Social media — particularly, Twitter and Reddit — is full of irritated small business owners who say they applied for EIDL weeks ago only to hear nothing back. Submitting Application ONLY for Sole Proprietor •The form 5C, IRS 4506T form, Personal Financial Statement, The EIDL loan application portal will be re-opened once funding is restored. 3600074742 - Status Update". Mostly typical timeline until now. Thank you! Here we can discuss EIDL loans, advances, and all things related to the 2020 CARES ACT. An Economic Injury Disaster Loan is a traditional SBA loan reserved for disaster relief. To apply online, submit your COVID-19 EIDL Loan and Advance Application now. The application can take a few hours to complete. Who approves my My application number is 3300544000, so there were 544000 applications before me when I applied Tuesday, March 31st. According to the SBA, the EIDL application process takes between two to three hours. I receive an portal invite a hour later , confirmed my identity and verified all my information. I could also do it from my business account whichever is easier. Press question mark to learn the rest of the keyboard shortcuts. Today, the Small Business Administration announced the reopening of the program for new applicants across all business sectors, according to CNBC.. As a reminder, one of the more interesting components to the EIDL loan request is that between $1,000 and $10,000 is given as a … Now it says processing for the past week. I am a 1099 self-employed. COVID Loan Tracker was started by small business owners Duncan and Rita MacDonald-Korth to help their fellow small business owners understand when … If checking your EIDL status online, you need to find the SBA Assistant at https://disasterloanassistance.sba.gov/s Here are the steps to ask the SBA to reconsider your EIDL loan (note: EIDL Advances are no longer available so your application for reconsideration will be kicked out):Send an email to the SBA at [email protected]. New applications will not be accepted until program funding is restored. Grant: 4/13. Thank you. I just applied last week for a eidl Loan for my restaurant business due to a new wave of lockdowns. I appreciate any advice! Eidl application processing. Is just depositing the lump sum of the PPP loan in my personal bank account enough? Looks like you're using new Reddit on an old browser. 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. ryanquickfunds@gmail.com. They "confirmed" that the application that I submitted was the only one in the system and that it wasn't withdrawn. We're still … Note: If you’re calling the SBA’s 1-800-659-2955 number to check on the status of your EIDL application, make sure to ask for the Tier 2 option, as this pertains specifically to the COVID-19 program. Sorry guys, I'm new to Reddit so I haven't figured out how to directly reply but this is an update: I called them and they said it was autogenerated for whatever reason. By Richard Harroch. Please help me in this. Getty. 4/28 - $1k advance. I receive an portal invite a hour later , confirmed my identity and verified all my information. r/EIDLPPP: Paycheck Protection Program & Economic Injury Disaster Loan Discussion for the 2020 COVID-19 disaster. Will I be able to also apply for the PPP 2? Paycheck Protection Program & Economic Injury Disaster Loan Discussion for the 2020 COVID-19 disaster. First, an applicant is not denied until their receive from SBA a PDF letter indicating a denial of their EDIL Loan application, SBA tells news. ... help Reddit App Reddit coins Reddit premium Reddit … applications will continue to be processed on a first-come, first-served basis. Your application number should reflect the number of applications submitted before you. 5/25 - Invite to portal. This forum is legendary and has changed my life. Portal. The U.S. Small Business Administration resumed taking applications this week for … I was in reconsideration since June, initially denied due to insufficient credit. i got denied because there were discrepancies between my 2019 amended tax, 1040x, and my initial application. We just received an e-mail from the SBA Subject: "Application No. This loan advance will not have to be repaid. I am not sure what that means. Application # 3300025xxx. On the application, be sure to check the box to be considered for an advance before your loan is finalized. My first PPP loan missed the deadline for approval and is still in the processing stage. It's 2.5 months from what I've heard, so I would make two payments and then a half payment to myself? REDDIT helps dreams come true! 5/25 - Confirmed all in portal and status at "your application … r/EIDL: Here we can discuss EIDL loans, advances, and all things related to the 2020 CARES ACT. Many borrowers are turning to Reddit’s small-business threads to learn how others navigated the PPP and the EIDL program. 06/12 - Got an update on my loan application, went through the reconsideration process. Applying for SBA Disaster Loans (EIDL) SBA Disaster Customer Service Center (800) 659-2955 Individuals who are deaf or hard-of-hearing may call (800) 877-8339 What is an Economic Injury Disaster Loan (EIDL)? Applications that were already submitted, will be processed in the order in which they were received. The grants don't have to be repaid, even if an application … The SBA reviews your credit and requests additional documentation. ... REDDIT helps dreams come true! The portal shows processing till today. Applied on 3/29. EIDL Loan Application. PPP loans can qualify for forgiveness later on, but in order for that to happen, at least 75% of them have to be spent on payroll costs. The SBA initially said so-called EIDL grants of up to $10,000 would be made available "within three days" of a successful application, but has since shifted language to … You can use this method if you submitted your application online or by mail. This is a streamlined online application, and the process goes faster if you have all the necessary information ahead of time. We used our PPP for only rent and payroll, has anyone gotten approval from SBA after being sent from chase?! While generally known for strict requirements and long wait times before receiving funds, much of that has shifted in response to the CARES Act … Do I need to do anything else ? I was officially denied the EIDL loan - so today, let’s go over the denial letter, what this means and what you should do if you get a denial letter. For the past month or two, EIDL loan and grant requests were limited to businesses in the agricultural sector. Call 1-800-659-2955 (the SBA Disaster Assistance customer service center) and ask for Tier 2. Accepted reduced offer of 150k: 5/6 I made multiple errors throughout the reconsideration process. Since then SBA has been under fire by Congress from digressing. Submitting Application –for all BUT Sole Proprietor •The form 5, IRS 4506T form, Personal Financial Statements, Schedule of Liabilities and Tax Returns. I applied as self-employed and plan to just use purely payroll as forgiveness to make it easier. ST LOUIS (LALATE EXCLUSIVE) – As EIDL Loan Denials heat up this month, thousands are asking how to do an EIDL Loan Denial Reconsideration. They said the SBA will call and email … The EIDL application asks for gross revenues and costs of goods sold (COGS) “for the twelve months prior to the date of the disaster.” Nowhere does the application ask about expenses, only COGS. NOTE: Confirmed by the SBA. I called customer service and says the system shows I’m “unqualified “ and needs an loan officer to look at it. Funds will be made available following a successful application. Does anyone know how to check the status of an EIDL application? The SBA itself is handling EIDL applications, whereas PPP requests have to go through banks like Wells Fargo or Bank of America. EIDL Disaster Application Overview 1. It’s a restaurant business, Keep checking your email and spam file too. A loan officer may contact you via the online portal, phone, or email. EIDL loans and grants had been limited to agricultural businesses since April. You are now in the underwriting phase of the loan, and that can take anywhere from a few days to a couple of months. Press J to jump to the feed. 3. I just applied last week for a eidl Loan for my restaurant business due to a new wave of lockdowns. ... and congressman. 4/18 - Credit pulled. Getting Registered 2. Gratitude to Scorpio, Cue, and TahoeChick for keeping the info and flow of posts here authentic and complete with real helpful info. Now it says processing for the past week. They may require more documents with a time limit. You can also find out the status of your EIDL application by phone. They will let you know if you need more documentation. Does anyone need money for their business right away. The EIDL Advance program, created by the CARES Act, offered up to $10,000 in emergency grants to small businesses. App 3301499XXX. 06/12 to 11/2 - Was in reconsideration from this time period. Applying for SBA Disaster Loans (EIDL) SBA Disaster Customer Service Center (800) 659-2955 Individuals who are deaf or hard-of-hearing may call (800) 877-8339 Samantha Safer, owner of Otway, a … What do they want as proof of payroll for me? 3/31 - Applied. 05/28 - Submitted multiple applications on the EIDL website, those applications were denied due to multiple applications. The EIDL loan has been rationed due to the demand. The loan/grant is now $1000 per employee, and if you are self employed you're the employee. EIDL Grant stems from an EIDL Grant Application process approved by the Cares Act. These reps can answer questions the application process and your loan status. PPP also has tighter restrictions on what you can use the money for. On June 15, 2020, the SBA announced that it was again opening up its Economic Injury Disaster Loan (EIDL) grant and loan program. The Cares Act provided for $10,000 (exactly) to be paid to each bsuiness who applied during a window that certified an impact because of COVID-19. This loan provides economic relief to small businesses and nonprofit organizations that are currently experiencing a temporary loss of revenue. What happens next ? Credit pull: 4/13 (once only) Portal received: 5/6. If you need $10k, you need to either apply for the PUA through your State Unemployment, or you need to apply for an PPP SBA loan. Press question mark to learn the rest of the keyboard shortcuts. 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. But once a denial is received, […] EIDL Approved- My Timeline. Wondering what timeline I should be looking at. Or should I pay myself every month? 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