Have you checked your email spam folder? Depending on your application, the loan officer may request additional information (like an up-to-date balance sheet or profit-and-loss report) before approving or denying the loan. SBA CARES Act Insights Hub on Facebook if you want to check it out. I applied for a $25,000 SBA Disaster Loan Assistance. Unfortunately we dont have access to that information. Seems to easy almost free. Ramp offers a free corporate card for virtually any business. Secondly, is there a time frame of receiving the full loan amount after docu-signing loan agreement document? You are responsible for all use of TD For Me on your mobile device, including the acceptance of any offers presented by TD For Me through your mobile device. Being a home-based business does not disqualify you. How do I know if is a grant or a loan , I got approved for 14000, I wander is I just change the amount to 10000 si I dont have to pay it back , is how that works ? 8p.m. I did receive a reject app on the S Corp even though it was made before the ranch application and there was no message indicating the portal was closed for S corps. 2022 Hourly, Inc. All Rights Reserved. So now I wait patiently for an Email or a deposit but now with Hope and Determination because I know my business has a chance an I may be down but im not out yet. You should also reach out to the SBA. There are alternative routes you can take to get the financial assistance you need to keep your business moving forward, including: If your EIDL loan is denied, you have up to six months to request reconsideration, either via email (by sending an email to pdcrecons@sba.gov) or mail (by sending a request to U.S. Small Business Administration Disaster Assistance Processing and Disbursement Center, 14925 Kingsport Road Fort Worth, Texas 76155).. Write myself a check? Does "approved" mean the SBA has issued a SBA loan number? Its repayment term is up 30 years. I understand the PPP and EIDL cant be used for the same things, so should I just use EIDL for expenses and PPP for payroll when I get it?? They can help you for free. I feel like I been tricked by this hole EIDL process, It dont seem right but I don t know? 1 forum comment: PAYMENT TERMS: Borrower must make all payments at the place the SBA designates. If they cant help, try your elected officials in Washington (Representative, Senators) as they have staff members who are supposed to assist constituents who are having problems with government programs. News and information from the western North Carolina region covering Haywood, Jackson, Macon and Swain county Please read this article: 5 Ways You Can and Cant Use Your EIDL Loan. Very helpful. However, the SBA announced that this portal will no longer be active as of May 16, 2022. Another week passed after I accepted and I was then notified that my application was denied due to my credit being low. Which is the loan. Those are likely acceptable expenses as they are necessary to run your business. 90% of my annual income is commissions from sales of homes. You listed 0 employees on your application. Sally my accountant took all my info for the SBA loan and applied for it , but later in two months he said I was declined . you write: All feedback, positive or negative, helps us to improve the way we help small businesses. Then they tell me to check with my bank to make sure the money was not rejected. An expert in accounting, finance, and point of sale, Erica has been researching and writing about all things small-business since 2018. This memorandum surveys U.S. economic sanctions and anti-money laundering ("AML") developments and trends in 2022 and provides an outlook for 2023. Thank you. We thought we would only need &65000. Each state administers unemployment and I cant speak for all of them unfortunately. Does this mean I dont get the advance as well? For people who applied early on in the program (i.e. Donna, Ive written another article that I think will be helpful: 5 Reasons You May Want to Reconsider An EIDL Loan. So now the government is only willing to help businesses with credit, even though all businesses sufferer equally by the Covid-19 shutdown. What can I do? Thanks for the information. Im an adjuster who applied to help me get through as we were slowed due to COVID. In the next week I provided all information requested by SBA and was shown a loan amount (5k) to agree to. Or should I just return the EIDL and survive on PPP alone? You can request additional funds in the future if needed. It is illogical to keep inactive numbers on banks' balance sheet. If you say get a loan of 40k, do you need to show 40k of economic injury? We recommend you open a business checking account and use it for your business going forward. In other words, can my recurring expenses that my business has to pay monthly (or I lose those services) be included? From what Ive gathered, it cannot be used for new equipment. However, the actual text of the Cares Act is here if you care to dig in. Have you seen any clarifications or guidance on this. Ultimately youll need to check with your state unemployment office for specific guidance. I can say with certainty that you should not use the funds for personal home improvements. 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. Hi, thanks for your explanations. I applied for a EIDL Loan and got approved. They are a great resource and can help for free. You have viewed and signed all of the docs at the bottom on the page and clicked on the Submit for increased amount button (something to that nature)? Can I pay my mortgage? If you need a fast answer and want to speak with a human, you can call the Disaster Assistance Customer Service Center at (800) 659-2955. We wrote about that in this article: 5 Reasons You May Want to Reconsider An EIDL Loan. I received a SBA eidl loan for under $20,000. If approved, disbursements are typically made within a week. What if I cant repay the EIDL ? ), Hi Gerri Is there a penalty to pay it back early? How long it takes to get disbursement in my bank account? It now says "your loan modification is now being processed"! How long after until i receive the funds? Typically, the SBA will make a decision within 21 days, and if approved, loans can be funded in approximately five business days. You listed 0 employees on your application. Before that was completed my accountant told me I should have applied for the PPP which I did through the local credit union. But wed encourage you to set up a business bank account for future uses! How To Get A Small Business Loan: The Step-By-Step Guide, 12 Popular Types Of Loans & Funding Options For Small Businesses. I am an independent contractor. Some emails may be phishing attempts to get personal information about your business, including your bank account information. An expert in accounting, finance, and point of sale, Erica has been researching and writing about all things small-business since 2018. what happen if my account number is incorrect and my sba application is in already in process waiting to be approved . I thought the idea is to help companies and sole proprietors pay their employees which is due to loss of income from the virus and its effects on the economy. But now that you have a better understanding of the Economic Injury Disaster Loan program (including how to apply for a low-interst loan and check your application status) youre armed with the information you need to submit an applicationand, hopefully, secure the funding you need to keep your business moving forward through the pandemic. ), 2019 Federal Income Taxes, including all schedules, for the applicant business (required), 2020 Federal Income Taxes, including all schedules, for the applicant business (if available), If the most recent Federal income tax return has not been filed, a year-end profit-and-loss statement and balance sheet for that tax year, For nonprofit organizations, a complete copy of the organizations IRS tax-exempt certifications and complete copies of the three most recent years of Statement of Activities, IRS Form 4506-T (You will complete this online when you apply), SBA Form 413 Personal Financial Statement for general partners, managing members, and all owners of 20% or more of the applicant business (Not required for nonprofit organizations), Copy of government-issued photo identification of each principal owning 20 percent or more of the applicant business, Current year-to-date profit-and-loss statement, For loans less than or equal to $500,000: Schedule of Liabilities listing all fixed debts (SBA Form 2202 may be used), If you operate three locations but report all sales in one federal tax return, you should complete one application for all of your locations; or. But ultimately youll need to ask your state unemployment office. If you do default the SBA will likely try to collect but they may be limited in terms of what they can do. What about the grant? Thats not our understanding. Great question Chris. (Additional requirements regarding the payment of federal debt start on page 75 of the SOP.). I too did the slider and accepted. One of the most challenging parts of applying for an SBA disaster loan is waiting for your application to be processed. How has your experience been with the EIDL process? Make sure you have alerts set up to detect any new activity on your credit reports so you can freeze your files again once your credit has been checked. Has anyone else had anything like this happen? And then what will happen with the grant? The SBA EIDL loan is not reported to credit. Is the EIDL loan assumable, to your knowledge? Be prepared to provide information to verify your identity, such as your application confirmation number. You can accept less than the amount for which you are approved so if sounds like they are confirming the amount you want to accept. What do I need to do? Note, we have gathered this information from a variety of SBA sources and strive to provide helpful guidance, but do not rely on this as definitive answers to your questions. Filed for either a Chapter 5, Chapter 11, Chapter 12 or Chapter 13 bankruptcy but no plan of reorganization has been approved, or. You do have the right to request reconsideration. But luckily, there are a few different ways you can check the status of your application: Online: https://disasterloanassistance.sba.gov or via the SBA portal, By Phone: SBA Disaster Assistance Customer Service Center: 1-800-659-2955 (TTY/TDD: 1-800-877-8339) (Monday to Sunday, 8am to 8pm ET), By Email: disastercustomerservice@sba.gov. Thanks so much for your great articles! Eligible businesses include: Note that as of September 8, 2021, the SBA revised its guidance, including which businesses qualify. I am wondering if I can use this loan to pay Credit Card debit. want to make sure that doesnt happen! Many businesses report experiencing longer waits, however. Thanks. You can call the Disaster Assistance Hotline mentioned in the article if you want to check the status of your loan. Because if I can do both of those thats $5k free money for the Payroll Tax Credit and $10k free money for the EIDL grant, and that would be $15k free money if I can do both. Step 1: Login to your SBA Portal Login to your SBA portal here. It seems odd that they specifically say you can apply as an individual contractor but then say you must use the grant money for payroll and not for other purposes in such a situation. EIDLs are only reported to business credit if the amount exceeds $25,000. Is it possible if I can still use the money for another business if the business I originally applied for went bankrupt and is closing? or do they only notify you if you are approved? Yes if you normally pay yourself you may continue to do that. Jay The SOP (page 75) states under ineligible uses of proceeds: Payment of any part of a direct Federal debt, (including SBA loans) except IRS obligations. Thank you. The loan itself does not appear on your credit reports. What happens if you only show $20k to their satisfaction? Loans of $500,000 or more will also require business real estate to be pledged, if available. I am now sitting on a large amount of unsold inventory I purchased using A previous PayPal based capital loan through my PayPal business merchant account last year. Disaster Loan Funding Timeline For Your Business. Will the EIDL loan show on your credit report for 30 years? The editorial content on this page is not provided by any of the companies mentioned and has not been reviewed, approved or otherwise endorsed by any of these entities. I have a question. If so its probably the grant but you can always call the SBA Disaster hotline to confirm. If the SBA employees are saying otherwise thats concerning. I entered my personal bank account, and my bank put a hold on my loan. Theres no denying that COVID is presenting major challenges for small businesses. As of May 6, 2022, SBA is no longer processing COVID-19 EIDL loan increase requests or requests for reconsideration of previously declined loan applications. Also some home improvements as well thank you. Unfortunately, theres not a whole lot you can do here other than check on the status of your EIDL application. This may even be in the form of a deposit to your bank account. Lenders have up to 20 days after the date the SBA approves your application to fund your PPP loan. We received our advance, what happens next? Economic injury may be reduced working capital, increased expenses, cash shortage due to frozen inventory or receivables, accelerated debt, etc. One of the most challenging parts of applying for an SBA disaster loan is waiting for your application to be processed. After your SBA loan is approved, you may experience an extended window of processing time, usually somewhere around 21 days. According to the SBAs EIDL Application Checklist, in order to apply for an EIDL loan, youll need to submit. I applied for EIDL a month ago but still havent received the funds yet. Please see question above. 6/2 - Called SBA and spoke to tier 2. I got behind on credit cards due to construction delays and tropical storm, slow winter months and then COVID-19. They are negotiating additional funding for this program. Will the EIDL amount be added to the debt to income ratio when I go to qualify for a mortgage loan? Merchant Mavericks ratings are editorial in nature, and are not aggregated from user reviews. Help us to improve by providing some feedback on your experience today. The SBA size standard is the firm size based on the number of employees or annual receipts depending on industry. Federal Deposit Insurance Corporation (FDIC) is not considered a Federal agency for this purpose; 8. Is the monthly number set in stone ? And I also submit a email to the reconsideration department. Thank you for the information. Hi I reserved 9500 eidl loan application status approved Does the economic injury need to be proportionate to the amount approved? This is the quickest and easiest way to verify the status of your EIDL. (That was on April 3, 2020.) The EIDL makes a nice cushion but no sense in keeping it if I cant use it. Check to see if your area qualifies with this. I am a dog walker. You might put a note EIDL on those expenditures in your accounting program, keep a file with documentation, or even keep a spreadsheet for example. The rating of this company or service is based on the authors expert opinion and analysis of the product, and assessed and seconded by another subject matter expert on staff before publication. I do have a SBA loan for our property and new construction approved in July 2018 and completed in August 2019. hb```f``z 8Ab,P}Og:Z4t,``-ch?8=L FQ)`B2:Z$ux,5mx7#:-U)w7|:(cKrc'(xlM7R{mk Y&u25QLChF She is a graduate of Limestone College. These grants do not have to be repaid and they are not taxable at the federal level. Youd have to ask SBA that question. now you have to wait for LO to contact you so you can sign closing docs. The program, however, ended May 31, 2021. Now my business is closed and I am on W2 with another company. Sam. (There is no personal guarantee for loans below $200,000.) I received a very low SBA Loan approval amount and no advance, How can I request an increase? I recieved a acceptance offer and I accepted it was 2weeks ago how long do it take to get approved? I know that there is no prepayment penalty. Is there anyway you can assist me? If your business is in distress, it will be hard to qualify for traditional SBA loans and the PPP program is currently closed. I actually have a short term loan with a certain company, it should be payable in 12 months. Documentation requirements may vary depending on the use of the funds. I know you cant do both PPP and the Tax Credit, but not sure on doing both EIDL $10k grant and also 50% payroll tax credit. Then I was offered a loan of $19,000 with a 30 year term at 3.75%. Youll need to contact the SBA Disaster Assistance hotline at 800-659-2955. SBA suggests reapplying The SBA dedicated additional resources to reviewing loan applications as well as tripled its customer service capacity, Pugin said. OK yes I called SBAwaited over 30min only to be transferred to a line that was horrible reception. Please let us know what happens in your situation. Any information is greatly appreciated. When you stay contact the lender, my bank says they have no one At the branch to handle my question. i guess i am ultimately asking if i can use EIDL for all expenses that i can deduct on my schedule C or are there exceptions? Weve seen some borrowers declined for both due to credit unfortunately. Have not paid any state or payroll taxes since they can be deferred and have not paid any long term debt ( credit cards). Kratom Payment Processing Guide For Merchants: How To Sell Kratom Online & In Stores, How To Set Up A Stripe Account: The Complete Guide For Small Business, Coronavirus (COVID-19) Guides & Resources, 7 Lenders That Are Offering Second Round PPP Loans Online. Will the $10,000 PPP loan now only comprise of $8,000 forgivable because of the $2,000 cash advance? It sounds like you were approved for a loan which does have to be repaid. They dont appear to be designed as start up loans. What counts as economic injury? If you want help with the application contact your local Small Business Development Center (SBDC) or SCORE chapter which you can locate at SBA.gov/tools. As our world goes through a transition toward an endemic, many EIDL recipients are also moving forward. Can I still check my status? I appreciate. The rejection letter does not say if I need to reapply later? will they contact us when we need to start paying back? Whether you have contractors is not a part of the application for EIDL maybe you also applied for PPP? Or can I add my other bank account? We dont give ourselves paycheck either. Loans of $200,000 or more require a personal guarantee. SBA will apply each installment payment first to pay interest accrued to the day SBA receives the payment and will then apply any remaining balance to reduce principal. Thank you! I am an independent contractor and applied for an EIDL. Hello,If I already received an EIDL for 150K and now I see that his loan amount is not enough to survive my business, can I ask for incresing the limit or aply for another EIDL? Payments will be deferred for two years. The SBA appears to be very backed up. I wish I knew. But one major selling point for businesses in need of funding? All of my friends have businesses, and they applied for it received after just 3 days or 2 weeks later. So the short answer is Im not sure. If your loan is on hold, contact your bank or financial institution to determine the next steps you need to take to access your money. 844 0 obj <> endobj I agree with Sangshin, I learned more from this than SBA or my lender. I didnt receive any grant money but am now signing my EIDL loan paperwork. Laura the SOP simply states that EIDL cant be used to pay: Disbursements to owners, partners, officers, directors, or stockholders, except when directly related to performance of services for the benefit of the applicant. So you may want to look at what youve paid yourself in the past as a guide. Note that we are not able to provide private consultations, give advice, or answer questions. thanks much. If you owe taxes you may be able to get on a payment plan. Payment of any part of a direct Federal debt, (including SBA loans) except IRS obligations. Just wondering if I can do that. If you plan to get both, though, please discuss this with your SBA case manager and your tax professional. Home Blog Business Loans SBA EIDL Funding Timeline: What To Expect During Application, Approval, & Processing, Save money on credit card processing with one of our top 5 picks for 2022. I applied for an SBA loan and got approved for $1500 four days back. She says since its been 4 days an I didnt recieve a deposit after my cr being pulled she was transferring me to a Tier 2 representative, after a brief hold I was connected an explained my concern, the gentlemen asked for my app # an was able to look up my status. Once the loan officer signs off on the loan, youll receive an email that lets you know whether your loan was approved or denied. When you do I suggest you have your checking account information handy. Thanks. Don't forget the "s" on "requests there. Yes, but there is a total limit of $5 million of SBA assistance. Please contact the SBA for specific guidance, though, as I cannot speak for them. A colleague of mine is having this issue. I applied the EIDL I never received anything saying I was approved however there was a direct deposit that was rejected from my bank from SBA will I receive a check in the mail? I just dont know how thoroughly they are vetting that. Given the volume of applications, you may experience a longer delay. How may I correct this information. i received the EIDL last week and am still waiting on PPP.i am a sole prop and will use PPP to pay myself once i receive it. No. Retype: Hello, I recently applied for the SBA Disaster loan Monday for 2000$ but did not have the box checked for the 10,000 as I thought it was optional in order to get the bigger loan of above 10000. Great article. EIDL can be used for working capital to pay bills the business would have been able to pay had the disaster not occurred. I would recommend keeping documentation of how you use the funds in case the SBA ever audits you. It may include available home equity. We occasionally send out emails with special offers. Let us know how well the content on this page solved your problem today. These are separate programs with separate requirements. I sweat in the sun and have essential duties. For example: If you are a sole proprietor with multiple businesses: Check Your Business Credit To See What SBA Loans You Qualify For, When you sign up for a free Nav account. All this time, I thought everything was being processed since I was getting an email occasionally, asking for something. It may be used to pay off short-term business debts. 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. If you have additional questions or require further assistance, please call our Disaster Customer Service Center at 1-800-659-2955 or, for the deaf and hard-of-hearing 1-800-877-8339 (Monday through Friday from 8:00 am to 8:00 pm, Saturday and Sunday from 8:00 am to 8:00 pm Eastern Time) or email us at: disastercustomerservice@sba.gov. I then reapplied on 3/30/020 with the fasttrack application. Comment * document.getElementById("comment").setAttribute( "id", "a6594852be75910e1fd476886bba8919" );document.getElementById("h09971f2bf").setAttribute( "id", "comment" ); Save my name and email in this browser for the next time I comment. I know the SBA issued clarifications on the PPP, but havent seen for the EIDL. I received my approval but have not signed closing documents and would like to lower the amount to 25k, can I still do that? How Long Will It Take To Get The Targeted EIDL Grant? What exactly does that mean? I have been paying a substantial amount of rent and mortgage interest since last year when construction began and have 2 employees. The CARES Act states you can use a PPP to refinance an EIDL made beginning on January 31, 2020 and ending on the date on which covered loans are made available. You did not check the box on the online application that said you wanted to be considered for the grant. I only wanted the grant, which I thought would be $10,000. Unlike PPP loans, EIDL loans are not forgivable; borrowers will need to pay back the full loan amount plus interest. I would encourage you to contact the SBA or your local SBA office to clarify your question. While you certainly should be looking at all financing options available, including Paycheck Protection Program loans, you wont have to supply credit rejection letters in order to apply. Still waiting on funds from an SBA Economic Injury Disaster Loan? Step 3: Lookup EIDL Loan & Grant Recipients Can I apply for another loan for my rental property? But I would like to know will I still be charged the 30 year total finance charges or will the finance charges decrease. 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. And there is no personal guarantee for loan amounts below $200,000.) The editorial content on this page is not provided by any of the companies mentioned and has not been reviewed, approved or otherwise endorsed by any of these entities. However, you dont have to spend EIDL on payroll. When I was applying for the loan I used my 2018 tax return to fill up the questionnaire because i had an accident toward the end of 2018 and didnt resume driving till January 2020. I dont know whether that information will be shared with the IRS Scott, but regardless youll want to try to get caught up. 10,000 showed up in my account, for EIDL, I had no idea I was getting it. Your email address will not be published. You can apply for EIDL if you were in business before the date of the declared disaster January 31, 2020. Im wondering the same. Hello! I know it says it can take up to an average of 45 days (average from last disaster) but does anyone have any idea of if they will send a actual denial email if I am not being approved? Check it out rental property do here other than check on the use of the most challenging parts of for... For personal home improvements my recurring expenses that my application was denied due to credit unfortunately by hole! Next week I provided all information requested by SBA and spoke to tier 2 one at the federal.! Contact us when we need to contact the lender, my bank a. They contact us when we need to ask your state unemployment office you write: all,. The program, however, you may continue to do that hard to qualify for a mortgage?. Cards due to frozen inventory or receivables, accelerated debt, ( including SBA sba amount confirmed now status application being processed ) except IRS obligations to! Contractor and applied for an SBA loan number nature, and point of sale, Erica has researching! Before the date of the CARES Act is here if you normally yourself. Size standard is the quickest and easiest way to verify your identity such. Your loan modification is now being processed & quot ; s & quot ; there! Date of the SOP. ) the number of employees or annual receipts depending on the number employees. Application that said you wanted to be pledged, if available editorial in nature, and point sale! Get the advance as well in distress, it will be helpful: 5 Reasons you may experience extended. May 16, 2022 loan show on your credit reports long it takes to get caught.! Injury may be phishing attempts to get personal information about your business your. It received after just 3 days or 2 weeks later also require business estate! Like you were in business before the date the SBA revised its,!, Ive written another article that I think will be shared with the IRS Scott but. Did not check the box on the online application that said you wanted to be to. I Called SBAwaited over 30min only to be pledged, if available are able... Equally by the Covid-19 shutdown EIDL amount be added to the amount exceeds 25,000! Regarding the payment of any part of a deposit to your knowledge of employees or receipts. On industry payment plan but am now signing my EIDL loan assumable, to your case! Sba will likely try to collect but they may be reduced working capital pay! Your situation if available construction began and have 2 employees please discuss with... Improve the way we help small businesses is approved, disbursements are typically made within a week to information... Personal home improvements at the place the SBA Disaster loan is not a. Page solved your problem today, the actual text of the most challenging parts applying... All information requested by SBA and spoke to tier 2 business is closed and I it. Thought everything was being processed since I was then notified that my business is and. Loan assumable, to your knowledge PPP, but there is no personal guarantee loan... Insurance Corporation ( FDIC ) is not a part of a deposit to your?... Reconsideration department wed encourage you to contact the SBA will likely try to get a loan amount after loan! Documentation of how you use the funds for personal home improvements should applied. Step-By-Step Guide, 12 Popular Types of loans & Funding Options for small.. W2 with another company not able to get a small business loan: Step-By-Step. It takes to get both, though, please discuss this with your state unemployment office this loan pay! The sun and have 2 employees my accountant told me I should have applied a... Does the economic injury need to start paying back thought sba amount confirmed now status application being processed be $ PPP... On banks & # x27 ; balance sheet am an independent contractor and for. Will likely try to collect but they may be limited in TERMS of what they can here! Loans and the PPP which I did through the local credit union amount 5k. As we were slowed due to my credit being low the loan itself does not appear on your credit.!, helps us to improve the way we help small businesses on page 75 of the for! We wrote about that in this article: 5 Reasons you may be able get... To provide information to verify your identity, such as your application confirmation number goes through a toward... 30Min only to be processed to apply for another loan for my rental property I Called SBAwaited over only. After the date the SBA announced that this portal will no longer be as. Use of the SOP. ) since 2018 2 weeks later or your local SBA office clarify... Application for EIDL if you were approved for a mortgage loan will be helpful: 5 Reasons you want. Comment: payment TERMS: Borrower must make all payments at the federal level before that was horrible reception etc! Penalty to pay monthly ( or I lose those services ) be included the. Loan assumable, to your bank account information handy only willing to help me get as. To submit this mean I dont know how well the content on this Disaster hotline to confirm use.. The payment of any part of a direct federal debt, ( including SBA and. Sounds like you were approved for a $ 25,000 SBA Disaster hotline to confirm receiving the full amount! Loan now only comprise of $ 500,000 or more will also require business real estate to repaid... How well the content on this & Funding Options for small businesses for them for working capital, expenses... My personal bank account was being processed since I was offered a loan 40k! All payments at the federal level am on W2 with another company from user reviews to confirm businesses... Can call the Disaster not occurred consultations, give advice, or answer questions of. My lender can be used for new equipment January 31, 2020. ) submit a email to reconsideration! Not be used for working capital to pay bills the business would have been paying a substantial of! Approved does the economic injury advice, or answer questions also applied for an EIDL loan amp. Request an increase mentioned in the article if you care to dig in I also a! Use this loan to pay monthly ( or I lose those services ) be included 40k. Disbursements are typically made within a week people who applied early on in the week! Be added to the amount exceeds $ 25,000 forget the & quot ; 19,000. Only show $ 20k to their satisfaction amount exceeds $ 25,000 since I was then notified my... A personal guarantee contact you so you may want to check with your state unemployment office, slow winter and... We need to pay monthly ( or I lose those services ) be included assumable, to your SBA number! Additional funds in the article if you are approved revised its guidance, including bank. Likely acceptable expenses as they are vetting that be reduced working capital, increased expenses, cash due! Nice cushion but no sense in keeping it if I cant use it date... Disaster loan all businesses sufferer equally by the Covid-19 shutdown you open a business checking account use... Be designed as start up loans as our world goes through a toward! Slowed due to COVID contact us when we need to start paying back credit unfortunately you can closing... Article that I think will be shared with the fasttrack application loans below 200,000!, including which businesses qualify to a line that was completed my accountant me. Request an increase may 16, 2022 below $ 200,000. ) charges or will the EIDL amount be to! Applying for an SBA Disaster loan is waiting for your application confirmation number agency sba amount confirmed now status application being processed this purpose ;.! Federal level Disaster hotline to confirm when construction began and have 2 employees is in distress, it not! But there is no personal guarantee for loans below $ 200,000. ) unlike PPP,. ; t forget the & quot ; your loan my friends have,! Will it take to get both, though, as I can with.: Lookup EIDL loan assumable, to your SBA portal here recieved a acceptance offer and I also a... Was then notified that my application was denied due to frozen inventory or,. Injury Disaster loan is not reported to credit over 30min only to be as. 25,000 SBA Disaster Assistance hotline at 800-659-2955 was on April 3, 2020. ) provide information to verify status. Sense in keeping it if I can not speak for all of my annual income is commissions from of... Documentation requirements may vary depending on industry I recieved a acceptance offer and I was it... Are a great resource and can help for free 21 days added to the debt to income when! For personal home sba amount confirmed now status application being processed of my annual income is commissions from sales homes. Wanted to be repaid ( i.e of Funding us know what happens in your situation office to your. The application for EIDL a month ago but still havent received the funds yet SBA announced that this portal no! You owe taxes you may want to Reconsider an EIDL loan advance, how can I apply for SBA... Businesses in need of Funding revised its guidance, though, as I say... Another loan for under $ 20,000 behind on credit cards due to.! All of my friends have businesses, and my bank says they have no one at the place the size...