Hello, have questions about how I can use the EIDL. Although we havent seen any guidance from the IRS on it, Ive been told by the Florida SBDC that Congress has made it clear that the forgiven amounts for both EIDL emergency advance and PPP are not a taxable event.. Great article. The bank I received my PPP loan from paid me the over amount. Han We wrote a new article to try to provide some insights into uses of EIDL. I was sent an email of my loan approval for 11,500 for the EIDL and asked to sign to sign the closing documents. hbbd```b``" -D25hD/`L_MgC$#'$4W|$TEe? VY Im an actor and was very interested in the grant. How may I correct this information. Can I get away with keeping the remaining money from the loan for other uses if I continue to make the monthly payments???????? As the owners who are 50/50 in the business, can we also pay ourselves payroll with the EIDL as well as our two employees, plus use 25% or the funds to pay our monthly bills? The NBE first said the request should be processed by the Bankers Association but the issue is still in the process. Has the SBA given any guidance on this specific situation? applications and processing is being done . Borrower must pay principal and interest payments of xxx.xx every month beginning 12 months from the date of the Note. We wrote about that in this article. We got the approval and we just need to sign the docs. I would encourage you to ask the SBA this question either when your case manager reaches out to you or by calling the Disaster Assistance hotline. Any suggestions now? If one method of checking your EIDL loan status doesn't work for you, you can try another. If you need help applying for EIDL, your district SBA office and/or Small Business Development Center should be able to help. Keep good track of how you spend it. EIDL loans are not forgivable. It is illogical to keep inactive numbers on banks' balance sheet. Your loan application will be processed by a case manager. 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. And, depending on your business' size and the losses you suffered, you could receive both of these advances. Will accepting the loan affect the mortgage process? Same person applies for the PPP, and on the application answers no that they did not receive funding from EIDL cash advance, because at the time, that was true. Our records indicate that you have not taken the next steps to complete your SBA Economic Injury Disaster Loan application. Thank you for all useful information. Which is the loan. Tracy Unfortunately the SBA is the only agency that can help here since they make the loans. Our unbiased reviews and content are supported in part by affiliate partnerships, and we adhere to strict guidelines to preserve editorial integrity. Can I apply for a PPP loan if Ive already received an EID loan? I didnt look for it when I reviewed it. 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. Can this loan be used to pay off credit card debt? Nicole I dont have insights into how its working behind the scenes unfortunately. Sammy Youll need to call the SBA Disaster Assistance hotline at 800-659-2955. Also, are the interest accrued on EIDL tax deductible? Still, that only accounts for hours, not days. Does this mean that we have been approved or declined? Thank you so much. I applied for the EIDL and PPP programs in march. Her articles have been widely syndicated on sites such as MSN, Forbes, and MarketWatch. If you have additional questions or require further assistance, please call our Disaster Customer Service Center at 1-800-659-2955 or, for the deaf and hard-of-hearing 1-800-877-8339 (Monday through Friday from 8:00 am to 8:00 pm, Saturday and Sunday from 8:00 am to 8:00 pm Eastern Time) or email us at: disastercustomerservice@sba.gov. If you owe taxes you may be able to get on a payment plan. SBA created additional way to meet program size standards for businesses assigned a NAICS code beginning with 61, 71, 72, 213, 3121, 315, 448, 451, 481, 485, 487, 511, 512, 515, 532, or 812, AND that have no more than 500 employees per physical location AND that have no more than 20 locations AND that meet all other COVID EIDL eligibility requirements. Reddit and its partners use cookies and similar technologies to provide you with a better experience. Hello, If approved, disbursements are typically made within a week. I am also receiving PUA benefit, I need to file weekly to PUA. I now have buyers who are interested in buying this business. The initial language indicated ICs were covered, and I listed them as such. Laura the SOP simply states that EIDL cant be used to pay: Disbursements to owners, partners, officers, directors, or stockholders, except when directly related to performance of services for the benefit of the applicant. So you may want to look at what youve paid yourself in the past as a guide. Will i get the amount approved for or a different amount? How long after until i receive the funds? Why did your bank reject the SBA direct deposit? EIDL Funding Timeline: From Application To Account Deposit. That depends on a few different factors, as the SBA is taking an unusual approach to processing these grants. 1-800-659-2955, We got an advance deposited into our account yesterday. I contacted SBA and submit a reconsideration due to my old email address which I did not receive I had no idea I was invited. Start earning rewards with your corporate spending today. Certainly, though, lending to businesses that don't meet traditional bank loan criteria means you may take on more risk of default. Lamont its hard to say. I gave the SBA the wrong bank account number, and I can't access my loan. Youll need to talk to the SBA. and our Is this the last step? The maximum loan amount for EIDL is normally $2 million. SBA will also require an unsecured personal guarantee for loan amounts over . Or that is just for the loan? q,g=e|ipx dy[j\FE/ 30 This article went into more detail about how you can use the funds: 5 Ways You Can and Cant Use Your EIDL Loan. Does this mean we are approved or are there more steps? 2. if i accept teh 120k loan and pay the full amount back after the 1st year, how much interest do i need to pay on that? Thank you. thanks. I applied for the sba loan back in June , I got approved and funded, I have been a self employed working as a taxi driver and delivery driver since 2016. Conventions and large gatherings are all closed with no hope in sight. Will the EIDL show up on my personal credit report? The SBA can decline your application with the code "Economic injury not sustained". (That was on April 3, 2020.) I was counting myself as an employee because i work for myself. Obviously that did not happen. For example: If I was approved for 7,000 and it shows that I will be payoing back 12,000 at the end of 30 years. Thanks for you help! Our unbiased reviews and content are supported in part by affiliate partnerships, and we adhere to strict guidelines to preserve editorial integrity. I have called and emailed every couple of weeks, but its been 4 months now and nothing. Questions Helo, I have a non profit. It may if you use it to pay yourself during the time you receive unemployment. Avoid websites that request payment to expedite funding or give the status of your loan. Mine was like that as well and today logged in and see Status: Declined and they changed the loan amount to $0. Normally grants are considered taxable. I would encourage you to contact the SBA or your local SBA office to clarify your question. Any additional applications will be marked "duplicate" and will not be processed. What Im still struggling with are the specifics of what I can spend the funds on. 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. Can I still check my status? Denis I doubt it. Great Help you answer all my questions!!! How Long Will It Take To Get The Targeted EIDL Grant? Just spoke with a representative by phone (1-800-659-2955) and was told that there is no possible way to check my current status of the EIDL Emergency Advance grant. Wait times for EIDL funds vary greatly, but if the process is going smoothly, it should take around 26 days to receive your money. Im sorry youve had so much trouble getting the funds! News and information from the western North Carolina region covering Haywood, Jackson, Macon and Swain county So it would be good to know this. Is the monthly number set in stone ? Get funding up to $3 million as fast as same-day from this loan marketplace. Use the SBA local assistance locator to find more local help. What counts as economic injury? PPP is an exception there.). John, results seem to vary. Did the loan officer call you before you accepted the offer/quote? I still have not received an unemployment check. I too did the slider and accepted. So am I eligible or not? In order to qualify for an EIDL loan, businesses must meet the following eligibility criteria: If you're in a low-income community, you might be eligible to receive up to $15,000 in additional funds from the SBA that don't need to be repaid through the Targeted EIDL Advance and Supplemental Targeted Advance programs. Every single application is treated differently. Does the person have to alert the bank after the fact? All SBA EIDL loan increase requests,. @e!TDo:Ut,5f@Z^e`Xn0=.3\]d4#k g}A@\D-c@ M; If you have damaged credit, apply and include an explanation with your application. Some emails look legit, even utilizing the SBAs logo, so make sure that you look over the email and check the address before responding. The fasttrac asked if you have been convicted of a felony in last 7 years, I put no which is true. Each staff reviewer at Merchant Maverick is a subject matter expert with experience researching, testing, and evaluating small business software and services. Michael, drowning in Texas. You will need to check with the SBA to get an answer to this question. I dont want to break the strict terms and conditions. Thanks for the information. You can use it to pay yourself for services in your business. I was able to get thru an explained my concern that SBA did a hard pull on my cr and I havent recieved an email or deposit an was wondering if I am correct about I should recieve the Advance now because I believe by pulling my cr I have successfully submitted an application. If you have questions though you can always call the SBA Disaster Assistance hotline at 1-800-659-2955 or contact your local Small Business Development Center. I did my application july 2 and got a email July 11 saying its been processed but July 13th i get a update And it says its no more funds .. You may receive a subsequent email about the loan but for most businesses it is taking several weeks at least to hear back on the loan. Something went wrong while submitting the form. My question is once you at the where do my funds go portion of the Eidl application if I dont have a bank account anymore how will I receive funds or becabke to process this application if I havevred astricks keeping me from moving to the next portion of the application? Is the purchase of a vehicle included as working capital? We cant comment on whether you are eligible or how much you will be eligible for as thats a determination made solely by the SBA based on their extensive guidelines. I understand I dont have to start payments for a year but interest will still build. Weve been told by sources we consider reliable that the SBA will be filing a UCC-1 filing which is a fairly broad lien on assets. What can I do? Thats good but WOULDNT it be better to have online answers to questions on EIDL SBA form just like is done for IRS tax forms!! As I mentioned to Samantha, I can think of three possible scenarios here: 1. My name is Linda and i apply SBA Disaster Loan and i got approved by August 6th and August 14th i got a mail that the money disbursed in my account but i didnt see anything .what may have cause the delay .Please i need answer . Also, can I do BOTH the $10 Grant for EIDL and also the 50% Payroll Tax Credit? He says, You are only charged interest on the outstanding balance. That seems to match the loan terms you mentioned. I only got approved for 3000 loan that I am NOT gonna accept . I got the link to the portal on 4/13 and accepted the amount with the slider and confirmed my bank info. PURPOSE . If you do receive an email invitation from the SBA, the timeline to fulfillment is similar to that of the EIDL loans. I filled out the application in March and received a $1000 grant since I am one employee in my business. It can be used for supplieswhich is a pretty loose term in itself & past business debt. According to the SBA, you should send your application number and information required to overcome the reason for decline via email to pdcrecons@sba.govor mail to the U.S. Small Business Administration Disaster Assistance Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, Texas, 76155. Car payment on the vehicle? Weve seen some people get denied and some approved with personal checking accounts. If a business loan is received from SBA and the business ownership is amended and transferred to my partner in the future due to unforeseen circumstances, will the business loan transfer to the sole owner? You can show a greater than 50 percent economic loss over an 8-week period since March 2, 2020, compared to the previous year. How can the grant be spent im seeing a lot about the loan but what about the grant ? If you normally use a PO Box for business correspondence, make sure to list your physical home address. thank you! 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Reddit and its partners use cookies and similar technologies to provide you with a better experience million... Could receive both of these advances much trouble getting the funds on n't access my loan approval for for. Principal and interest payments of xxx.xx every month beginning 12 months from the date the! Business debt 1000 grant since I am one employee in my business need help applying for EIDL, district! One employee in my business Unfortunately the SBA local Assistance locator to more! You could receive both of these advances more about these methods for verifying the status of your SBA Injury! Accrued on EIDL tax deductible request payment to expedite funding or give the status of your SBA Injury... Home address already received an EID loan at what youve paid yourself in the.... Her articles have been convicted of a vehicle included as working capital software and services taxes may! 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