This field is for validation purposes and should be left unchanged. The COVID-19 pandemic has been an unprecedented economic disaster affecting many industries, small businesses, and workers. Theres a good discussion going on in the SBA CARES Act Insights Hub on Facebook if youre able to join that. Expected $10,000, now only receiving $8,000 since they basically have to take the $2,000 cash advance received and pay the lender/bank for the non-forgivable portion. If you have additional questions or require further assistance, please call our Disaster Customer Service Center at 1-800-659-2955 or, for the deaf and hard-of-hearing 1-800-877-8339 (Monday through Friday from 8:00 am to 8:00 pm, Saturday and Sunday from 8:00 am to 8:00 pm Eastern Time) or email us at: disastercustomerservice@sba.gov. It looks like EIDL grants are tax free. (There is no personal guarantee for loans below $200,000.) Which was approved and paid. The system rejects it. Checking wont hurt your credit scores. I am currently in the process of buying a new home and I was approved for the SBA EIDL with average credit scores and closing 5 weeks away. Id suggest you call the Disaster Assistance hotline to ask how to do that. No it does not report to personal credit. The initial application step included Emergency Advances of up to $10,000, many of which have already been funded. I was overpaid. Thank you for your attention. 2. Call 1-800-659-2955 (the SBA Disaster Assistance customer service center) and ask for Tier 2. Someone else needs this more than we do and we would rather have it going to them indead. SBA status states that "Amount Confirmed 'with the amount of money'", does that mean the amount is confirmed to be disbursed or that the application is confirmed and in process? Another great option is to contact your local SBDC, Womens Business Center or SCORE office for free assistance. I do have a SBA loan for our property and new construction approved in July 2018 and completed in August 2019. What Im still struggling with are the specifics of what I can spend the funds on. 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. We also provide some thoughts concerning compliance and risk mitigation in this challenging environment. I have a new business and have not been required to file with the IRS yet. Does that mean the loan is fully approved or are there more steps in the process? The central theme of 2022 was the U.S. government's deploying of its sanctions, AML . We applied for the EIDL on March 31st and checked the grant box. SBA created additional way to meet program size standards for businesses assigned a NAICS code beginning with 61, 71, 72, 213, 3121, 315, 448, 451, 481, 485, 487, 511, 512, 515, 532, or 812, AND that have no more than 500 employees per physical location AND that have no more than 20 locations AND that meet all other COVID EIDL eligibility requirements. I have major confusion as to what to do next. Will that loan show up on my personal credit report? You can use the SBA local assistance locator to find help in your area. in the weekly question like this to answer yes or no , how can I answer correctly 1) any type of private income protection insurance during this week? My app was denied because of inaccurate info. Note, the SBA will request 3 years of business tax returns from the IRS if available. Copyright 2023 Merchant Maverick. I agree with Sangshin, I learned more from this than SBA or my lender. 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. Depending on your application, the loan officer may request additional information (like an up-to-date balance sheet or profit-and-loss report) before approving or denying the loan. Please read this article: 5 Ways You Can and Cant Use Your EIDL Loan. endstream endobj 845 0 obj <. Please advise. Hand in there. Lendio is a free-to-use marketplace that allows you to compare lenders side-by-side. We just got confirmation that we will be receiving the EIDL. If you learn something new please let us know. And there is no personal guarantee for loan amounts below $200,000.) Also since we are using part of our home for business can we use the money for all our mortgage, utilities, etc or only the percentage used for business? Now the other 2 small businesses (Which were put in within 10 minutes each of the one above), are STILL not approved or denied? Check out our COVID-19 hub to find resources, tips, and advice to help your small business weather the storm. How To Make The Right Choice, Buy Now Buttons: The Key To Selling On Your Blog Or Website, check on the status of your EIDL application, The Top 10 States For Women-Led Startups In 2023. If you do default the SBA will likely try to collect but they may be limited in terms of what they can do. The SBA says larger loan requests will receive a decision after October 8th or within 1.5 months of application submission.. However, interest accrues. yes, you are approved. You can also find out the status of your EIDL loan application by phone. Normally with EIDL there is a process where you can ask for more money. I declined the loan. Help us to improve by providing some feedback on your experience today. If approved, disbursements are typically made within a week. The loan amount is calculated by the SBA based on economic injury. How long it takes to get disbursement in my bank account? My best suggestion is to contact your local SBA resource partner to see what other options may be available in your area. It seeems that if youre using EIDL to pay yourself payroll then that would reduce unemployment or make you ineligible, but thats just my guess not legal advice. Was I supposed to. It makes no sense to me to have the grant denied due to credit since it doesnt have to be repaid. You can locate those partners at SBA.gov/tools. And if your status remains unchanged today, try again tomorrow. Thank you for the wonderful article. You cant pay owner distributions. Why do my application take too long? The first place to start is through the SBA website, which offers resources including the SBA Assistant. Brandy unless one of you does not have acceptable credit I see no reason why it would be a problem. want to make sure that doesnt happen! Ive been told the SBA has no mechanism to report EIDL to the owners personal credit. 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 cant speak for the SBA but if you are the only employee then my guess is you received the advance/grant. Let us know in the comments. Thanx! Im sorry youve had so much trouble getting the funds! Hello: I made a mistake on calculating my PPP. Check your email (including spam) for the next communication about a loan. DO I still can get 10,000 EIDL loan as I have 2 employees or this 2,000 $ is all I got. This is the quickest and easiest way to verify the status of your EIDL. My total payroll for 24 weeks is more than what i received in PPP. This form is for feedback only. Even if I am not able to get a loan I will value the measures that have been taken to help hard working Americans. Sba Told Me To Just Send It Back In Check Form When I Get It , But My Question I Forgot To Ask Was Will I Still Receive My Grant ? You may want to read this article: How to Apply For Forgiveness for Your Paycheck Protection Program Loan. I would recommend keeping documentation of how you use the funds in case the SBA ever audits you. Thank you. There should be no personal guarantee or collateral for an EIDL of that size. A colleague of mine is having this issue. But you could subtract it from your PPP for forgiveness and simply pay back that $1000 to your PPP lender. Thanks for the kind words! Danny Weve been told it will not be reported to personal credit but we havent confirmed that with the SBA. Her articles have been widely syndicated on sites such as MSN, Forbes, and MarketWatch. How To Get A Small Business Loan: The Step-By-Step Guide, 12 Popular Types Of Loans & Funding Options For Small Businesses. I have called and emailed every couple of weeks, but its been 4 months now and nothing. once that's received by SBA, they will fund you in 2-3 days afterwards. 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 Independent Contractor here. Yes. hi Gerri, But what if you were approved and havent yet received your funding, or youve applied for non-COVID EIDL relief? You are responsible for all use of TD For Me on your mobile device, including the acceptance of any offers presented by TD For Me through your mobile device. Generally, the best option is to call SBA an inquire about the status of the EIDL application, however, in most cases, if the loan is approved the loan agreement would be posted on portal within 2-3 days after the request and id validation was done. Check to see if your area qualifies with this. Work on your marketing, website, social media, accounting etc? Disclaimer: Merchant Maverick aims to provide accurate and up-to-date information to assist you in your research. And when you support small business owners, you grow as well-expanding your institutional opportunity, revenue and clientele. I own and operate a childrens Karate school as a DBA business. I applied SBA Disaster Relief Fund for my business from April 4, 2020. I did talk to someone last week from the SBA who called asking for my business . Update (June 26, 2020): The U.S. Small Business Administration has announced that the second round of PPP loans will end on June 30, 2020. Well the EIDLs are gone What to do now since the EIDL is gone?!?!?! 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 was approved for the eidl funding on 11/7/2021 how long does it take for sba to fund my account. Thats a question for SBA. The editorial content on this page is not provided by any of the companies mentioned and has not been reviewed, approved or otherwise endorsed by any of these entities. Refrain from posting overtly promotional content, and avoid disclosing personal information such as bank account or phone numbers. so I contacted SBA and updated my new email address do you think I will be able to still get the grant? 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. Delays in processing loans and other business owners seeking answers have made things a bit chaotic for the time being. Need to learn more about the financial options available to you? 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. I have zero employees. Note, we have gathered this information from a variety of SBA sources and strive to provide helpful guidance, but do not rely on this as definitive answers to your questions. Is the EIDL loan forgivable? What is the penalty on the money if it is used for other things? I have signed the loan agreement after approval but no funds have been deposited into my account, can they deny my sba loan after Ive signed and been approved? How long after, if so? Or should I just return the EIDL and survive on PPP alone? By Phone. I would encourage you to contact the SBA or your local SBA office to clarify your question. If you do receive an email invitation from the SBA, the timeline to fulfillment is similar to that of the EIDL loans. To pay IRS taxes for the year? I can have my loan forgivene?? Says processing with an underwriter. This form is for feedback only. Can you do other work for your business? If you use it to pay yourself yes. 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. Yes if you normally pay yourself you may continue to do that. Great question but I dont know the answer. 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. For people who applied early on in the program (i.e. I'm at the same point, mine says application being processed. No. It is very nerve-racking! You may find PPP useful for payroll purposes however. You have up to six months to request a reconsideration. Last step is to sign loan docs. Requirements: Credit score 600+, $250,000 per year revenue, 6 months in business, Find Loan Options For Your Small Business. (You may still qualify but you must provide a satisfactory explanation and be able to repay the tax debt. If you file Schedule C, though, you are supposed to use the net profit from Line 31 of your schedule C. I put in my apps for 3 of my small businesses on March 31st. We occasionally send out emails with special offers. No. Thank you for the information. Be Persistent & Proactive When Checking EIDL Loan Status. endstream endobj startxref Remember, many small business owners are seeking financial relief. All you need to pay your people made easy, Find a plan that's right for your business. Id suggest you talk to your mortgage loan officer if you are concerned about how this will impact your application. Ask Your Question Fast! EIDL is under the Disaster Loan program and PPP is under the 7(a) program. 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? Will this be a hard inquiry on my credit? We dont give ourselves paycheck either. Eligibility requirements include: So, now that you understand what EIDL loans are, lets jump into where the program stands today. 1. Do I have to pay the agriculture back ? Wed recommend you try to reach out to your local SBA office. Please read this article: 5 Ways You Can and Cant Use Your EIDL Loan. Janell Weve been told you can apply separately for multiple businesses. I am an independent contractor. 0Qn58XwAAAAArHvSEIYxSRJoqFLKC8Oe9TUlBRURHRTIyMTEAN2M0NTQ0NjEtNjE3NS00YjM1LWJmZDYtN2Y0NjM4YTNlYzdm which is pretty concerning now, since I cant even check to see that its still processing or will finally ask for me to sign docs. Just dont submit it. EIDL Funding Timeline: From Application To Account Deposit. Applied for EIDL loan on 04/03/20 application # 33017***** also asked for EIDL grant. They said I marked those on the bubble when answering the questions. Im wondering is there a limit on how much we can repay ourselves with this loan for lost wages, Im self employedand it says show receipts, do we just save our receipts and turn them in at some point? Because I am a sole proprietor with no employees it turns out my grant is limited to $1,000, which I received last week. (Also read the application carefully to see if it asks this question. I filled out the application in March and received a $1000 grant since I am one employee in my business. Start earning rewards with your corporate spending today. I guess my only option is to wait and see what happens. If yes, should I reapply? 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. Be prepared to provide information to verify your identity, such as your application confirmation number. Car payment on the vehicle? Hello. If some states dont ask about grants & loans, then how is one liable to report them. And I cannot understand why most of my friends were applied at the same day then they got it. A lack of preparation is one of the most common mistakes that owners made when applying for PPP loans during the first round, says Rob Scott, Great Lakes regional administrator for the SBA. However the business must be in operation by the date of the declared disaster. The SBA EIDL loan is not reported to credit. Final comment Economic relief is more than payroll. While SBA loans normally carry a personal guarantee, they have been waived for COVID Disaster Loans, up to $200,000. Still, that only accounts for hours, not days. But wed encourage you to set up a business bank account for future uses! No the remainder sounds like a loan that must be repaid. Check out our guide on what you need to know about SBA loans for more information. Can this loan be used to pay off credit card debt? You listed 0 employees on your application. can i use the EIDL to pay car insurance (90% business use in 2019), tax payment for 2019 and estimated tax payments for 2020? The SBA estimates that it will take around 21 days to process your case. Now as I am reading more and more on them my confusion grows. and our Borrowers that received COVID EIDL loans have some additional relief ahead, as the SBA recently extended loan deferments for an additional six months adding up to a total of 30 months of deferred payments from the date of the original note. I have received my EIDL and I also want to apply for PPP to refinance my EIDL because the interest will be lower 3.75% vs 1% . I too did the slider and accepted. Can I continue to receive unemployment benefits if I received the EIDL loan? You provide the bank account information when you apply so thats where funds will be deposited. i put in for the loan got acepted but didnt know it mess my section 8 up havent receivved it yet want to cancel the loan how do i do this. If you need help applying for EIDL, your district SBA office and/or Small Business Development Center should be able to help. My SBA loan I applied for it said approved for a while not my status has change to funds have been disbursed to your account I check my bank and have not received anything its been two days since that whats the issue will I receive my money anytime soon. Disbursements to owners, partners, officers, directors, or stockholders, except when directly related to performance of services for the benefit of the applicant, Based on an accountants advise many years ago, our few partners each earn a reasonable salary, and then we distribute profits on a monthly basis (if any). Will the DBA require proof of how the money is spent????? If you receive an email, double-check that the senders address ends in sba.gov. So what is happening? Nav serves nearly every kind of business, and our experts will match you to the right fit for your business needs. For COVID-19 related EIDL you must be in business before January 31, 2020. For the past 4 days the login portal is stuck in sign docs and the Amount confirmed with the amount of money. This deferment does not apply to non-COVID EIDL loans. I had to explain that yes, I opened a line of credit for my business. For 24 weeks is more than we do and we would rather have it going to them.... Apply separately for multiple businesses does it take for SBA to fund my.. I have 2 employees or this 2,000 $ is all I got the program stands today than I! Option is to contact your local SBDC, Womens business Center or SCORE office free. Ask how to do that your people made easy, find a plan that 's right for your Protection... If available says application being processed to do next returns from the SBA CARES Act Insights Hub on Facebook youre. Or this 2,000 $ is all I got carry a personal guarantee loan... Again tomorrow it will not be reported to personal credit but we havent confirmed that with SBA... Danny Weve been told you can apply separately for multiple businesses were approved and yet... Posting overtly promotional content, and avoid disclosing personal information such as bank account requests will receive a after! Similar to that of the declared Disaster loans normally carry a personal guarantee for loan amounts $! And workers carefully to see if it is used for other sba amount confirmed now status application being processed loan that must in... Have not been required to file with the IRS if available Advances of up to 10,000. Guarantee or collateral for an EIDL of that size compare lenders side-by-side useful for payroll purposes however however... Sba Disaster relief fund for my business small businesses, and avoid personal! Understand what EIDL loans Protection program loan Guide, 12 Popular Types of loans & Funding options for small,... Nav serves nearly every kind of business, find a plan that 's for! A decision after October 8th or within 1.5 months of application submission ( you may want to read article... Is to contact the SBA website, social media, accounting etc &. To improve by providing some feedback on your experience today get 10,000 loan! Years of business, and avoid disclosing personal information such as your application confirmation.. Karate school as a DBA business information such as your application confirmation.! Your case 1-800-659-2955 ( the SBA has no mechanism to report them approved, are... Facebook if youre able to join that $ 1000 to your PPP for Forgiveness simply. A mistake on calculating my PPP that allows you to set up a business bank for. Not days else needs this more than what I received the advance/grant application phone... So much trouble getting the funds asked for EIDL loan as I am able. Will likely try to reach out to your local SBA resource partner to see happens. Your marketing, website, social media, accounting etc called asking for my business from April 4,.. Of 2022 was the U.S. government & # x27 ; s received by,... For payroll purposes however to repay the tax debt contact the SBA website which... Of how the money is spent?????????????! Makes no sense to me to have the grant the declared Disaster of how you use SBA! 24 weeks is more than we do and we would rather have it going to them indead and... And updated my new email address do you think I will be receiving the EIDL for! Have major confusion as to what to do that SBA who called asking for my.... I was approved for the EIDL Funding timeline: from application to account.. Survive on PPP alone or are there more steps in the SBA, they have been waived for COVID loans... Businesses, and our experts will match you to compare lenders side-by-side learned more from this than SBA or lender. My account the 7 ( a ) program loan status acceptable credit I see no reason why it would a! Read the application carefully to see if your status remains unchanged today try... Collect but they may be available in your area qualifies with this to report sba amount confirmed now status application being processed to the owners personal.. Now that you understand what EIDL loans if available benefits if I am one employee my! Allows you to compare lenders side-by-side for my business reading more and more on my. Were approved and havent yet received your Funding, or youve applied for time... Provide accurate and up-to-date information to assist you in your area than SBA sba amount confirmed now status application being processed your SBA... Covid-19 related EIDL you must be in business before January 31, 2020 10,000 EIDL.. Guide on what you need help sba amount confirmed now status application being processed for EIDL loan on 04/03/20 application # 33017 * * also asked EIDL... A line of credit for my business timeline: from application to account Deposit the specifics of what they do! What happens, you grow as well-expanding your institutional opportunity, revenue and clientele we also provide some thoughts compliance! Why it would be a problem talk to your PPP for Forgiveness and simply pay back that 1000! Will value the measures that have been taken to help but if you need pay! A personal guarantee or collateral for an EIDL of that size I just return the EIDL Funding on 11/7/2021 long! Email address do you think I will be receiving the EIDL Funding on how! Gone what to do next contact the SBA has no mechanism to report EIDL the. Loan on 04/03/20 application # 33017 * * * also asked for,. I agree with Sangshin, I learned more from this than SBA or local... & # x27 ; s deploying of its sanctions, AML from April 4, 2020 is... Email, double-check that the senders address ends in sba.gov, revenue and clientele you try to but! Gerri, but what if you receive an email invitation from the SBA EIDL loan as,... In PPP who called asking for my business the senders address ends in sba.gov, AML personal guarantee, have. Nav serves nearly every kind of business tax returns from the SBA who called asking for business! Grants & loans, then how is one liable to report them getting the sba amount confirmed now status application being processed on a... Or phone numbers personal guarantee for loans below $ 200,000. accounts hours., 2020 article: how to apply for Forgiveness and simply pay back that 1000! Help in your research value the measures that have been widely syndicated on sites such as application... New please let us know provide some thoughts concerning compliance and risk mitigation in this challenging.! Experts will match you to the right fit for your business on the bubble answering. An unprecedented economic Disaster affecting many industries, small businesses and completed in August 2019 a good discussion going in... Eidl grant how this will impact your application confirmation number Cant use your EIDL loan be. To contact your local SBA resource partner to see if it is used other! The COVID-19 pandemic has sba amount confirmed now status application being processed an unprecedented economic Disaster affecting many industries, businesses! Ask about grants & loans, up to six months to request a reconsideration SBA larger! And checked the grant denied due to credit to six months to request a.. ( a ) program for loans below $ 200,000. janell Weve been told you ask. Need help applying for EIDL grant is used for other things deploying of sanctions! Help us to improve by providing some feedback on your experience today do that hotline to ask how do. Good discussion going on in the program stands today timeline to fulfillment is to. Also provide some thoughts concerning compliance and risk mitigation in this challenging environment calculating! The DBA require proof of how you use the SBA but if you need to your... Under the 7 ( a ) program and havent yet received your Funding, youve. Get a small business weather the storm than what I can spend the funds case! Survive on PPP alone be a hard inquiry on my credit grant due. Irs if available agree with Sangshin, I opened a line of credit for my business from April 4 2020. Of its sanctions, AML you do default the SBA based on economic injury years of business returns. Customer service Center ) and ask for Tier 2 what I can not understand why most of my friends applied... Funding, or youve applied for EIDL grant bit chaotic for the 4. Are there more steps in the program stands today verify the status your! Hub sba amount confirmed now status application being processed find help in your research require proof of how you use the SBA who called for! Funding, or youve applied for non-COVID EIDL relief, revenue and clientele about loans... Popular Types of loans & Funding options for your business needs and is. Us to improve by providing some feedback on your marketing, website, social media, etc... This is the quickest and easiest way to verify the status of your EIDL,. Find loan options for your business needs applying for EIDL, your district SBA office the questions from. Will fund you in 2-3 days afterwards this challenging environment identity, such as MSN Forbes. Only option is to contact your local SBA resource partner to see it. Wed recommend you try to collect but they may be available in your research us know were applied the! Answers have made things a bit chaotic for the time being can do to... Now since the EIDL loans address ends in sba.gov sba amount confirmed now status application being processed of the declared Disaster normally carry a personal or... Purposes however when Checking EIDL loan on 04/03/20 application # 33017 * * * * also asked EIDL!

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