The tip jar can be found HERE. If you do this manually, make sure you start early. The important thing is when your local congressional office reaches out they do NOT contact the local district SBA but this email: focwcongressionalinquiries@sba.gov. It is important to note that if you also received the PPP loan, the EIDL grant will reduce the forgivable portion of the PPP loan dollar for dollar. A second loan will be given for the difference from the first one. What does this mean and what can I do? They are telling people to accept the offer in the portal to speak with a loan officer to make the revision. You may also see a status that says, "On-Hold" Amount $0: This status typically is when your loan was temporarily declined and is still in the reconsideration department pending possible reconsideration approval. QUESTION: What is CAWEB and how can it help me track my loan disbursement and other status? If your offer is lower than expected you may have been wrongly classified into this formula. -If economic injury was sustained based on formula described in QUESTION 4. If we have received both the PPP and EIDL does anyone know if we can hold the EIDL in a high yield savings account until we are ready to use them? Can I change it? Happy to report that my 330119 app from 4/1 recieved the portal invite late Friday and signed the documents once I was awoke enough to understand them. Answer: Unfortunately tier 2 is currently giving absolutely terrible advice in this situation. Hopefully, after reading this blog, you’ll have a greater understanding of how to apply for an EIDL, what is the difference between EIDL and PPP, and how to get professional assistance with your stimulus opportunities. Things change frequently at the SBA with policy and you should check back on this thread on a regular basis. 5. This will make it even easier to keep track of how you are spending the loan. Press J to jump to the feed. What can be done? Please contact me ASAP. At this point, there are no clear stipulations as to the use of the EIDL grant funds. One section of the EIDL agreement, “Books and Records”, outlines your bookkeeping and recordkeeping responsibilities, such as maintaining accurate books … Often times loan officers never are needed, never reach out or even read these notes. 15. If you use a payroll software or service, this should be easy. If you have more specific questions on the allowable usage of EIDL funds, one of our moderators, u/Scorpio14534 who is also a licensed professional CPA that is very knowledgeable on this matter is open to email requests. *If you already did see note below. If the numbers on your application were correct, you would not be eligible for an EIDL. 9. The SBA itself is handling EIDL applications, whereas PPP requests have to go through banks like Wells Fargo or Bank of America. My second loan app # is similar to yours and I am awaiting portal invite. I'm glad it checks out. ANSWER: EIDL has a list of restricted business categories, if your type is NOT on this list and you still received this letter you may have been improperly classified. Based on a personal experience, best advice is for anyone that got an EIDL is to clean the account that the fund was deposited in and close the account. (NOTE: As of 5/29 the previous direct number is currently out of service) They are unfortunately, a very limited means of support. That has to do with an intermediary (like your bank) being involved, but if you can track down an actual SBA Loan #, you can go ahead and get registered without your EIDL loan number. This. I accidentally entered the wrong revenue or COGS on my application and my offer amount was lower than I expected, is it possible to change this? How to save your business through the art and science of downturn management. Been trying to reach you but unable to send pm. Will a loan officer contact me? Your application will be assigned a loan officer for review using the criteria listed in question 2. QUESTION: I received a denial letter for the reason "ECONOMIC INJURY NOT SUSTAINED". This auto populates some other boxes, and registration won't work if you don't do this. I worked very hard to make sure everything was factual. Enter a name that you'll easily recognize, like "EIDL grant." If you want to use EIDL proceeds that way, refer to page 75 of the SOP.) Lol or is there no rhyme or reason with the response to recon emails. QUESTION: I now understand that processing really means "underwriting", but how long will it actually take? If you wish to show support to our community moderators, you may reach out to them direct at u/tahoechick36 and u/Scorpio14534to ask how you can show your appreciation for their time and efforts. QUESTION: I finally got a portal invite and accepted and submitted an amount. I am very grateful that my business as an independent contractor is back to doing well again. Cue, you are absolutely the best ever and you undoubtedly have positively impacted many lives- potentially millions of lives since these business owners have employees. -Your business must pass verification in some way that it is a valid operation. You are NOT "stuck" if you are still within this time range. The exact underwriting criteria the SBA is using was leaked by some helpful people (hat tip to u/Sbaleaky) and thus you can have a good understanding what your chances are. did you put the app number on the subject line of the email? You are a true public servant. Credit score is largest factor for approval for this loan and no exceptions are made for under 570. The wording ‘obligations that are unable to be met due to lack of revenue’ seems to be a catch all, but how much so? If the EIDL was not used for payroll costs, it doesn’t have any impact on your PPP loan. *You can request to add a co-borrower that has a higher score than 570 with no open bankruptcy and run their credit to reactivate your application. EIDL GRANTS. If you need to change your COGS or revenue on your application to adjusting loan size. 21. 580 FICO so I would assume like 520 Vantage? Find your exact Sample Letter to SBA for EIDL Loan Reconsideration under CARES Act - iDispute.org form online in the best fillable PDF forms library SellMyForms now! You will have to select 3 of their security questions, enter the Captcha image info, then hit "submit" at the bottom. 14. So there you have it guys, hope this video helps with understanding what you can and cannot use the EIDL loan money for! UPDATE: As of 6/15 there is now a way to fix this. Otherwise you may have to provide documents to prove it's a legit business. OFFICIAL FREQUENTLY ASKED QUESTIONS AND ANSWERS FOR. Capital one froze my account couple weeks … Congrats. If the alien resides outside the USA an exception may be made. Normal expenses incurred to run your business are fine. Loan status will say "Active Un-Disbursed" until Treasury send the funds to your bank, then it changes to "Disbursed Current". There may be a delay between when your offer is obligated to when it actually shows approved. The important thing here is DO NOT accept the offer in the portal if you need to revise your numbers. QUESTION: How is the loan amount calculated? Click on the "ZIP LOOKUP" button after you enter your zip code. You can bring your vantage 3 score over 570 by paying down cards, when you are ready you can request the SBA re-pull your report and reactivate your account via pdcrecons@sba.gov. Can I still get a grant? Please note, rules regarding forgiveness are still in development, so stay tuned for guidance as it becomes available. What are my chances of being approved for this loan? If you made an error you can request an amendment and reactivation of your application. Consumer and Marketing Cooperatives. We’ll walk you through loan amounts, uses, and qualification requirements for businesses seeking support and as a reference for previous EIDL applicants. I wanted more info on the EIDL loan as the business is only independent contractors. If you already accepted you may have time but would need to work quickly from date of submit. With abiding respect to all. -Business start date must be prior to 1/31/20. In about 1/3 cases you will receive no communication from a loan officer and approvals are automated. The delay on this can be a few hours or more. However, you cannot use your EIDL for the same purpose as your PPP loan. Closed signs hang on a fast food restaurant amid the … Did you receive more? But I will tip him anyway. What can I do? However, other cooperatives and small agricultural cooperatives meeting applicable size standards are eligible f. Not a small business concern (except for PNP of any size) g. Gambling Concerns. ANSWER: These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. Rent & mortgage payments (Not early payments) b. The loans are not intended to replace lost sales or profits or for expansion. QUESTION: How do I show support for the volunteers and moderators for r/EIDL. Note: Your request for additional EIDL funding will come as a second EIDL loan and will be in paper format that the SBA will mail to you. I just prefer to stay an anonymous helper. Click on "Borrower" in the top left, then click on "Borrower Search". What can I use EIDL funds for? Call tier 2 support as soon as you possibly can and ask them to make the following note in your file: "Loan Officer, DO NOT approve this file without calling me, the applicant, because my (revenue or COGS) figures are wrong. Use the EIDL on operating costs during the covered 8 week PPP period - after the period, I don’t see anything stating you can’t use EIDL funds for payroll going forward. If this is a negative number you will be auto declined. Does contacting my congressmen or senator actually work? I'm hoping I'm not now capped at $150k. ****Hat tip to u/tahoechick36 for this amazing write up**. Your first application processed by the Streamline Application page will not be used for your second loan. You can use the Capital Access Finance System ( CAWeb.sba.gov ) to track your EIDL after your documents have been signed and submitted through funding. QUESTION: My loan was obligated, already funded, or I already accepted the amount in the portal. What does this mean and what can I do? There may be a verification step now as well. Please note that the SBA is only taking into account revenue earned prior to the disaster date of 1/31/20 to calculate your economic injury. Casinos, Racetracks, Etc. This should take you to your "Loan List" showing the loan #, borrower name, loan type, amount, and loan status. I was declined for "unsatisfactory credit". How can I request a specific amount? It allows you to see disbursement status and other details related to your loan. Based on the calc, would your loan have been eligible for more than the $150k? What do you expect when clients stop paying over 2 months. I’ve since improved my score and Nav is stating my Vantage is now 569 which will go up even more this week once CC reports. I’ve read reddit threads a couple days ago that people who sent their recon letter on 4/24 have received responses and today someone who sent it on 4/27. ANSWER: For supporting Cue378, there is a tip jar listed above. It depends on your bank when they post in your account (same day, next day, time). Can you help me? If your only revenue was earned after that date as a newer business you may not qualify, but it is possible to use a 12 month projection which you can submit to reconsideration. 13. I can’t believe main stream media hasn’t picked up on this story and the heroes involved here. I have seen it happen in as fast as 10 minutes or as long as 12 hours. Download printable blank or edit form online. Plus the latest on the PPP, EIDL, and Main Street Lending Programs. Obligated: A loan number from E-Tran has been obtained and now closing documents can be drafted and sent to the borrower. Hang in there, folks. And I would donate to your campaign. What are my options? Now head to the Transactions page. If the SLO does not approve the deal then it will go to declined. Can I still get a grant? Financial commitment ID is your Loan # - 10 digits. or may be you provided all the info and no need to ask for further info for your request. For more details email me. Funding: Docs are signed and the loan is automatically moved to funding stage to have treasury issue an ACH. You wouldn’t be able to use the EIDL Loan for the same thing. I hope you run for office. ANSWER: This is when the actual loan process starts and underwriting begins. 3. If you liked the breakdown and want to see more updates, be sure to subscribe to our YouTube channel! Please contact me ASAP.". You can use the money to pay yourself reasonable compensation based on services you’re currently rendering to your business. They can be used for financial obligations and operating expenses that could have been met had the disaster not occurred. Your EIDL will show up as "Disbursed Current" if funds are on their way. Thanks. Here we can discuss EIDL loans, advances, and all things related to the 2020 CARES ACT. You can also be denied for this reason if the resulting number is less than your advance amount. 17. UPDATE: As of 7/20 the current queue/wait time to be assigned a loan officer, get approved, and have closing docs drafted is 14-18 days. Corporations, Partnerships, and Limited Liability Entities (LLE): Alien-owned corporations, partnerships, and LLEs properly registered and licensed in the state where the disaster occurred are eligible. 605 FICO 8 when they pulled my credit but I had above 700 over 2 yrs before that. You have to scroll down and check the "Agree to Terms" box when you are logging in. The loan has not yet received a loan number from E-Tran while obligating. Logging out and back in again will sometimes refresh the status. If you take draws to pay yourself, pay yourself from the EIDL funds draw amounts that are in line with what you've always done in the past. 10. 1. This happens very quickly and you should see the ACH sent right after with the funds arriving in 24-48 hours on banking days. 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