I made multiple errors throughout the reconsideration process. 4/18 - Credit pulled. The SBA reviews your credit and requests additional documentation. Credit pull: 4/13 (once only) Portal received: 5/6. Does anyone know how to check the status of an EIDL application? 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 The SBA initially said so-called EIDL grants of up to $10,000 would be made available "within three days" of a successful application, but has since shifted language to … I applied as self-employed and plan to just use purely payroll as forgiveness to make it easier. The EIDL loan application portal will be re-opened once funding is restored. You can use this method if you submitted your application online or by mail. Or should I pay myself every month? Wondering what timeline I should be looking at. ... REDDIT helps dreams come true! Portal. Call 1-800-659-2955 (the SBA Disaster Assistance customer service center) and ask for Tier 2. ryanquickfunds@gmail.com. I just applied last week for a eidl Loan for my restaurant business due to a new wave of lockdowns. Today, the Small Business Administration announced the reopening of the program for new applicants across all business sectors, according to CNBC.. As a reminder, one of the more interesting components to the EIDL loan request is that between $1,000 and $10,000 is given as a … 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 4/28 - $1k advance. We're still … My application number is 3300544000, so there were 544000 applications before me when I applied Tuesday, March 31st. PPP loans can qualify for forgiveness later on, but in order for that to happen, at least 75% of them have to be spent on payroll costs. ... and congressman. Since then SBA has been under fire by Congress from digressing. New applications will not be accepted until program funding is restored. You are now in the underwriting phase of the loan, and that can take anywhere from a few days to a couple of months. Here we can discuss EIDL loans, advances, and all things related to the 2020 CARES ACT. Getting Registered 2. On Reddit, u/kitehigh911 said they applied on March 16 and received their full EIDL funding yesterday. If you need $10k, you need to either apply for the PUA through your State Unemployment, or you need to apply for an PPP SBA loan. Getty. The EIDL application asks for gross revenues and costs of goods sold (COGS) “for the twelve months prior to the date of the disaster.” Nowhere does the application ask about expenses, only COGS. r/EIDLPPP: Paycheck Protection Program & Economic Injury Disaster Loan Discussion for the 2020 COVID-19 disaster. Looks like you're using new Reddit on an old browser. PPP also has tighter restrictions on what you can use the money for. Mostly typical timeline until now. Here are the steps to ask the SBA to reconsider your EIDL loan (note: EIDL Advances are no longer available so your application for reconsideration will be kicked out):Send an email to the SBA at [email protected]. I was officially denied the EIDL loan - so today, let’s go over the denial letter, what this means and what you should do if you get a denial letter. If checking your EIDL status online, you need to find the SBA Assistant at https://disasterloanassistance.sba.gov/s I appreciate any advice! The portal shows processing till today. The loan/grant is now $1000 per employee, and if you are self employed you're the employee. 06/12 to 11/2 - Was in reconsideration from this time period. We just received an e-mail from the SBA Subject: "Application No. A loan officer may contact you via the online portal, phone, or email. Will I be able to also apply for the PPP 2? It's 2.5 months from what I've heard, so I would make two payments and then a half payment to myself? EIDL Loan Application. I called customer service and says the system shows I’m “unqualified “ and needs an loan officer to look at it. Now it says processing for the past week. Social media — particularly, Twitter and Reddit — is full of irritated small business owners who say they applied for EIDL weeks ago only to hear nothing back. Submitting Application –for all BUT Sole Proprietor •The form 5, IRS 4506T form, Personal Financial Statements, Schedule of Liabilities and Tax Returns. Press J to jump to the feed. EIDL Approved- My Timeline. 5/25 - Confirmed all in portal and status at "your application … I receive an portal invite a hour later , confirmed my identity and verified all my information. Many borrowers are turning to Reddit’s small-business threads to learn how others navigated the PPP and the EIDL program. By Richard Harroch. It’s a restaurant business, Keep checking your email and spam file too. You can also find out the status of your EIDL application by phone. NOTE: Confirmed by the SBA. The application can take a few hours to complete. Accepted reduced offer of 150k: 5/6 Note: If you’re calling the SBA’s 1-800-659-2955 number to check on the status of your EIDL application, make sure to ask for the Tier 2 option, as this pertains specifically to the COVID-19 program. What do they want as proof of payroll for me? The EIDL loan has been rationed due to the demand. Thank you! Small Business Administration EIDL Contact Information. What happens next ? SUBJECT: EIDL Reconsideration Application #123456 [FULL NAME, Company Name] MESSAGE: Please process my EIDL Reconsideration for application number 123456 in the name of, [FULL NAME, COMPANY NAME] using the attached documents as supporting documents for loan approval. applications will continue to be processed on a first-come, first-served basis. On June 15, 2020, the SBA announced that it was again opening up its Economic Injury Disaster Loan (EIDL) grant and loan program. EIDL loans and grants had been limited to agricultural businesses since April. I just applied last week for a eidl Loan for my restaurant business due to a new wave of lockdowns. I am not sure what that means. Grant: 4/13. The SBA itself is handling EIDL applications, whereas PPP requests have to go through banks like Wells Fargo or Bank of America. Press question mark to learn the rest of the keyboard shortcuts. Gratitude to Scorpio, Cue, and TahoeChick for keeping the info and flow of posts here authentic and complete with real helpful info. I receive an portal invite a hour later , confirmed my identity and verified all my information. REDDIT helps dreams come true! 06/12 - Got an update on my loan application, went through the reconsideration process. They said the SBA will call and email … Paycheck Protection Program & Economic Injury Disaster Loan Discussion for the 2020 COVID-19 disaster. i got denied because there were discrepancies between my 2019 amended tax, 1040x, and my initial application. An Economic Injury Disaster Loan is a traditional SBA loan reserved for disaster relief. First, an applicant is not denied until their receive from SBA a PDF letter indicating a denial of their EDIL Loan application, SBA tells news. Submitting Application ONLY for Sole Proprietor •The form 5C, IRS 4506T form, Personal Financial Statement, While generally known for strict requirements and long wait times before receiving funds, much of that has shifted in response to the CARES Act … This forum is legendary and has changed my life. According to the SBA, the EIDL application process takes between two to three hours. COVID Loan Tracker was started by small business owners Duncan and Rita MacDonald-Korth to help their fellow small business owners understand when … Do I need to do anything else ? I was in reconsideration since June, initially denied due to insufficient credit. Applications that were already submitted, will be processed in the order in which they were received. 3/31 - Applied. EIDL Grant stems from an EIDL Grant Application process approved by the Cares Act. The EIDL Advance program, created by the CARES Act, offered up to $10,000 in emergency grants to small businesses. This loan provides economic relief to small businesses and nonprofit organizations that are currently experiencing a temporary loss of revenue. But once a denial is received, […] Be sure to check the box to request the EIDL grant before you submit the application. Application # 3300025xxx. 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