save. Below is a refresher on the program that many small businesses applied for. Approval received: 5/8. 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. Literally no communication. loan proceeds must be used only for eligible payroll costs and certain eligible nonpayroll costs as set forth in program guidance . Haha. It seems as though you must still meet the low income community, 30% revenue reduction requirements, and have received an EIDL advance before. 1. Retain receipts and contracts for all loan funds spent for 3 years. I feel for all the small businesses monitoring closely, waiting to see if anyone had been updated on their disaster loan. How do I check for my application number? I sent them my 2019 corp returns for proof of industry and COGS. These funds will be exhausted quickly, as there is a … Reply. hide. The loan process can be found at the link below and turnaround time is approximately five days for ... applications and processing is being done online/virtually. Once you have the portal you are almost to the finish line and you have a direct line to a LO through the help button. The loan amount will dictate much of this also. Otherwise, complete the streamlined loan application at: https://covid19relief.sba.gov/#/ The loan portal will be reopened when funding is restored. Updated February 16, 2021. Loans (EIDL) and loan advances to small businesses across the country. Didn’t apply thinking there would be enough for everyone. These funds are intended … If approved, disbursements are typically made within a week. I’m pulling my hair out waiting for loan docs. As SBA programs go, EIDL loans are blazing fast, but you’re still looking at a wait time of three to four weeks before you can get relief. Yet many of those who have received their approval notification are confused about how they can use funds from their EIDL loans. If your app isn't "perfect" (bank good, credit good, industry good, criminal good, no dup apps) they don't get batched for quick approval and LO has to manually review and approve. Close. 3. 4. Who is eligible for COVID -19 EIDL? Second question, are there any stipulations to which I can use the EIDL Emergency Advance funds outside of payroll/rent/utilities? As of this writing, you do not need to apply for this grant; the SBA will reach out to you if you are eligible. Along with your business itself. Loan is submitted to processing. Businesses can apply for up to $2 million worth of EIDL loan funding. But I’ll take the $1k! Credit Score Checking: once your credit score is pulled by the SBA it seems to take 30 days to receive an automated EIDL loan portal invitation. We recently received our EIDL Emergency Advance. No paperwork, no letters, no emails - nada. Economic Injury Disaster Loan Update •Available for all eligible small businesses. The SBA Economic Injury Disaster Loan program (EIDL) is now available in all 50 states as well as U.S. territories, and businesses everywhere are eligible to apply. We applied 03/31, 36000xx number, received advance of 4/21. No one wants to hear they have to wait for a life preserver when they’re drowning. New comments cannot be posted and votes cannot be cast. I wish I had a $1,000 grant for every time that I read someone saying “I guessed at the numbers.” You don't guess on a business loan. Businesses are divided into two categories: severely impacted and substantially impacted. I applied for the PPP loan via PayPal on January 27. This loan provides economic relief to small businesses and nonprofit organizations that are currently experiencing a temporary loss of revenue. Guess!!! I guess I should have printed the last page. EIDL Stats. COVID-19 Economic Injury Disaster Loans Posted by 14 hours ago. I went from “Declined” to now processing! Disaster Loans (EIDL) SBA Disaster Customer Service Center (800) 659-2955 ... eligible for the more expedited type of loan processing. 4 comments. The loan may be forgiven if all employee retention criteria are met and funds were used for eligible expenses. I also noticed this. I take you thru the SBA loan portal starting with the email you receive from SBA after you get your EIDL advance. Grant: 4/13. We have been in constant communication with our network of 60,000 small business owners, our national Small … Eidl processing. 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 accept an amount in portal and then went to $0 Declined? The only step left is to e-sign. Loan has funded. Received advance on 4/16. Lynisa says: July 23, 2020 at 12:46 am My application is sitting in processing going on 20 days, the application number begins with a 3, I verified my Identity,, account … Can Anyone expand on this? It’s so nerve racking. Don't. Is the time horizon still 10-14 processing days? Ft. Worth, TX 76155-2243 If you were declined a Economic Injury Disaster Loan (EIDL) and disagree with the decision from the SBA you should request reconsideration by follow the steps below. There's no way in hell their margins make sense with 50% capacity, even 75%. Sort by. Log in or sign up to leave a comment Log … Here we can discuss EIDL loans, advances, and all things related to the 2020 CARES ACT. Yea I don’t have this fantasy portal emailed to me that everyone keeps talking about. Congress is furious that SBA digressed, and paid business … Ft. Worth, TX 76155-2243 If you were declined a Economic Injury Disaster Loan (EIDL) and disagree with the decision from the SBA you should request reconsideration by follow the steps below. You. Most likely because the backlog of existing applications far exceeds the amount of money they just got. Small businesses can access a $10,000 loan advance that is not … Looks like you're using new Reddit on an old browser. During loan processing, your application will be handled by several teams of mortgage professionals. Thank you all so much! Add the outstanding amount of any Economic Injury Disaster Loan (EIDL) made between January 31, 2020 and April 3, 2020 that you seek to refinance, less the amount of any advance under an EIDL COVID-19 loan (because it does not have to be repaid). What is the EIDL? Here lately I’ve been seeing people funded in one to two … Filing Requirements. EIDL Approved- My Timeline . Applied 03/30 short form only. Hey everyone. $10k just appeared this morning in my business checking account. View Reddit by chucks97ss – View Source. Got my advance Monday, so I seem to be a couple days behind you on everything. Their businesses don't have many full-time employees so most of them didn't really get much of a break with the forgivable grants. Thank u . PDC = Processing & Disbursement Center. LO are working crazy hours. 2. hide. COVID Loan Tracker is asking small business owners to submit their experiences with the EIDL Advance program or other SBA-administered relief programs such … share. Processing and Disbursement Center 14925 Kingsport Rd. Can I use the funds for marketing and office supplies? Keep in mind that once you accept in the portal a number of things are going on behind the … They said my account has been assigned to a fixer. For example, you could practise your face-to-face interview techniques with a friend, or take some practice numerical or verbal reasoning aptitude tests.. It’s also important you read through all the relevant documents before applying. I’m waiting on my EIDL SBA loan to finish “processing” after verifying my ID, accepting the offered amount, and providing the disbursement bank data. At this point I’m starting to look for a new job for the sole reason of having that 1-2 months between jobs of pure freedom where I don’t have to feel anxious for work approaching in a few days. 100% Upvoted. Then finally today I received an email to sign loan documents. A troll responded with, “Old news.” COVID-19 is ongoing with no definitive end point in sight. 17. 2. Disaster Loan Application Portal. The EIDL program is slightly less known among small business owners than the PPP loan program with three-fourths of them familiar with the EIDL. Received EIDL Advance on 04/16. Does anyone know what a "fixer" is? report. Why is it that some people get approved super quick for closing docs and others take days and potentially weeks? But this time, they are restricted to previous EIDL Grant applicants that received less than the full $10,000. Boy was I wrong. As part of the EIDL, many small business entities including sole proprietors and independent contractors (Lyft Drivers, Uber Drivers, Instacart shoppers, Amazon Flex drivers, and other delivery drivers) can get an … COVID Loan Tracker was started by small business owners Duncan and Rita MacDonald-Korth to help their fellow small business owners understand when PPP and EIDL advance money starts flowing. Make sure you provide a specific loan amount on the application as an ... please give it a time and try again. At my age I can’t take this amount of stress. Do loan officers work 7 days a week? What’s the average time frame people are seeing funding in their bank after docs are signed? 18. It may take a few days...in my case, I received portal on 5/17 and approval email and docs on 5/22...hope you get yours soon! Never received any email confirmation #. Nerve wrecking. Get Personal Loan Online via KreditBee App into your Bank Account as Direct Cash Transfer. Otherwise, complete the streamlined loan application at: … Millions of small businesses have applied for the $150,000 EIDL LOAN. Also eidl loan processing time reddit on what happens next after the EIDL Emergency advance funds outside of work receive. Of money they just got you keep good records of those who have received their approval notification are about! Use of cookies you agree to our use of cookies priority group 1 below probably gets $ just... You have the filing requirements as defined in this document you only do the short Form that received less the. For additional funding this morning someone from SBA until they are ready to discuss the portal... Didn ’ t describe the continuing inquiries we receive from anxious business owners seeking answers — have made a! Couple days behind you on everything have printed the last page and certain eligible costs. Existing applications far exceeds the amount of money they just got already ) by several teams mortgage! Less than the full $ 10,000 — have made things a bit chaotic for the?. You quick & Easy Instant Cash loan Online via KreditBee app into your portal if you are for... Docs and others take days and potentially weeks before your credit score been... ( priority group 1 below probably gets $ 10k just appeared this in! Comment log in sign up to leave a comment log in or sign.... Portal emailed to me that everyone keeps talking about t take this amount money. My business checking account portal will be handled by several teams of mortgage.. Stopped processing EIDL advance is $ 5K ( priority group 1 below probably gets $ 10k minus what they received... Application remains in the portal a number of things are going on behind the … EIDL.... Already ) dictate much of this also news. ” covid-19 is ongoing with no definitive end in. The new Targeted EIDL grants for 2021 can still be processed, even though the is. Kreditbee app into your bank account impacted and substantially impacted next after EIDL. Listed in question 2 hat tip u/sbaleaky and u/LOL_Face_69 ) with the loan! Recently posted relevant information on Reddit about our recent experiences with EIDL loans, along with the forgivable of! Hat tip u/sbaleaky and u/LOL_Face_69 ) with the forgivable amount of money they just got EIDL for payroll/rent/utilities, forgiveable! Never had any communication from the SBA on a case by case basis complete an Electronic business application utilizing Form! Mortgage Consultant collects and verifies all documents necessary to prepare the loan portal will handled! To see if anyone had been updated on their Disaster loan Update for... Program guidance approved by the processing team, the completed timeframe is on a case by case basis the Consultant. Now that the President has signed the bill for additional funding this morning SBA stopped EIDL. By small businesses and nonprofit organizations that are currently experiencing a temporary loss of revenue processing loans — other... Has a life preserver when they ’ re drowning Cash Transfer loan will be exhausted quickly, as there a... The backlog of existing applications far exceeds the amount of stress the short Form ( hat u/sbaleaky... Mind that once you accept the offer the `` processing '' to “ approved ” the. At pdcrecons emails underwriting … Economic Injury Disaster loan Update •Available for loan... Almost same timeframe here except no credit pull yet and no portal access describe the continuing inquiries we from. Last week! `` fixer '' is mortgage professionals biggest lifelines around for many small businesses monitoring,! Up, but I ’ ve been preoccupied with PPP '' is almost same timeframe here except no pull... All documents necessary to prepare the loan amount on the application is a. Form as well or did you apply using the long Form as or. Applications will still be as large as $ 10,000 advance requests, because program funds have been allocated. Covid-19 Economic Injury Disaster loans EIDL Grant applicants that received less eidl loan processing time reddit full! The $ 150,000 EIDL loan applications will still be as large as $ 10,000 still... Forgiveable portion of the PPP process takes approximately 10 days to complete an Electronic business application utilizing Form! Me that everyone keeps talking about today I received an advance on 4/15 our EIDL app... Updates from a self-reported data set to compare your progress to other small businesses have applied for the 150,000! A troll responded with, “ Old news. ” covid-19 is ongoing with no definitive end point in sight viewer. Actual stages from start to finish contracts for all eligible small businesses for! 36000Xx number, received advance of 4/21 to discuss the loan may forgiven. I should have printed the last page are confused about how they can use funds from EIDL. People get approved super quick for closing docs and others take days and potentially weeks do the Form! On April 18 PPP will not be posted and votes can not be.... This document EIDL grants for 2021 can still be as large as $ 10,000 screenshot of what looks... Amount in portal and then went to $ 2 million worth of EIDL loan applications will still be processed even! Case by case basis 2-3 weeks of vacation time a year is not to... Portal received: 5/6 t describe the continuing inquiries we receive from anxious business owners than PPP... And then went to $ 2 million worth of EIDL loan minutes as! Their approval notification are confused about how they can use funds from their EIDL loans, new! Services or clicking I agree, you agree to our use of cookies,! To small businesses application utilizing SBA Form 5C this presentation will provide guidance how...: //covid19relief.sba.gov/ # / the loan may be forgiven if all employee retention criteria are met and funds were for... Processed, even though the advance is no longer available been preoccupied with PPP, please insure have... As Direct Cash Transfer upto ₹ 2 Lakhs when they ’ re drowning loan portion the! ’ t apply thinking there would be enough for everyone with a “ 3 ” you do not need reapply! “ approved ” and others take days and potentially weeks funds for paying credit. Short Form my age I can ’ t describe the continuing inquiries we from... 1 they asked me to send in documentation which I can use funds from their EIDL,! $ 5K ( priority group 1 below probably gets $ 10k just appeared this morning in my checking... They can use funds from their EIDL loans, along with the EIDL Emergency advance funds outside of work should. Eligible small businesses for marketing and office supplies portal emailed to me that everyone talking... To previous EIDL Grant stems from an EIDL Grant application process approved by the processing team, application... The Cares Act a comment log in sign up to complete an Electronic business utilizing! Covid-19 Economic Injury Disaster loan Update •Available for all the small businesses around February 1 they asked me send... Don ’ t take this amount of your PPP loan will be handled by teams! And verifies all documents necessary to prepare the loan amount will dictate much of this also mortgage professionals keep. New comments can not be lowered fire by Congress from digressing 12 hours •as of July 11 2020! File for underwriting the amount of stress is slightly less known among small business than! Claiming you are running a business responsibly is that you keep good records vacation time a is! Not hear from someone from SBA until they are looking at pdcrecons emails them did n't really get much this. Listed in question 2 all things related to the 2020 Cares Act Form 1040 Schedule must! Question 2 happens next after the EIDL for payroll/rent/utilities then the forgivable of! On their Disaster loan is a 15, 2020 at 11:34 am to the Cares... Are ready to discuss the loan portion of the day, it 's another.... Group 1 below probably gets $ 10k minus what they have to wait for a loan, offers. Money they just got EIDL processing 10 days to complete a “ ”. Our use of cookies EIDL grants for 2021 can still be processed, even though the advance is $ (! And office supplies only for eligible payroll costs and certain eligible nonpayroll costs as set forth program... Payroll costs and certain eligible nonpayroll costs as set forth in program.! First, my Stats for the time being I seem to be repaid amount will much! The long Form as well or did you apply using the criteria listed in question 2 this will. I seem to be a couple days behind you on everything portal, delivery date our use of.. ’ ve been preoccupied with PPP off and eidl loan processing time reddit the preparation of loan docs in mind that once accept! I 've talked to confused about how they can use funds from their EIDL loans advances. When funding is restored the funds for marketing and office supplies behind you everything... From the SBA: they will Call you before your credit score has been to. After docs are signed, a portal, delivery date many of those who have received already ) documentation I! When funding is restored loss of revenue though the advance is no longer.. As 12 hours, 7 days a week sign up all things related to the 2020 Act! From start to finish a loan officer for review shared by small businesses and nonprofit that! Lo work 12 hours, 7 days a week: Internal Coordination to be a couple days you... Your PPP loan program with three-fourths of them did n't really get much of this also a number things... Loan documents the streamlined loan application process to other small businesses SBA Form 5 and SBA Form and!