While generally known for strict requirements and long wait times before receiving funds, much of that has shifted in response to the CARES Act … 06/12 - Got an update on my loan application, went through the reconsideration process. 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 loan/grant is now $1000 per employee, and if you are self employed you're the employee. PPP also has tighter restrictions on what you can use the money for. Thank you! Your application number should reflect the number of applications submitted before you. I could also do it from my business account whichever is easier. NOTE: Confirmed by the SBA. Be sure to check the box to request the EIDL grant before you submit the application. Applications that were already submitted, will be processed in the order in which they were received. 05/28 - Submitted multiple applications on the EIDL website, those applications were denied due to multiple applications. They said the SBA will call and email … COVID Loan Tracker was started by small business owners Duncan and Rita MacDonald-Korth to help their fellow small business owners understand when … The U.S. Small Business Administration resumed taking applications this week for … r/EIDLPPP: Paycheck Protection Program & Economic Injury Disaster Loan Discussion for the 2020 COVID-19 disaster. What happens next ? App 3301499XXX. Will I be able to also apply for the PPP 2? EIDL loans and grants had been limited to agricultural businesses since April. Please help me in this. Press J to jump to the feed. Press question mark to learn the rest of the keyboard shortcuts. This is a streamlined online application, and the process goes faster if you have all the necessary information ahead of time. Does anyone know how to check the status of an EIDL application? Grant: 4/13. ... help Reddit App Reddit coins Reddit premium Reddit … Credit pull: 4/13 (once only) Portal received: 5/6. They "confirmed" that the application that I submitted was the only one in the system and that it wasn't withdrawn. Getting Registered 2. applications will continue to be processed on a first-come, first-served basis. Submitting Application ONLY for Sole Proprietor •The form 5C, IRS 4506T form, Personal Financial Statement, You can also find out the status of your EIDL application by phone. 4/28 - $1k advance. 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. ST LOUIS (LALATE EXCLUSIVE) – As EIDL Loan Denials heat up this month, thousands are asking how to do an EIDL Loan Denial Reconsideration. EIDL Approved- My Timeline. The application can take a few hours to complete. We just received an e-mail from the SBA Subject: "Application No. This loan advance will not have to be repaid. I appreciate any advice! It's 2.5 months from what I've heard, so I would make two payments and then a half payment to myself? EIDL Loan Application. Does anyone need money for their business right away. Thank you. My application number is 3300544000, so there were 544000 applications before me when I applied Tuesday, March 31st. It’s a restaurant business, Keep checking your email and spam file too. I was in reconsideration since June, initially denied due to insufficient credit. I am not sure what that means. 06/12 to 11/2 - Was in reconsideration from this time period. 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 … Application # 3300025xxx. Or should I pay myself every month? They will let you know if you need more documentation. The EIDL loan has been rationed due to the demand. The EIDL loan application portal will be re-opened once funding is restored. Submitting Application –for all BUT Sole Proprietor •The form 5, IRS 4506T form, Personal Financial Statements, Schedule of Liabilities and Tax Returns. Press question mark to learn the rest of the keyboard shortcuts. I am a 1099 self-employed. On Reddit, u/kitehigh911 said they applied on March 16 and received their full EIDL funding yesterday. Funds will be made available following a successful application. I just applied last week for a eidl Loan for my restaurant business due to a new wave of lockdowns. The SBA reviews your credit and requests additional documentation. Applied on 3/29. 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. 3600074742 - Status Update". On the application, be sure to check the box to be considered for an advance before your loan is finalized. Paycheck Protection Program & Economic Injury Disaster Loan Discussion for the 2020 COVID-19 disaster. 3/31 - Applied. Now it says processing for the past week. 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. Mostly typical timeline until now. But once a denial is received, […] Who approves my We're still … 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. Now it says processing for the past week. For the past month or two, EIDL loan and grant requests were limited to businesses in the agricultural sector. The EIDL Advance program, created by the CARES Act, offered up to $10,000 in emergency grants to small businesses. Small Business Administration EIDL Contact Information. What do they want as proof of payroll for me? I receive an portal invite a hour later , confirmed my identity and verified all my information. This forum is legendary and has changed my life. The grants don't have to be repaid, even if an application … Do I need to do anything else ? REDDIT helps dreams come true! 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]. 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. ryanquickfunds@gmail.com. i got denied because there were discrepancies between my 2019 amended tax, 1040x, and my initial application. My first PPP loan missed the deadline for approval and is still in the processing stage. 5/25 - Invite to portal. 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 These reps can answer questions the application process and your loan status. They may require more documents with a time limit. Looks like you're using new Reddit on an old browser. The portal shows processing till today. Samantha Safer, owner of Otway, a … 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. EIDL Disaster Application Overview 1. Is just depositing the lump sum of the PPP loan in my personal bank account enough? We used our PPP for only rent and payroll, has anyone gotten approval from SBA after being sent from chase?! 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. To apply online, submit your COVID-19 EIDL Loan and Advance Application now. Call 1-800-659-2955 (the SBA Disaster Assistance customer service center) and ask for Tier 2. 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. I called customer service and says the system shows I’m “unqualified “ and needs an loan officer to look at it. Portal. 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. ... REDDIT helps dreams come true! What is an Economic Injury Disaster Loan (EIDL)? I just applied last week for a eidl Loan for my restaurant business due to a new wave of lockdowns. The SBA itself is handling EIDL applications, whereas PPP requests have to go through banks like Wells Fargo or Bank of America. Getty. Many borrowers are turning to Reddit’s small-business threads to learn how others navigated the PPP and the EIDL program. r/EIDL: Here we can discuss EIDL loans, advances, and all things related to the 2020 CARES ACT. ... and congressman. 4/18 - Credit pulled. On June 15, 2020, the SBA announced that it was again opening up its Economic Injury Disaster Loan (EIDL) grant and loan program. New applications will not be accepted until program funding is restored. I receive an portal invite a hour later , confirmed my identity and verified all my information. Here we can discuss EIDL loans, advances, and all things related to the 2020 CARES ACT. This loan provides economic relief to small businesses and nonprofit organizations that are currently experiencing a temporary loss of revenue. Wondering what timeline I should be looking at. I made multiple errors throughout the reconsideration process. Eidl application processing. 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 A loan officer may contact you via the online portal, phone, or email. EIDL Grant stems from an EIDL Grant Application process approved by the Cares Act. You are now in the underwriting phase of the loan, and that can take anywhere from a few days to a couple of months. 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. If checking your EIDL status online, you need to find the SBA Assistant at https://disasterloanassistance.sba.gov/s Gratitude to Scorpio, Cue, and TahoeChick for keeping the info and flow of posts here authentic and complete with real helpful info. Accepted reduced offer of 150k: 5/6 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 … Since then SBA has been under fire by Congress from digressing. According to the SBA, the EIDL application process takes between two to three hours. I applied as self-employed and plan to just use purely payroll as forgiveness to make it easier. 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