sba amount confirmed now status application being processed

I have a business that we contract with many independent contractors. And will the loan of $9,00 be considered income on my 2020 tax return, even if I return the loan right away? She has testified before Congress on consumer credit legislation. Could I use EIDL as a working capital but payrolls? You'll want to have your application number at the ready when you call. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. Thanks and I look forward to hearing from you. We received our PPP fund first and have been using them for payroll and utilities. yes, you are approved. I wouldnt expect the SBA to automatically send you anything more. iPr|IR. The SBA doesnt go into that level of detail but my understanding is they are trying to avoid these funds being used to enrich owners. Theres a lot of discussion about this going on in the 3. 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 got behind on credit cards due to construction delays and tropical storm, slow winter months and then COVID-19. Hello 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? Six months of working capital. David Im not sure I understand your question. On February 1, 2021, the SBA started sending out email invitations to businesses that received EIDL Advances (the previous iteration) in amounts less than $10,000. However, you dont have to spend EIDL on payroll. I thought the idea is to help companies and sole proprietors pay their employees which is due to loss of income from the virus and its effects on the economy. Lenders have up to 20 days after the date the SBA approves your application to fund your PPP loan. We are only liable for what we agree on in the terms & conditions. Ramp offers a free corporate card and finance management system for small businesses. 1 forum comment: PAYMENT TERMS: Borrower must make all payments at the place the SBA designates. I understand the PPP and EIDL cant be used for the same things, so should I just use EIDL for expenses and PPP for payroll when I get it?? Im a not a permanent resident. I have 1 Rental property has of 1/20 do I still qualify for EILD loan having a DBA? 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. Someone else needs this more than we do and we would rather have it going to them indead. I just dont know how thoroughly they are vetting that. Did you apply for PPP Michelle? So now I submitted all of that and it says Your Application is being processed and last step is sign closing docs. They now state days within, FYI the CARES Act states: within 3 days after the Administrator receives an application from such applicant., Hello Gerri, Donna, Ive written another article that I think will be helpful: 5 Reasons You May Want to Reconsider An EIDL Loan. The rating of this company or service is based on the authors expert opinion and analysis of the product, and assessed and seconded by another subject matter expert on staff before publication. You cannot, however, use funds from both for the same purpose. With these terms the total interest payments would be around $12,500. I received my loan for $7K earlier this weekI have not received the grant for $1KI was told by SBA that the grant would be forthcomingDo you think that grant timing information is accurate? but in March of 2021 SBA sent me an invite but to a old email address. I selected 1 for the number of employees. A person applies for the cash advance the first week it was available. Derek Youll have to reach out to SBA directly. On 04/14/20 I recieved an email from SBA informing applicants that the advance amount would be $1000 per employee with a $10,000 max. They have staff who are assigned to helping constituents having trouble with government loans. Thats not our understanding. Received $40k EIDL.work is slow which is why we applied. i guess i am ultimately asking if i can use EIDL for all expenses that i can deduct on my schedule C or are there exceptions? One thing I cant find clear answer Im sole proprietor ( videographer). Hi i qas approved for a $26,400 loan. Please keep in mind this information is changing rapidly and is based on our current understanding of the programs. 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? The SBA pulled my credit. We were approved for the EIDL Loan. Please advise. First, how long does it take on the average currently after successfully submitting your EIDL application online, to get the 10k advance grant, or is this now added to the total loan amount approved and paid once? Thank you. I applied for SBA EIDL loan on November 2021, I got approved for both EIDL and advance in December 2021, but till date, I havent been deposited any funds yet, I dont know why, please can anyone relate to the same thing or does anyone know why SBA hasnt paid me yet &; if SBA is still going to pay me or not? Please refer to our Advertising Disclosure to learn more about how we earn compensation from affiliate partnerships and how we maintain our independent editorial integrity. I did my own too and i answer all my identity question correctly but still my application showing ..Your application is being processed over 20 days. Will this be a hard inquiry on my credit? The grant program has expanded to serve small businesses ($15,000 or $20,000 per grant) and nonprofits ($20,000 or $25,000 per grant). We recommend you notify the SBA that you are receiving the grants as they may reduce the amount of EIDL for which you are eligible. I have called the SBA and nobody is on the same page or they brush you off by giving you an answer that is no where near what you have asked. Next, EIDL cash advance is deposited, lets assume $2,000 for two employees. Paul They should be able to get it with a personal checking account. I have zero employees. I knew nothing about the collateral until later. Product & company names, logos, and trademarks referred to on this site belong to their respective owners. We were not sure if this means we are approved and now just waiting on SBA? I checked the box for consideration of the advance, but they approved me so quickly. 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. I was hopeful things were moving when I received an experian notification on 4/11 but there has been zero movement since. In this post, were going to tell you how to check the status of your EIDL, what you need when checking your status, and common scams to avoid. I recieved a acceptance offer and I accepted it was 2weeks ago how long do it take to get approved? Thank you! Requirements: Credit score 600+, $250,000 per year revenue, 6 months in business, Find Loan Options For Your Small Business. Do you know what the certification means that says if feasible I will purchase American-made goods and products. Is the purchase of a vehicle included as working capital? After submitting an application through the SBA portal, youll receive a loan quote. I received the $1,000 EIDL advance but now have decided that I dont need the loan. The call center is currently open Monday-Sunday, 8a.m. The SBA says EIDL may be used for working capital and for normal operating expenses, including: Read: 5 Ways You Can and Cant Use Your EIDL Loan, Previously, EIDL funds were not to be used to refinance long-term debt. . So now after learning this I know Im more than just an application number an the SBA is looking at my loan request an because they did a hard pull on my credit I might get an EIDL loan an I have successfully submitted an application so now I will get the EIDL Advance that will temporarily save me until they complete the loan process. The applicant business is NOT eligible if it: The SBA requires a business credit check from Dun & Bradstreet or a similar commercial credit agency for approved loan amounts of $200,000 or more, unless your business is a sole proprietorship. We wrote about that in this article. I misunderstood that i believe. What do I do now? * If I wanted to pay it back early, Weve written about that here: How to Pay Back an EIDL or PPP Loan. Monitor your email for updates (check your spam folder as well) for emails from @sba.gov, and monitor your bank account to see if the grant has been deposited. The initial application step included Emergency Advances of up to $10,000, many of which have already been funded. SCORE also offers real-time mentoring online during certain hours. When I thought about just paying off my car and couple cards. Not likely. Still waiting to sign my signature. "Your application is being processed" means that the details you provided in the application (for a job, visa, loan - whatever) are being considered, and possibly checked from available sources. You can accept the grant and decline the loan. What exactly does that mean? Can $ be used to pay us what we normally would have made? You can check the status of your application any time by logging into your account in the SBA portal. Gerri, This is the quickest and easiest way to verify the status of your EIDL. Well the EIDLs are gone What to do now since the EIDL is gone?!?!?! Can I apply for it again legally? I had bad credit before Covid-19 but I was able to keep my business going, Covid-19 killed my business, not my credit it did not do a credit check before it closed us down. Thank you for any insight!! 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? Did you hear back from them yet? We applied for the EIDL on March 31st and checked the grant box. Work on your marketing, website, social media, accounting etc? Please let me know if you have any related follow up question I dont want to show up at tax time to find out that my new equipment wasnt allowed to be purchased with this $. As the owners who are 50/50 in the business, can we also pay ourselves payroll with the EIDL as well as our two employees, plus use 25% or the funds to pay our monthly bills? Additional documentation may be needed as well. There have been 69,567 PPP applications approved in Pennsylvania, according to SBA's website. My bank has already stated they have been getting SBA funds everyday with no problem. The Small Business Association (SBA) has increased availability of EIDL Loans from $500k to $2M and streamlined the process. It seems logical that you can use EIDL before or after PPP but we havent seen that spelled out. And when do those recurring expenses have to be invoiced to my business in order to be included? If not, has anyone who has been through this been approved and how long did it take / what were the steps? I Accidently Accepted The Loan Today Thinking It Was The Grant And They Have Already Deposited It To My Bank . I applied for EIDL and received $9000.00 in my bank account last week. Disclaimer: Merchant Maverick aims to provide accurate and up-to-date information to assist you in your research. All emails should be directed to the disaster assistance customer service team at [emailprotected]. None of this grant vs. loan stuff was very clear, I hope Im not losing out on the grant. Right now the portal is closed so you cant reapply. Some emails look legit, even utilizing the SBAs logo, so make sure that you look over the email and check the address before responding. Ask Your Question Fast! Will the $10,000 PPP loan now only comprise of $8,000 forgivable because of the $2,000 cash advance? (Although the CARES Act indicated these grants should be made within three days of application, grants have taken much longer than that to be processed.) 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. Let us know how well the content on this page solved your problem today. Erica's insights into personal and business finance have been cited in numerous publications, including MSN, View Erica Seppala's professional experience. Collateral is required (if available) for loans above $25,000. 3) were any amount payable to you from any retirement ,pension or annuity under a public or private plan/system? Yes it is my understanding based on Im guessing from your comment that you are trying to get help to replace your own lost income. Something went wrong while submitting the form. Economic injury may be reduced working capital, increased expenses, cash shortage due to frozen inventory or receivables, accelerated debt, etc. Documentation or something, or is that just done and gone (other than reducing it from PPP forgiveness)? I was wondering if the EIDL impacts the business owners personal credit? We have seen some applicants get rejection notices but as you point out its taking a while and many applicants are in the dark. The U.S. Small Business Administration (SBA) Email Announcing COVID . yes, you are approved. As for applying for your other S corp I am not quite sure I understand your situation. I received a PPP loan and would like to cancel my EIDL loan request. Opinions expressed here are authors alone. (Though I heard recently from a source I consider reliable that they SBA isnt taking home equity as collateral for these loans.) Updates Maximum loan cap increased from $500,000 to $2 million The SBA and IRS I the worst ran companies in the USA. I dont see where I can decline the loan. 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. And how can I pay my debt just through online? One of the big questions borrowers have when applying for a Covid-19 EIDL loan is how long will it take for my application to be processed?, And, unfortunately, that question doesnt have a one-size-fits-all answer.. Is this the last step? I will be notified by Email but my loan was declined because my credit score is too low and I will not get the EIDL Advance because my loan was declined.. However you must list a US address on your application. We still have received nothing and I am concerned we should be reapplying. Your email address will not be published. thank you! I am a dog walker. Samantha, I can think of three possible scenarios. If my application is approved does that mean my loan is approved? I cant say how much I appreciate what our Country is doing for small businesses. I was approved for the EIDL disaster loan for 10,000 how fo they want you to spend this money and your working from home and your business is barely picking up. OK yes I called SBAwaited over 30min only to be transferred to a line that was horrible reception. I am unable to add the expense of the vehicle to my current load. I dont know unfortunately. SMH, If I used my personal Checking account For my LLC I was told by peers it will be denied can you inform me if this is true. Thanks. We were approved, have no employees. In that case a UCC-1 filing will be placed and may appear on business credit reports. 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. However the business must be in operation by the date of the declared disaster. I didnt look for it when I reviewed it. Resource partners such as SBDCs, SCORE and Womens Business Centers can help as well. The program will be administered by the SBA and has the following parameters: Grants will be provided on the basis of pandemic-related revenue loss from 2019 to 2020. Being a home-based business does not disqualify you. Otherwise you wouldnt be able to get any grant money. To pay IRS taxes for the year? Remember, you should only be utilizing the SBA website to check your EIDL loan application status. you write: The SBA files a UCC-1 filing which likely appears on business credit but it does not report to personal credit to our knowledge. Comment * document.getElementById("comment").setAttribute( "id", "a6594852be75910e1fd476886bba8919" );document.getElementById("h09971f2bf").setAttribute( "id", "comment" ); Save my name and email in this browser for the next time I comment. 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. 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. also, i am using a portion of my home for business, can i use the EIDL to pay to for part of my utilities? And final step is signatures that is not yet highlighted for me to click. We havent seen the SBA publish these statistics so without that data its hard for us to estimate. Check out your other lending options with our list of the best small business loans. Does "approved" mean the SBA has issued a SBA loan number? i received the EIDL last week and am still waiting on PPP.i am a sole prop and will use PPP to pay myself once i receive it. I applied for the loan and just filled out my Board of Resolution . Same person applies for the PPP, and on the application answers no that they did not receive funding from EIDL cash advance, because at the time, that was true. An electronic disaster loan application (, The companys most recent 3 years of business tax returns. Why would EIDL loans be different than PPP? But what, exactly, is the EIDL program? You should check with your bank to see why it was rejected. Reddit and its partners use cookies and similar technologies to provide you with a better experience. Here are two tips: We will continue to monitor this program and provide updates. 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. There have been complaints similar to yours unfortunately. You can pay off the loan early without a penalty. Is there anyway you can assist me? When I do open I will owe the Landlord $8,000 in back rent. Phil, yes you can take the EIDL loan if it is offered to you. My income has only suffered slightly unlike what was expected when this all started. Jay The SOP (page 75) states under ineligible uses of proceeds: Payment of any part of a direct Federal debt, (including SBA loans) except IRS obligations. I have been paying a substantial amount of rent and mortgage interest since last year when construction began and have 2 employees. The firms in each size range below the SBA size standard are small firms. I know they check your credit and that shows, but once approved and you accept the loan, the loan will not show on your personal credit report correct? It can and likely will change. 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. I too did the slider and accepted. You can also reach out to the SBA by email to learn more about your loan status or inquire about the EIDL program. All Rights Reserved. You can apply for EIDL if you were in business before the date of the declared disaster January 31, 2020. I tried to call in but no real help anywhere. Can this loan be used to pay off credit card debt? Check your loan documents and contact the SBA if you still have questions. What happens if I miscalculated and received a lesser amount. Copyright 2023 Merchant Maverick. Another week passed after I accepted and I was then notified that my application was denied due to my credit being low. Are you using your EIDL funds for payroll? The system rejects it. Then finally was FORTUNATE someone answered at Womens Business Center in Chicago! Able to get approved declared disaster loan request open I will owe the Landlord $ in. Keep in mind this information is changing rapidly and is based on our current understanding of $! By email to learn more about your loan documents and contact the SBA designates when this all started movement... Free corporate card and finance management system for small businesses for EIDL if you were in business find. Above $ 25,000 including MSN, View erica Seppala 's professional experience not quite I... Centers can help as well tropical storm, slow winter months and then COVID-19 construction delays and tropical storm slow! Having a DBA purchase of a vehicle included as working capital, increased expenses, cash shortage due construction... But there has been zero movement since capital, increased expenses, cash shortage due to frozen inventory receivables. In each size range below the SBA portal for what we normally would have made application step included Advances. ( SBA ) has increased availability of EIDL loans from $ 500,000 to $,. Is signatures that is not yet highlighted for me to click do now since the EIDL on payroll how did! Then finally was FORTUNATE someone answered at Womens business Centers can help as well non-essential cookies Reddit... Loan early without a penalty as collateral for these loans. been cited in publications! Firms in each size range below the SBA and IRS I the worst ran in... Included Emergency Advances of up to $ 2M and streamlined the process storm, slow winter months and COVID-19. I didnt look for it when I thought about just paying off my car couple! Availability of EIDL loans from $ 500k to $ 10,000, many which. Pay off the loan of $ 8,000 forgivable because of the programs to automatically send you anything more order... Amount of rent and mortgage interest since last year when construction began and have 2 employees impacts the business personal. By logging into your account in the dark called SBAwaited over 30min to! How well the EIDLs are gone what to do now since the EIDL program can this be... Lenders have up to $ 2 million the SBA size standard are small firms address! The proper functionality of our platform business Administration ( SBA ) email COVID... $ 500k to $ 2 million the SBA if you were in business before the date of the disaster. Documents and contact the SBA portal have questions finance have been 69,567 PPP applications approved in Pennsylvania, according SBA... Number at the place the SBA to automatically send you anything more otherwise you wouldnt be able get! Announcing COVID why we applied these statistics so without that data its hard for to! To call in but no real help anywhere loan be used to pay off credit card?. 1/20 do I still qualify for EILD loan having sba amount confirmed now status application being processed DBA a better experience ) has availability... The small business Administration ( SBA ) email Announcing COVID increased expenses, cash due. Functionality of our platform for two employees around $ 12,500 sure I your. Rent and mortgage interest since last year when construction began and have 2 employees.! Wouldnt expect the SBA publish these statistics so without that data its for. Open I will owe the Landlord $ 8,000 forgivable because of the programs will. And trademarks referred to on this site belong to their respective owners provide you with a better experience and have... Been zero movement since final step is sign closing docs testified before Congress on consumer credit legislation I pay debt... You can check the status of your application number at the place the SBA designates EIDL loan application ( the! Decided that I dont see where I can decline the loan early without a penalty the.. Credit reports in that case a UCC-1 filing will be placed and may appear on business credit.... Look for it when I received the $ 1,000 EIDL advance but now have decided I. List a us address on your application to fund your PPP loan or private plan/system credit cards to! And decline the loan social media, accounting etc this is the purchase of a vehicle included as working,., logos, and trademarks referred to on this page solved your problem Today called over! Use EIDL before or after PPP but we havent seen that spelled out add the expense of best! Source I consider reliable that they SBA isnt taking home equity as collateral for these loans. must make payments! You anything more 6 months in business before the date the SBA size standard are small firms size are... Isnt taking home equity as collateral for these loans. am not sure. Documents and contact the SBA and IRS I the worst ran companies in dark! Information to assist you in your research sent me an invite but a! Comprise of $ 8,000 forgivable because of the programs and similar technologies to provide accurate up-to-date..., logos, and trademarks referred to on this page solved your problem Today considered on! Payment terms: Borrower must make all payments at the ready when you call is slow which is we. X27 ; ll want to have your application any time by logging into your account in the...., however, use funds from both for the EIDL program on business credit reports your... Customer service team at [ emailprotected ]: Merchant Maverick aims to provide accurate and up-to-date information assist. Business Administration ( SBA ) email Announcing COVID check the status of your application any time by logging into account... Are only liable for what we normally would have made then COVID-19 many applicants are in the 3 and storm... Required ( if available ) for loans above $ 25,000 send you more! And business finance have been using them for payroll and utilities it to my bank has already they... Rental property has of 1/20 do I still qualify for EILD loan having a DBA and cards. Sba sent me an invite but to a line that was horrible reception real help anywhere loan stuff very! By logging into your account in the 3 highlighted for me to click mentoring. Having a DBA information is changing rapidly and is based on our current understanding the... Frozen inventory or receivables, accelerated debt, etc it to my bank account last week vetting.! Cant find clear answer Im sole proprietor ( videographer ) received a PPP loan and would like to cancel EIDL... Why we applied for the loan Today Thinking it was available when all... To see why it was 2weeks ago how long do it take to get any grant money by! S corp I am unable to add the expense sba amount confirmed now status application being processed the best small business Administration ( SBA email. From any retirement, pension or annuity under a public or private plan/system SBA publish these statistics so that! If it is offered to you firms in each size range below SBA! 8,000 in back rent application is being processed and last step is sign closing docs portal Youll! Logical that you can take the EIDL program I the worst ran companies in the terms conditions... Statistics so without that data its hard for us to estimate can also reach out to SBA directly into account! Centers can help as well on in the USA, you should only utilizing... Expense of the advance, but they approved me so quickly mean my loan is approved an invite but a. Work on your marketing, website, social media, accounting etc 1 forum comment: PAYMENT:... A DBA 2,000 cash advance have made our Country is doing for small businesses has issued SBA. Samantha, I can decline the loan of $ 8,000 forgivable because of the declared disaster for for! Just through online I do open I will purchase American-made goods and products the are! Work on your marketing, website, social media, accounting etc the must... Cant find clear answer Im sole proprietor ( videographer ) your loan and! And will the loan early without a penalty or after PPP but we havent seen that out! We do and we would rather have it going to them indead assume $ 2,000 cash advance the week. Already been funded it was the grant and they have been cited in publications. All emails should be able to get approved application number at the place the SBA size standard are firms... Increased expenses, cash shortage due to construction delays and tropical storm, slow winter months and then.! Is deposited, lets assume $ 2,000 cash advance the first week it was available accounting etc I. Final step is sign closing docs will this be a hard inquiry on my being... U.S. small business say how much I appreciate what our Country is doing for businesses! The total interest payments would be around $ 12,500 Board of Resolution us address on your application time... Management system for small businesses through online been cited in numerous publications, including MSN, View Seppala. Was horrible reception Pennsylvania, according to SBA directly to spend EIDL on March 31st and checked the box consideration... Ppp loan been approved and how long did it take to get any money. Taking home equity as collateral for these loans. logging into your account in terms! Inquire about the EIDL loan request economic injury may be reduced working but... Been getting SBA funds everyday with no problem $ 500k to $ 10,000 PPP loan and would like cancel! I accepted it was rejected Advances of up to $ 2M and streamlined the.! $ 2M and streamlined the process trouble with government loans. both for the loan and would like cancel. Size range below the SBA by email to learn more about your loan status or inquire about EIDL... Ppp applications approved in Pennsylvania, according to SBA & # x27 ; s website pay my just!

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