Requirements: 600+ credit score, 12+ months in business and $100,000+ revenue. It is illogical to keep inactive numbers on banks' balance sheet. For COVID-19-related claims that means before January 31, 2020. Avoid websites that request payment to expedite funding or give the status of your loan. You may also be required to submit additional information, such as your business name, federal tax ID, or other identifying information. Hello You are suppose to receive the grant money. You can report any suspected fraud online or by phone. Jessica Im not sure I understand your question. I do not have any income yet, as I was not able to open due to the pandemic. Remember, you should only be utilizing the SBA website to check your EIDL loan application status. Keep reading to learn more about these methods for verifying the status of your loan application. We have lost income to ourselves as no one is wanting us in house to clean. I did get a hard credit pull for those both on 4/20 and on 4/21 they put $10,000 each in those business accounts. You may also be able to hire a professional to help you, though the SBA emphasizes that you do not have to pay anyone to complete this application. Note: The maximum loan amount increased from $500,000 to $2 million on Sept. 8, 2021, however businesses will need to wait until after Oct. 8 to hear back on whether they're approved for anything above $500,000. Although we will be monitoring and updating this as new information becomes available, please do not rely solely on this for your financial decisions. Thank you. So as long as thats the case you should be able to apply based on 2020 information. It does not make sense to us that business owners are being turned down for the grant based on credit either. I wouldnt recommend you spend funds that way without consulting an official source such as the SBA. 6 Amount has being confirmed, now next stage . You applied early before the new application that allowed you to request the grant was available. I have major confusion as to what to do next. What about utilities? Chris is a graduate of the University of Central Florida. Our expert reviewers found BusinessLoans.com to have a quick and easy application process alongside excellent support and guidance for borrowers. Use the SBA local assistance locator to find help in your area. We cant comment on whether you are eligible or how much you will be eligible for as thats a determination made solely by the SBA based on their extensive guidelines. These reps can answer questions about the application process and your EIDL loan status. I just dont know how thoroughly they are vetting that. I am a sole proprietorship with no EIN and just got $127000 in SBA loan and like to know if this Ioan will effect my credit score and also will it put lean on my personal property? Yes, on the PPP application if you did not get an EIDL before April 3, 2020 you put $0. Im sorry its so difficult for you Michael. Do you remember what happened I'm in this process now, What a good feeling that was and to get 1.5 for $7000 a month. You do have the right to request reconsideration. claudia. Note that we are not able to provide private consultations, give advice, or answer questions. (I have tried to find other resources, such as grants for small businesses owned by women, but I havent had any success). I need to pay some Bills and eat. Great Help you answer all my questions!!! Still Waiting On EIDL Loan Application Status? You may be audited so we recommend you keep good records. I cant speak for the SBA but if you are the only employee then my guess is you received the advance/grant. I dont want to show up at tax time to find out that my new equipment wasnt allowed to be purchased with this $. Please consult the SBA or a legal professional for more advice about your situation. I only applied for the EIDL grant and received $4,000 for each of the 4 employees we have. It seeems that if youre using EIDL to pay yourself payroll then that would reduce unemployment or make you ineligible, but thats just my guess not legal advice. yes, you are approved. and that will be forgiveable under the $10k grant money? Im asking for a loan of $150K. You do not have to accept the loan. Applied I was eligible for 80k, went back to check on my application and it said $0 declined. I have made payments since then, all auto and mortgage payments are paid on time. Now I realize that I could use the other$4000 as a loan. I apply for PPP about 10 days ago and Im still waiting for the SBA to approve me whats the problem.. John Its taking time for the SBA to approve these applications. To meet financialobligationsand operating expenses that could have been met had the disaster not occurred. Am I allowed to LARGELY PAY DOWN the Principal balance(s) of my current outstanding PayPal business credit lines/PayPal business debts/PayPal business capital loans using the EIDL? I am wondering if I can use this loan to pay Credit Card debit. You apply for EIDL at SBA.gov. Thanks for the kind words! Whenever theres money involved, you can be sure that theres a scammer out there looking to take it, and EIDL funding is no exception. We encourage you to consult with your lawyers, CPAs and Financial Advisors. I own a small business and just received my approval for a $6,000 Disaster loan. Thus, my question is: Do your words mean that it possible to pay off car or personal loan bu the EIDL funds? I have not spent it and dont want it anymore. Hi Stacy the SBAs FAQs state: What do I do if my loan application was approved, but Im experiencing a Disclaimer: Merchant Maverick aims to provide accurate and up-to-date information to assist you in your research. Bryan you should use your 2019 information. Am I allowed to make ANY minimum monthly to my PAYPAL capital loan / credit lines using the EIDL to avoid accumulation of interest? Should I email them again or should I just wait till they email me back. Once the loan officer signs off on the loan, youll receive an email that lets you know whether your loan was approved or denied. Their services are free. Small businesses can access a $10,000 loan advance that is not repaid. Catherine did you accept the loan on the SBA portal? now you have to wait for LO to contact you so you can sign closing docs. We also provide some thoughts concerning compliance and risk mitigation in this challenging environment. These loans can serve different purposes. Is the purchase of a vehicle included as working capital? My sense is a business should be taking the loan in good faith and then able to document they spent the money for approved purposes. Well the EIDLs are gone What to do now since the EIDL is gone?!?!?! There is none specified, however, the SBA does state that these loan proceeds can only be used for working capital necessary to carry the concern until resumption of normal operations and for expenditures necessary to alleviate the specific economic injury. In other words, they are to be used to help the business recover from the disaster. Can I also apply for an EIDL and receive the $10K grant, therefore in essence I get $60K in forgivable loan/grants? Thank you! This article was originally written on March 25, 2020 and updated on February 2, 2023. Submitted online application many days ago for the EIDL. It clarified that an affiliate is a business that you control or in which you have 50% or more ownership. Each staff reviewer at Merchant Maverick is a subject matter expert with experience researching, testing, and evaluating small business software and services. You may be thinking of PPP. You can use this method if you submitted your application online or by mail. Recent COVID EIDL Loan Deferment Extension. and our 10,000 showed up in my account, for EIDL, I had no idea I was getting it. I appreciate. If not, you may apply again. 3. However, in revised guidance that went into effect September 8, 2021 the SBA said it will permit COVID EIDL working capital loan proceeds to be used to pay any type of business debt, including loans owned by a Federal agency (including SBA) or an SBICCOVID EIDL loan proceeds may be used to make debt payments including monthly payments, payments of deferred interest, and pre-payments, except that prepayments will not be permitted on debt that is owned by a Federal agency (includingSBA) or an SBIC.. The SBA plans to continue accepting new EIDL applications through December 2021 (pending the availability of funds).. Got $1000 for advance. From reconsideration requests and appeals as small as $100,000, to loan modification increases between $500,000 to $2,000,000. From what I have been told the EIDL does not appear on personal credit reports because the SBA does not have a mechanism to report to credit bureaus. We are the sole employees and work the business out of our home. Let us know in the comments. Hi Jon Ive attempted to tackle some of these questions in our new article. (Loans are not taxable generally unless they are forgiven. Thanks for any help, Gerri, you seem to know more than anyone about this including SBA Employeess. What exactly does that mean? Thanks and good luck with your applications, I am so sorry to hear that. Use this method if you have additional questions about the program or submitted your application by mail. It may be used to pay off short-term business debts. But we dont have a detailed list on all the expenses you mention so you should check with the SBA. On 04/27/20 I was alerted by email that a lender pulled a hard credit report on me on that day (04/27/20) Upon checking my cr I seen that it was SBA that requsted my report at wich point I felt relieved because im watching my dreams an my business slowly die an not knowing what or if the SBA is doing anything because Im not getting no correspondence after applying for the loan from the SBA is an emotional infliction of pain that many in this country share an understand with me an is something I hope can be corrected. I do not want to end up in hot water for using it in a way I shouldnt. But Id suggest you reach out to SBA. The Consolidated Appropriations Act of 2021 replenished the pool of EIDL money by $20Billion and the application deadline for the Small Business Administration's (SBA) Economic Injury Disaster Loan (EIDL) program has been extended to December 31, 2021. You can check with the SBA. Let us know how well the content on this page solved your problem today. now you have to wait for LO to contact you so you can sign closing docs. Ill be thrilled when we finally see an official answer on this I just havent found it yet. Now it says Application is being Processed. However, the borrower will not be denied solely because there is no collateral. Any additional applications will be marked "duplicate" and will not be processed. We are trying to decide to go ahead or not, Will this show as a loan on my credit report. I only got $1000 loan approval and no grant for my 3 employees.Not sure what to do. Thank you for this! Lamont its hard to say. I have the same question. Check out your other lending options with our list of the best small business loans. Sam the personal guarantee is waived for EIDL loans of less than $200,000. Make sure to have any additional questions ready if you call or email, so you can get the answers you need more efficiently. The bank I received my PPP loan from paid me the over amount. Ask Your Question Fast! Questions 2: Application Processed Application packages and required documents (including credit and income information) will be . the SBA inquiry came up in my credit report. Generally you are not allowed to double dip with EIDL and PPP and use the funds for the same expenses. Warning: There may be a long wait time. So does that means I have to wait for available funds ?? My tracking no starts with a 3, so if that is my only Id number referred in these comments it would seem I have to go through the whole process again. This will let you see if the business credit bureaus already have you on file. I understand there is no personal gurantee but what is considered collateral ? We have been at this stage for about 2 weeks now with the amount confirmed and a message saying your loan modification is being processed. What can I do? Note that we are not able to provide private consultations, give advice, or answer questions. Question: How will the lender/bank know that the person did receive a $2,000 cash advance? I am sure if this means I am fully approved for it or not. Im a 1099 soccer coach self employer working part time. (When you talk to your loan officer let them know this is a business loan not a personal loan. 2. if i accept teh 120k loan and pay the full amount back after the 1st year, how much interest do i need to pay on that? But you are allowed to ask for reconsideration if you are turned down. Applications are now open and funding will begin October 8, 2021. In other words, can I purchase a vehicle with EIDL loan money? After that is done, in approximately 10 days you should receive an email showing that you were approved or denied . I was approved four my SCorp business. Loans of $500,000 or more will also require business real estate to be pledged, if available. If you file Schedule C, though, you are supposed to use the net profit from Line 31 of your schedule C. I put in my apps for 3 of my small businesses on March 31st. Unfortunately, there's not a whole lot you can do here other than check on the status of your EIDL application. The system rejects it. Its a good idea to keep clear documentation of how you spent both sources of funds. Please read this article: 5 Ways You Can and Cant Use Your EIDL Loan. I want to start paying early, but have looked everywhere. I received an EIDL loan approval amount and signed the closing documents. can i use the EIDL to pay car insurance (90% business use in 2019), tax payment for 2019 and estimated tax payments for 2020? Theres no word yet on whether the program will be opened further after the high-priority groups are served. I made a mistake when I filled the application for SBAD by covid19. Will the $10,000 PPP loan now only comprise of $8,000 forgivable because of the $2,000 cash advance? ), Thanks Gerri, (: thanks so much! A recent email from the SBA indicates the advance/grant will be allocated at $1000 per employee, but the EIDL loan amount for which you are eligible may be more than that. Brent You can ask for reconsideration but youll need to ask the SBA how to do this. I suggest you also read: New EIDL $10,000 Grants: Do You Qualify? I did receive PPP and the grant, now have been approved for the EIDL loan, but for now I am not interested in taking it. Youll need to contact the SBA Disaster Assistance hotline at 800-659-2955. I can say with certainty that you should not use the funds for personal home improvements. Many anxious business owners need to know how long does getting an EIDL loan take, so lets start there. How can I check my status? Collateral is required (if available) for loans above $25,000. Last step is to sign loan docs. 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. You have federal tax liens of more than $10,000. To apply, you. How has your experience been with the EIDL process? It says they are processing first come first served, but other businesses in my small downtown community have received their grant money and they applied days after us. Do we qualify? Ramp offers a free corporate card and finance management system for small businesses. The grant is typically deposited into your bank account with the notation EIDG (G for grant) and most business owners have received it before the loan approval. Now where and who should I return this check to? To clarify further, can it pay for the my recurring expenses for the rest of the year of 2020? This is so disturbing. Since its a grant I wasnt sure if I need to report it to unemployment. As far as I know you must have a bank account for the funds to be direct deposited. If you learn something new please let us know. Hi Debbie weve published an article on how to pay back your EIDL loan. You can request additional funds in the future if needed. For the past 4 days the login portal is stuck in sign docs and the Amount confirmed with the amount of money. I do have a SBA loan for our property and new construction approved in July 2018 and completed in August 2019. I feel like I been tricked by this hole EIDL process, It dont seem right but I don t know? You must subtract an EIDL advance from your PPP loan for forgiveness purposes, but thats not the case with the EIDL loan. Does the person have to alert the bank after the fact? It can be used for supplieswhich is a pretty loose term in itself & past business debt. Can you accept the EIDL if you already receive a City grant and private grant? Since this program is now available for the self-employed and individual contractors how do the EIDL grant provisions of using the grant money to provide payroll for employees apply if you are the only employee? A $ 1,000.00 grant in most cases will run out so quickly it wont even matter. You cannot, however, use funds from both for the same purpose. So my question is am I still gonna recieve the 9,000$ grant advance without accepting the loan and why did I only get approved for 3,000??? I am going to be purchasing a home soon. And final step is signatures that is not yet highlighted for me to click. For example: If I was approved for 7,000 and it shows that I will be payoing back 12,000 at the end of 30 years. endstream endobj 845 0 obj <. Did you miss the EIDL program application window? This month of August 2021 I received EIDL loan increase approval and my paperwork to sign is still under my name Sole proprietor. EIDL can be used for working capital to pay bills the business would have been able to pay had the disaster not occurred. Are you familiar with this. Does the fact that I will now receive an EIDL loan somehow reduce my PPP forgiveness (assuming I still spend the funds of different categories of expenses)? Do they look at history or just current credit scores? The initial application step included Emergency Advances of up to $10,000, many of which have already been funded. All one after another. Does accepting the loan affect my personal credit? On the plus side, this method allows you to talk to an SBA rep that will answer your questions, even if these go beyond finding out your loan status. Please let me know. Catherine there is a helpful walk through of that process here. I entered my personal bank account, and my bank put a hold on my loan. Zaki Id recommend you call the SBA Disaster Assistance hotline and find out the status of your loan application: 800-659-2955. According to the site, nothing was done. 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? 5 Ways You Can and Cant Use Your EIDL Loan. I didn't take the full amount offered, just a portion of it. 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. For those small businesses wanting to do a loan modification increase request up to the current $2 million maximum, or companies that have received a decline letter in the past six months or less,. Its worth a try. So what is happening? I had to fill out a board of resolution formdoes this mean I am approved? Thank you. Will this SBA loan affect my personal credit score? There are three ways to check your EIDL loan application status, and all are directly through the SBA. The SBA offers disaster assistance in the form of low interest loans to businesses, nonprofit organizations, homeowners, and renters located in regions affected by declared disasters. May I ask, did you get approved? Does this mean we are approved or are there more steps? When I thought about just paying off my car and couple cards. I have 9 employees. it has now been 18 days since the credit pull and the $10,000 going in those accounts and NO WORD EITHER WAY??? Anything additional? My name is Linda and i apply SBA Disaster Loan and i got approved by August 6th and August 14th i got a mail that the money disbursed in my account but i didnt see anything .what may have cause the delay .Please i need answer . We are a small not profit, but understand we have enough money to keep us through the Pandemic. However, SBA Standard Operating Procedures also state that loans cannot be recommended for approval if the credit history is unsatisfactory so there is no guarantee that it wont result in a denial. If you're an eligible business, the SBA will invite you to apply. Fingers crossed for you! How To Check The Status Of Your SBA Economic Injury Disaster Loan (EIDL) Application. On your first question, I havent seen specific guidance but Id imagine it depends on how you spend it. Does anyone know why this happens. Because our government dont care about the people. But I dont want the extra $9,000. Resource partners such as SBDCs, SCORE and Women's Business Centers can help as well. No. If you don't apply in time, you'll be responsible for monthly interest and principal payments. Live in a rural area with spotty internet. Privacy Policy. But what if you were approved and havent yet received your funding, or youve applied for non-COVID EIDL relief? Paul They should be able to get it with a personal checking account. We received a PPP Loan, can we still apply for the EIDL? Rec'd 10k advance deposit Monday morning and then Tuesday found a 500k loan offer. Michael, drowning in Texas. Please advise. Meanwhile, some people whom I know took EIDL and paid off their car loans which loans ( lenders were not federal bodies). Theres no denying that COVID is presenting major challenges for small businesses. Are these SBA Economic Injury Disaster Loans reports on personal credit buraus as debt? 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. Another lockout of the system for us small black-owned businessagain! Id suggest talking to your tax professional. Originally the SBA said there was no credit scores requirement except that applicants must have a credit history acceptable to SBA. Do I have to put net of advance? Yes you can request more funds. What about groceries? Small businesses must have been affected by the COVID economic crisis. Lendio is a free-to-use marketplace that allows you to compare lenders side-by-side. For example: If I was approved for 7,000 and it shows that I will be paying back a total of 12,000 at the end of my 30 years. You may want to consider also applying for PPP which is a different loan program that may help you cover your payroll costs for yourself for a couple of months. Joanne Are you using your EIDL funds for payroll? Does this mean were approved for the loan? If you need help applying for EIDL, your district SBA office and/or Small Business Development Center should be able to help. Yes you can write yourself a check for documentation. You should also reach out to the SBA. Or just the person who signed for it? Helo, I have a non profit. Here's an overview of the SBA loan process and how long each stage takes: Borrower gathers documentation, and applies for loan (one to 30 days) Lender underwrites the loan (10 to 14 days) Lender approves the loan, and sends a commitment letter (10 to 21 days) Lender closes on the loan (seven to 14 days) I sent in my EIDL application on March 30 Ive been told the SBA has no mechanism to report EIDL to the owners personal credit. More You did not check the box on the newer online application that allowed you to request the grant. This $ does that means I have major confusion as to what do. Approved in July 2018 and completed in August 2019 your experience been with the EIDL grant and private grant far... Just paying off my car and couple cards for using it in a way I shouldnt my car couple. Of Central Florida which have already been funded like I been tricked by this hole EIDL process it. If this means I am so sorry to hear that first question, I sure! 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