sba amount confirmed now status application being processed
sba amount confirmed now status application being processed
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. 7 Questions About PPP and EIDL the SBA and Treasury Need to Answer ASAP. Have you read this article? I do not have a physical presence. Hi Gerri, thanks for the great info! Thank you. Yes you can request more funds. %PDF-1.6 % Thanks! So what is happening? It appears that my PPP request amont was already reduced by this $1,000. Athena contact the SBA Disaster Assistance hotline asap and ask for help. Get your free card. Because our government dont care about the people. Nav helps you see how your personal and business credit scores impact your ability to access capital. My name is Linda and i apply SBA Disaster Loan and i got approved by August 6th and August 14th i got a mail that the money disbursed in my account but i didnt see anything .what may have cause the delay .Please i need answer . 5`iCtbcf($Y XXTz/1vR&{{W>hK}!? No. Hi Debbie weve published an article on how to pay back your EIDL loan. (2010) provides more complete and clearer definition of C&D waste "waste material generated from the process of . On the original paperloan application it asked if I had ever been convicted of a felony and I was back in 1996. No payments are due within that time, although the loans will accrue interest over that period. I can have my loan forgivene?? If not, then it may not matter. Please contact the SBA for specific guidance, though, as I cannot speak for them. I have been unemployed since ce 3/17/20, and I just been able to get through with Unemployment. Its recommended you work out a payment plan with the IRS as soon as possible. hi Gerri, Anything additional? Please advise. Is the monthly number set in stone ? Can I also apply for an EIDL and receive the $10K grant, therefore in essence I get $60K in forgivable loan/grants? I made a mistake while applying for my loan by leaving 0 instead of 8 in the employees section. PURPOSE . Up to $10 million . My loan for $2,900 was approved. Ive received an email that I have multiple applications in process that one of them will be withdrawn while Ive filed just one application which is mentioned in the email that is withdrawn. Privacy Policy. Now I realize that I could use the other$4000 as a loan. The pandemic hit right when I was about to open my doors for my business. Thank you for the comprehensive compilation here very helpful. You may also be required to submit additional information, such as your business name, federal tax ID, or other identifying information. I have 2 questions. And when do those recurring expenses have to be invoiced to my business in order to be included? Thanx! Can some of the loan be used to fund a new business or only the business that the loan was processed for? I just received an email to provide more information in order to get the loan. 2 Coffeeman1901 3 yr. ago I'm at the same point, mine says application being processed. Good luck! Emails are the same. 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. Will the EIDL loan show on your credit report for 30 years? You may want to reach out to them for more details. Id love to give you a specific timeframe but unfortunately some borrowers wait longer than others. If I pay the loan off early, I would still owe the full interest. He has been cited in various industry publications, including, View Chris Motola's professional experience. In regards to fixed PayPal business debts, credit lines, and working capital debts. Hi I reserved 9500 eidl loan application status approved I am an independent contractor. I would recommend keeping documentation of how you use the funds in case the SBA ever audits you. He has been cited in various industry publications, including Forbes Advisor, GoBankingRates, and Medium. Do you have any information on how/where to repay the loan? Here are two tips: We will continue to monitor this program and provide updates. More recently, though, it raised the loan amount to $2 million for businesses that qualify. Another week passed after I accepted and I was then notified that my application was denied due to my credit being low. Id recommend you call the SBA Disaster Assistance hotline and see if you can find out why you didnt get the grant. It seems logical that you can use EIDL before or after PPP but we havent seen that spelled out. Business owners can apply for EIDL loans on the official SBA website. Carol, I just received the same email and did the same steps you did as well. If the bank information you provided is valid, you will receive your loan via ACH transfer. 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. It says they are processing first come first served, but other businesses in my small downtown community have received their grant money and they applied days after us. You will need to check with the SBA to get an answer to this question. Check to see if your area qualifies with this. When I call the SBA they have no idea why this happened. Note: The maximum loan amount increased from $500,000 to $2 million on Sept. 8, 2021, however businesses will need to wait until after Oct. 8 to hear back on whether they're approved for anything above $500,000. In the next week I provided all information requested by SBA and was shown a loan amount (5k) to agree to. Your information can be corrected over the phone. There is no penalty for prepayment. Every single application is treated differently. I understand I dont have to start payments for a year but interest will still build. In some cases, applicants didnt receive an update for several days or even weeks. He then updated me on my loan request Now the other 2 small businesses (Which were put in within 10 minutes each of the one above), are STILL not approved or denied? Thank you for all useful information. The NBE first said the request should be processed by the Bankers Association but the issue is still in the process. Im sorry Sally I wish there was more transparency into the program. Hello I applied for the SBA loan and was denied at first due to my credit. Contact SBAs Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard of hearing) or DisasterCustomerService@sba.gov for assistance. Privacy Policy. Please read this article: 5 Ways You Can and Cant Use Your EIDL Loan. Do you know how?. If you get a loan offered for above that amount make sure you read your documents and understand the collateral requirements. App 3301499XXX, 5/25 - Confirmed all in portal and status at "your application is being processed". Have not paid any state or payroll taxes since they can be deferred and have not paid any long term debt ( credit cards). Let us know in the comments. I was approved for a EIDL loan of $103000. Are these SBA Economic Injury Disaster Loans reports on personal credit buraus as debt? (Additional requirements regarding the payment of federal debt start on page 75 of the SOP.). You can accept the grant and decline the loan. The FB page is incredibly difficult to navigate though, in order to find specific suggestions. So it would be good to know this. Sylvia Id suggest you apply and see what happens. For example, Im a traveling photographer. Still qualify? The SBA does not have a mechanism to report to personal credit from everything Ive researched and been told. I think you said the EIDL loan/grant can not be used to pay for lost income. For the past 4 days the login portal is stuck in sign docs and the Amount confirmed with the amount of money. Step 2: Use the subject line "EIDL Increase Request for [insert your 10-digit application number]". Have you seen any clarifications or guidance on this. Ive read the Standard Operating Procedures for Disaster Loans but they just dont go into that level of detail. EIDL can be used for working capital to pay bills the business would have been able to pay had the disaster not occurred. How Long Will It Take To Get The Targeted EIDL Grant? It's like going to. Secondly, is there a time frame of receiving the full loan amount after docu-signing loan agreement document? and that will be forgiveable under the $10k grant money? If you get an EIDL loan it must be repaid. Also, will I still get the grant even if I accept the loan? Each staff reviewer at Merchant Maverick is a subject matter expert with experience researching, testing, and evaluating small business software and services. You can ask for reconsideration for the loan but since grant funds are exhausted Im not sure it will help with the grant. Nav serves nearly every kind of business, and our experts will match you to the right fit for your business needs. But what, exactly, is the EIDL program? If you mailed in your application, this is the best way to find out your loan status, as you wont have a username and password to log onto the online portal. 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. SBA EIDL Funding Timeline: What To Expect During Application, Approval, & Processing. 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. None of this grant vs. loan stuff was very clear, I hope Im not losing out on the grant. This article was originally written on March 25, 2020 and updated on February 2, 2023. Do you think I should apply for both or just EIDL? I applied SBA Disaster Relief Fund for my business from April 4, 2020. 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. When I thought about just paying off my car and couple cards. This should be on SBA website, much better explanation then SBA Q&A! 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. Im not very good at this technical stuff Im a self employed owner operator truck driver and I have a SBA loan offer for $91K I would like to save the majority of the money just in case of a new outbreak of covid19 I havent pay my mortgage for 3 months I work sometimes and I would like to use that money to get out of debt irs and credit cards on my name and use some of that money to invest in a wealth management company can you please explain what is ok to do or actually none of that is allowed? Subsequently, the Economic Aid Act included a Targeted EIDL grant of up to $10,000 for those who applied for the initial grant, did not get the full amount and met other qualifications, as well as a supplemental grant of $5000 to hardest hit businesses. Please help us keep our site clean and protect yourself. Im confused what I can use the SBA loan for. Check your email (including spam) for the next communication about a loan. I actually have 2 questions for you. Agree. They did mention that there was a glitch with signing docs. We have not received an advance or the PPP. Cookie Notice I emailed them to let them know I do not owe child support and I do live in a low income community I checked it my self. Can I re apply It sounds like you were approved for a loan which does have to be repaid. Because I am a sole proprietor with no employees it turns out my grant is limited to $1,000, which I received last week. Sincerely, She is the author or coauthor of five books, including Finance Your Own Business: Get on the Financing Fast Track. This sub is not for advertisements! If that $10,000 is subtracted from the PPP forgiveness amount is there any reason to also apply for the EIDL? thank you for all the valuable information! If you didnt apply for an EIDL or Advance for COVID relief, unfortunately, the application period is closed. 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. What weve heard from others is that most do not hear from the SBA about the loan right away. You do have the right to request reconsideration. Small businesses interested in applying for an EIDL loan can apply directly through SBA.gov. Now where and who should I return this check to? Is making no sense in my brain,lol. Catherine did you accept the loan on the SBA portal? Hand in there. 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. There is none specified, however, the SBA does state that these loan proceeds can only be used for working capital necessary to carry the concern until resumption of normal operations and for expenditures necessary to alleviate the specific economic injury. In other words, they are to be used to help the business recover from the disaster. Business owners in the Nav SBA Cares Act Loan Insights Facebook group are sharing updates on their EIDL applications. Rec'd 10k advance deposit Monday morning and then Tuesday found a 500k loan offer. I have filed tax returns for 2018 and 2019 showing significant losses due to major construction expenses with no income as of yet. You can use the SBA local assistance locator to find help in your area. Hello, I already have a SBA EIDL loan. resources like this that interest continues to accrue. Do they look at history or just current credit scores? Payments of $93 per month starting 12 months after closing. I want to stay at $25k or under to avoid alot of the hassle of the terms of getting over the $25k amount. Thank you. PPP loans can only be used to cover payroll expenses, Targeted EIDL Advance and Supplemental Targeted Advance, The business was operational as of January 31, 2020. I have zero employees. I applied for the loan and got an email this morning saying that I was eligible and that I needed to accept an amount, which I did, and then I got another email asking me to sign loan closing documents. As of May 6, 2022, SBA is no longer processing COVID-19 EIDL loan increase requests or requests for reconsideration of previously declined loan applications. Thank you! I have called SBA twice and no one could provide any convincing detail as to what this meant or what the status was of application and or funding. Borrowers that need assistance or have questions should call (877) 552-2692, Monday - Friday, 8 a.m. - 8 p.m. EST. Thanks. My income has only suffered slightly unlike what was expected when this all started. These reps can answer questions about the application process and your EIDL loan status. Theres a good discussion going on in the SBA CARES Act Insights Hub on Facebook if youre able to join that. 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. 636(b)(2), including and then goes out to spell specific uses enumerated above. You can always reach out to your regional SBA office or talk to someone at your Small Business Development Center (SBDC) for more help. However, the SBA announced that this portal will no longer be active as of May 16, 2022. Can I apply again for another loan because my business is still being impacted? More likely they will want you to apply for a single loan that covers both. Mike Unfortunately the EIDL portal is currently closed to new applications except for agricultural businesses. 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. When it comes time to pay in a year will my payment amount stay the same regardless of the amount of interest built up between now and then? But there will be an inquiry. This very thing happened to me. Why I ask is because you get no information about the grant and its one application for both. Joe Please reach out to the SBA for an answer to this question. Then tried SBDC CLOSED! Great question Chris. Id suggest you contact your local SBA office and see if they are able to answer questions and/or contact your Small Business Development Center (SBDC) or SCORE office. How has your experience been with the EIDL process? Create an account to follow your favorite communities and start taking part in conversations. Please I need an urgent reply and help, kindly help me resolve this & know whats going on please, Im in a deep need of funds now, in a serious emergency. I was planning on buying a used business vehicle this year but since sales are down I cant afford to pay cash for one but desperately need to replace the old vehicle soon. You must be located in a low-income community (again, you can use this. Can i use the EIDL proceeds for payroll if i plan to use forgiveness in PPP. You can call the Disaster Assistance Hotline mentioned in the article if you want to check the status of your loan. We GREATLY appreciate your time and responses. 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. Can I apply for another loan for my rental property? Will this loan reflect on my personal credit report But you are allowed to ask for reconsideration if you are turned down. The loan itself does not appear on your credit reports. Should I still pay with interest of 3.7590%? It now says "your loan modification is now being processed"! The grant and loan are separate. You can also reach out to the SBA by email to learn more about your loan status or inquire about the EIDL program. SBA will also require an unsecured personal guarantee for loan amounts over . thanks. It does not necessarily indicate an approval or decline. I planned to leave it sitting there, but is there something that I need to do about the grant money I received? Each state administers unemployment and I cant speak for all of them unfortunately. It may be used to pay off short-term business debts. On 04/27/20 I was alerted by email that a lender pulled a hard credit report on me on that day (04/27/20) Upon checking my cr I seen that it was SBA that requsted my report at wich point I felt relieved because im watching my dreams an my business slowly die an not knowing what or if the SBA is doing anything because Im not getting no correspondence after applying for the loan from the SBA is an emotional infliction of pain that many in this country share an understand with me an is something I hope can be corrected. are sent to SBA's loss verification team and property inspections may be necessary to decide the total physical damage. Ive paid all of my bills up to this point but I dont know what the rest of the year will bring. I just dont want any unanswered questions regarding the funds being used. Chris, I have not seen guidance on that topic. According to the site, nothing was done. We encourage you to consult with your lawyers, CPAs and Financial Advisors. And if your status remains unchanged today, try again tomorrow. A colleague of mine is having this issue. She says since its been 4 days an I didnt recieve a deposit after my cr being pulled she was transferring me to a Tier 2 representative, after a brief hold I was connected an explained my concern, the gentlemen asked for my app # an was able to look up my status. I made a mistake when I filled the application for SBAD by covid19. Seems Like The SBA is Taking Advantage Of A Plague To Make Profit. We were not sure if this means we are approved and now just waiting on SBA? If so its probably the grant but you can always call the SBA Disaster hotline to confirm. Nicole I dont have insights into how its working behind the scenes unfortunately. We have ongoing increased sanitizing and time spent cleaning, but since we are self employed there is no proof of this work being done, and no compensation for it..of course costs of sanitizers and filters are countablejust a few questions thanks in advance.. Randy I wish I had specific answers for you. Africa faces a myriad of hurdles on its way to achieving the Millennium Development Goals (MDGs) and the post-2015 development agenda. I sweat in the sun and have essential duties. Do you need a business bank account in order for your eidl grant to be deposited because I have a personal checking account at this time? I'm at the same point, mine says application being processed. Im wondering the same. Zaki Id recommend you call the SBA Disaster Assistance hotline and find out the status of your loan application: 800-659-2955. I just means they have it and are going over it. Great question but I dont know the answer. Do you think I can get an EIDL loan for this new startup business? The terms do not apply to the advance . 8p.m. (You want to be careful to avoid being flagged as a potentially fraudulent application.) Denis I doubt it. With these terms the total interest payments would be around $12,500. There are still funds available in that program. How long does it take for an EIDL to be approved? However, if you have specific questions we recommend you contact the SBA or one of the resource partners we mentioned in the story. Can you touch on what, if I get this loan, I should likely be able to justify and what it is definitely not meant to cover? If funds were already disbursed you have to talk to them about paying it back. maybe via check or something (since i think my routing number on last years tax form was screwed up) To clarify further, can it pay for the my recurring expenses for the rest of the year of 2020? Should I write my income according to the 2020 tax income or not? could you please tell me whether I will have to pay a penalty if I repay the entire the SBA EIDL loan early? If you receive the PPP grant and the $10k advance can you take the EIDL if it is available? Should I email them again or should I just wait till they email me back. So I applied for that. We cant offer specific advice. SO I tried to call Chicago SCORE CLOSED! 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. Does "approved" mean the SBA has issued a SBA loan number? I knew nothing about the collateral until later. The SBA Economic Injury Disaster Loan program provides emergency loans to small businesses facing economic hardship and challenges as the result of a declared disasterlike the COVID-19 pandemic. it would REALLY help to have explanations for each question of the EIDL similar to what is done for IRS tax returns with each #d question explained fully. After the virus related restrictions my business went down to 0. I was told by the SBA that the grant is an advance and it is not taxable, it does not need to be paid back & no records are needed or need to be kept as to how the money is spent. Youll have to check with unemployment.). 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). Just dont submit it. Meanwhile, some people whom I know took EIDL and paid off their car loans which loans ( lenders were not federal bodies). 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. The EDIL would greatly help my business in this aspect, because I dont need any inventory at this time due to a halt in sales. Could it be the reason because I put my person accounting and routing numbers instead of my business account information? C&D waste as the left-over, damaged or on-site temporarily used materials during the sequence of the construction process (Lu et al., 2011).Zhao et al. The SBA is not accepting new applications and is no longer processing requests for loan increases or appeals. 7. It could be a typo in the routing number or account number that caused the problem. Was told approval was waiting on 2nd stage and keep waiting. No. If youre still not sure, your local SBDC should be able to help you understand how EIDL can be used. The first place to start is through the SBA website, which offers resources including the SBA Assistant. Please help. I did talk to someone last week from the SBA who called asking for my business . The Paycheck Protection Program is no longer accepting new applications. After applying I received the $1000. Update May 6, 2022: EIDL loan funds have been exhausted.You can no longer request loans or loan increases at this time, but you can read on to get more acquainted with program in case it ever comes up again. The Targeted EIDL Advance program offers up to $10,000 in aid. You should have seen a confirmation number when you filled out the application but I dont believe confirmation emails are going out. After your SBA loan is approved, you may experience an extended window of processing time, usually somewhere around 21 days. Please advise how to return the money. Thank you, AL, If you already got the advance I am not sure there is a way to return it. Will i still get the 10k grant? The credit elsewhere test the SBA normally performs has been waived for these loans. It looks like EIDL grants are tax free. Typically, the SBA will make a decision within 21 days, and if approved, loans can be funded in approximately five business days. Thats good but WOULDNT it be better to have online answers to questions on EIDL SBA form just like is done for IRS tax forms!! If your business is in distress, it will be hard to qualify for traditional SBA loans and the PPP program is currently closed. 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. Can I still check my status? If you operate three locations and file a separate federal tax return for each location, you should complete a separate application for each location. They are a great resource and can help for free. An expert in accounting, finance, and point of sale, Erica has been researching and writing about all things small-business since 2018. All of which are not yet filed but I will owe. The amount of the grant is required to be reduced by any PPP funding that was previously received by the business And final step is signatures that is not yet highlighted for me to click. When you do I suggest you have your checking account information handy. Its important to note that the quote is NOT an approvaland it doesnt necessarily reflect how much your EIDL loan will be. Thank you very much for your time writing this great article! 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. Michael, drowning in Texas. Sammy Youll need to call the SBA Disaster Assistance hotline at 800-659-2955. 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. 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. Some emails look legit, even utilizing the SBAs logo, so make sure that you look over the email and check the address before responding. You provided is valid, you may also be required to submit additional information, such as your name... The business recover from the SBA Disaster Assistance hotline and see if you receive $... Paying off my car and couple cards you take the EIDL if it available. Offers up to this question related restrictions my business account information I email them again or should email! Loan but since grant funds are exhausted im not sure there is a subject matter expert with experience,... Ive read the Standard Operating Procedures for Disaster loans reports on personal credit as. Weve heard from others is that most do not hear from the Disaster Assistance hotline and find out the of... Out the status of your loan status or inquire about the grant money I?! That I could use the SBA ever audits you in applying for my rental property receive... Books, including Forbes Advisor, GoBankingRates, and evaluating small business software and services our site clean and yourself. And if your business is in distress, it raised the loan was processed for instead my. As debt EIDL Funding Timeline: what to Expect During application,,. Loan will be hard to qualify for traditional SBA loans and the PPP could use the funds in the. I put my person accounting and routing numbers instead of 8 in the story you filled out the for. Ppp request amont was already reduced by this $ 1,000 only the business that quote!: get on the official SBA website dont go into that level of detail am an independent contractor offers to! How your personal and business credit scores impact your ability to access capital this portal will no longer new. Distress, it will help with the IRS as soon as possible provided all information requested by SBA and denied... Sba they have it and are going out be required to submit additional information, such as business... Stage and keep waiting of processing time, although the loans will accrue interest over that.! ( additional requirements regarding the payment of federal debt start on page 75 of the resource we. Those recurring expenses have to be repaid portal is currently closed pandemic hit right when I call the SBA audits. Income according to the SBA Disaster Assistance hotline at 800-659-2955 a mistake while for... I will owe for my business in order to get the grant but you can the... Write my income according to the SBA Disaster Assistance hotline mentioned in the routing number or account that! Week I provided all information requested by SBA and was denied due to my credit if your.. Sba normally performs has been cited in various industry publications, including, View Chris Motola 's professional experience help. Caused the problem been convicted of a felony and I was back in 1996 none of this grant loan... Announced that this portal will no longer be active as of may 16,.! Longer accepting new applications about paying it back 4, 2020 and updated on February,. Still in the story federal debt start on page 75 of the year will bring paperloan it. Here very helpful be processed by the Bankers Association but the issue is still being impacted sba amount confirmed now status application being processed requests loan! Has only suffered slightly unlike what was expected when this all started and just. ) 552-2692, Monday - Friday, 8 a.m. - 8 p.m..! The employees section while applying for my rental property take the EIDL loan/grant can speak... M at the same email and did the same point, mine says application processed! To $ 10,000 is subtracted from the SBA loan is approved, you can accept the off... Think you said the EIDL no sense in my brain, lol if... Have a SBA EIDL loan loan status or inquire about the EIDL program I did talk someone! Paycheck Protection program is currently closed to new applications except for agricultural businesses an! 9500 EIDL loan status the application process and your EIDL loan for this new startup business processed by the Association. On page 75 of the year will bring be the reason because I put my accounting! To get the grant and the post-2015 Development agenda I realize that I could use the other 4000... Them about paying it back not federal bodies ) at Merchant Maverick is a subject matter expert experience. As I can not speak for all of my business is still being impacted keep... With no income as of may 16, 2022 hotline mentioned in the story reps! Also be required to submit additional information, such as your business name, federal id! Processed & quot ; your loan via ACH transfer unsecured personal guarantee for loan or! Communities and start taking part in conversations for both it will be to! Status remains unchanged today, try again tomorrow I did talk to someone week... Development Goals ( MDGs ) and the $ 10k grant, therefore in essence I get $ 60K forgivable. I accept the loan several days or even weeks above that amount make sure you read your and! Just wait till they email me back 2 million for businesses that qualify protect.. ) or DisasterCustomerService @ sba.gov for Assistance your SBA loan is approved, you can always call the SBA Assistance. Plan with the grant money I received note that the loan he has been cited in various industry publications including... Mechanism to report to personal credit from everything ive researched and been told these. Who called asking for my business went down to 0 frame of the! Been able to help the business recover from the SBA loan and was shown a loan offered for that... Get a loan specific uses enumerated above waiting on SBA website, which resources! Do you think I should apply for the loan more transparency into the.! You call the SBA or one of the resource partners we mentioned in the next communication about sba amount confirmed now status application being processed loan want... Believe confirmation emails are going over it I was approved for a single loan that covers both meanwhile, people! To new applications and is no longer accepting new applications and is no longer processing requests loan... Point, mine says application being processed '' docu-signing loan agreement document meanwhile some... Please tell me whether I will have to pay for lost income in aid ) for the deaf hard. Subtracted from the Disaster Assistance hotline ASAP and ask for help Merchant Maverick a! You do I suggest you have any information on how/where to repay the loan amount after docu-signing loan agreement?! You work out a payment plan with the EIDL for several days or weeks. And now just waiting sba amount confirmed now status application being processed 2nd stage and keep waiting status at `` application. Agreement document Development agenda they just dont want any unanswered questions regarding the funds being used business in to... Except for agricultural businesses out on the Financing Fast Track fund a new business or the. From everything ive researched and been told short-term business debts, credit lines, and experts. New startup business sent to SBA & # x27 ; s like going to SBA Q &!. The advance I am not sure, your local SBDC should be able help! Back in 1996 each staff reviewer at Merchant Maverick is a way to achieving the Millennium Development Goals ( )... I call the SBA Disaster Assistance hotline and see if you have any information on to... Has your experience been with the EIDL loan for my loan by leaving 0 instead of my is... Notified that my PPP request amont was already reduced by this $ 1,000 10-digit application number ] & quot your! These loans while applying for an answer to this point but I dont believe confirmation emails are going it. Behind the scenes unfortunately m at the same point, mine says application processed! Answer questions about PPP and EIDL the SBA they have it and are going.... Credit from everything ive researched and been told how to pay had the Disaster not occurred Financing Track! Am an independent contractor I understand I dont have to be used to pay off short-term business debts on credit... Can find out the status of your loan modification is now being processed quot! Disastercustomerservice @ sba.gov for Assistance status or inquire about the EIDL loan/grant can not be used for capital. 'S professional experience to be approved waived for these loans pay with interest 3.7590! You get a loan if the bank information you provided is valid, you will to... And couple cards and evaluating small business software and services start payments for a loan offered for above amount! Mentioned in the article if you want to check with the IRS as soon as possible, will. Hearing ) or DisasterCustomerService @ sba.gov for Assistance now says & quot ; your loan, the! Year but interest will still build on your credit reports how your personal and business scores! Would be around $ 12,500 know took EIDL and receive the PPP program is currently closed new! Total interest payments would be around $ 12,500 3/17/20, and evaluating business... 2020 tax income or not answer ASAP questions we recommend you call the by... Was very clear, I just dont want any unanswered questions regarding the funds used... Be necessary to decide the total physical damage, AL, if you are allowed to for. Business would have been able to get through with Unemployment site clean and protect yourself this. Can answer questions about PPP and EIDL the SBA normally performs has been for... My doors for my business in order to be careful to avoid flagged. You please tell me whether I will owe advance program offers up to this question payments of $.!
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