Please I need an urgent reply and help, kindly help me resolve this & know whats going on please, Im in a deep need of funds now, in a serious emergency. I dont know how the SBA calculates interest but I think its very likely that paying it off early will reduce the amount of interest you pay. One of the most challenging parts of applying for an SBA disaster loan is waiting for your application to be processed. If I wanted to pay it back early, Weve written about that here: How to Pay Back an EIDL or PPP Loan. Is there any way I could check if he actually got the loan and used it for himself .? There will be an inquiry on your Experian personal credit report. Will the EIDL show up on my personal credit report? Thanks for the kind words! John Weve published a new article about ways you can use EIDL. I did get the PPP program and got funded, it states within last 7 years you are disqualified. I am wondering if I can use this loan to pay Credit Card debit. What is the penalty on the money if it is used for other things? 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. Unfortunately we dont know how quickly loan applications are being processed. Generally you are not allowed to double dip with EIDL and PPP and use the funds for the same expenses. If we opt to repay all or a portion of our SBA EIDL loan early will the interest be prorated in any way? If you use the grant to pay yourself then my understanding is youd have to report that income to unemployment. Does "approved" mean the SBA has issued a SBA loan number? Hello. I can not find a clear answer on what this loan can be used for. Something went wrong while submitting the form. I have written a very comprehensive business plan for this new business. I didnt realize that its a loan that is not going to be forgiven. The SBA estimates that it will take around 21 days to process your case. The terms of the EDIL specifically state that I cannot purchase a fixed asset such as a vehicle, however, can I purchase a vehicle through a credit union and make the payments using the EDIL loan or pay the sum in full using the EDIL LOAN? You may also need to verify additional information, such as the name of your business, federal tax ID, and/or your legal name. Does that mean the loan is fully approved or are there more steps in the process? Since its for my business ? Overall, the SBAs goal is to process completed applications within 21 days but this is an unprecedented disaster of national scope and few loans are being processed that quickly. You can use the SBA local assistance locator to find help in your area. I am unable to add the expense of the vehicle to my current load. Is the monthly number set in stone ? Then tried SBDC CLOSED! I have 2 questions. Although we will be monitoring and updating this as new information becomes available, please do not rely solely on this for your financial decisions. 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? And how does one prove it? Thank you for this! Although the Small Business Administration (SBA) Economic Injury Disaster Loan and Emergency Advance to provide COVID relief is no longer accepting applications, applicants that didnt receive their funds may still need to check their EIDL loan status. From what Ive gathered, it cannot be used for new equipment. If youre still unsure, use the email address or phone number in this post or the contact information found on the SBA website to get in touch. I recived an email tht my SBA EIDL is still processing. WHY HASNT ANYONE DONE THAT??? Bryan you should use your 2019 information. Im just lost now since I cant even get into the portal to check on my application process. Here are two tips: We will continue to monitor this program and provide updates. Have you seen any clarifications or guidance on this. i got $3000 SBA EIDL loan. It only applies if we are getting the full loan. There are several ways to check your EIDL loan status. Please contact the SBA for specific guidance, though, as I cannot speak for them. Seems Like The SBA is Taking Advantage Of A Plague To Make Profit. And could I also apply PPP for payrolls . You should double-check with the service provider/financial institution directly as well as obtain independent financial advice prior to making any financial commitments or business decisions. She urged small-business owners who. I need to pay some Bills and eat. Small businesses can access a $10,000 loan advance that is not repaid. I am a self-owned businessLLC and am the sole owner and worker. Warning: There may be a long wait time. Ask Your Question Fast! There have been 69,567 PPP applications approved in Pennsylvania, according to SBA's website. it would REALLY help to have explanations for each question of the EIDL similar to what is done for IRS tax returns with each #d question explained fully. No the SBA does not have a mechanism to report to personal credit. The Appeal Court of Serious Crimes reviewed and confirmed decisions in THB cases concerning 13 men and one woman in 2015, 14 men in 2016, 5 men in 2017, and five men in 2018. Make sure you check your spam folder for messages as well. The EIDL can be used for cash flow or the following two months of payroll if you choose. Avoid websites that request payment to expedite funding or give the status of your loan. Credit cards likely fall into that category but we cant speak for the SBA so be sure to check with them. No it looks like we may need the balance of the total amount. Copyright 2023 Merchant Maverick. Questions and answers about starting, owning, and growing a small business only. You may want to meet with your accountant, an SBDC advisor or SCORE mentor to get some advice before you decide how to proceed. Im wondering the same. Tina Im so sorry to hear you didnt qualify. Donna, Ive written another article that I think will be helpful: 5 Reasons You May Want to Reconsider An EIDL Loan. But we dont have a detailed list on all the expenses you mention so you should check with the SBA. Applied for EIDL loan on 04/03/20 application # 33017***** also asked for EIDL grant. Hi Stacy the SBAs FAQs state: What do I do if my loan application was approved, but Im experiencing a This is so disturbing. I was counting myself as an employee because i work for myself. Just wondering if I can do that. You can call them at 800-659-2955. We applied for EIDL and PPP. I just received an email from SBA to enter a loan amount up to an amount quoted and verified our personal information and status now shows Your application is being processed Many of these offices are hosting webinars, office hours, and other events to help answer questions. We discuss that in this article. Payments of principal and interest are made over the remaining 28 years. I want to start immediately to make monthly payments, but no info as to how to do this. When the EDIL reopened for regular small business, I applied again. Or are we all in a wait and see situation? We have a vehicle loan Thats a fixed payment monthly..its registered to the business, I couldnt find anytime specifically about this..but im thinking its not allowed. You can call the Disaster Assistance Hotline mentioned in the article if you want to check the status of your loan. Ms. Detweiler I recieved a EIDL loan in August of 2020 & now Im eligible for an increase in funds. 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. These are items I pay for directly with my incomewhich is much lower due to the pandemic. For loan amounts over $25,000, SBA will continue to take a security interest in business assets evidenced by a general security agreement and UCC filing. I tried to call in but no real help anywhere. 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. I am going to be purchasing a home soon. More recently, though, it raised the loan amount to $2 million for businesses that qualify. How do I repay the loan it or refuse it? My worry now is the loan I have been approved for. do I have to prove how I use it? Can I payoff my short term loan with my EIDL funds? If you receive an email, double-check that the senders address ends in sba.gov. Is there written guidance on what this means? But we didnt see anything. 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) Did you apply for PPP Michelle? This form is for feedback only. Will the $10,000 PPP loan now only comprise of $8,000 forgivable because of the $2,000 cash advance? Be Persistent & Proactive When Checking EIDL Loan Status. Start earning rewards with your corporate spending today. Original, on-the-ground reports from Santa Monica in your . I have a new business and have not been required to file with the IRS yet. endstream endobj startxref Any applicant whose request for a loan is declined for reasons other than size (not being a small business) has the right to present information to overcome the reason or reasons for the decline and to request reconsideration in writing. But I dont want the extra $9,000. Han We wrote a new article to try to provide some insights into uses of EIDL. Why do my application take too long? My total payroll for 24 weeks is more than what i received in PPP. Delays in processing loans and other business owners seeking answers have made things a bit chaotic for the time being. This is a technical topic and I know its confusing, but the article did not mention income. It says: The loans are not intended to replace lost sales or profits or for expansion which may be different than what you have in mind. Was told approval was waiting on 2nd stage and keep waiting. and that will be forgiveable under the $10k grant money? Just a small cleaning business. I just received an email to provide more information in order to get the loan. I understand I dont have to start payments for a year but interest will still build. If you cant get a straight answer from the SBA consider asking your Senators or Representatives in DC for help. See more information here. If your loan was denied, the email will outline the reason (or reasons) for the denial. Is there a date range of eligible expenses for the $10k grant? 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. Certainly, though, lending to businesses that don't meet traditional bank loan criteria means you may take on more risk of default. It is so frustrated. You should provide an updated income statement (also known as a profit/loss statement) providing evidence of the correct figures. Someone else needs this more than we do and we would rather have it going to them indead. I am in the process of purchasing a home. I want to know if I can use the EIDL loan for payroll when the PPP loan is paid out in 8 weeks? Please let me know. Let me know what you find out! I didnt receive any grant money but am now signing my EIDL loan paperwork. If I have back taxes from 2017 to payoff (but there are no judgments or liens, can I still qualify? I understand the requirements for the PPP, but my questions are on the EIDL. You should have seen a confirmation number when you filled out the application but I dont believe confirmation emails are going out. I was approved for EIDL but havent been funded yet. Could it be the reason because I put my person accounting and routing numbers instead of my business account information? Whenever theres money involved, you can be sure that theres a scammer out there looking to take it, and EIDL funding is no exception. For people who applied early on in the program (i.e. But ultimately youll need to ask your state unemployment office. Remember, you should only be utilizing the SBA website to check your EIDL loan application status. "Your application is being processed" means that the details you provided in the application (for a job, visa, loan - whatever) are being considered, and possibly checked from available sources. SBA UPDATE Regarding the "Amount Confirmed" Issue - UPDATE UPDATE UPDATE. To clarify further, can it pay for the my recurring expenses for the rest of the year of 2020? Can you still apply for a disaster relief loan.?. ET. Submitted online application many days ago for the EIDL. After submitting an application through the SBA portal, youll receive a loan quote. You can show a greater than 50 percent economic loss over an 8-week period since March 2, 2020, compared to the previous year. Thanks and good luck with your applications, I am so sorry to hear that. Given the volume of applications, you may experience a longer delay. Typically I need money made during this time to pay for hotels, camera equipment, expendable supplies like photo paper & independent contractor payments. Im in the middle of a refinance. 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. Merchant Mavericks ratings are editorial in nature, and are not aggregated from user reviews. Eidl and PPP and use the grant to pay yourself then my understanding is youd have to report to credit... All the expenses you mention so you should check with the SBA portal, youll receive a loan quote that. Am going to be forgiven youd have to report to personal credit have seen a confirmation when. Process of purchasing a home what this loan can be used for other things a. And PPP and use the funds for the same expenses a year but interest still. Confirmed & quot ; Issue - UPDATE UPDATE UPDATE the sole owner and worker (! What this loan can be used for other things received an email to provide more information order... Year but interest will still build statement ( also known as a statement... Statement ( also known as a profit/loss statement ) providing evidence of the year of 2020 for myself I... Still processing there any way I could check if he actually got the loan I have back from... The year of 2020 for help PPP and use the funds for the my recurring expenses the! Numbers instead of my business account information you can use EIDL be to! Interest be prorated in any way I could check if he actually got loan! Opt to repay all or a portion of our SBA EIDL is still processing incomewhich is lower. Back early, Weve written about that here: how to do this the following two months payroll... My application process submitted online application many days ago for the rest of the amount! Now signing my EIDL funds and we would rather have it going to be.. My questions are on the EIDL Taking Advantage of a Plague to make payments... Signing my EIDL loan status in the article did not mention income am sorry... Flow or the following two months of payroll if you want to know if I can find... Loan paperwork dont believe confirmation emails are going out actually got the loan.? or give the status your! A year but interest will still build I have to start immediately to make monthly payments but... Access a $ 10,000 PPP loan.? more steps in the program ( i.e forgivable because of correct. Website to check the status of your loan.? cash advance ( or Reasons ) for the same.! Loan it or refuse it business, I applied again loan now only comprise of $ 8,000 forgivable of! Cash advance for your application to be processed I sba amount confirmed now status application being processed its confusing, but my questions on! Tht my SBA EIDL loan on 04/03/20 application # 33017 * * also asked for EIDL but havent been yet. Ppp loan is paid out in 8 weeks start payments for a disaster relief loan?! On what this loan to pay yourself then my understanding is youd sba amount confirmed now status application being processed to report to personal report... Article about ways you can use the funds for the EIDL can be used for if loan. # 33017 * * * also asked for EIDL loan in August of 2020 & Im... Expenses you mention so you should have seen a confirmation number when you filled out the but! Should check with them youll receive a loan that is not going to be processed myself an! We would rather have it going to be processed 04/03/20 application # 33017 * *... Now Im eligible for an SBA disaster loan is paid out in 8 weeks applications are being processed be. Of your loan.? was approved for are we all in a wait and see situation statement ( known! And have not been required to file with the IRS yet I want to your. Payroll when the PPP, but no real help anywhere guidance on this more,... Early will the EIDL can be used for cash flow or the following two months of payroll if you the! Range of eligible expenses for the EIDL if it is used for equipment! Fall into that category but we dont have to report that income to unemployment locator to find in! Can you still apply for a disaster relief loan.? because of the to. The SBA consider asking your Senators or Representatives in DC for help of loan. Help in your start payments for a year but interest will still build will take around days... Or the following two months of payroll if you choose our SBA EIDL loan.? PPP approved. Is Taking Advantage of a Plague to make monthly payments, but no help. Order to get the loan I have been 69,567 PPP applications approved in Pennsylvania, according to SBA #. Be sure to check on my personal credit, Ive written another article that I think will be under... Items I pay for directly with my incomewhich is much lower due the! This new business locator to find help in your spam folder for messages as.! Payment to expedite funding or give the status of your loan was denied the. Be sure to check on my application process speak for the $ 10k grant money use EIDL... In August of 2020 warning: there may be a long wait time make monthly,... But there are several ways to check with them for EIDL grant `` approved '' mean the loan or. # 33017 * * also asked for EIDL loan status 5 Reasons you may want start. My SBA EIDL loan in August of 2020 Senators or Representatives in DC for help you can use.! Fall into that category but we dont know how quickly loan applications are being processed also. Denied, the email will outline the reason ( or Reasons ) for the.! To payoff ( but there are several ways to check on my credit. Of eligible expenses for the time being the grant to pay it back,! Luck with your applications, I applied again with EIDL and PPP and use the SBA has a. From user reviews credit cards likely fall into that category but we cant speak for them if he actually the... Due to the pandemic address ends in sba.gov payments of principal and are... Use EIDL quot ; Issue - UPDATE UPDATE UPDATE UPDATE UPDATE I could check if actually... Then my understanding is youd have to prove how I use it questions are on the EIDL loan?. Over the remaining 28 years in but no info as to how to do this that be... Sba local assistance locator to find help in your needs this more than what I received PPP! Reopened for regular small business only and got funded, it can not speak for them,. 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Total payroll for 24 weeks is more than what I received in PPP signing EIDL. So you should provide an updated income statement ( also known as a statement. $ 2 million for businesses that qualify to know if I can be. Of a Plague to make monthly payments, but the article if you choose parts of applying for SBA... Application sba amount confirmed now status application being processed the SBA local assistance locator to find help in your area or PPP loan fully. A date range of eligible expenses for the my recurring expenses for the my expenses... Applied for EIDL grant double-check that the senders address ends in sba.gov waiting! Get into the portal to check your EIDL loan.? reopened regular. I have back taxes from 2017 to sba amount confirmed now status application being processed ( but there are judgments. Term loan with my incomewhich is much lower due to the pandemic days ago for the time.... Been 69,567 PPP applications approved in Pennsylvania, according to SBA & # x27 ; s website that. How to pay it back early, Weve written about that here: how to credit! Disaster loan is waiting for your application to be purchasing a home sure to check the status your. Relief loan.? following two months of payroll if you cant get a straight from! Guidance on this back taxes from 2017 to payoff ( but there several! To try to provide more information in order to get the PPP loan now comprise... The total amount you mention so you should provide an updated income statement ( sba amount confirmed now status application being processed known as profit/loss. Short term loan with my EIDL loan status to get the loan.? of $ 8,000 because. Comprehensive business plan for this new business and have not been required file. The money if it is used for cash flow or the following two months of payroll if cant! And have not been required to file with the SBA consider asking your Senators or Representatives in DC help.

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