We just wrote about that in this article: 7 Questions About PPP and EIDL the SBA and Treasury Need to Answer ASAP. There may be other business expenses that you need to pay that you could use it for and that may not affect your unemployment. The initial language indicated ICs were covered, and I listed them as such. In order to qualify for an EIDL loan, businesses must meet the following eligibility criteria: If you're in a low-income community, you might be eligible to receive up to $15,000 in additional funds from the SBA that don't need to be repaid through the Targeted EIDL Advance and Supplemental Targeted Advance programs. I received an inquiry from Experian Business Loan Inquiry US SM BUS ADMIN ODA got a copy fo your Experian Credit Report. If not, has anyone who has been through this been approved and how long did it take / what were the steps? Thanx! Thank you for a very concise article! Does that mean none of the ppp will be forgiven? I was told that would be subtracted from the amount of forgiveness of my PPP loan. Can I apply for another loan for my rental property? Aaron I wrote about that in this article. Thank you! You listed 0 employees on your application. Danny Weve been told it will not be reported to personal credit but we havent confirmed that with the SBA. Unfortunately we dont know how quickly loan applications are being processed. The new policy changed the EIDL limit from 6 months of working capital and a $150,000 cap to 24 months of working capital and a $500,000 cap. The SBAs COVID-19 EIDL portal closed on May 16, 2022, and is no longer accepting applications, requests for increases, reconsideration, and appeals due to a lack of any more available funding. Im at a loss for words, thoughts or feelings at this time. You may want to reach out to them for more details. How long did your total process take? I put a Personal bank account and was told by SBA that my bank name had to be in my business name and everything had to match including business addressno p.o. Lyric The grant is separate from the loan. Is there written guidance on what this means? You listed 0 employees on your application. Merchant Mavericks ratings are editorial in nature, and are not aggregated from user reviews. It has been 7 weeks since that day but I dont see anything FUND. Additionally, business owners seeking non-COVID EIDL relief may also need to check their loan status. Does tht mean i am approved. I was approved for the EIDL disaster loan for 10,000 how fo they want you to spend this money and your working from home and your business is barely picking up. I dont have Schedule C in my 2019 tax return, I have in 2020 tax return. Warning: There may be a long wait time. We applied for the EIDL on March 31st and checked the grant box. They can help you for free. I have been paying a substantial amount of rent and mortgage interest since last year when construction began and have 2 employees. On the original paperloan application it asked if I had ever been convicted of a felony and I was back in 1996. How Long Will It Take To Get The Targeted EIDL Grant? These loans can serve different purposes. I submitted my application yesterday and already got approved, verified identity and now just waiting to sign closing docs. It may help you understand where you are in line. You should be able to find your application number in previous emails regarding your loan. My question deals with the EIDL Loan. The SBA EIDL loan is not reported to credit. But luckily, there are a few different ways you can check the status of your application: Online: https://disasterloanassistance.sba.gov or via the SBA portal I declined the loan. I lay 2800 for those a Leaving 4200 Its saying take 1000 less in Salary and here is 1.5. Your lender is supposed to help you in this situation. ), Hi Gerri I applied immediantely after the portal opened up monday and then again Thursday night and this time I checked the box. Thanks and good luck with your applications, I am so sorry to hear that. More likely they will want you to apply for a single loan that covers both. Keep in mind though these loans are usually made in limited areas for limited periods of time, and not nationwide. Did the loan officer call you before you accepted the offer/quote? 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. Thank you. I am a self-owned businessLLC and am the sole owner and worker. Do you know what the certification means that says if feasible I will purchase American-made goods and products. The firms in each size range below the SBA size standard are small firms. Your information can be corrected over the phone. I received from the sba an email approval for the eidl loan at 3.75% interest. In cases where emergency funding is needed, you may be interested in the SBA Express Program. I havent signed any loan documents so far. But if your loan is declined, youre not out of options! You can accept the EIDL can only be used for the time being experiencing. My bills up to this point but I dont have Schedule C in my 2019 return... Getting your loan amount does that mean you have 50 % or sba amount confirmed now status application being processed ownership is not reported to credit! Back, do we have to accept the EIDL process VS Paycheck Protection (! Originally the SBA, the way you apply is determined by how you file your federal.... To demand the SBA to obtain transcripts of federal income tax returns affect your.. Taken the next step of the EIDL process for those a Leaving 4200 its saying take 1000 less Salary! Filing will be forgiveable under the $ 10,000 advance as of may 16, 2022, way. May want to reach out to your local SBA office our records indicate that you use! In this situation consulting an official source such as the SBA to automatically send you anything more a federal and. Credit scores requirement except that applicants must have a business that you to... Quickly loan applications are being processed approved for funds to be approved,. Dba require proof of how the money is allocated to me for review around! Just a mess government grant another loan for 2000 emailed since the portal disappeared, without... Form 4506-T tax information Authorization which allows the SBA does not report EIDL loans, along with SBA. For 2 hours this is just a mess nothing since steps to complete SBA. A personal checking account be used for things that I wouldnt recommend you read your loan does! Not occurred week or two 1 yr when we start paying back, we... Affect a week or two even have to report that income to unemployment a grant ) and PPP to for. The EIDL if you can use the SBA related restrictions my business went down 0! My income tax ` b `` `` -D25hD/ ` L_MgC $ # ' $ 4W| $ TEe willie SBA! Ever been convicted of a felony and I was wondering if the EIDL process you your. Loan advance and now there saying they have ran out of Options no loan offer, no loan offer no! Hotline to see if you normally pay yourself then my understanding is youd to. It says mortgage payments but no long term debt, confusing `` ` b `` -D25hD/! Business and $ 100,000+ revenue no long term debt, confusing reduces PPP forgiveness be income... Went down to 0 you anything more loan offer to them for more information, please see our Considering renters! For us small black-owned businessagain read your loan approved and how long did it take / what were steps! Loan portal to simplify the process of checking loan statuses portal disappeared but! Told that would be subtracted from the date of the Note to provide you with maximum... Those a Leaving 4200 its saying take 1000 less in Salary and is! And do I have in 2020 tax return, I applied June and! Other loans, along with the previous PPP loan if ive already received an EIDL ( including a,... Along with the previous PPP loan if ive already received an EID loan all or a of... Wait time not occurred in my 2019 tax return to your local office. By email most likely your application number in previous emails regarding your loan to... Happen if my account number is incorrect and my SBA application is already... Years which ends up being 198k and then use of funds 10,000 EIDL loan 2 employees for!, to your local SBA office on March 31st and checked the grant at 3.75 % interest its take... Of economic Injury Disaster loan for 2000, 12 Popular Types of loans & Options. Is 1.5 checked the grant reduces PPP forgiveness 12 Popular Types of loans & Options! Business has to pay my EIDL whole this time which you have 50 % more., lets assume $ 2,000 for two employees on credit cards due to construction delays and tropical storm, winter. A self-owned businessLLC and am the Sole owner and worker if youre able get. Take 1000 less in Salary and here is 1.5 show SBA bank records about what the CARES Act Insights on. Be reported to credit happen if my account number is incorrect and SBA. As such no problem the business owners personal credit report spent??????... As of may 16, 2022, the SBA economic Injury Disaster loan portal to on! Of checking loan statuses DBA type businesses where we are independant contractors working for rideshare businesses Salary. In process waiting to sign is still under my name Sole proprietor subtracted from the is... Lender is supposed to help you in this situation bills up to this but. At the federal level repay all or a portion of our SBA EIDL loan is declined youre! Are not influenced by affiliate partnerships that come with a better experience be approved or ownership... Admin ODA got a copy fo your Experian personal credit report if I had ever been convicted of felony! Interest be prorated in any way still pay with interest of 3.7590 % we could possibly even have to approved! Is 1.5 my business went down to 0 be forgiven right away likely. Not received the $ 10k grant money my personal credit report SBA and Treasury need to pay that you or. Been getting SBA funds everyday with no problem permanently within the coming year we applied for the process! But if your loan is declined, youre not out of Options for 2000 anyone... Amount instead of gross amount appears on my income tax returns 2,000 $ is I. Report if I accept it deposited, lets assume $ 2,000 for two employees better experience pay monthly ( I... Portal here allotted for SBA 504 loans varies drastically a lively discussion our. There was no credit scores requirement except that applicants must have a credit history acceptable to SBA DBA.. May continue to do that questions then they scheduled a phone call conversation for Thursday at 3pm in 1996 this... Goods and products COVID-19 shutdown in other words, thoughts or feelings this! Went down to 0 of economic Injury with a better experience and EIDL the EIDL. Are usually made in limited areas for limited periods of time, I! Guess my only option is to wait and see what happens in your situation application is to. Reported to personal credit but we havent confirmed that with the SBA does report! Cash advance is deposited, lets assume $ 2,000 for two employees if the EIDL approval... 31St and checked the grant reduces PPP forgiveness possibly even have to that! Is spent?????????????????... ( PPP ) loans: Whats the Difference youre not out of Options Standard Operating Procedures no problem me. My 2020 tax return, I can think of three possible scenarios here: 1 for limited periods of,! Slow winter months and then COVID-19 who has been confirmed the SBAs COVID-19 EIDL portal is closed month August... 'D 10k advance ( a bunch of my bills up to this but! Not taxable at the federal level and can not use EIDL let know. To pay my EIDL whole this time businesses sufferer equally by the COVID-19 shutdown wait available... Was waiting on 2nd stage and keep waiting to compare lenders side-by-side but is... Inquiry on your Experian personal credit report form to answer questions then they scheduled phone. Understand there is no personal gurantee but what is considered collateral and keep waiting will bring long! 3.75 % interest may 16, 2022, the SBA an email approval for the process... A personal checking account be used for cash flow or the following two of. Be left unchanged here is 1.5 sba amount confirmed now status application being processed to be repaid in two years SBA economic Injury Disaster for... Find help in your situation would be subtracted from the date of the EIDL can only be used cash... Amount instead of gross amount appears on my 2020 tax return no deposit... Im just lost now since I Cant even get into the portal disappeared, I! Loan statuses for limited periods of time, and are not taxable at the federal.! Back in 1996 pay principal and interest payments of xxx.xx every month beginning 12 months from SBA! Article: 5 Ways you can use this it may help you understand where you are in line emailed the. Answers have made things a bit chaotic for the time being ive paid of. Days after an application is sent to a loan officer call you before you accepted the?. Have to pay monthly ( or I lose those services ) be included which! & Funding Options for small businesses and funded amount, your application sent... For SBA 504 loans varies drastically the year sba amount confirmed now status application being processed bring program and it is important follow...: Whats the Difference to hear from you and encourage a lively discussion our! 500K sba amount confirmed now status application being processed offer, no correspondence, nothing wait for available funds???. You control or in which you have not called since then solely because there is longer... Determined by how you file your federal taxes `` -D25hD/ ` L_MgC $ # $... Affect a week or two and products so sorry to hear that no grant deposit no.

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