The inability to access the promised funds quickly — or in many cases even receive confirmation that their application is being processed — has led to a mixture of panic, anger and fear. In short, the application is assigned a loan officer for review. Next it asked me to verify my identity, which I verified. Subscribe to LALATE on YouTube. You can also find out the status of your EIDL application by phone. Press question mark to learn the rest of the keyboard shortcuts. 2019 business and personal taxes already filed. There are four steps in the COVID-19 EIDL application process: requently Asked Questions F ... 2. SBA seems to be progressing in processing the numerous Economic Injury Disaster Loans (EIDLs) that were applied for at the commencement of the COVID pandemic. With the second round of stimulus, additional funding was added to the EIDL grant program. The EIDL is not subject to the “credit elsewhere test”. Press question mark to learn the rest of the keyboard shortcuts. I called & asked what happened to my advance, when should I receive, how long does approval take? Thanks for the encouragement! ), I received a $5,000 ‘advance’ in my bank on 4/12. Next it asked me to verify my identity, which I verified. My LO might just work a few hours a day on this. Hope they have funds available! The allegations claimed that upon receipt from banks of applications the process was coming to a standstill because the computers that operate the myriad of networks between SBA, Treasury and the Fed were technically getting bogged down and unable to process the amount of computer applications. I applied March 31. Credit pulled April 19th. My app number was #20001#####. EIDL loans are processed directly through the SBA, although the SBA may determine to enlist the assistance of lenders for the processing and making of loans (application process available through the SBA website). This money, originally promised within 3 days of application, has yet to appear in anyone’s accounts. You can apply for … The other was for us to log in to electronically sign closing documents. The SBA's goal is to decide on your application within three weeks. Your EIDL advance no longer affects your PPP loan forgiveness amount. Under the statute, your lender has 60 days from the time you submit your application to approve it and send it to the SBA. Your application has been submitted, but not authorized for processing. The SBA has been completely silent about this program since Monday 3/30/2020 when they released a new application and promised $10k advances to anyone who applied. As of this morning my profile showed approved and I have submitted my electronic docs for Funding. (See screenshot here https://imgur.com/a/Iq7dZ9z ). 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. Prayed and gave a lot of charity so I know Gd is watching out. SBA is now communicating via email to applicants the next step of the EIDL process. An EIDL is a loan of up to $2 million (though the New York Times reported that the SBA is unofficially capping the amount at $150,000 due to the high volume of applications it has received). Credit: Cue378 an avid supporter of small businesses. I am having trouble finding a lender to accept my PPP Any additional applications will be marked “duplicate” and will not be processed. Great information. How long after you signed documents does it take for your funds to be available? Thanks! Remember that once you accept the offer the "processing" can take a long time. Remember that once you accept the offer the "processing" can take a long time. They stated that every loan has to get approval from 2 different loan officers. Check with SBA disaster customer service if you have a question about the status of your loan.. EIDL Advance FAQ; Paycheck Protection Program FAQ; COVID-19 FAQ; What is an Economic Injury Disaster Loan? on the 18th. Applicants previously could accept an “advance” of … Facing a shortage of funds and an unprecedented crush of applications, the SBA has closed its application portal to most businesses and is limiting the size of loans it offers to small businesses. How long does this take and what actually goes into processing? What is the targeted EIDL advance? The maximum EIDL loan amount is $2 million, and the deadline to apply for these loans is December 31, 2020. Yours might be putting in 80 hours a week, staying up late and plowing through as many as they can on weekends. A. Woke up to two emails. Sole-proprietors, independent contractors, and other self-employed individuals are also eligible for these loan… You must speak with tier 2, anything other than that it’s not gonna help you at all. Originally, SBA guidelines said that borrowers had to deduct any EIDL advance amount they received from their overall loan forgiveness amount. This status is as of . My business is an S-Corp. 5x employees. 5/25 - Confirmed all in portal and status at "your application is being processed" 6/2 - Called SBA and spoke to tier 2. The grant, now called the “targeted EIDL advance”, is available only to small businesses located in low-income communities. The report has not been confirmed by Washington. Hope the call helps. I would call and ask for their 2 at least 3 times in a row and then Stitch together the details of your case, New comments cannot be posted and votes cannot be cast, More posts from the smallbusiness community, Questions and answers about starting, owning, and growing a small business, Press J to jump to the feed. The application consists of a screening page, a business information page, a business owner page, a page for additional information, and a summary. It's the 20th with still nothing? After creating an account it asked me to confirm I was ok with the amount of $427,600, which I did. These are the steps the SBA is taking during the EIDL loan underwriting phase which happens as your EIDL loan application says ‘processing’: Approval by Loan Officer Stage : a Tier 2 representative will be able to see that whether the loan Mine took 3 hours from accepting to when i got approval and closing loan documents yesterday, I didnt accept the full amount tho...just 25k so Idk if that made it approve faster or not, New comments cannot be posted and votes cannot be cast. I gave more than a third of my income to charity last year. Does this mean we are approved or are there more steps? Never received an advance. Got my papers to sign today. Then it took me to a page saying your application is being processed. Was told approval was waiting on 2nd stage and keep waiting. May 12, 2020. I just need to know if it were received and filled out with all the information needed to move forward. EIDL Application. The first level review is complete and is being reviewed by a second set of eyes. Your application is under final review. I received an email to create an account. Fingers crossed. I think you are going to get it! (As of August 15th, more than $184 billion has been approved for loans.) … Meanwhile, about 4 million businesses have … Your application must be authorized within 10 days, or it will be withdrawn. The SBA underwriter will analyze the financial information submitted and calculate an amount for which the applicant may qualify. 06/12 to 11/2 - Was in reconsideration from this time period. COVID-19 EIDLs are designed to provide economic relief if your business is currently experiencing a loss of revenue due to the pandemic. link from the page. An SBA attorney has asked us for 3 items which I have sent over. The $350 billion in PPP money ran out just days after the Small Business Administration application process opened. Ours says "your application is being processed". I am an patient person. After creating an account it asked me to confirm I was ok with the amount of $427,600, which I did. It is currently based on $1,000 per employee. Although the CARES Act indicated these grants should be made within three days of application, initial grants have taken more than a couple of weeks to be processed. We applied for EIDL the first day applications were accepted. Otherwise, complete ... be a balance due if they accepted the full amount of the EIDL loan. No answer from SBA as to why they are getting denial emails after being approved but the guess is the SBA is looking at spreading the initial approved loan amounts around to be able to help more applicants. Any idea what the ‘processing’ looks like? The SBA You can apply online directly through the SBA’s website. There have been 69,567 PPP applications approved in Pennsylvania, according to SBA’s website. Coronavirus' crushing impact on … I opted for less than half of what I was offered in the account page. Here we can discuss EIDL loans, advances, and all things related to the 2020 CARES ACT. 6/4 - 10 days since portal invite. Mines has been stuck on processing for like 7 days. With a maturity of up to 30 years, EIDLs are designed to help carry businesses through tough times caused by a disaster, such as the COVID-19 pandemic. 06/12 - Got an update on my loan application, went through the reconsideration process. Status has been "Your Application is being processed" since. In short, the application is assigned a loan officer for review. But a new law enacted as of December 27, 2020 states that EIDL is no longer deducted from a borrower's forgiveness amount. The inability to access the promised funds quickly — or in many cases even receive confirmation that their application is being processed — has led to a mixture of panic, anger and fear. No answers were given, they told me I had to use the "Need Help? They just started seeing the emails after the funding was confirmed to have run out and the EIDL loan application not accessible anymore. No answer from SBA as to why they are getting denial emails after being approved but the guess is the SBA is looking at spreading the initial approved loan amounts around to be able to help more applicants. Just replying for an update although I know that there are others being processed ahead of me. Signed up with the EIDL portal this Monday, was in processing until this morning. If you haven’t applied yet, you’ll need to submit your applications directly to the SBA. So now I submitted all of that and it says “Your Application is being processed” and last step is sign closing docs. I don't know if this is a good sign or if I may still be rejected. I gave the very nice lady my name, business type, state and county the business is in and my application number (first time they’ve asked for that info) she then said that my application was submitted successfully and that I should wait for an email from a .gov address with the next steps. “If a person applied for the EIDL through the web portal before it shut down and if they got to the screen that gave you an application number that begins with the number three, then their application has been received,” Hunt said. The overriding explanation is the EIDL is not being processed in a systematic order, the same, for everyone in every part of the nation. An SBA loan officer will determine your eligibility during the processing of your complete application and review of the documents you provide. Did you get approval yet? That will keep me in good stead. Nobody we know has received a $10k advance from the EIDL application. Third, yesterday LALATE reported that EIDL payments are being processed currently in a first-come-first-serve manner. However, at least 81% ownership needs to be accounted for on the application. Still haven’t talked to a banker, etc. EIDL applications are processed on a first-come, first-served basis. Next Steps for Approved EIDL Applicants. Boy that would be nice. A loan officer will contact you to discuss the loan amount recommendation and your next steps. If you read something online for one person do not expect your application will be handled the same way. I've sent notes to this link each day with no response. EIDL loans are limited to a maximum amount of $2 million, carry an interest rate of 3.75% and have a maximum term of 30 years. Economic Injury Disaster Loans From what I’ve seen, you look pretty good. applications will continue to be processed on a first-come, first-served basis. $2.5mm in gross sales last year. I applied for an EIDL loan. lol. Any suggestions or ideas on whats happening? Was invited to create an account and did on May 18th. A new $484 billion spending plan that was approved this week includes $310 billion for the PPP and another $60 billion for EIDL, among other things. Thanks Mendelr! Notice: The deadline for Economic Injury Disaster Loan (EIDL) applications has been extended through Dec. 31. Depending on how much information you have ready, the EIDL application shouldn’t take you more than an hour or so. I will try to call and ask for Tier 2 tomorrow morning. You may lower the amount you want your loan to be , with the maximum being the loan amount … NOTE: If you see an amount in your EIDL loan portal it does not mean your loan offer is approved it simply means that you qualified for that amount if you pass underwriting phase. Yes, you can submit one application per eligible business. The Economic Injury Disaster Loan includes an emergency grant of up to $10,000 to be made within three days of application. Check your account, mine moved on to approved! NOTE: If you see an amount in your EIDL loan portal it does not mean your loan offer is approved it simply means that you qualified for that amount if you pass underwriting phase. I have been in "processing" since Tuesday, but a rep on the phone said I have already been approved and it should switch over to reflect that on the portal soon. 05/28 - Submitted multiple applications on the EIDL website, those applications were denied due to multiple applications. Then it took me to a page saying your application is being processed. Loan forgiveness applications are just starting to be processed, so we are unsure how long the process will actually take. This includes establishing a loan amount and the collecting of additional information needed to process the disaster loans over and above any previously issued Emergency Advances. Below is a refresher on the program that many small businesses applied for. Confusion and glitches, anger and resignation over EIDL relief and the SBA loans This process is expected to be 1-2 weeks. I got to the "your application is being processed" status late Wednesday afternoon. (Probably not the full $10k because I only have 5x employees), This morning (April 14th) I received an email to create an account. Call 1-800-659-2955 (the SBA Disaster Assistance customer service center) and ask for Tier 2. One was an acceptance notice. 13. Worry is mounting that a passport application backlog could hamper plans for holidaymakers hoping to travel later into 2021. To authorize the application, the highest ranking official identified in your application must open the "SBA-Notice from the U.S. Small Business Administration" email, review and authorize the Staff in the passport offices in Dublin and Cork have been reassigned to other areas of the Department of Foreign Affairs (DFA) as processing passport applications has halted on December 24, 2020, at the start of Level 5. My application number is: xxxxxxxxxx. I'll update with my results when I find out. I have heard of people who were manually pushed along by a teir 2 representative, how to get number ofr teir 2 representative. Also, you may be eligible for other aid programs. Thanks for all your support. Did you get a call or email? A human is reviewing it, and they're all going to be different. I then re-applied using the ‘streamlined’ version around March 30th and I believe my app number for that was #330080####, My credit was pulled on Apr 9 by “US SM BUS ADMIN ODA”. You can use this method if you submitted your application online or by mail. I'm in the same spot. EIDL loan applications will still be processed even though the Advance is no longer available. At this point it's not automated. I immediately compelted the page and it still states that my application is being processed as of today, May 20. So I called the number yesterday to find out that I was awaiting approval on the second stage. Can I submit multiple COVID-19 EIDL applications? Confusion and glitches, anger and resignation over EIDL relief and the SBA loans I haven't heard back yet. The initial application step included Emergency Advances of up to $10,000, many of which have already been funded. Send a request now." I'm trying to figure out what is happening with my App. I am going to try the number and let you guys know what happens. Literally just got off the phone with SBA. I applied on March 21 using the ‘old’ application portal. We were told multiple times over the next few days that the application processed had been revised and we … A few questions we can answer on the forms: There is no loan amount field for the applicant to complete on the loan application (Form 5). (I assume it was for the EIDL) (My Dun&Brad was also pulled on 3/22, but I’m not sure if the SBA did that. I got the link to the portal on 4/13 and “accepted the amount” with the slider and confirmed my bank info. Economic Injury Disaster Loans Hunt said a recurring issue by many applicants is not knowing their status. 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. These reps can answer questions about the application process and your EIDL loan status. They just started seeing the emails after the funding was confirmed to have run out and the EIDL loan application not accessible anymore. Some applicants have been told that their EIDL has been approved and will be funded in mid-April. You begin by submitting the application through your specific lender. Will they need more documentation? I applied in early April (don't have exact date right here), received the advance April 21, and received the email to create the account on May 17. I assume it means that amount is what you'll get once they process the application. I have multiple businesses. Just make sure you're checking any emails associated with your application so if they have a question you can answer it right away. Verified ID etc. Stay safe. I made multiple errors throughout the reconsideration process. Curios to know what the Reddit world thinks my odds are? Hopefully it's only a few days. 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