The thing is it’s an either-or situation – either take the PPP loan or take the tax credit. I received my invitation to create a portal yesterday at 6:30 PM EST. So you got approved for the EIDL Loan. Did you link a business or personal checking account? Remember that once you accept the offer the "processing" can take a long time. Now the focus will be on exactly how the loan forgiveness will be calculated. First came the rush to apply for Economic Injury Disaster Loans (EIDL) through the SBA. NOTE: If you see an amount in your EIDL loan portal it does not mean your loan offer is approved it simply means that you qualified for that amount if you pass underwriting phase. •Sole proprietor •business checking •both social and EIN, New comments cannot be posted and votes cannot be cast, More posts from the EIDL_Support_Group community, Continue browsing in r/EIDL_Support_Group, Have a funded EIDL loan, but unsure what to do? Can you provide your source that indicates that “...sole-props are being scrutinized heavily by the SBA...”? Now is the time to slow down a bit to determine if you want to accept it. With the second stimulus bill passing on December 27, 2020, the EIDL I’m not sure anyone really understands exactly how to calculate the PPP loan amounts, or how the loan forgiveness will work. Process date 6/12/ 20 Effective Date 6/09/20 Amount Paid - $2,928.30 We rent our office from WeWork and our most expensive asset are our laptops. I now talk about what you need to consider before accepting the loan. to understand the details, and determine if your business qualifies. Docs signed: 5/8. My question is,.. the Loan Payments Info page shows. If you do, contact your tax advisor and get help on calculating what the ERTC could mean for your business. As of mid-October 2020, the U.S. Small Business Administration (SBA) has approved 3,612,236 Economic Injury Disaster Loans (EIDL) totaling $191,994,805,796. Was faster than I expected. So, in the event a borrower can't repay the The SBA was instructed under the CARES Act to distribute "up to" $10,000 to all valid applicants as an EIDL GRANT, regardless of whether or not the business is approved for a loan or not, regardless if the amount of said loan is less than $10,000. “Disbursed current”. It's ironic that the Small Business Administration, is failing the smallest of businesses. Note: Through April 24, the Small Business Administration has issued $4.8 billion in EIDL advances. Over 1.7 million Economic Injury Disaster Loans (EIDLs) have been approved by the Small Business Administration (SBA) as of June 21, 2020. As part of the CARES (Coronavirus Aid Relief and Economic Security) Act, The EIDL assistance declaration that was issued by the SBA makes loans available to small businesses and private, non-profit organizations to help them pay bills and other expenses during the period of time when their business is disrupted due to the ongoing COVID-19 pandemic. What does "Obligating" and "Funded" mean in particular? Timeline: Initially applied on 4/6 Credit pull 5/16: Experian Portal invite 6/2 at 4:04am EST Approval: 6/12 at 9:56pm EST. Default under the EIDL program is broadly defined, and includes failure to make an EIDL loan payment, default on other SBA loans, transfer of collateral, withholding material information or lying to the SBA, defaulting on loans from other creditors in a manner that impacts their ability to repay the EIDL, failure to pay taxes, bankruptcy, and change of ownership with SBA’s prior … They should be scrutinizing everyone using the same criteria, and I haven’t seen anything indicating anything different. This is the second video I’ve made on what to consider after your EIDL Loan has been approved. What is a weekly cashflow check-in and why do I need it. - … Our business is in online marketing for the travel industry. EIDL loans are still being offered as of today. Besides the “your loan has been approved” green banner in the portal, how do I know when I’ve been funded or the funds have been sent to my bank? Can the status show "Funding" even though the money hasn't hit the bank account yet? I just registered my loan # for the SBA-CAFS website today to track my funding disbursement and it just says, My question is,.. the Loan Payments Info page shows, Process date 6/12/ 20 Effective Date 6/09/20 Amount Paid - $2,928.30, same as above same as above Amount Paid -18, 571.70, But the Balance & Interest Info Section says STATUS UN DISPERSED. Cookies help us deliver our Services. The PPP loan program is currently not accepting new applications PPP loans are meant to be used for payroll, mortgage or lease payments, and utilities The payback period for a PPP loan is shorter than that of … EIDL Approved- My Timeline. I just registered my loan # for the SBA-CAFS website today to track my funding disbursement and it just says. Of course, that’s assuming you actually get your PPP loan approved. Part of the CARES Act, these fully refundable tax credits are equal to 50% of qualified wages paid, up to a maximum of $10,000 of wages per employee. Once your status says “disbursed current”, it means the money is on the way to your bank account. However, it is Once you accept the offer, only then do they determine final approval and then send you the closing docs if you are approved. I'm a bot, if you want to send feedback, please comment below or send a PM. Approval for EIDL – now what? EIDL Reconsideration: How to Get A Second Chance | Bench … So your loan applications are in and the feeding frenzy is over. Your EIDL Loan has been approved, now what do you do? You can go here to understand the details, and determine if your business qualifies.Â. 4:04am EDT happens when this comment is 16 hours and 35 minutes old. The last three weeks have been a blur of sweeping changes to the way we live, and to the way we do business. There are pros and cons to each, and a lot depends on your need for the funds right now. If you use this money for the basic operations of your business (rent, salary, materials) these funds will NOT have to be paid back under any circumstances. You can’t do both. 9401 Reeds Road, Suite 204 • Overland Park, Kansas 66207. Now what? First came the rush to apply for Economic Injury Disaster Loans (EIDL) through the SBA. Grant: 4/13. Approval received: 5/8. Time will tell how well the system works and how many loans are completed. Most importantly, even if you are not approved for these modified EIDL loans, you can still get up to $10,000 in emergency funds in as little as 3 days after you apply for the EIDL loan. Thank you! Accepted reduced offer of 150k: 5/6. There’s an old adage that says “Nothing good happens fast.”Â. What’s been overshadowed in all this is the new Employee Retention Tax Credits (ERTC). In this video, I'm talking about how to get your Economic Injury Disaster Loan or EIDL approved if it was rejected. But it's starting to frustrate some people. What’s the average time frame people are seeing funding in their bank after docs are signed? Or am I reading this thing wrong? As it's showing funds dispersed. ACCOUNT STATUS Active-Un Dispersed. I reviewed and accepted the terms. Just trying to gather statistics, as it seems sole-props are being scrutinized heavily by the SBA, and many are being outright denied the loan and advance, despite being legitimate businesses affected by the pandemic. As one applicant commented on the Nav blog: Anyone else going through this SBA hoop jumping circus? There are pros and cons to each, and a lot depends on your need for the funds right now. Getting the 10K doesn't mean you are approved, that's the EIDL grant. Those numbers likely will rise as the application deadline for EIDL loans is not until December. Those numbers likely will rise as the application deadline for EIDL loans is not until December. The Economic Injury Disaster Loan (EIDL) program is a lending program under the CARES Act that offers up to $2 million of working capital loans to small businesses to help them meet financial obligations and operating expenses that they now cannot meet because of … At 2;15 am this morning I got the approval email. Gather around a nice campfire filled with small biz owners and share your ideas and information, Looks like you're using new Reddit on an old browser. What’s been overshadowed in all this is the new Employee Retention Tax Credits (ERTC). If you have already applied via the streamlined application portal, … So your loan applications are in and the feeding frenzy is over. So before you accept the PPP money and sign the loan document, take the time to do an analysis to determine if the PPP loan or the ERTC is the better way to go. The EIDL loan application is passed onto the Senior Loan Officer who is does the final … Congratulations, your SBA loan got approved, NOW WHAT?! In short, the application is assigned a loan officer for review. I’m not sure anyone really understands exactly how to calculate the PPP loan amounts, or how the loan forgiveness will work. Some might say “if” we do business at all. A lot of people use Caweb. These are the steps the SBA is taking during the EIDL loan underwriting phase which happens as your EIDL loan application says ‘processing’: * Approval by Loan Officer Stage: a Tier 2 representative will be able to see that whether the loan application is approved on their screen. The loan amount is under 25K so no personal guarantee is required. The focus over the last few days has been on clarifying the guidelines on what qualifies for the loan calculation. Now just waiting on funding. The focus over the last few days has been on clarifying the guidelines on what qualifies for the loan calculation. The thing is it’s an either-or situation – either take the PPP loan or take the tax credit. Hi, my EIDL loan was approved for 21,500 and loan docs signed on 5/5/20. I received an email from SBA asking for proof of hazard insurance. So I’ve been going through the very stressful waiting game with this process but everyone’s posts have really helped me. Here’s to hoping many businesses won’t be disappointed by how much of the loan can actually be forgiven. Then came the rush to first understand and then apply for the new Payroll Protection Program (PPP) loans as a result of the CARES Act. All PPP and EIDL loans up to $25,000 don't require collateral or personal guarantees from the business or business owner. Applied on 3/29. Applied on March 30th at 9 am EST 330010XXXX. You can’t do both. 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