Now, I’m just waiting on the funding. from smallbusiness Under file, select "Make a copy". Based on our review, we have determined that your file should be reactivated for further consideration. I am signing off of this thread and won't be replying anymore. It looks like they've changed the way they collect documents recently but the overall process is the same. What's the deal with the forgiveness? Is there a penalty to pay off early? Please note that if you applied through the expedited COVID-19 portal, you will be unable to check your status online. I received the SBA loan I requested, and immediately paid down the personal credit cards I had run up while waiting for the SBA money. 4 percent, zero loan fees, zero prepayment fee (SBA will establish application fees caps for lenders that charge). Is it simpler to say they give you a loan for half of your profit from last year? I would recommend everyone to apply whether you need it or not. Good luck to all of you small business owners! COVID Loan Tracker was started by small business owners Duncan and Rita MacDonald-Korth to help their fellow small business owners understand when PPP … The SBA provides low-interest disaster loans to help businesses and homeowners recover from declared disasters. These files are maintained in chronological order and assigned in accordance with the current workload. Did you personally guarantee it? Here's the calculation to figure out how much you will get: Gross revenues - Cost of goods sold = gross profit, Gross profit / gross revenue = gross profit %, (Gross profit % x Gross revenue) / 2 = Eligible loan amount. Some banks have been using RPA to enter PPP loans applications into the SBA’s E-Tran electronic loan system. Did they require you to put up any collateral? They no longer are requiring real estate for secured loans; they are taking a general security interest in business assets and insurance would be required with SBA as loss payee. RPA software can perform data entry with greater speed and accuracy than humans. (Accessed 06/23/2020) — Reddit; I applied in APRIL and had to verify info last week and NEED HELP and a tad frustrated. There is a minimum score required for the EIDL loan. Thank you for providing this. Access your SBA Economic Injury Disaster Loan Portal Account to review your application and track your loan status. On Thursday, 103 House lawmakers -- 55 Republicans and 48 Democrats -- led by Bradley Byrne, R-Ala., and Jim Cooper, D-Tenn., urged more money for the loan … It looks like we have someone on here answering questions who actually works at the SBA office! The loan advance may be $10,000, but it may be less, depending on your business. I'll update you on this as soon as I hear back. Apply July 30th and got denied because of bad credit score. Economic Injury Disaster Loan Emergency Advance (Accessed 06/23/2020) — U.S. Small Business Administration; Loan Finally recieved this morning , Just waiting on grant. Lying For Sba Disaster Loans Eidl. Password. I heard they may need it for loans over $25k but I’ve put everything I own into my business and don’t have much collateral-wise personally. I worked on my credit bringing it from 550 to 690. Why not take advantage? Update (December 22, 2020): Details of a new stimulus package have been agreed upon by Congress this week, including almost $300 billion for a new round of potentially-forgivable Payment Protection Program (PPP) loans. Sorry, this stuff confuses me. This is the quickest and easiest way to verify the status of your EIDL. The biggest reasons for decline were credit score or restricted industry. I emailed the SBA loan officer about that this morning as it was just approved yesterday. Around mid-December an LO emailed me requesting documents and shortly after I received my portal invite. The SBA approved 1,661,397 loans from 4,975 lenders before it was exhausted. Applied on 03/16/20, contacted by SBA loan officer on 03/20/20, approved by 03/24/20. Mercial loan murphy wall disaster istance sba disaster loan logo post southwest status of your sba loan lication. I emailed the reconsideration request on 11/28. No penalty to pay it off early however at that interest rate, I'd keep it for as long as possible unless that loan is the only loan you have to pay off and you don't need the cash for anything else. Username or email. If you applied through the COVID-19 portal, the SBA will contact you, but you may be … Forgot your password? Call 1-800-659-2955 (the SBA Disaster Assistance customer service center) about the application process, the status of your loan, or with any other questions you may have. Many business are getting declined at prescreen. In step 2 you divide the two numbers and in step 3 you multiply the two numbers. We released a previous article covering the initial details of the Economic Injury Disaster Loan (EIDL) program, which can be found here. Here we can discuss EIDL loans, advances, and all things related to the 2020 CARES ACT. I believe that is separate since that is a loan to help with payroll costs. SBA.com® is not a lender and you do not have to request a loan through SBA.com® or its partner to access PPP funds. As you all probably know, the government is giving out lots of money right now. If I decline it, would they reconsider a larger amount or should I just accept it and possibly request a higher amount at that time? I applied at http://disasterloan.sba.gov/ by creating an account and then uploading the requested documents. SBA Method (25k every 2 days) (Remember to ALWAYS use a 911.re proxy when carrying out ANY method!) Like many others, millions I would assume, I applied to the SBA for an Economic Injury Disaster Loan, which includes an advance of as much as $10,000. When completing your loan application, be sure to check the box to indicate you want to … Your case file will be assigned to a loan officer shortly. Looks like you're using new Reddit on an old browser. So, I kinda missed my deadline to send in my corporate resolution letter. It is one of multiple programs the Trump administration is using to try to blunt the economic fallout from a pandemic that has already shuttered businesses across the country. We are going to make this one short and sweet….in a rush lol. I applied back in April and got denied in May due to my credit history. Did you request up to $10,000 in advanced funds? I’ve been checking Caweb since I signed but it still says “Active Un-disbursed.” How long does the funds take to disburse and hit my bank account? You are able to get a loan at 3.75% where no payment is due the first year and amortized over 30 years. Questions? OFFICIAL FREQUENTLY ASKED QUESTIONS AND ANSWERS FOR r/EIDL. I appreciate any help and/or feedback. Update on the SBA advance grant for those who selected the independent contractors section. Answer: Forgiveness on a covered loan is equal to the sum of the following payroll costs incurred during the covered 8 week period compared to the previous year or time period, The power of the internets! Or am I misunderstanding the numbers? The minimum credit score is 650. Applied on 03/16/20, contacted by SBA loan officer on 03/20/20, approved by 03/24/20. Is this SBA disaster loan application same as the 7(a) loan Care Act for small business regarding the “forgiveness”? Press question mark to learn the rest of the keyboard shortcuts. I have received this after 6 months, what does this mean?!! In a PPP lending operations update issued Tuesday, Treasury and the SBA said the use of RPA burdens the E-Tran system and reduces its capabilities. Thanks for pointing that out. On Reddit, u/kitehigh911 said they applied on March 16 and received their full EIDL funding yesterday. What kind of credit score do you need to have? Press question mark to learn the rest of the keyboard shortcuts. Small businesses reeling from disruptions caused by COVID-19 have turned to SBA’s economic disaster loan program, which offers up to $2 million in lending per business. Over the entirety of 2019, the SBA approved just 51,907 loans under the 7(a) program to 46,111 businesses for a total of $23.2 billion. Fraud has already been happening in droves since COVID has pushed many Americans to work from home, with reports of increased phishing scams, fraud-focused phone calls and even app stores flooded with data-leaking apps. It was due the 19th, but I just spaced it due to the whole "state shutdown (again), homeschooling, holiday season, trying to stay out of complete poverty and pandemic" crap that has been going on. My loan was for $210k, all SBA loans have a PG, and they no longer are requiring real estate for secured loans; they are taking a general security interest in business assets and insurance would be required with SBA as loss payee. Worst British Rail Disasters. Last week, the U.S. Small Business Administration (SBA) approved requests from both Missouri and Illinois for assistance through the federal agency’s disaster loan program. If you submitted your application online, you can check the status of your loan through the SBA website. Is there a way I can request more than that? They divide by 2 because they will give you 6 month's worth of "relief". Hunt said the SBA has other loan programs still available to small businesses, such as 7a, 504 and microloans, through which it is offering debt relief. Is it collateralized? The formula I provided was given to me from the SBA loan officer. Hoping someone could clarify this as I could be wrong. Thank u guys for all the advise and information. SBA will consider your request for an increase in the loan amount if you can show that the increase is essential for your business to continue and is based on events occurring after SBA approved your original loan which were beyond your control. ... Love Parade Disaster Reddit. Can Humans Stop Natural Disasters. If you receive a loan advance, the SBA emergency grant won’t have to be repaid. Then I applied for reconsideration on july 2nd now am fully funded. 123.19: May I request an increase in the amount of an economic injury loan? Sba S Economic Injury Disaster Loan Program. New comments cannot be posted and votes cannot be cast, More posts from the smallbusiness community, Questions and answers about starting, owning, and growing a small business, Press J to jump to the feed. Finally, on Monday 12/28 I received my approval and signed my closing documents that same night!!!!! (Accessed 06/23/2020) — Reddit Then simply enter your Gross sales and COGS. If you have questions about your individual situation or application, we recommend you call SBA Disaster Assistance at 1 … Lol you are right. Edit: Here's a calculator I made. QUESTION: How is the forgiveness amount calculated? Just thought I'd offer to answer any questions small business owners may have regarding the SBA disaster loan assistance program. 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. When I did the steps by hand, the (gross profit % x Gross revenue) gave me the same amount as gross profit. Edit 2: Hi all, I'm glad this post was able to help many of you. We have reviewed your request for reconsideration of your disaster loan application. As investigations got underway, the SBA this week processed hundreds of thousands of PPP loan applications after Congress approved an additional $320 billion in new funding last week to … Just wondering if that requirement has been waived given the circumstances. The SBA disaster loan application process currently requires both a personal and business credit check. Call 1-800-659-2955 | TTY/TDD: 1-800-877-8339 Monday - Sunday, 8 a.m. - 8 p.m. How much $ was your loan for? I would recommend everyone to apply whether you need it or not. You are able to get a loan at 3.75% where no payment is due the first year and amortized over 30 years. Ie- won't need to pay it back? The current estimated stats: 2-3 million applications have yielded 700,00 pre-approvals. 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