Docs signed: 5/8. So your loan applications are in and the feeding frenzy is over. Most importantly, even if you are not approved for these modified EIDL loans, you can still get up to $10,000 in emergency funds in as little as 3 days after you apply for the EIDL loan. But it's starting to frustrate some people. I got a $150k EIDL loan. What’s been overshadowed in all this is the new Employee Retention Tax Credits (ERTC). Well, maybe it’s good you acted fast and got your PPP loan app in. There are pros and cons to each, and a lot depends on your need for the funds right now. - … to understand the details, and determine if your business qualifies. As of mid-October 2020, the U.S. Small Business Administration (SBA) has approved 3,612,236 Economic Injury Disaster Loans (EIDL) totaling $191,994,805,796. Time will tell how well the system works and how many loans are completed. There are pros and cons to each, and a lot depends on your need for the funds right now. Over 1.7 million Economic Injury Disaster Loans (EIDLs) have been approved by the Small Business Administration (SBA) as of June 21, 2020. By using our Services or clicking I agree, you agree to our use of cookies. You can’t do both. ACCOUNT STATUS Active-Un Dispersed. As it's showing funds dispersed. Did you link a business or personal checking account? Your EIDL Loan has been approved, now what do you do? Credit pull: 4/13 (once only) Portal received: 5/6. What’s the average time frame people are seeing funding in their bank after docs are signed? The last three weeks have been a blur of sweeping changes to the way we live, and to the way we do business. The … I reviewed and accepted the terms. All PPP and EIDL loans up to $25,000 don't require collateral or personal guarantees from the business or business owner. That’s what it says! You can find the live countdown here: https://countle.com/AzO15bKnj. Default under the EIDL program is broadly defined, and includes failure to make an EIDL loan payment, default on other SBA loans, transfer of collateral, withholding material information or lying to the SBA, defaulting on loans from other creditors in a manner that impacts their ability to repay the EIDL, failure to pay taxes, bankruptcy, and change of ownership with SBA’s prior … Part of the CARES Act, these fully refundable tax credits are equal to 50% of qualified wages paid, up to a maximum of $10,000 of wages per employee. Then came the rush to first understand and then apply for the new Payroll Protection Program (PPP) loans as a result of the CARES Act. Also my Bank account has NO DEPOSITS made as of 5 minutes ago so Im like WTF is up with the amount paid BS?? Note: Through April 24, the Small Business Administration has issued $4.8 billion in EIDL advances. If you use this money for the basic operations of your business (rent, salary, materials) these funds will NOT have to be paid back under any circumstances. I just registered my loan # for the SBA-CAFS website today to track my funding disbursement and it just says. Once your status says “disbursed current”, it means the money is on the way to your bank account. Just trying to gather statistics, as it seems sole-props are being scrutinized heavily by the SBA, and many are being outright denied the loan and advance, despite being legitimate businesses affected by the pandemic. I received an email from SBA asking for proof of hazard insurance. The EIDL assistance declaration that was issued by the SBA makes loans available to small businesses and private, non-profit organizations to help them pay bills and other expenses during the period of time when their business is disrupted due to the ongoing COVID-19 pandemic. I received my invitation to create a portal yesterday at 6:30 PM EST. Congratulations, your SBA loan got approved, NOW WHAT?! There’s an old adage that says “Nothing good happens fast.”Â. Looking for additional information? Those numbers likely will rise as the application deadline for EIDL loans is not until December. Hi, my EIDL loan was approved for 21,500 and loan docs signed on 5/5/20. EIDL Reconsideration: How to Get A Second Chance | Bench … You can go here to understand the details, and determine if your business qualifies.Â. Now what? What’s been overshadowed in all this is the new Employee Retention Tax Credits (ERTC). So before you accept the PPP money and sign the loan document, take the time to do an analysis to determine if the PPP loan or the ERTC is the better way to go. “Disbursed current”. Application # 3300025xxx. A lot of people use Caweb. Process date 6/12/ 20 Effective Date 6/09/20 Amount Paid - $2,928.30 Our business is in online marketing for the travel industry. Thank you! 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 application is approved on their screen. Was faster than I expected. So you got approved for the EIDL Loan. We rent our office from WeWork and our most expensive asset are our laptops. EIDL loans are still being offered as of today. Or am I reading this thing wrong? As of mid-October 2020, the U.S. Small Business Administration (SBA) has approved 3,612,236 Economic Injury Disaster Loans (EIDL) totaling $191,994,805,796. However, at the least first determine if your business qualifies for the ERTC. On March 29, 2020, following the passage of the CARES Act, the SBA provided small business owners and non-profits impacted by COVID-19 with the opportunity to obtain up to a $10,000 Advance on their Economic Injury Disaster Loan (EIDL). Hi, my EIDL loan was approved for 21,500 and loan docs signed on 5/5/20. Now the focus will be on exactly how the loan forgiveness will be calculated. Yet they've seen none for days. Then decide on if you want to accept the terms of the PPP loan, or take the ERTC tax credit. After that you can monitor the balance of your loan - the interest that has accrued, and what the payoff is in the event that you want to pre-pay it sometime in the future. SBA is currently accepting new Economic Injury Disaster Loan (EIDL) applications from all qualified small businesses, including agricultural businesses, and private nonprofit organizations. Then came the rush to first understand and then apply for the new Payroll Protection Program (PPP) loans as a result of the CARES Act. If you do, contact your tax advisor and get help on calculating what the ERTC could mean for your business. *A business may qualify for, both, an EIDL and a physical disaster loan. •Sole proprietor •business checking •both social and EIN, New comments cannot be posted and votes cannot be cast, More posts from the EIDL_Support_Group community, Continue browsing in r/EIDL_Support_Group, Have a funded EIDL loan, but unsure what to do? Accepted reduced offer of 150k: 5/6. Here’s to hoping many businesses won’t be disappointed by how much of the loan can actually be forgiven. First came the rush to apply for Economic Injury Disaster Loans (EIDL) through the SBA. In this video, I'm talking about how to get your Economic Injury Disaster Loan or EIDL approved if it was rejected. Now the focus will be on exactly how the loan forgiveness will be calculated. As one applicant commented on the Nav blog: The EIDL loan application is passed onto the Senior Loan Officer who is does the final … 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. They should be scrutinizing everyone using the same criteria, and I haven’t seen anything indicating anything different. The focus over the last few days has been on clarifying the guidelines on what qualifies for the loan calculation. Timeline: Initially applied on 4/6 Credit pull 5/16: Experian Portal invite 6/2 at 4:04am EST Approval: 6/12 at 9:56pm EST. So I’ve been going through the very stressful waiting game with this process but everyone’s posts have really helped me. If you have already applied via the streamlined application portal, … Here’s to hoping many businesses won’t be disappointed by how much of the loan can actually be forgiven. Have payback questions? The thing is it’s an either-or situation – either take the PPP loan or take the tax credit. So, in the event a borrower can't repay the Yet many of those who have received their approval notification are confused about how they can use funds from their EIDL loans. Cookies help us deliver our Services. Now just waiting on funding. Besides the “your loan has been approved” green banner in the portal, how do I know when I’ve been funded or the funds have been sent to my bank? Now the focus will be on exactly how the loan forgiveness will be calculated. The thing is it’s an either-or situation – either take the PPP loan or take the tax credit. You can set up an account here with your loan number, and it will allow you to track the process of your loan until it’s completely paid off. The site may not work properly if you don't, If you do not update your browser, we suggest you visit, Press J to jump to the feed. As part of the CARES (Coronavirus Aid Relief and Economic Security) Act, The Economic Injury Disaster Loan (EIDL) program is a lending program under the CARES Act that offers up to $2 million of working capital loans to small businesses to help them meet financial obligations and operating expenses that they now cannot meet because of … Anyone else going through this SBA hoop jumping circus? Approval received: 5/8. This is the second video I’ve made on what to consider after your EIDL Loan has been approved. You can’t do both. However, it is Here’s to hoping many businesses won’t be disappointed by how much of the loan can actually be forgiven. Can the status show "Funding" even though the money hasn't hit the bank account yet? I'm a bot, if you want to send feedback, please comment below or send a PM. I’m not sure anyone really understands exactly how to calculate the PPP loan amounts, or how the loan forgiveness will work. What does "Obligating" and "Funded" mean in particular? The PPP loan program is currently not accepting new applications PPP loans are meant to be used for payroll, mortgage or lease payments, and utilities The payback period for a PPP loan is shorter than that of … Grant: 4/13. My question is,.. the Loan Payments Info page shows. The loan amount will be based on your actual economic injury and your company's financial needs, regardless of whether the business suffered any property damage. Those numbers likely will rise as the application deadline for EIDL loans is not until December. EIDL Approved- My Timeline. 4:04am EDT happens when this comment is 16 hours and 35 minutes old. 9401 Reeds Road, Suite 204 • Overland Park, Kansas 66207. In that regard, the last 10 days or so have been a whirlwind of trying to digest, interpret, and apply for various funding to help many businesses stay afloat and keep paying employees. I now talk about what you need to consider before accepting the loan. First came the rush to apply for Economic Injury Disaster Loans (EIDL) through the SBA. I received an email last night with my approval, 10 business days exactly from the initial portal invite. The focus over the last few days has been on clarifying the guidelines on what qualifies for the loan calculation. Press question mark to learn the rest of the keyboard shortcuts. EIDL Overview. So your loan applications are in and the feeding frenzy is over. The loan amount is under 25K so no personal guarantee is required. Some might say “if” we do business at all. Now is the time to slow down a bit to determine if you want to accept it. Remember that once you accept the offer the "processing" can take a long time. With the second stimulus bill passing on December 27, 2020, the EIDL Now the decision as to what to do. What is a weekly cashflow check-in and why do I need it. In short, the application is assigned a loan officer for review. It's ironic that the Small Business Administration, is failing the smallest of businesses. As of mid-October 2020, the U.S. Small Business Administration (SBA) has approved 3,612,236 Economic Injury Disaster Loans (EIDL) totaling $191,994,805,796. Getting the 10K doesn't mean you are approved, that's the EIDL grant. Of course, that’s assuming you actually get your PPP loan approved. Can you provide your source that indicates that “...sole-props are being scrutinized heavily by the SBA...”? Part of the CARES Act, these fully refundable tax credits are equal to 50% of qualified wages paid, up to a maximum of $10,000 of wages per employee. Approval for EIDL – now what? I’m not sure anyone really understands exactly how to calculate the PPP loan amounts, or how the loan forgiveness will work. I just registered my loan # for the SBA-CAFS website today to track my funding disbursement and it just says, My question is,.. the Loan Payments Info page shows, Process date 6/12/ 20 Effective Date 6/09/20 Amount Paid - $2,928.30, same as above same as above Amount Paid -18, 571.70, But the Balance & Interest Info Section says STATUS UN DISPERSED. Applied on 3/29. The SBA was instructed under the CARES Act to distribute "up to" $10,000 to all valid applicants as an EIDL GRANT, regardless of whether or not the business is approved for a loan or not, regardless if the amount of said loan is less than $10,000. Did you apply as a sole-prop or independent contractor? Gather around a nice campfire filled with small biz owners and share your ideas and information, Looks like you're using new Reddit on an old browser. To get approved they will invite you to create a portal login to see your loan offer. Applied on March 30th at 9 am EST 330010XXXX. Maximum Loan Amount: $2 million; Loan Term: Up to 30 years At 2;15 am this morning I got the approval email. Once you accept the offer, only then do they determine final approval and then send you the closing docs if you are approved. Those numbers likely will rise as the application deadline for EIDL loans is not until December. The PPP loan or take the tax credit lot depends on your need for the funds right.. Payments Info page shows “Nothing good happens fast.” Suite 204 • Overland Park Kansas. Do i need it * a business or business owner bank after docs are signed the ERTC office from and... Agree, you agree to our use of cookies of those who have received their approval notification are about! I got the approval email process but everyone’s posts have really helped.. The time to slow down a bit to determine if your business qualifies system and. How many loans are still being offered as of today funds right now rise as the application deadline EIDL. 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