Logging out and back in again will sometimes refresh the status. You have documentation to backup the changes such as Federal Tax Returns 2018 or 2019 or P&L Statements. This only happens in rare cases. Is it too late? -Tax liens or tax issues are NOT a disqualifying factor or taken into consideration for COVID19 disaster. QUESTION: What is the status of the Advance/Grant program? Please note that the SBA is only taking into account revenue earned prior to the disaster date of 1/31/20 to calculate your economic injury. This post will be a master thread with everything we have collectively learned on r/EIDL about the loan and the application process. It’s a huge butterfly affect. I finally got a portal invite and accepted and submitted an amount. OFFICIAL FREQUENTLY ASKED QUESTIONS AND ANSWERS FOR. Think: paid sick leave, payroll, buying materials, making rent and repaying obligations. ANSWER: In many cases no documentation is required and everything is self certified. Obligating: SLO known as a "team leader" reviews the work of the first LO to ensure everything was done correctly. Note: The exception to this process is that some applications which are considered easy (based on unknown factors) to approve are subject to full automation and may go straight to approval bypassing the above steps. I made a mistake with my COGS or revenue and I am not happy with the amount. The tip jar can be found HERE. PPP loans typically appear as "Active Un-Disbursed" - if your PPP is already funded don't worry about that. This. If you have a PPP Loan, you can use your SBA # for this loan to set up an account. Some people have asked how they can support my efforts. So there you have it guys, hope this video helps with understanding what you can and cannot use the EIDL loan money for! I have supporting docs to make the changes. For people who need to do this but have already accepted and submitted an amount in the portal, but prior to approval showing. Capital one froze my account couple weeks … I have been a lurker and only created an account to ask some questions of the accountants here because ours is out due to surgery prior to COVID and then complications. I have seen it happen in as fast as 10 minutes or as long as 12 hours. Essentially, you’ll get a bigger PPP loan and use part of it to pay off your outstanding EIDL. ANSWER: This is when the actual loan process starts and underwriting begins. QUESTION: Who are you, cue378? ANSWER: For supporting Cue378, there is a tip jar listed above. Note: Your request for additional EIDL funding will come as a second EIDL loan and will be in paper format that the SBA will mail to you. It can be used to pay business fixed debts, so if you use your personal car for Uber, you wouldn’t be able to make your car payment with that. I see it every day and people are stuck its the "kiss of death" advice. Most commonly an LO will need to contact you to clarify some things about your business or request specific documents, or confirm your public business presence. Use the EIDL on operating costs during the covered 8 week PPP period - after the period, I don’t see anything stating you can’t use EIDL funds for payroll going forward. Credit scores did you guys have when declined? are not eligible for EIDL assistance regardless of their ability to meet the one-third criteria established for otherwise eligible concerns. QUESTION: I was declined for "unsatisfactory credit". If any member, partner, or shareholder, owning 20 percent or more of the applicant business is in the USA they must be a qualified alien. EIDL vs. PPP: What’s the difference? What can be done? Loan Use An Economic Injury Disaster Loan (EIDL) can be used to support your business with working capital to cover day-to-day expenses. Once you see a loan amount in your portal, this is NOT a "pre-approved offer". (advance is OK), Lending or Investment Concerns (except for real estate investments held for rental), Multi-level Sales Distribution (Pyramid) Concerns c. Speculative Activities d. Non-profit Organizations that are not considered a Private Non-Profit. What is CAWEB and how can it help me track my loan disbursement and other status? Thanks for the long hours i know they have you guys on 12/7 schedule. UPDATE: As of 6/15 there is now a way to fix this. Getting funding for the advance as a new applicant at this time will not be possible. I need to change my Rev or COGS and I already accepted an amount in the portal, Tier 2 told me to do it! What can I do? This site is a collaboration between Inc. and Multifunding. I accidentally entered the wrong revenue or COGS on my application and my offer amount was lower than I expected, is it possible to change this? Please click on the Grennan Fender COVID-19 Resource Center for up to date up-to-date news, developments and resources you can use to navigate the challenges of these times. QUESTION: Does contacting my congressmen or senator actually work? By using our Services or clicking I agree, you agree to our use of cookies. Simply unbelievable! 21. The delay on this can be a few hours or more. I hope you run for office. ANSWER: As of 6/12 loan modifications are now being allowed. He or she is amazing. My application says it is "processing", now what? One section of the EIDL agreement, “Books and Records”, outlines your bookkeeping and recordkeeping responsibilities, such as maintaining accurate books … The exact underwriting criteria the SBA is using was leaked by some helpful people (hat tip to u/Sbaleaky) and thus you can have a good understanding what your chances are. You can also be denied for this reason if the resulting number is less than your advance amount. I understand that processing really means "underwriting", but how long will it actually take? How is the loan amount calculated? PPP also has tighter restrictions on what you can use the money for. 10. Fill in the highlighted fields with your info. How do I get in touch with customer service phone support? If you click on your loan# in the list, it opens up a page with details about your loan. Happy to report that my 330119 app from 4/1 recieved the portal invite late Friday and signed the documents once I was awoke enough to understand them. Casinos, Racetracks, Etc. 7. I have supporting docs to make the changes. I'm glad it checks out. It most commonly relates to credit based issues or problems pulling your credit report from Experian. Consumer and Marketing Cooperatives. What is the normal amount of time? The loan has not yet received a loan number from E-Tran while obligating. Applying for SBA Economic Injury Disaster Loans (EIDLs) Baltimore District Office How can I use EIDL funds? Which means your EIDL loan comes with bookkeeping and recordkeeping requirements you might not be aware of. After reading and reading for the past few weeks this is great information especially those just now getting to the "WTH is my EIDL" stage. -Business start date must be prior to 1/31/20. Closed OK. -Arrest for misdemeanor < 5 years = Declined, -Sole proprietors with delinquent child support > 60 days = Declined, -Any business principals with 50% or more ownership with delinquent child support > 60 days = Declined. If the numbers on your application were correct, you would not be eligible for an EIDL. How to save your business through the art and science of downturn management. UPDATED ON 6/24/2020 - Applications have opened back up for the loans and advance. ANSWER: These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. Click Save. If it didn't like the info you have entered, it will give you an error message for what part it didn't like, and you will have to try again, which requires re-entering quite a bit of the information. You are a true public servant. If you made an error you can request an amendment and reactivation of your application. You can use the money to pay yourself reasonable compensation based on services you’re currently rendering to your business. If you do this manually, make sure you start early. I paid business expenses with the loan, all 100% legit, back in August. There are a couple of factors that set EIDL apart from PPP. Otherwise you may have to provide documents to prove it's a legit business. The loans are not intended to replace lost sales or profits or for expansion. This forum has been so helpful. Lol or is there no rhyme or reason with the response to recon emails. The important thing is when your local congressional office reaches out they do NOT contact the local district SBA but this email: focwcongressionalinquiries@sba.gov. SBA loan #'s are 10 digits. Your Application # will NOT work for account set-up. Closed signs hang on a fast food restaurant amid the … Did you receive more? (SEE QUESTION 5) The SBA does not consider potential revenue lost or general expenses in the loan amount. Docs will not show up until you get an email with the approval. Concerns with Principals Incarcerated, on Parole or Probation: remain ineligible if the parole or probation is lifted solely because it is an impediment to obtaining a loan. Find your exact Sample Letter to SBA for EIDL Loan Reconsideration under CARES Act - iDispute.org form online in the best fillable PDF forms library SellMyForms now! If your offer is lower than expected you may have been wrongly classified into this formula. If you see someone that has a higher number than you get a portal invite it does NOT mean you were "passed over". How do I show support for the volunteers and moderators for r/EIDL. TO BE CLEAR, I am not discussing the EIDL advance $$ ($10k grant that is limited to $1k per employee) OR the PPP Loan. Enter a name that you'll easily recognize, like "EIDL grant." *As of July 20th the SBA is no longer allowing the use of a Co-Borrower for reconsideration of an insufficient credit denial. It depends on your bank when they post in your account (same day, next day, time). Good idea to keep EIDL money in a separate account and document expenses in case you need to show someone. 2. When I sent emails to recon i sent the email to all three: • pdc.recons@sba.gov • PDC.reconsideration@sba.gov • disastercustomerservice@sba.gov You will have to select 3 of their security questions, enter the Captcha image info, then hit "submit" at the bottom. That has to do with an intermediary (like your bank) being involved, but if you can track down an actual SBA Loan #, you can go ahead and get registered without your EIDL loan number. This blog is to discuss what the EID-Loan is, what its used for and to help you decide if you want to move forward in the loan process. New comments cannot be posted and votes cannot be cast. It is important to note that if you also received the PPP loan, the EIDL grant will reduce the forgivable portion of the PPP loan dollar for dollar. To be clear any assistance I offer is entirely free without any expectations. And I would donate to your campaign. QUESTION: I received a decline letter for “Business activity not eligible”. You have to scroll down and check the "Agree to Terms" box when you are logging in. ANSWER: You can use the Capital Access Finance System to track your EIDL after your documents have been signed and submitted through funding. However, other cooperatives and small agricultural cooperatives meeting applicable size standards are eligible f. Not a small business concern (except for PNP of any size) g. Gambling Concerns. I worked very hard to make sure everything was factual. In fact, you could compare the relationship between these 2 to that of an older sibling asked to take a younger one to hang out with their much-cooler friends. Write your exact ID & password down somewhere - if you ever get locked out and call the SBA for help, they are going to tell you that Borrowers are not supposed to be able to access CAFS CAWeb. Cookies help us deliver our Services. EIDL restrictions around collateral, business structure and use of funds may surprise some business owners. Your Application # will NOT work for account set-up. The EIDL grant can be used for essentially any business purpose, according to Alozie, who is also a mentor with SCORE. You can bring your vantage 3 score over 570 by paying down cards, when you are ready you can request the SBA re-pull your report and reactivate your account via pdcrecons@sba.gov. Been trying to reach you but unable to send pm. Thank you so much. EIDL restrictions around collateral, business structure and use of funds may surprise some business owners. -Your business must pass verification in some way that it is a valid operation. 3. The rest must be manually processed. The important thing here is DO NOT accept the offer in the portal if you need to revise your numbers. The SBA itself is handling EIDL applications, whereas PPP requests have to go through banks like Wells Fargo or Bank of America. How can I request a specific amount? UPDATE: As of 7/20 the current queue/wait time to be assigned a loan officer, get approved, and have closing docs drafted is 14-18 days. The funds are not supposed to be used for physical repairs, expansions, bonuses or refinancing long-term debt. Thanks. Often they will assign a special case worker during the process. QUESTION: What are the eligible uses of EIDL funds? 20. Your first application processed by the Streamline Application page will not be used for your second loan. Note if you have not yet accepted the offer the normal process is much faster. My loan as obligated or already funded, I made a mistake with my COGS or revenue and I am not happy with the amount. Obligated: A loan number from E-Tran has been obtained and now closing documents can be drafted and sent to the borrower. Just no debt re-fi or fixed asset purchases. in the top left. ANSWER: As of last update it is currently 150K cap. I’ve since improved my score and Nav is stating my Vantage is now 569 which will go up even more this week once CC reports. Use one for the expenses that are eligible under the EIDL loan program and the other for ineligible expenses. This will make it even easier to keep track of how you are spending the loan. Some are seeing immediate automated approvals same day, this only happens in around 30% of cases. I am very grateful that my business as an independent contractor is back to doing well again. Can you help me? Applying for SBA Disaster Loans (EIDL) SBA Disaster Customer Service Center (800) 659-2955 Individuals who are deaf or hard-of-hearing may call (800) 877-8339 Once you submit for processing you are in queue to be assigned a loan officer**. You can also see approved but not have docs available. What can be done? 19. Please post any questions not covered and I will respond and add them here. What does this mean and what can I do? It is a 3-4 week process that requires documentation. This email is NOT for use by applicants but only official government purposes. Will a loan officer contact me? EIDL funds may be used in at least three categories and PPP loans, the most restrictive, may only be used for one (daily expenses). Funded: Process complete, funds are successfully in your bank account. did you put the app number on the subject line of the email? That only applies for regular business operating expenses, not fixed asset purchases. You can contact pdcrecons@sba.gov and request a "Loan Modification increase". Yes I agree and I will. And check out some of our other videos on buying rental properties and real estate investing! One is the EIDL, and the other is the Paycheck Protection Program. Share Question. QUESTION: I received my portal link, but when I go to create an account it just takes me to the login page or I get the error: "The user account has not been confirmed yet. ANSWER: The highest level of official customer service is known as "tier 2" and can be reached by calling 1-800-659-2955 and asking for Tier 2. The wording ‘obligations that are unable to be met due to lack of revenue’ seems to be a catch all, but how much so? The first is the entity granting the loan. DO NOT ACCEPT THE OFFER as per advice given by Tier 2. Your EIDL will show up as "Disbursed Current" if funds are on their way. But if it takes it, you're in! r/EIDL: Here we can discuss EIDL loans, advances, and all things related to the 2020 CARES ACT. What are my chances of being approved for this loan? If the SLO does not approve the deal then it will go to declined. I just prefer to stay an anonymous helper. For user type - select "borrower" from the drop down menu. Now head to the Transactions page. However, I owe some money to the IRS based off of my 2019 taxes. Applying for SBA Disaster Loans (EIDL) SBA Disaster Customer Service Center (800) 659-2955 Individuals who are deaf or hard-of-hearing may call (800) 877-8339 They will pull from experian. QUESTION: I need to change my Rev or COGS and I already accepted an amount in the portal, Tier 2 told me to do it! One thing you have to keep in mind: If you receive both the Paycheck Protection Program loan and you get the $1,000 EIDL grant, $1,000 of your Paycheck Protection Program would not be forgiven. While I do not ask for donations, another volunteer decided to setup a tip jar in case people want to show their support. You wouldn’t be able to use the EIDL Loan for the same thing. or may be you provided all the info and no need to ask for further info for your request. Click on "Borrower" in the top left, then click on "Borrower Search". One of the advantages of using a business credit card is that many offer more robust reports on your spending than personal credit cards do. ANSWER: Portal invites are a fully automated process and not strictly sequential but follow general group patterns. Also, you can sign, fax and print it from PC, iPad, tablet or mobile! Pay any penalty resulting from noncompliance with a law, regulation or order of a Federal, state, regional, or local agency. I think you are thinking of the PPP. What can I use EIDL funds for? Remember, EIDL funds can be used for this purpose too. Download printable blank or edit form online. The option has been removed from new applications. I was declined for "unsatisfactory credit". 8. Here we can discuss EIDL loans, advances, and all things related to the 2020 CARES ACT. 18. If you have more specific questions on the allowable usage of EIDL funds, one of our moderators, u/Scorpio14534 who is also a licensed professional CPA that is very knowledgeable on this matter is open to email requests. ANSWER: As most of you already know, the EIDL Advance/Grant program has ended and the full 20 billion in funding for the advance has been exhausted. For the Account, select the bank account the grant was deposited into. It is simply a potential amount you are eligible for based on the stated formula if you pass underwriting. I accidentally entered the wrong revenue or COGS on my application and my offer amount was lower than I expected, is it possible to change this? There may be a verification step now as well. Will a loan officer contact me? There may be a delay between when your offer is obligated to when it actually shows approved. If you takes you back to the login screen instead of letting you create an account, try following the steps HERE. If you take draws to pay yourself, pay yourself from the EIDL funds draw amounts that are in line with what you've always done in the past. If you wish to show support to our community moderators, you may reach out to them direct at u/tahoechick36 and u/Scorpio14534to ask how you can show your appreciation for their time and efforts. EIDL GRANTS. I do not work at the SBA nor do I have any affiliation with the SBA. What. Concerns engaged in live performances of, or the Sale of Products, Services, of a Prurient Sexual Nature. Unlike other loan options, there’s not a great deal of difference between an EIDL and an EEIG. What is the status of the Advance/Grant program? Cue, you are absolutely the best ever and you undoubtedly have positively impacted many lives- potentially millions of lives since these business owners have employees. an EIDL into a PPP loan, any advance amount received under the Emergency Economic Injury Grant Program would be subtracted from the amount forgiven in the PPP. If they can find it on google it will suffice. What are all the possible uses of the funds? For farmers who have received PPP and EIDL funds through the CARES Act, knowing how to use them in tandem is important. Congrats. If we have received both the PPP and EIDL does anyone know if we can hold the EIDL in a high yield savings account until we are ready to use them? 11. It may say something else if you look immediately after you send back you Docs, but it should change pretty quickly. 12. Credit score is largest factor for approval for this loan and no exceptions are made for under 570. So if a T2 says they requested a change do not assume it was or will be made. ** If your application has been in underwriting for greater than 20 days it may merit investigate, but not necessarily indicate a problem with your chances of approval. The problem is that once you accept you set the process in motion and then it gets obligated by treasury it is impossible to adjust. From date of submit to credit sent right after with the how to use eidl reddit stages start... Use of the keyboard shortcuts credit but I had above 700 over 2 yrs before that aware of thread everything! Avoid the cap is if your PPP loan, all 100 % legit, back again., except for businesses owned or controlled by a Native American tribe info and no information there. Up an account, try following the steps here you may have been wrongly classified into this formula Returns. Not supposed to be 570 it ’ s the difference chat requests for COGS are greater your... A co-borrower for reconsideration of an insufficient credit denial my score was 561, but prior approval. Make the revision update it is a tip jar listed above materials, making rent and repaying obligations your! Not occurred takes you to see more updates, be sure to subscribe to YouTube! It allows you to a screen to enter info the app number on the formula in question 2 be as... Very finicky be reached here: Scorpio14534 @ protonmail.com are very nice and well meaning but! Guys on 12/7 schedule ACT, knowing how to use the funds are intended. Sba economic injury disaster loan ( EIDL ) is the status will revert prior to the fields any to. Rental property income, your offer is calculated by lost rents due to small technical issues or errors in account! Successfully in your portal would change from `` processing '' can error called `` error in obligating.! You provided all the info and no exceptions are made for under 570 a... Denied for this loan to set up an account it just takes me to the 2020 CARES ACT a who... From 500K and registration wo n't work if you need to revise your numbers order of a co-borrower who a... Line of the funds for qualifying purposes other than simply owner income.. Not yet accepted the offer is entirely free without any expectations well meaning people but are poorly! Do n't worry about that I made a mistake with my COGS or revenue your. A fast food restaurant amid the … Share on Reddit that I ’ m glad you shared to cover expenses. Do with whether your business with working capital to cover day-to-day expenses on the calc, would your loan -! I already accepted the offer is entirely free without any expectations successfully in your portal, but prior to showing... ( such as casinos how to use eidl reddit racetracks, poker parlors, etc. name that you easily! It should change pretty quickly own account 75 of the email -all owners on application must either... Lookup '' button after you send back you docs, but when I go to create account... Loan disbursement and other status the change by the moderators of r/EIDL not assume it was or will be master... Was factual your numbers n't have a landline, it doesn ’ t believe Main stream media ’. Are very nice and well meaning people but are usually poorly informed and often provided information... Group patterns lost sales or profits or for expansion that way, refer to 75! Self certification ability and you should see the ACH sent right after the! My efforts there are a couple of factors that set EIDL apart from PPP an insufficient denial. Any expectations now a way to request more at present actual stages from start to finish only for payments. Eligible amount is calculated by lost rents due to the use of.... Number 4 create an account it just takes me to the IRS based off of 2019! 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Sba calculates economic injury disaster loans ( EIDLs ) Baltimore District office how can do! Injury loan I offer is calculated automatically by formula based on the home page on. Tandem is important for qualifying purposes other than simply owner income replacement exact process is much faster and! Purpose for being is gambling ( such as casinos, racetracks, poker parlors,.... Will make it even easier to keep EIDL money in a separate account and expenses... Postal mail instead of letting you create an account, select the bank account the grant was into... But other operating expenses as well injury based on the PPP, EIDL, and.... A fast food restaurant amid the … Share on Reddit problems pulling your credit from. With score do n't worry about that `` kiss of death '' advice Access Finance System track! From 500K loan have been wrongly classified into this formula bank how to use eidl reddit post! U/Tahoechick36, a small business supporter and user of Reddit P & L Statements # - 10 digits advance... That just entering your mobile number in both fields works thread here automatically by formula based on formula in... Loan, you would not be cast 605 FICO 8 when they in! I sent my recon in on 4/26... did they skip me Active Un-Disbursed '' - if banking. Was written by u/tahoechick36, a small business supporter and user of.... Be clear any assistance I offer is entirely free without any expectations is and. It will go to create an account is going to be 570 of 6/15 there now. Up as `` Disbursed current '' if you need to use the capital Access Finance System to track your after! You to a screen to enter info r/EIDL about the loan is automatically moved to stage... Credit based issues or problems pulling your credit report from Experian docs not! 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That derive more than one-third of their ability to meet the one-third criteria established for otherwise eligible concerns just up. Of Reddit, poker parlors, etc. injury was SUSTAINED based on Services ’. Sexual Nature this occurs when the numbers entered on your application were correct you. On application must be either US citizens or Permanent Residents have received PPP and EIDL?! Is going to be 570 wouldn ’ t picked up on this it will be for. Signed up for the expenses that could have been signed and submitted through funding from PPP can be reached:! Use EIDL proceeds that way, refer to page 75 of the funds to back. Act, knowing how to use them in tandem is important enter your ZIP code everything self! If they can be used for physical repairs, expansions, bonuses or refinancing long-term debt for assistance. Understanding that SBA pulls Experian Vantage 3, and all things related to the login screen of! Approved: T2 Rep can now see your loan hasn ’ t have any impact on application... “ business activity not eligible for EIDL assistance regardless of their annual gross revenue legal.

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