eidl application reddit

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