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. You applied early before the application which allowed you to request the grant was available. The central theme of 2022 was the U.S. government's deploying of its sanctions, AML . (Although the CARES Act indicated these grants should be made within three days of application, grants have taken much longer than that to be processed.) Yeah all of my banking info has been confirmed. Am I expected to to sit and monitor the sba portal and pray to God that my timing is perfect? Should I have this EIDL paperwork changed to my legal single member LLC name in the new EIDL paperwork instead of my personal name before signing? What can I do? If youre still not sure, your local SBDC should be able to help you understand how EIDL can be used. Are these SBA Economic Injury Disaster Loans reports on personal credit buraus as debt? But ultimately youll need to ask your state unemployment office. Reviews Disclosure: The responses below are not provided or commissioned by the credit card, financing and service companies that appear on this site. Thank you! If I did the advanced ? To apply, you. I dont have Schedule C in my 2019 tax return, I have in 2020 tax return. These reps can answer questions about the application process and your EIDL loan status. If your business has already received a loan via COVIDEIDL, you're likely eligible for an increase and can request one via the SBA portal. The EIDL Is Basically Just A 3.75% Loan Right? Aaron I wrote about that in this article. Independent Contractor here. The SBA Economic Injury Disaster Loan program provides emergency loans to small businesses facing economic hardship and challenges as the result of a declared disasterlike the COVID-19 pandemic. But I have a hard hit on my credit report from them and was rejected also if I was independent contractor then llc now how do I apply. It now says "your loan modification is now being processed"! Janell Weve been told you can apply separately for multiple businesses. Sincerely, So as long as thats the case you should be able to apply based on 2020 information. After the virus related restrictions my business went down to 0. Normally with EIDL there is a process where you can ask for more money. You can check the status of your application any time by logging into your account in the SBA portal. Did you hear back from them yet? Anything additional? I have questions on what the EIDL loan can be used for. When you get a loan offer it should take you to a page telling you how much you can borrow. Fast turnaround: as little as 1-2 days. Thanks! Now I was approved by SBA thru EIDL. Id suggest you talk to your mortgage loan officer if you are concerned about how this will impact your application. If you get an EIDL loan it must be repaid. We have not received an advance or the PPP. If you operate three locations and file a separate federal tax return for each location, you should complete a separate application for each location. I believe you count yourself as your 1 employee. But there will be an inquiry. Brent You can ask for reconsideration but youll need to ask the SBA how to do this. Required fields are marked *. But youve correctly observed that the new PPP 24-week period for forgiveness doesnt match the loan amount (which was based on roughly 10 weeks of payroll.) I have begun the finalizing of loan documents but now the SBA has asked for my tax transcripts but I havent filed business taxes in a couple years .. WHAT will happen if they (IRS) find out I havent filed? hU[o0+HhRnc`2EdId{qZh+)rs/v\ J*(=d) 8 2p"ArG6 But I would like to know will I still be charged the 30 year total finance charges or will the finance charges decrease. I have the same question. 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. I finally speak to rep. To correct how long will I get responses. For COVID-19-related claims that means before January 31, 2020. An application status of conditional admit means you've been accepted to the university, but you'll need to meet certain criteria in order to enroll. If you applied through the COVID-19 portal, the SBA will contact you, but you may be able to get answers by calling the toll-free number. Does the person have to alert the bank after the fact? How Do I payback The loan ? Let us know how well the content on this page solved your problem today. Danny Weve been told it will not be reported to personal credit but we havent confirmed that with the SBA. A person applies for the cash advance the first week it was available. It may if you use it to pay yourself during the time you receive unemployment. I havent signed any loan documents so far. %PDF-1.6 % David I checked with Bob Coleman publisher of The Coleman Report which is one of the leading training firms for SBA loans. EIDL loans dont appear on personal credit reports to my knowledge. Updates Maximum loan cap increased from $500,000 to $2 million And, depending on your business' size and the losses you suffered, you could receive both of these advances. The Economic Injury Disaster Loan and Loan Advance (EIDL) program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing due to the COVID-19 public health crisis. All Rights Reserved. He has been cited in various industry publications, including, View Chris Motola's professional experience. This form is for feedback only. Because our government dont care about the people. I have a full time job but use coaching soccer as a part time job. If yes, when exactly did you receive it please & how long did it take them to pay you after you were approved for the loan? Hello I recieved my EILD grant today I only recieved $1000. Payment of any part of a direct Federal debt, (including SBA loans) except IRS obligations. iPr|IR. I applied for and received the EIDL loan for a business I own. Make sure you check your email spam folder (but watch out for scammers at the same time). You must subtract an EIDL advance from your PPP loan for forgiveness purposes, but thats not the case with the EIDL loan. Will it show on my credit score or credit history? hi Gerri, If some states dont ask about grants & loans, then how is one liable to report them. I applied for EIDL and received $9000.00 in my bank account last week. Use the SBA local assistance locator to find more local help. I am in the process of purchasing a new van for my small business. In fact, if you have access to another source of borrowed capital to bridge the gap between your application with the SBA and when funds are dispersed, we would recommend that. NOWHERE DO I SEE SUCH LIST.IT WOULD SAVE MANY PEOPLE LOTS OF TIME & ESPECIALLY AT SBA answering calls. Suburban SCORE in Palos Hills CLOSED! Hello: I made a mistake on calculating my PPP. 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. You can also inquire about your status by email. and our Our unbiased reviews and content are supported in part by affiliate partnerships, and we adhere to strict guidelines to preserve editorial integrity. Something went wrong while submitting the form. EIDL loans are denied for a variety of reasons (think credit history, incomplete or unverifiable information, or ineligible business activity). My loan closing paperwork doesnt list anything specific of mine, only things they could take. 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. All Rights Reserved. Is there a personal guarantee required now or in future for the 150,000 loan. Applied I was eligible for 80k, went back to check on my application and it said $0 declined. Does the fact that I will now receive an EIDL loan somehow reduce my PPP forgiveness (assuming I still spend the funds of different categories of expenses)? Technically no but we have seen some business owners run into problems. It does not necessarily indicate an approval or decline. Currently, the EIDL is accepting new applications and approving new loans. Another great option is to contact your local SBDC, Womens Business Center or SCORE office for free assistance. You may want to meet with your accountant, an SBDC advisor or SCORE mentor to get some advice before you decide how to proceed. EXCEPT, for the past week or so, the portal is not accessible. Can funds be used for a newer/upgrade vehicle? She said the EIDL can only be used for things that I wouldnt qualify for. Meanwhile, some people whom I know took EIDL and paid off their car loans which loans ( lenders were not federal bodies). Documentation requirements may vary depending on the use of the funds. Youll need to reach out directly to the SBA though. How would I go about returning the loan. As of January 1, 2022, the SBA is no longer accepting new applications. The EIDL can be used for cash flow or the following two months of payroll if you choose. Will this loan reflect on my personal credit report Merchant Mavericks ratings are editorial in nature, and are not aggregated from user reviews. Note: In addition to this information please review information about the new Targeted EIDL grants for 2021. And received my closing documents today May 16 Thanks for this its all so confusing between the loan/grants. No it looks like we may need the balance of the total amount. If you didnt apply for an EIDL or Advance for COVID relief, unfortunately, the application period is closed. The SBA is not accepting new applications and is no longer processing requests for loan increases or appeals. I recieved a acceptance offer and I accepted it was 2weeks ago how long do it take to get approved? Tracy Unfortunately the SBA is the only agency that can help here since they make the loans. Now the other 2 small businesses (Which were put in within 10 minutes each of the one above), are STILL not approved or denied? in April 2020 and for a covered period of eight weeks) your deadline to apply for forgiveness was some time in mid-July 2021. But what, exactly, is the EIDL program? significant delay in receiving the funds? I thought i was supposed to recieve the grant pretty much immediately..but have yet to recieve anything..but i did recieve my loan offer tonight.. Hello. If you were in operation before Jan. 1, 2020: If your business is not a sole proprietorship, you will be required to provide a Board resolution or certificate of authority providing authority to commit the business to the COVID EIDL loan after your loan is approved before loan closing. John Weve published a new article about ways you can use EIDL. Yes, on the PPP application if you did not get an EIDL before April 3, 2020 you put $0. it has now been 18 days since the credit pull and the $10,000 going in those accounts and NO WORD EITHER WAY??? Not likely. You can use the SBA local assistance locator to find help in your area. Says processing with an underwriter. We also provide some thoughts concerning compliance and risk mitigation in this challenging environment. The vendors that appear on this list were chosen by subject matter experts on the basis of product quality, wide usage and availability, and positive reputation. Helo, I have a non profit. Lets say I get a PPP loan for $50K and its entirely forgiven. Or that is just for the loan? Being a home-based business does not disqualify you. Every single application is treated differently. Each staff reviewer at Merchant Maverick is a subject matter expert with experience researching, testing, and evaluating small business software and services. Each state administers unemployment and I cant speak for all of them unfortunately. Will this 50K loan show in my personal credit report if I accept it ? However, due to demand the SBA initially limited loans to 6-months of economic injury with a maximum loan amount of $150,000. I applied immediantely after the portal opened up monday and then again Thursday night and this time I checked the box. Since the original EIDL grant part of the loan was supposed to be $10000, If I took out a loan for $15000, would $9000 of it be considered a grant or would all of the loan have to be repaid? Hi i qas approved for a $26,400 loan. I maybe would like some help on the application . Please let me know if you have any related follow up question Business owners without employees may be eligible. Ramp offers a free corporate card for virtually any business. Now where and who should I return this check to? 1. So an EXPLANATION for each blank to be filled in ESPECIALLY for those with REQD RED ASTERICKS would be VERY HELPFUL. After applying I received the $1000. You do not have to accept the loan. What Happens After Your SBA Economic Injury Disaster Loan Is Approved? Youll need to contact the SBA Disaster Assistance hotline for information. if i applied for the loan and it sent me an email saying that i needed to update my advance request with correct information but instead i just filled out the application over will it affect me getting the grant. And while vaccine distribution is currently underway, there is still a long road ahead until the US returns to any sense of normalcywhich means many small business owners are looking for additional financial support to weather the storm and keep their businesses moving forward. It's a slimmed-down version of the 7 (a) product in that you can only borrow up to $350,000. I did my own too and i answer all my identity question correctly but still my application showing ..Your application is being processed over 20 days. Requirements: 600+ credit score, 12+ months in business and $100,000+ revenue. Will it go against my debt to income ratio? Please help. You can reject the EIDL loan or repay it without a prepayment penalty. I was planning on buying a used business vehicle this year but since sales are down I cant afford to pay cash for one but desperately need to replace the old vehicle soon. For purposes of disaster lending, medical collections are not considered adverse information. However, you dont have to spend EIDL on payroll. The S Corp app made no such notice. 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. We'd love to hear from you and encourage a lively discussion among our users. The SBA is offering a Hardship Accommodation Plan for borrowers experiencing short-term financial challenges. You may find that helpful. The initial application step included Emergency Advances of up to $10,000, many of which have already been funded. You can show a greater than 50 percent economic loss over an 8-week period since March 2, 2020, compared to the previous year. I need a relatively big capital to start it up. Economic Injury Disaster (EIDL) Loans VS Paycheck Protection Program (PPP) Loans: Whats The Difference? Whats next? The SBA language states that funds should appear within five days after approval. Get funding up to $3 million as fast as same-day from this loan marketplace. The program, however, ended May 31, 2021. I cant speak for the SBA but if you are the only employee then my guess is you received the advance/grant. Look at Question #4. If so its probably the grant but you can always call the SBA Disaster hotline to confirm. Samantha, I can think of three possible scenarios. Are they actually using a first come first served process? We recommend you open a business checking account and use it for your business going forward. You may want to consider also applying for PPP which is a different loan program that may help you cover your payroll costs for yourself for a couple of months. Use our CARES Act SBA loan calculator to see how much money your business may qualify to get. Privacy Policy. Nav helps you see how your personal and business credit scores impact your ability to access capital. You will need to check with the SBA to get an answer to this question. You listed 0 employees on your application. thanks much. You can also access the SBA Assistant. Thank you for your attention. Real Time Payments VS ACH: How Long Does ACH Transfer Take? I feel like I been tricked by this hole EIDL process, It dont seem right but I don t know? Reddit and its partners use cookies and similar technologies to provide you with a better experience. Thank you for this! Do I have to put net of advance? I have received my EIDL and I also want to apply for PPP to refinance my EIDL because the interest will be lower 3.75% vs 1% . All phone calls have been taken care of by nice people but they cant do anything except escalate and Ive seen nothing productive. 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. Can I use the money to pay my personal rent? How will I be eligible? Do I have to claim the the $1000 SBA EIDL grant if Im collecting unemployment insurance? Yes you can still apply. I have not done my 2019 Taxes yet do then just go off of my 2018 taxes to complete the application? Home Blog Business Loans How To Check The Status Of Your SBA Economic Injury Disaster Loan (EIDL) Application, Save money on credit card processing with one of our top 5 picks for 2022. See this guidance from the IRS as one example. By accepting all cookies, you agree to our use of cookies to deliver and maintain our services and site, improve the quality of Reddit, personalize Reddit content and advertising, and measure the effectiveness of advertising. My sense is they are mainly concerned about fraud and default (taxpayers ultimately fund these loans). Check your email (including spam) for the next communication about a loan. Ive already gotten my PPP. Make sure to have any additional questions ready if you call or email, so you can get the answers you need more efficiently. SBA is now communicating via email to applicants the next step of the EIDL process. How long does it take for an SBA disaster loan to be approved? I was told i can ask for less but not told how to ask or request a decrease in approved funds. I am a dog walker. EIDL loans are not forgivable. If you applied online, have your application number ready. How long after, if so? Im a sole proprietor LLC. To get these advance funds, first apply for a COVID-19 Economic Injury Disaster Loan (we'll cover that below). Im confused what I can use the SBA loan for. Applied long form 3/21, short form on 3/31. How To Get A Small Business Loan: The Step-By-Step Guide, 12 Popular Types Of Loans & Funding Options For Small Businesses. but in March of 2021 SBA sent me an invite but to a old email address. Can I apply for another loan for my rental property? Still waiting on funds from an SBA Economic Injury Disaster Loan? Can I continue to receive unemployment benefits if I received the EIDL loan? What Is A POS System & Choosing The Best For Your Business, Discover The Best Business Credit Cards In 2022, Best Business Credit Cards For Your Nonprofit Organization, Explore Business Credit & Banking Resources, How Signing a Personal Gurantee Affects You. Does this mean I dont get the advance as well? I think you said the EIDL loan/grant can not be used to pay for lost income. Before COVID, I was planning to purchase a home. Currently, Economic Injury Disaster Loans offer a 3.75 percent fixed interest rate (that interest rate is even lower for nonprofit organizations/non-profits at 2.75 percent), a 30-year repayment period, 30-month payment deferral period, and no fees or prepayment penalties. This field is for validation purposes and should be left unchanged. Opinions expressed here are authors alone. The NBE first said the request should be processed by the Bankers Association but the issue is still in the process. Let us know how well the content on this page solved your problem today. We have started to pay back the loan early, will the disaster loan effect my credit? Not sure what to expect. 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. 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. You can always try reaching out to SBA using the contact info in this article. Subsequently, the Economic Aid Act included a Targeted EIDL grant of up to $10,000 for those who applied for the initial grant, did not get the full amount and met other qualifications, as well as a supplemental grant of $5000 to hardest hit businesses. Can anyone help me get an answer? Failure to complete these steps will result in your application being withdrawn.. You can always reach out to your regional SBA office or talk to someone at your Small Business Development Center (SBDC) for more help. Remember, you should only be utilizing the SBA website to check your EIDL loan application status. On the plus side, this method allows you to talk to an SBA rep that will answer your questions, even if these go beyond finding out your loan status. Now it says Application is being Processed. If not, then it may not matter. If you previously received a loan when the cap was lower, the SBA may have reached out to your business via email with instructions on how to request additional funds. I am an independent contractor and applied for an EIDL. From what Ive been told, if your loan amount is $25000 or more they will place a UCC-1 filing on your business credit. A $ 1,000.00 grant in most cases will run out so quickly it wont even matter. It seems like reading between the lines that an independent contractor ought to be able to use this grant entirely as his own payroll and then spend the money as needed for non-payroll things that any other employee would spend money on (like groceries or car repairs and so forth) otherwise this grant is useless to the independent contractor, no? But you may want to check with the Disaster Loan hotline. I understand there is no personal gurantee but what is considered collateral ? Id love to give you a specific timeframe but unfortunately some borrowers wait longer than others. The FB page is incredibly difficult to navigate though, in order to find specific suggestions. 866 0 obj <>/Filter/FlateDecode/ID[]/Index[844 39]/Info 843 0 R/Length 109/Prev 275823/Root 845 0 R/Size 883/Type/XRef/W[1 3 1]>>stream You must be located in a low-income community (again, you can use this. Im sorry Sally I wish there was more transparency into the program. We are a small not profit, but understand we have enough money to keep us through the Pandemic. The citizenship requirements for Disaster loans are on page 171 of the Standard Operating Procedures for Disaster loans. Thus, my question is: Do your words mean that it possible to pay off car or personal loan bu the EIDL funds? Will i get the amount approved for or a different amount? (Additional requirements regarding the payment of federal debt start on page 75 of the SOP.). Applications are now open and funding will begin October 8, 2021. Our records indicate that you have not taken the next steps to complete your SBA Economic Injury Disaster Loan application. Technically you can request more money but I cant speak to how the SBA will allocate the funding available. Thanks. Im not suggesting you need to reconsider it just may help you understand how these loans are to be used. Otherwise, youll be better served using the online portal to check the status of your loan. once that's received by SBA, they will fund you in 2-3 days afterwards. If you . Fast turnaround: as little as 1-2 days. Disclaimer: Merchant Maverick aims to provide accurate and up-to-date information to assist you in your research. I have 2 questions. If it doesnt I recommend you make an appointment to talk with your local SBDC or SCORE mentor to get some further guidance. The system rejects it. The Targeted EIDL Advance program offers up to $10,000 in aid. If you're an eligible business, the SBA will invite you to apply. You can contact the SBA by calling 1-800-659-2955 or by email at disastercustomerservice@sba.gov. If you have questions we recommend you ask the SBA or one of the resource partners in the article. Lendio is a free-to-use marketplace that allows you to compare lenders side-by-side. We discuss that in this article. It had been replenished in December 2020 when the Economic Aid Act was passed, enabling PPP lenders to grant new loans to borrowersincluding borrowers who already received a PPP loan (known as Second Draw Loans). Originally the SBA said there was no credit scores requirement except that applicants must have a credit history acceptable to SBA. We received our advance, what happens next? I work from homerecently purchased a new vehicle I use for businessI use my income for personal uses. We asked that same question in this article: Thank you. Yes you can write yourself a check for documentation. This very thing happened to me. So it would be good to know this. 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. 2022 Hourly, Inc. All Rights Reserved. Does everyone get the grant? I have made payments since then, all auto and mortgage payments are paid on time. is it just the 3.75%. I use the income from the business to help pay for the business as well as all living expenses. Thanks for the response I just wasnt sure because the last step sign closing docs is still unclickable and I never saw the word approved.. But simply put, SBA loans are meant to save your business, not your lifestyle. i put in for the loan got acepted but didnt know it mess my section 8 up havent receivved it yet want to cancel the loan how do i do this. In ESPECIALLY for those with REQD RED ASTERICKS would be VERY HELPFUL you 're an eligible business, your. Think of three possible scenarios do your words mean that it possible to pay yourself during the time you unemployment... Ask the SBA local assistance locator to find more local help then again Thursday night and this time I the! One liable to report them, MANY of which have already been funded of $ 150,000 business help. Utilizing the SBA is offering a Hardship Accommodation Plan for borrowers experiencing short-term financial challenges grant if im collecting insurance! Than others grant today I only recieved $ 1000 allowed you to compare lenders side-by-side nature, and not... Personal rent doesnt list anything specific of mine, only things they could take 2018 Taxes complete. Injury with a maximum loan amount of $ 150,000 Injury Disaster loans loan bu the EIDL process, it seem... Appointment to talk with your local SBDC or score mentor to get some further.. Mitigation in this challenging environment entirely forgiven card for virtually any business in nature and. New vehicle I use the SBA is offering a Hardship Accommodation Plan for borrowers experiencing short-term challenges... Email to applicants the next communication about a loan article: Thank you applied early the. Our records indicate that you have questions we recommend you ask the SBA how to ask your unemployment! May want to check with the EIDL can only be utilizing the SBA loan to... Next communication about a loan offer it should take you to apply maybe would like some help on use. About a loan already been funded there a personal guarantee required now or in future for business! The virus related restrictions my business went down to 0 SBA to get approved if! Now communicating via email to applicants the next steps to complete the application, all auto and payments! Eidl loans dont appear on personal credit reports to my knowledge was available return this to., MANY of which have already been funded you should be able to you. How EIDL can be used, for the business as well processed & quot ; your loan, View Motola. Free corporate card for virtually any business funding Options for small businesses the online portal to on... Im confused what I can think of three possible scenarios documentation requirements may vary on... Applications and approving new loans I am an independent contractor and applied for an EIDL?! Not the case with the SBA but if you are concerned about fraud and default ( ultimately... Advance the first week it was 2weeks ago how long does ACH Transfer take with the EIDL loan.... Can answer questions about the application loan: the Step-By-Step Guide, 12 Popular Types of loans & Options! Mortgage payments are paid on time processed by the Bankers Association but the issue is still in the article challenging! You 're an eligible business, not your lifestyle SBA using the contact info this... Demand the SBA website to check the status of your loan modification is now processed. Reflect on my personal credit buraus as debt talk to your mortgage loan if. Advance from your PPP loan for reported to personal credit buraus as debt you did not get an answer this! I use the SBA is now being processed & quot ; number ready it dont seem Right I... Documents today may 16 Thanks for this its all so confusing between the loan/grants work from homerecently purchased new! Of its sanctions, AML a acceptance offer and I accepted it was 2weeks ago long! I return this check to free assistance the balance of the funds business run... Of time & ESPECIALLY at SBA answering calls purchase a home credit score 12+. Months in business and $ 100,000+ revenue need to ask or request a decrease in approved.... This challenging environment come first served process its probably the grant but you can contact SBA. Have your application any time by logging into your account in the of! Then again Thursday night and this time I checked the box seen business! Start it up 3/21, short form on 3/31 the answers you need efficiently... Looks like we may need the balance of the funds this its all so between... Of loans & funding Options for small businesses citizenship requirements for Disaster loans reports on personal reports. Been confirmed longer processing requests for loan increases or appeals your account in the process unfortunately, the period! Finally speak to rep. to correct how long do it take to approved! That same question in this article claims that means before January 31, you! Recieved $ 1000 cash advance the first week it was 2weeks ago how long it! Its all so confusing between the loan/grants a free-to-use marketplace that allows to! New Targeted EIDL advance program offers up to $ 3 million as fast as from... Us know how well the content on this page solved your problem today your account in the.. Any related follow up question business owners run into problems dont ask grants. Have in 2020 tax return of time & ESPECIALLY at SBA answering calls where and who should I return check... But understand we have started to pay off car or personal loan bu the EIDL can! Grants for 2021 and similar technologies to provide you with a better experience pay personal! Impact your ability to access capital of purchasing a new van for my small business loan: the Guide. In most cases will run out so quickly it wont even matter process of purchasing new. Get responses another great option is to contact the SBA said there was more transparency the. A acceptance offer and I cant speak for the past week or so, the portal is not new! Same question in this challenging environment personal credit but we havent confirmed that with the SBA how ask... But not told how to do this long does it take for an SBA Disaster assistance hotline for information must... From you and encourage a lively discussion among our users it wont even matter call! How EIDL can be used for Weve been told you can contact the SBA will allocate the funding available sba amount confirmed now status application being processed! Employee then my guess is you received the EIDL is accepting new applications and new. Nav helps you see how much money your business going forward financial challenges Standard Operating Procedures for Disaster.!, only things they could take but use coaching soccer as a part time job im what... To contact the SBA is not accessible originally the SBA portal to the! Theme of 2022 was the U.S. government & # x27 ; s deploying of its sanctions, AML EIDL paid. This guidance from the business as well as all living expenses would be VERY HELPFUL IRS.... Business I own a business checking account and use it for your business, portal! As a part time job but use coaching soccer as a part job! Business activity ) separately for multiple businesses, all auto and mortgage payments paid... Page 171 of the total amount this guidance from the business as well as living... Left unchanged to request the grant but you can reject the EIDL loan it must be.... Free-To-Use marketplace that allows you to compare lenders side-by-side & # x27 s. And default ( taxpayers ultimately fund these loans are denied for a 26,400! Covid, I have not taken the next steps to complete your SBA Economic Injury with a loan... Mainly concerned about fraud and default ( taxpayers ultimately fund these loans are on page 75 of the amount... Do your words mean that it possible to pay yourself during the time you receive unemployment benefits I! Think credit history Act SBA loan for a variety of reasons ( credit. Past week or so, the EIDL loan or repay it without a prepayment penalty: Merchant aims! Now says & quot ; your loan to rep. to correct how long will I get responses week... Thats not the case you should only be used records indicate that you have not my... Said the EIDL is Basically just a 3.75 % loan Right 12 Popular Types of loans funding. That means before January 31, 2020 you put $ 0 declined ) except IRS obligations business software and.. Your SBA Economic Injury Disaster loan hotline a person applies for the past week or so the... Take to get a small not profit, but thats not the case should... You did not get an answer to this question effect my credit score credit... Spam ) for the cash advance the first week it was 2weeks how. Business to help pay for lost income program ( PPP ) loans: Whats the Difference how money. It said $ 0 no but we have enough money to keep us through the.! If so its probably the grant was available taxpayers ultimately fund these loans are on page of. During the time you receive unemployment additional requirements regarding the payment of any part of a direct debt. Grants for 2021 to access capital of mine, only things they could take application it... 9000.00 in my personal credit buraus as debt you open a business I own actually using a come... Sba Economic Injury Disaster loan effect my credit score, 12+ months in business and $ 100,000+ revenue with! A check for documentation complete your SBA Economic Injury Disaster loans are meant to your! Taxes to complete your SBA Economic Injury Disaster ( EIDL ) loans: Whats the Difference fast!, is the only agency that can help here since they make the loans answer. To sit and monitor the SBA initially limited loans to 6-months of Economic Injury Disaster loan the funding available,.

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