How Does That Help Anyone? There is none specified, however, the SBA does state that these loan “proceeds can only be used for working capital necessary to carry the concern until resumption of normal operations and for expenditures necessary to alleviate the specific economic injury.” In other words, they are to be used to help the business recover from the disaster. My loan status says amount confirmed identity verified completed electronic dispursement completed and application being processed does this mean I am just waiting for dispursement??? Responses have not been reviewed, approved or otherwise endorsed by the credit card, financing and service companies and it is not their responsibility to ensure all posts and/or questions are answered. From what I have been told the EIDL does not appear on personal credit reports because the SBA does not have a mechanism to report to credit bureaus. I’m in the middle of a refinance. Brent – You can ask for reconsideration but you’ll need to ask the SBA how to do this. Mike – Unfortunately the EIDL portal is currently closed to new applications except for agricultural businesses. I applied on 9/1/2020 and I still haven’t received anything yet, status it’s showing application being processed, I already confirmed amount the same day, how long does it take to hear back with a yes or no? Found inside – Page 84Do you participate with SBA in participation loans ? Mr. DEATON . Yes . We have always encouraged SBA participation with our customers . We are a customer service bank . Our loans on deposits are 6 percent . Mr. SMITH . Question: How will the lender/bank know that the person did receive a $2,000 cash advance? Can i use the EIDL proceeds for payroll if i plan to use forgiveness in PPP. If you’re still not sure, your local SBDC should be able to help you understand how EIDL can be used. 0Qn58XwAAAAArHvSEIYxSRJoqFLKC8Oe9TUlBRURHRTIyMTEAN2M0NTQ0NjEtNjE3NS00YjM1LWJmZDYtN2Y0NjM4YTNlYzdm” which is pretty concerning now, since I can’t even check to see that it’s still processing or will finally ask for me to sign docs. I own a small business and just received my approval for a $6,000 Disaster loan. That is approved also but not yet funded. If you have good credit, a start up 7(a) SBA loan might be a possibility as well. I was told to apply online and complete the info in reference to my income and cost of doing business for the last 12 months and the amount of my loan/grant would be based on that info up to $10,000 . This article may help: How to Pay Back an EIDL or PPP Loan. Call 1-800-659-2955 (TTY: 1-800-877-8339) or e-mail disastercustomerservice@sba.gov. Hello, I am considering applying for EIDL loan…. From what I’ve gathered, it cannot be used for new equipment. You apply for EIDL at SBA.gov. Warning: There may be a long wait time. This system is for the use of authorized users only. It only applies if we are getting the full loan. Great article. We just wrote about that in this article: 7 Questions About PPP and EIDL the SBA and Treasury Need to Answer ASAP. Have you read this article? I am currently in the process of buying a new home and I was approved for the SBA EIDL with average credit scores and closing 5 weeks away. Any thoughts? It makes no sense to me to have the grant denied due to credit since it doesn’t have to be repaid. But as for how to apply with no 2019 revenues you’ll need to check with the Disaster Assistance hotline or your Small Business Development Center to find out for sure. Found inside – Page 46SBA's focus on reinvention and customer service has already been generating results . ... By the end of FY 1995 , approximately 45 % of all SBA disaster and regular business loans were being serviced in these centers . After that is done, in approximately 10 days you should receive an email showing that you were approved or denied . Thus, my question is: Do your words mean that it possible to pay off car or personal loan bu the EIDL funds? Keep in mind though these loans are usually made in limited areas for limited periods of time, and not nationwide. SBA Communications Corporation (SBAC) Q3 2021 Earnings Call Transcript ... for disaster recovery, for backup. ... *Actual customer testimonials. If you can’t get a straight answer from the SBA consider asking your Senators or Representatives in DC for help. Found inside – Page 455Comprehensive website includes information on SBA programs and activities and access to SBA publications. Information about the agency is available in thirteen ... For information about disaster loans, e-mail disastercustomerservice ... Will that loan show up on my personal credit report? SBA.gov Login Form By entering authentication information, you are attempting to access a United States Federal Government information system. I didn’t realize that it’s a loan that is not going to be forgiven. We haven’t seen the SBA publish these statistics so without that data it’s hard for us to estimate. Check your email (including spam) for the next communication about a loan. Please help us keep our site clean and protect yourself. Keep an eye out for an email from SBA. We are the sole employees and work the business out of our home. We wrote about that in this article: 5 Reasons You May Want to Reconsider An EIDL Loan. Will we have to sign loan documents before we receive our loan? We are trying to decide to go ahead or not…, Will this show as a loan on my credit report. Last step is to sign loan docs. She is the author or coauthor of five books, including Finance Your Own Business: Get on the Financing Fast Track. You may be audited so we recommend you keep good records. A $ 1,000.00 grant in most cases will run out so quickly it won’t even matter. You can request additional funds in the future if needed. Could it be the reason because I put my person accounting and routing numbers instead of my business account information? We haven’t seen clear guidance on whether the advance/grant is taxable but the EIDL loan should not be. 5 Ways You Can and Can’t Use Your EIDL Loan. You can always contact them directly using the information in this article. thanks much. Will I still be eligible for the eidl loan without any income shown til date but substantial expenses due every month such as rent, mortgage, and utilities until the reopening occurs in my state? Additional information that must be submitted for loans greater than $500,000: Additional information that may be requested after you submit your application: Nav is the ONLY source for both personal and business credit scores. We have ongoing increased sanitizing and time spent cleaning, but since we are self employed there is no “proof” of this work being done, and no compensation for it..of course costs of sanitizers and filters are countable…just a few questions… thanks in advance.. Randy – I wish I had specific answers for you. Was I supposed to. It may be used to pay off short-term business debts. Make sure you check your spam folder for messages as well. The IRS Form 4506-T must be completed and submitted with each SBA disaster loan application, even if you are not required to file a federal income tax return. Do they look at history or just current credit scores? If you have questions about your individual situation or application, we recommend you call SBA Disaster Assistance at 1-800-659-2955. I have called the SBA and nobody is on the same page or they brush you off by giving you an answer that is no where near what you have asked. No – the SBA does not have a mechanism to report to personal credit. SMH, If I used my personal Checking account For my LLC I was told by peers it will be denied can you inform me if this is true. Samantha, I can think of three possible scenarios. Found inside – Page 70SBA is bringing the same principles used in disaster assistance reform to administering its business guaranty programs as well . Reengineering of the loan servicing process is underway and will result in better customer service and less ... Has the SBA given any guidance on this specific situation? Fort Myers Beach. I knew nothing about the collateral until later. I would recommend keeping documentation of how you use the funds in case the SBA ever audits you. Thank you for the wonderful article. I use the income from the business to help pay for the business as well as all living expenses. Thanks for you help! Thank you! I sweat in the sun and have essential duties. One last question, i’m just worried about the amount that we would be taking, it basically States that this money is to temporarily help due to the disasters impact, what if we don’t use it all in the next few months, or year… And we have leftover loan money, are we still able to use it in the future for those times if technically we are not being impacted by the disaster any longer?? You might put a note “EIDL” on those expenditures in your accounting program, keep a file with documentation, or even keep a spreadsheet for example. Don’t accept that answer. Unfortunately we don’t have access to that information. Photos are illustrative only. You may also be able to hire a professional to help you, though the SBA emphasizes that you do not have to pay anyone to complete this application. SBA.gov Login Form By entering authentication information, you are attempting to access a United States Federal Government information system. You may use it to pay short term debt but not to refinance long-term debt. I get hung up on every time i stay on the phone for 2 hours this is just a mess. I’m keeping my fingers crossed. Simply log in online or through our mobile banking app to manage accounts, pay bills, view transactions, and so much more. I did my own too and i answer all my identity question correctly but still my application showing …..Your application is being processed…… over 20 days. Does SBA have to approve these payment modifications? Hello, still confused I revived a loan from the SBA and I’m a sole proprietor will this loan go on my personal credit. I made a mistake when I filled the application for SBAD by covid19. The PPP must be used within 8 weeks to be forgivable. So now after learning this I know Im more than just an application number an the SBA is looking at my loan request an because they did a hard pull on my credit I might get an EIDL loan an I have successfully submitted an application so now I will get the EIDL Advance that will temporarily save me until they complete the loan process. 3. I’m sorry Sally – I wish there was more transparency into the program. I want to keep the grant and decline the loan, what do I do? Should I have this EIDL paperwork changed to my legal single member LLC name in the new EIDL paperwork instead of my personal name before signing? claudia. Can you accept the EIDL if you already receive a City grant and private grant? Warren – is there a slider on the portal that lets you reduce the amount? hi Gerri, 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. Thanks, Congrats on getting your EIDL! Frequently Asked Questions About Applying for SBA Disaster Loans (EIDL) Due to Coronavirus, The 5 Best Banks for Small Business Loans in 2021, 5 Ways You Can and Can’t Use Your EIDL Loan, local SBDC, Women’s Business Center or SCORE office, Nav SBA Cares Act Loan Insights Facebook group, Business Loan Insight Financing Hub – PPP, EIDL and More on Facebook, read our article about the new emergency EIDL grants, Standard Operating Procedures for Disaster loans, 5 Reasons You May Want to Reconsider An EIDL Loan, Use the SBA local assistance locator to find more local help, 7 Questions About PPP and EIDL the SBA and Treasury Need to Answer ASAP, How to Apply For Forgiveness for Your Paycheck Protection Program Loan, Low fixed interest rates: 3.75% or 2.75% for non-profits, An individual who operates under as a sole proprietorship, with or without employees, or as an independent contractor; or, A private non-profit or small agricultural cooperative. Comment document.getElementById("comment").setAttribute( "id", "a983679831e2fffc744709508e92e9a4" );document.getElementById("cc82fd1987").setAttribute( "id", "comment" ); Save my name and email in this browser for the next time I comment. contact SBA’s Customer Service Center at 1-800-659-2955 (TTY: 1-800-877-8339). Does not having a business account disqualify you even if you’re using a personal account for all business transactions? Do you think I can get an EIDL loan for this new startup business? If you need help applying for EIDL, your district SBA office and/or Small Business Development Center should be able to help.
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