This is the EIDL “Advance,” which should be equal to $1,000 per employee, up to $10,000. When I made the ranch app it said only Ag apps were being accepted. His name was Nate. Thanks. But you’ve correctly observed that the new PPP 24-week period for forgiveness doesn’t match the loan amount (which was based on roughly 10 weeks of payroll.) But, on the next page under the “How Can I Use the Money?” section, it lists more stuff than that, so I’m trying to determine if that stuff under “How Can I Use the Money?’ is also forgiveable under the $10k grant, such as “fixed debts, accounts payable, and other bills”? (Additional requirements regarding the payment of federal debt start on page 75 of the SOP.)”. Will this loan reflect on my personal credit report Mike – Unfortunately the EIDL portal is currently closed to new applications except for agricultural businesses. Additionally, the application asks for gross revenues (not “income” – if you mean your income) and COGs. You can use the SBA local assistance locator to find help in your area. Mellisa – We haven’t seen guidance on that. He answered many questions (answers below) and did not rush me at all. Businesses can qualify for the expanded Small Business Administration (SBA) disaster loan program as long as they don’t employ more than 500 people. *You get free access to your business credit reports and scores when you sign up for a free Nav account. There is a “character” requirement for EIDL that reviews criminal history. I would suggest you call the Disaster Assistance hotline (in the article) and ask their guidance. With these terms the total interest payments would be around $12,500. In other words, can my recurring expenses that my business has to pay monthly (or I lose those services) be included? How do I cancel my EIDL request? Make sure you check your email spam folder (but watch out for scammers at the same time). When the EDIL reopened for regular small business, I applied again. (Also keep in mind the repayment term for EIDL may be much longer than PPP which must be repaid in two years. 1 forum comment: PAYMENT TERMS: Borrower must make all payments at the place the SBA designates. Please advice. I logged in to see if my application it is still in "your application is being processed" but then I see this below. And how does one “prove” it? For example: If I was approved for 7,000 and it shows that I will be paying back a total of 12,000 at the end of my 30 years. Whether you’re launching a start-up, opening a franchise or buying an existing business, having a clear picture of your goal will guide you along the rest of the application process. You’ll have to reach out to them again and ask for guidance. However, there’s a lot of helpful discussion in the Business Loan Insight Financing Hub – PPP, EIDL and More on Facebook where business owners are discussing how long their applications and grants took to be approved. I have made payments since then, all auto and mortgage payments are paid on time. They are a great resource and can help for free. Is there a personal guarantee required now or in future for the 150,000 loan. You’ll need to reach out directly to the SBA though. We got one with the SBA logo saying that our loan was being processed and we just needed to submit further information. What’s next? Note: In addition to this information please review information about the new emergency EIDL grants for 2021. I made a mistake when I filled the application for SBAD by covid19. If not, Check your loan documents and contact the SBA if you still have questions. Thanks for the info! Do you know what the certification means that says “if feasible I will purchase American-made goods and products”. Warning: There may be a long wait time. Have at it! We have not seen any guidance in terms of what happens if you close your business, but since this is a government loan we’d imagine the SBA would be happy for you to continue to pay it off if your business fails. Is the purchase of a vehicle included as “working capital”? If a loan is approved, offered, and accepted (all in writing for you to review), the SBA will prepare and send Loan Closing Documents to you for your signature. Linda – Unfortunately the SBA is the only place that can answer that question. Normally grants are considered taxable. Warren – is there a slider on the portal that lets you reduce the amount? I have a s Corp and a small ranch. What can I do now if I want the EIDG and not the EIDL? These loans can serve different purposes. What happens if I miscalculated and received a lesser amount. SBA guidance on loan details: SBA disaster loans are made directly from the SBA to the business; the application and loan closing process does not flow through a lender as with 7(a) loans. He was patient, respectful, knowledgeable, and very helpful. It is a low-interest federal loan issued by the SBA to … Can I apply for another loan for my rental property? Live in a rural area with spotty internet. Keep an eye out for an email from SBA. WHAT if someone does not have a business checking account, can they apply using a personal checking account for the EIDL business loan ? I did not minimally receive a auto-confirmation email from the SBA. You may find that helpful. Checking won't hurt your credit scores. Your second question is an excellent one. I declined the loan. Your lender is supposed to help you in this situation. I made a mistake while applying for my loan by leaving 0 instead of 8 in the employees section. If you get an answer about how to return the grant please share! These are items I pay for directly with my income…which is much lower due to the pandemic. The final tip for ensuring a fast and smooth application process for an SBA loan is to apply online. A loan officer will contact you to discuss the loan amount recommendation and your next steps. This is what to do next. What do i need to do? If I don’t sign the loan documents will the SBA take away the $1,000 grant? Can I have any kind of SBA loan? If yes, should I reapply? 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. I’d 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. Am I qualified if I file a loss on my 2019 tax for EIDLS. No Chris – the grant funds have been exhausted unfortunately. Danny – We’ve been told it will not be reported to personal credit but we haven’t confirmed that with the SBA. Submitted online application many days ago for the EIDL. An incomplete application will likely result in delays. (Loans are not taxable generally unless they are forgiven. You may receive a subsequent email about the loan but for most businesses it is taking several weeks at least to hear back on the loan. Hello Gerri: Mail your request to the address at the top of the decline letter or I’m here with a E2 visa as business owner. I selected 1 for the number of employees. You may want to look into crowdfunding. But you could contact the SBA Disaster Assistance hotline to see if you can request reconsideration. This article may provide more insights: 5 Ways You Can and Can’t Use Your EIDL Loan. And received my closing documents today May 16 Thank you. SCORE also offers real-time mentoring online during certain hours. He says, “You are only charged interest on the outstanding balance.” That seems to match the loan terms you mentioned. Thanks. The only other thing I can recommend is to contact your Senators and Representative in Washington as this is a federal program. I have zero employees. There’s a good discussion going on in the SBA CARES Act Insights Hub on Facebook if you’re able to join that. Can some of the loan be used to fund a new business or only the business that the loan was processed for? The fasttrac asked if you have been convicted of a felony in last 7 years, I put no which is true. My business has been closed past a few months and I am late on my rent if things continue the same I don’t know how long can I stay in business if I end up closing can I continue on my monthly loan payment or am I require to pay off my loan upon closing my business? Get alerts, advice and monitoring today. I applied for a EIDL Loan and got approved. This will let you see if the business credit bureaus already have you on file. If I did the advanced ? I was overpaid. I was able to get thru an explained my concern that SBA did a hard pull on my cr and I haven’t 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…. I have signed the loan agreement after approval but no funds have been deposited into my account, can they deny my sba loan after I’ve signed and been approved? Good news – the grant is not subtracted from the loan. Nav SBA Cares Act Loan Insights Facebook group. The SBA sometimes refers to these grants as “advances,” but you are not required to repay this money to the government. In previous disasters, processing has taken as long as an average of 45 days. Small Business Owner meets with a lender. Or that is just for the loan? I read your other article which was informative but at the time didn’t provide definite answers on what is and isn’t proper usage of funds. Hi i qas approved for a $26,400 loan. Great article. In this case, the person is coming up short. Are Home-based Businesses Eligible to Apply? They are approved separately. It should not appear on the owner’s personal credit reports. From what the CARES Act states, the grant reduces PPP forgiveness. You can accept less than the amount for which you are approved so if sounds like they are confirming the amount you want to accept. Do they look at history or just current credit scores? do I have to prove how I use it? Once your loan is approved, estimates are that it should take approximately 5-7 business days for your funds to become available. Now as I am reading more and more on them my confusion grows. I’d suggest calling them and asking how to request more funds rather than waiting for a new application to be processed (and potentially getting rejected). A. Questions? No. Hello,If I already received an EIDL for 150K and now I see that his loan amount is not enough to survive my business, can I ask for incresing the limit or aply for another EIDL? Thank you. To our knowledge the SBA does not have a mechanism to report to personal credit. Why didn’t they catch it before they gave me the extra money. Before COVID, I was planning to purchase a home. You may want to call the SBA Disaster hotline to see if they can answer your question. 2. You can also find out the status of your EIDL application by phone. You may want to discuss it with your loan officer. The SBA’s goal is to process completed applications within 21 days but this is an unprecedented disaster of national scope and appears the SBA is taking several weeks to process them. If you have questions, o. I wouldn’t recommend you spend funds that way without consulting an official source such as the SBA. We applied for EIDL and PPP. I have a new business and have not been required to file with the IRS yet. You should have seen a confirmation number when you filled out the application but I don’t believe confirmation emails are going out. I was planning on buying a used business vehicle this year but since sales are down I can’t afford to pay cash for one but desperately need to replace the old vehicle soon. Aaron – I wrote about that in this article. There is no minimum credit score required, however, applicants must have a credit history acceptable to SBA. I know it says it can take up to an average of 45 days (average from last disaster) but does anyone have any idea of if they will send a actual denial email if I am not being approved? Non-medical collections or charged off accounts with an aggregate of $10,000 or less and foreclosures or deed-in lieu of foreclosures which occurred more than two years from the date of the loan application are all considered an acceptable credit risk and do not require any additional justification.”. Has anyone else had anything like this happen? Now I was approved by SBA thru EIDL. I apply for a loan for my printing company and got $1000.00 . I had my credit pulled for the first one on 4/12 and then the next day $10,000 put into my account on 12/13. ... We expect hundred of thousands of business to apply on FederalDisasterLoan.com. 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. Check your email (including spam) for the next communication about a loan. Yes you can request more funds. Comment document.getElementById("comment").setAttribute( "id", "a1925105a393ecdf48beb3ee9898170c" );document.getElementById("cc82fd1987").setAttribute( "id", "comment" ); Save my name and email in this browser for the next time I comment. You have judgements against you for federal debts and you have not worked out a satisfactory repayment plan. Can I payoff my short term loan with my EIDL funds? If not, then it may not matter. I’m a sole proprietor LLC. I’m a not a permanent resident. Hi, We were approved, have no employees. Yes you can request more funds. Start your PPP loan application now! Ita all about how much they can make. My business did not get the grant, I was told my routing number goes to another bank and I read it straight of the check. What Do I List for the Amount of Physical Damage? local SBDC, Women’s Business Center or SCORE office, your 2019 year-end profit and loss statement and balance sheet and the most recently filed business tax return, 2020 year-to-date profit and loss statement. On Friday, March 20, I participated in a national US Small Business Administration (SBA) webinar from the SBA Office of Disaster Assistance about the EIDL application process, Saturday I reviewed various guides from multiple SBA funded Small Business Development Center (SBDC) websites in various states that have been assisting business owners a few weeks longer than Arkansas, Arkansas’ ASBTDC website (asbtdc.org), and I called the SBA Disaster Loan assistance hotline at 1-800-659-2955 to ask questions I still had about the process. Feel free to share comments that help them understand your situation, but try to keep them succinct and clear as they are reviewing a lot of applications. According to the SBA, you should send your application number and information required to overcome the reason for decline via email to [email protected] or mail to the U.S. Small Business Administration Disaster Assistance Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, Texas, 76155. Thanks for any help, Gerri, you seem to know more than anyone about this including SBA Employeess. This process is expected to be 1-2 weeks. We wrote an article about paying back your PPP and EIDL loan – for PPP you’re supposed to go through your lender. Just spoke with a representative by phone (1-800-659-2955) and was told that there is no possible way to check my current status of the EIDL Emergency Advance grant. Received $40k EIDL….work is slow which is why we applied. Was I supposed to. 7 Questions About PPP and EIDL the SBA and Treasury Need to Answer ASAP. Thus, my question is: Do your words mean that it possible to pay off car or personal loan bu the EIDL funds? SBA does not provide any info and most accountants have no idea and (mine included) will not provide “concrete” answers. My question that wrong for myself have the loans for that? Griselda – The grant (advance) you don’t have to pay back is $1000 per employee to a maximum of $10,000 if you have ten employees. The SBA is estimating it will take between eight and 21 days to process the loan application, depending on the complexity of the business and the number of applications received. Startups and very new businesses can apply for EIDLs. I got behind on credit cards due to construction delays and tropical storm, slow winter months and then COVID-19. A recent email from the SBA indicates the advance/grant will be allocated at $1000 per employee, but the EIDL loan amount for which you are eligible may be more than that. Can I apply for the difference? The Paycheck Protection Programprovides $350 billion for 100% federally-guaranteed loans for 8 weeks of assistance to small businesses and 501(c)(3) nonprofits with less than 500 employees. As I mentioned to Samantha, I can think of three possible scenarios here: 1. Interest at 3.75% APR will continue to accrue during the deferral period, but no payment will be due for 12 months. I was approved for EIDL but haven’t been funded yet. This number indicates that funds are reserved for your loan. Lamont – it’s hard to say. But have not received the $10,000 advance as of yet. Thank you! To pay IRS taxes for the year? Gil – The DBA isn’t an issue as far as I know. When you stay contact the lender, my bank says they have no one At the branch to handle my question. Are you using your EIDL funds for payroll? Is there a time limit to use the EIDL Advance? Have not paid any state or payroll taxes since they can be deferred and have not paid any long term debt ( credit cards). Am I expected to to sit and monitor the sba portal and pray to God that my timing is perfect? Forgot your password? Hello so under the “How Do I Get the $10,000 Grant?” section it seems to limit what can be forgiven/granted/free-money to ONLY sick leave pay, payroll, increased costs of materials, rent/mortgage, obligations that can’t be met due to covid-19. are encouraged to seek or use them. Why are they putting us through this? do we just not sign the documents and let the two months run out? A case manager will be assigned to help you meet all loan conditions. Let us know if you can. I was approved for a EIDL loan of $103000. Businesses in Chapter 11 bankruptcy may or may not be eligible; it may still be worthwhile to apply. I only got $1000 loan approval and no grant for my 3 employees….Not sure what to do. 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? Hello, I already have a SBA EIDL loan. Check your bank account regularly. According to the SBA, “economic injury” is defined as: [A] change in the financial condition of a small business concern, small agricultural cooperative, small aquaculture enterprise, or PNP of any size (excluding religious organizations) attributable to the effect of a specific disaster, resulting in the inability of the concern to meet its obligations as they mature, or to pay ordinary and necessary operating expenses. High or low debt utilization. We were about to hire 8 individuals and start shipments of product that was just received from our manufacturer 2 weeks prior to the shutdown. When Will I Have to Start Making Payments? We are the sole employees and work the business out of our home. It sounds like you were approved for a loan which does have to be repaid. Check your spam folder frequently as well. If you have documents that can help the loan officer and there isn't the option to upload them (Profit Loss Statements, Balance Sheets, Projections, Business Plans, canceled contracts, etc. Another week passed after I accepted and I was then notified that my application was denied due to my credit being low. Am I allowded to PAY OFF IN FULL these outstanding PayPal debts Using the EIDL to avoid accumulating interest on them? They are negotiating additional funding for this program. It’s worth a try. ... We expect hundred of thousands of business to apply on FederalDisasterLoan.com. Brandy – unless one of you does not have acceptable credit I see no reason why it would be a problem. You provide the bank account information when you apply so that’s where funds will be deposited. Seems Like The SBA is Taking Advantage Of A Plague To Make Profit. But as for how to apply with no 2019 revenues you’ll need to check with the Disaster Assistance hotline or your Small Business Development Center to find out for sure. I own and operate a children’s Karate school as a DBA business. If you included truthful information in your application and they approved you for that amount and then I see no reason why you should be concerned just because you are self employed. I received a very low SBA Loan approval amount and no advance, How can I request an increase? I just don’t know how thoroughly they are vetting that. But ultimately you’ll need to ask your state unemployment office. Would this disqualify me from applying for the 10K EIDL Loan? I received from the sba an email approval for the eidl loan at 3.75% interest. Am I Eligible If I Already Have a Disaster Loan from a Previous Disaster? I’m sorry Sally – I wish there was more transparency into the program. If you applied previously and your application number started with a “2” you may want to apply again. An SBA loan officer will determine your eligibility during the processing of your complete application and review of the documents you provide. Credit: Cue378 an avid supporter of small businesses. Thanks for you help! Have you read this article? Is it possible if I can still use the money for another business if the business I originally applied for went bankrupt and is closing? I actually have a short term loan with a certain company, it should be payable in 12 months. What we’ve heard from others is that most do not hear from the SBA about the loan right away. All EIDLs will automatically include a 12 months loan payment deferral for the first payment on … None of this grant vs. loan stuff was very clear, I hope I’m not losing out on the grant. Next, PPP funds come through and are deposited, let’s assume $10,000. The Economic Injury Disaster Loan includes an emergency grant of up to $10,000 to be made within three days of application. Does the “economic injury” need to be proportionate to the amount approved? The SBA will determine the loan amount for which you qualify based on the information on your application. I have not spent it and don’t want it anymore. I don’t want to break the strict terms and conditions. Fill out the Application Form in Full. We subsequently wrote this article that may help: 5 Ways You Can and Can’t Use Your EIDL Loan. A person applies for the cash advance the first week it was available. Donna, I’ve written another article that I think will be helpful: 5 Reasons You May Want to Reconsider An EIDL Loan. So I decide to try an get thru to SBA Disaster Assistance customer service center (1-800-659-2955) My score is now in mid 500s back in October was 740. I’ve contacted both banks and nothing was received. Our whole government is corrupt and they feed off us. as a courtesy guide. Hello, Receiving the Advance does not mean your loan application has been fully processed or approved. Use the SBA local assistance locator to find help in your area. Now, my question is, if I sign the loan documents, would I receive an extra $1500 or just $500? I’ve paid all of my bills up to this point but I don’t know what the rest of the year will bring. PPP is an exception there.). What happens if I go out of business in 6 months or 3 years ( a very real scenario for me) from now and cannot pay EIDL loan back ? Michael, drowning in Texas. If I wanted to pay it back early, We’ve written about that here: How to Pay Back an EIDL or PPP Loan. In addition you should be prepared to provide: If you are requesting a disaster loan due to COVID-19 you will not be requesting a loan for physical damage. Get Assistance In Obtaining Your Small Business Administration (SBA) Loan Up To $2,000,000 For Businesses Impacted By The Coronavirus. (It’s already received 97,000 applications.) Both said it would be the the same as if I paid it off over 30 years. They can help you for free. Credit expert Gerri Detweiler is Education Director for Nav. No the loan is not forgivable. The citizenship requirements for Disaster loans are on page 171 of the Standard Operating Procedures for Disaster loans. The loans are not intended to replace lost sales or profits or for expansion. Hello, My question wasnt answered. What If I Shut Down And Don’t Know When I Will Reopen? The SBA is already being flooded with questions and subsequently will be flooded with loan applications. You do not have to accept the loan. Does everyone get the grant? Does this mean I don’t get the advance as well? Look at Question #4. then you can call the Disaster Assistance hotline. I did not realize at the time that the over amount was incorrect. Please let me know. Was told approval was waiting on 2nd stage and keep waiting. If a business loan is received from SBA and the business ownership is amended and transferred to my partner in the future due to unforeseen circumstances, will the business loan transfer to the sole owner? You don’t turn in documentation automatically but you do want to keep track of how you spend EIDL in case the SBA wants to review it in the future. We are a small not profit, but understand we have enough money to keep us through the Pandemic. . Or can I add my other bank account? Do I Apply Again? The remaining funds, if any, of your loan offer will be disbursed once all collateral is appropriately secured if any is required. As of yet both or just EIDL?? your application is being processed sba disaster loan??????????! 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