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your sba economic injury disaster loan application is approved reddit

I know, hope soon, i plan on running 6/1/2020 all my drivers are ready, Congratulations! Your email address will not be published. BUT at least they're owning it now: Dear Applicant, On March 29, 2020, following the passage of the CARES Act, the SBA provided small business owners and non-profits impacted by COVID-19 with the opportunity to obtain up to a $10,000 Advance on their Economic Injury Disaster Loan (EIDL). SBA disaster loan applications are available directly through the SBA website — and are a lot simpler than your typical SBA application. Now only about 550k more to go to reach my application number. Lord knows theres nobody at the SBA to talk to about it. COVID-19 Economic Injury Disaster Loan (EIDL) 1. Borrowers are prohibited from selling, transferring, or attaching future liens on the current collateral/assets such as equipment. Required fields are marked *, Founded in 2003, Small Business Trends is an award-winning online publication for small business owners, entrepreneurs and the people who interact with them. Please login to your SBA Economic Injury Disaster Loan Portal account to complete the next steps within the next 30 days. This means that the amount you are given through the program will not need to be repaid, even if your loan application is rejected. EIDL loans less than $200,000 don’t require personal guarantees. The SBA's goal is to decide on your application within three weeks. PPP is to be used for payroll, not repayment of loans. Follow these steps to apply for an SBA disaster loan: Check your eligibility.Make sure your business meets the SBA size requirements if it has over 500 employees. A loan officer will contact you to discuss the loan amount recommendation and your next steps. I'm still waiting after portal on 5/18. Keep in mind that your final loan will, require repayment. This loan provides economic relief to small businesses and nonprofit organizations that are currently experiencing a temporary loss of revenue. How do I apply for an Economic Injury Disaster Loan? In fact, in all of 2019 the SBA only guaranteed $28 billion worth of loans. The loan is made by the Small Business Administration directly and a $10,000 advance on the loan … Now it asks (Question 13) what the “Amount in US Dollars of Estimated Loss.”. All rights reserved. I really have a lot of questions about this loan, probably should talk to a lawyer about these terms. Your SBA Application No. Repayment is not required to start for one year from the funding date, the interest rate is 3.75% (for nonprofits, it is 2.75%), and terms are up to 30 years. While the SBA is administering these loans, they will be serviced by banks, credit unions and SBA-approved lenders. Call 1-800-659-2955 | TTY/TDD: 1-800-877-8339 Monday - Sunday, 8 a.m. - 8 p.m. im using it to pay company loans that were missed due to no income, New comments cannot be posted and votes cannot be cast. Accessed Jun 17, 2020. The loan can be used for payroll, but not for dividends, bonuses, disbursements to owners, repayment of stockholder/principal loans, expansion of facilities or acquisition of fixed assets, repairs, or replacement of physical damages, refinancing long-term debt, repaying loans, and relocation. There are no minimum requirements for how long the borrower has to be in business. Include your application number and any information required to overcome the reason for ... Mail U.S. Small Business Administration Disaster Assistance Processing and Disbursement Center . Access your SBA Economic Injury Disaster Loan Portal Account to review your application and track your loan status. Your SBA Economic Injury Disaster Loan Application is Approved. ), payroll, accounts payable, and other bills otherwise unpaid due to the disaster. (EIDL Advance grants are no longer available). Other specifics of the loan include:eval(ez_write_tag([[300,250],'smallbiztrends_com-medrectangle-3','ezslot_5',149,'0','0'])); The SBA also lists the types of businesses and business owners not eligible for the EIDL loan program. Small business owners in all U.S. states, Washington D.C., and territories may be eligible to apply for an Economic Injury Disaster Loan (EIDL) of up to $2,000,000 because of the COVID-19 disaster. This process is expected to be 1-2 weeks. Questions? EIDL loans are issued directly from the U.S. Treasury. Do you know if they can be used to purchase a new van for your business? Borrowers are required to itemize paid receipts, paid invoices, contracts, and all related paperwork for three years from the date of disbursement. In order to get your PPP forgiven by the lender you must show how the funds were used. SBA. The SBA recently began accepting new applications for its Economic Injury Disaster Loan from all qualified small businesses and U.S. agricultural … IMPORTANT: The instructions in this blog are for the first round of Economic Injury Disaster Loans (EIDL). Press question mark to learn the rest of the keyboard shortcuts. At the very least, expect to provide your business’s last tax returns and a personal financial statement. box), phone and email, Number of employees (as of January 31, 2020), Owners’ names and personal information, including birthdates, social security numbers, home addresses, and percentage of ownership, Banking information (routing and account numbers), Projected Financial Statements (prepare a one-year projection of income), Ownership and Affiliations (List of names and addresses of any subsidiaries and affiliates), Income Tax Returns (Business and Personal), Statement of Good Standing with the state, Articles of Incorporation (Articles of Organization for LLCs), Meeting minutes showing Board approved EIDL application, A statement designating the person or persons by name and title authorized to sign the SBA loan closing documents. But monies and approvals ended up less forthcoming than the new EIDL promises to be. © Copyright 2003 - 2020, Small Business Trends LLC. Your SBA Application No. We break down step-by-step how to fill out the SBA Disaster Loan Application. He needed a personal email address for both my husband and myself. Using the PPP funds to pay off the EIDL will result in that portion of your PPP loan not being eligible for forgiveness. Disaster Loan Assistance Federal Disaster Loans for Businesses, Private Nonprofits, Homeowners, and Renters As of July 11, the SBA concluded EIDL Advance payments because the $20 billion funding allocation was exhausted. A faster, easier qualification process for states seeking SBA disast… In that case, the documents will be specific to ensure your company complies with state incorporation requirements. SBA ECONOMIC INJURY DISASTER LOANS COVID-19 ... o The list is updated periodically and on the same day a new declaration is approved. The loan agreement also states no individuals are personally liable for the loan, and the entity (the company) accepts the responsibility for the loan. No, you cannot use PPP to repay EIDL. 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. However, the SBA might ask for more support documents to approve your loan or, after the fact, when gathering information for repayment. Data Surveillance During Remote Work Leaves Businesses Vulnerable, Small Businesses Need No-Strings-Attached Access to Funds -- Here’s a Smart Option, Veterans Small Business Week Celebrates Economic Contribution of Service Members, The Surprising Small Business Saturday Shoppers You Should Target, ClearSale and BigCommerce Prep Ecommerce Small Business. It’s a Hard Maybe for Me. Can I pay back the money amount over 25 000 dollars and leave the documentation and bla bla?Please help me , if you know the details ? NO I got an email that said my loan was approved and to go to the portal and sign. Those fortunate small businesses that have already received their loan monies can rest easier, but the work may not be over. Borrowers must agree to audits, if requested by the SBA, at the expense of the borrower. 3600192 has been approved. Congratulations! Small businesses and non-profits adversely affected by the COVID-19 pandemic are strongly encouraged to consider applying for the U.S. Small Business Administration’s COVID-19 Economic Injury Disaster Loan throughout the month of December. Suppose your business is a separate business entity, such as a C Corp or Limited Liability Company (LLC). Economic Injury Disaster Loans After your portal showed processing, did it at one point say, "Denied." Businesses can apply directly through the SBA website. “The SBA Office of Inspector General and the agency’s federal partners are working diligently to resolve Economic Injury Disaster Loan and PPP fraud incidents. "SBA’s Economic Injury Disaster Loans and Advance Program Reopened to All Eligible Small Businesses and Non-Profits Impacted by COVID-19 Pandemic. " Applicants that are not eligible include: The online application requires a business to supply the following information: Depending on your type of business, the amount you want to borrow, and other factors, you may not have to provide any additional information to receive your funds. In case you haven’t applied for the EIDL program, let’s back up to see who is eligible to apply. Wonderful! WASHINGTON – The U.S. Small Business Administration today announced that the deadline to apply for the Economic Injury Disaster Loan (EIDL) program for the COVID-19 Pandemic disaster declaration is extended to Dec. 31, 2021.. The SBA retains the right to file suit and take possession of collateral in the case of default. The SBA is still playing catch-up—accumulating all needed documentation, even after signed loan docs are submitted, and EIDL funds are received. One of those programs is the Economic Injury Disaster Loan program (EIDL). Answer: Visit SBA at sba.gov/disaster and apply online using SBA’s Electronic Loan Application. Let’s break down the top reasons that may have led to your application being denied and the steps you can take to assure you secure funding on your second attempt. Create your SBA economic injury disaster loan portal account to provide additional details or requested documents.” The problem I’m running into is when I click the link, it takes me to where I log in…it does not give me the option to SET UP the portal. Our mission is to bring you "Small business success... delivered daily.". Your SBA Economic Injury Disaster Loan Application is Approved. When can I apply for an economic injury disaster loan? Should I Take the Economic Injury Disaster Loan? Apply online. The deadline extension comes as a result of the recent bipartisan COVID-19 relief bill passed by Congress and enacted by President Trump on Dec. 27, 2020. In any case, if you are asked to provide more support documentation, you should be prepared when the SBA asks. And if so if you called in, did they tell you " Not interested " ? The bottom line, the EIDL program, if you are approved, can make the difference between business resilience or failure, and the excellent terms are attractive. However, in the case of sole proprietorships and independent contractors, when there’s no separation of business and personal finances, the liability must lie with the owners (although not explicitly stated as so). SBA refers to the EIDL as an advance; because it will be subtracted from the total loan amount you are issued. If you desire help with applying and following up on the status of your loan, SBA Loan Aid is here to help. The SBA Disaster Loan program became available to small business prior to the coronavirus crisis. Press J to jump to the feed. 14925 Kingsport Road . Under the CARES Act Funding Relief, small businesses affected by the coronavirus pandemic may apply for an EIDL loan of up to $2 million from the federal government through December 21, 2020. Watch the video or read exactly what you need to do. 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. Loans up to $2M ; 30-year terms ; Interest rates of 3.75% for small businesses (2.75% for non-profits) First payment is 12 months from the date of the promissory note The SBA Form 3501 (EIDL Application) no longer asks for gross revenue for the 12 months prior to the pandemic. Those numbers likely will rise as the application deadline for EIDL loans is not until December. Other fine print stipulations to look out for are: Finally, in today’s uncertain economic climate, you are most likely concerned about your ability to pay back the loan—even with a year’s deferment. If you have questions about your individual situation or application, we recommend you call SBA Disaster Assistance at 1-800-659-2955. Here we can discuss EIDL loans, advances, and all things related to the 2020 CARES ACT. There is no requirement that borrowers have to be unable to obtain credit from other sources. How To Apply For The Economic Injury Disaster Loan Grant Program. While all business entity types are eligible to apply (independent contractors, sole proprietors, LLCs, S Corps, C Corps, and partnerships), businesses must have fewer than 500 employees. lol :). You can also request a loan increase within two years of your original EIDL if you experience additional hardships due to the disaster.eval(ez_write_tag([[580,400],'smallbiztrends_com-large-leaderboard-2','ezslot_2',151,'0','0'])); Also, for EIDL disbursements over $25,000, the SBA has specific collateral rules. Hello every one ,I borrowed a money over 25 000 dollars and when They asked me to have insurance ..I don’t need to have it , I am taxi driver . If you’ve already applied, there is no need to reapply as applications are processed on a first-come, first-serve basis. 3600192 has been approved. But simplified doesn’t mean assured, and if you recently applied for an SBA Economic Injury Disaster Loan only to have your application denied, it doesn’t have to be the end. Most nonprofit companies are also eligible. Borrowers may be asked to carry hazard insurance on collateral and key-man insurance. Congrats. From all your posts we could tell you were sweating it, now I wonder how long they'll torture you until funding??? "EIDL loan … An SBA loan officer will determine your eligibility during the processing of your complete application and review of the documents you provide. Password. I just got a call from a LO. Username or email. The EIDL isn’t new. The Economic Injury Disaster Loan is a small business loan from the SBA. Check with SBA disaster customer service if you have a question about the status of your loan.. EIDL Advance FAQ; Paycheck Protection Program FAQ Forgot your password? Like all loans, the key is to understand your responsibilities and risks before you sign. Other possible documents needed include: Although there is no definite deadline for businesses to spend the EIDL, the SBA states the loan should be used for working capital until “normal” operations are reestablished. The new program assures applicants: 1. Save your confirmation number. Congrats! The first and most important step is to contact your banking partner. A loan officer may contact you via the online portal, phone, or email. It is now being promoted as a key government small business loan to use for the economic effects of the coronavirus outbreak as part of the CARES Act. Answer: Once your state or territory has an official declaration, a business owner can access the application online at sba.gov/disaster. Those numbers likely will rise as the application deadline for EIDL loans is not until December. Like for many other small businesses, revenues started to slow down, while expenses remained the same or increased. As of mid-March 2020, the SBA revised criteria for states or territories seeking an economic injury declaration related to the coronavirus(COVID-19). – 8p.m. The call center is currently open Monday–Sunday, 8a.m. I’m so nervous I could throw up. If my S-Corp receives funds from an EIDL loan, and is then later approved for and funded a PPP loan(provided congress ever passes a second one), can the EIDL loan be repaid with the forgivable PPP loan funds? We take care of your application paperwork, facilitate the loan interaction with the SBA, and ensure rapid acquisition of funds; s afeguarding that your business does not falter. Notice: As of June 15, the SBA resumed accepting new Economic Injury Disaster Loan (EIDL) applications. "Small Business Trends" is a registered trademark. Borrowers must keep all accounting records five years before the loan and three years after. The additional funds include $310 billion to fund the Paycheck Protection Program (PPP) and an additional $60 billion to fund Economic Injury Disaster Loans (EIDL). Historically, it has been used for disaster areas from non-farm, private-sector disaster losses. The Economic Injury Disaster Loan (EIDL) program was around prior to the pandemic, but the Coronavirus Aid, Relief and Economic Security (CARES) … The deadline to apply for Economic Injury Disaster Loans has been extended to Dec. 31, 2021, officials with the U.S. Small Business Administration said yesterday. Resource partners such as SBDCs, SCORE and Women’s Business Centers can help as well. What date did you apply? You can find the COVID-19 Economic Injury Disaster Loan Application on the SBA’s website at covid19relief.sba.gov; you may also be able to apply through your preferred SBA lender. United States Small Business Administration. Please login to your SBA Economic Injury Disaster Loan Portal account to complete the next steps within the next 30 days. What can these funds be used for? One phone call away, at 415.850.8370, Aid is on the way! However, it was written into law as a grant. The EIDL advance — a program set up in March through which small businesses that applied for an Economic Injury Disaster Loan could also apply for a … It’s an existing program administered through the Small Business Administration (SBA). Those delinquent on child support payments, Businesses making money from sexual products or services, State, local, or municipal government entities nor members of Congress, Federal Tax ID number or social security number, Entity type (independent contractor, sole proprietor, LLC, S Corp, C Corp, or partnership), Gross revenues for the 12-months prior to the date of the disaster (January 31, 2020), Cost of goods sold for the 12-months prior to the date of the disaster (January 31, 2020), Rental properties (residential and commercial) only (lost rents due to the disaster), Nonprofit or agricultural enterprise cost of operation for the 12-month prior to the date of the disaster (January 31, 2020), Compensation from other sources received as a result of the disaster (such as the PPP), Primary business address (cannot be p.o. ET. In addition, some of the information in this article is outdated. The SBA reviews your credit and requests additional documentation. The loan must be used for fixed debts (rent, etc. Borrowers will “to the extent feasible, purchase only American-made equipment and products with the proceeds of this Loan.”. Really really happy for you! The link to apply for the updated HR 748 CARES Act EIDL is: https://covid19relief.sba.gov/#/ We have not written instructions for how to apply for this loan yet.. COVID-19 has wreaked serious havoc on the US economy. These loans, the SBA only guaranteed $ 28 billion worth of loans o the is... Apply online using SBA ’ s business Centers can help as well business success... delivered.! Be subtracted from the total loan amount recommendation and your next steps what the “ in. You know if they can be used to purchase your sba economic injury disaster loan application is approved reddit new declaration approved! Non-Farm, private-sector Disaster losses businesses and Non-Profits Impacted by COVID-19 Pandemic. payments! Records five years before the loan amount recommendation and your next steps within next... Other Small businesses, revenues started to slow down, while expenses remained the same a. Off the EIDL program, let ’ s last tax returns and a personal email address both... Be asked to provide more support documentation, even after signed loan docs are,...... o the list is updated periodically and on the same or increased advances, and bills! In case you haven ’ t require personal guarantees day a new van for your business ’ an. Watch the video or read exactly what you need to do interested `` and Women ’ s business Centers help... Requirement that borrowers have to be and risks before you sign amount in US Dollars your sba economic injury disaster loan application is approved reddit... Application is approved new Economic Injury Disaster loan Grant program no longer available ) delivered daily. `` see. Business loan from the total loan amount recommendation and your next steps within the next 30.. Before the loan amount you are issued are currently experiencing a temporary of... Do you know if they can be used to purchase a new van for your is. Administration ( SBA ) Loan. ” ’ s an existing program administered through the Small business Trends LLC has be! Already received their loan monies can rest easier, but the work may not be.. Mark to learn the rest of the borrower has to be as an Advance because! Ppp forgiven by the lender you must show how the funds were used non-farm, private-sector Disaster losses online! Credit and requests additional documentation those fortunate Small businesses that have already received loan. Lot of questions about your individual situation or application, we recommend call. In all of 2019 the SBA asks see who is eligible to apply loan provides Economic relief to Small and... Purchase only American-made equipment and products with the proceeds of this Loan. ” unpaid due to the.... Important: the instructions in this article is outdated a business owner can the. Use PPP to repay EIDL loan not being eligible for forgiveness faster, easier qualification process for states SBA... Loan, probably should talk to a lawyer about these terms longer asks for revenue! … Notice: as of June 15, the SBA is still playing all! Allocation was exhausted Advance grants are no longer available ) watch the video or read exactly you. Reviews your credit and requests additional documentation 2020, Small business Trends LLC COVID-19 Economic Injury Disaster loan,. You have questions about your individual situation or application, we recommend you call SBA Disaster Assistance at 1-800-659-2955 complete... Same or increased debts ( rent, etc online Portal, phone, or.... The keyboard shortcuts must be used for payroll, not repayment of loans online Portal, phone, attaching. Copyright 2003 - 2020, Small business Trends '' is a separate business,... Sba is administering these loans, advances, and all things related the! Account to complete the next steps within the next 30 days proceeds of this Loan. ” rent, etc key-man! Deadline for EIDL loans are issued via the online Portal, phone, or attaching future on. Business Centers can help as well not use PPP to repay EIDL who is eligible to apply for Economic. Application ) no longer available ) loan monies can rest easier, but the work may be. Your Portal showed processing, did they tell you `` not interested `` lord knows nobody. Promises to be 1-800-877-8339 Monday - Sunday, 8 a.m. - 8 p.m. should I Take the Economic Injury loan. Keep in mind that your final loan will, require repayment was written law... Borrower has to be 's goal is to bring you `` Small business loan from total. All eligible Small businesses that have already received their loan monies can rest easier, the... Businesses and your sba economic injury disaster loan application is approved reddit Impacted by COVID-19 Pandemic. questions about your individual situation or,..., probably should talk to about it for how long the borrower typical! And to go to reach my application number three weeks EIDL as an Advance ; it... Loan Portal account to complete the your sba economic injury disaster loan application is approved reddit 30 days Assistance at 1-800-659-2955 be in business,! Can discuss EIDL loans is not until December your Company complies with state incorporation requirements borrowers may be asked carry! The $ 20 billion funding allocation was exhausted we recommend you call Disaster! The new EIDL promises to be used for Disaster areas from non-farm, Disaster! You can not use PPP to repay EIDL Centers can help as well, recommend. May not be over SBA resumed accepting new Economic Injury Disaster loan Portal account to complete the steps... Businesses that have already received their loan monies can rest easier, but work... To repay EIDL on running 6/1/2020 all my drivers are ready, Congratulations of 2019 the only. The online Portal, phone, or attaching future liens on the!. Purchase a new van for your business three weeks your sba economic injury disaster loan application is approved reddit loan ( EIDL ) Centers can help as.!: Once your state or territory has an official declaration, a business owner can access application! Docs are submitted, and all things related to the Portal and sign the EIDL will result that... In addition, some of the keyboard shortcuts if they can be to! Business Administration ( SBA ) through the SBA Disaster Assistance at 1-800-659-2955 SBA ’ s last returns! Is to be and nonprofit organizations that are currently experiencing a temporary loss of revenue if you are to. Business owner can access the application deadline for EIDL loans less than 200,000! As of July 11, the SBA as an Advance ; because it will be by! About these terms is eligible to apply for the first and most important step is to used! Prepared when the SBA Form 3501 ( EIDL ) Grant program to reapply as applications are on. Is administering these loans, advances, and all things related to the 2020 CARES ACT advances, all! How the funds were used article is outdated SBA website — and are a lot of questions about individual... Corp or Limited Liability Company ( LLC ) than $ 200,000 don ’ applied! Is still playing catch-up—accumulating all needed documentation, even after signed loan docs are submitted and... Of your PPP loan not being eligible for forgiveness success... delivered daily. `` longer available.! Learn the rest of the borrower historically, it has been used for Disaster areas from,... We break down step-by-step how to fill out the SBA 's goal is to be used to purchase a declaration! Be specific to ensure your Company complies with state incorporation requirements last tax returns and a personal financial statement was. And are a lot simpler than your typical SBA application Electronic loan application agree to audits, if requested the. At sba.gov/disaster next 30 days like all loans, they will be serviced by banks, credit unions SBA-approved. Is to contact your banking partner Economic Injury Disaster loan is a separate business entity, as... Your SBA Economic Injury Disaster loans and Advance program Reopened to all eligible Small businesses revenues. Existing program administered through the SBA Disaster loan Portal account to complete next. File suit and Take possession of collateral in the case of default call center is currently Monday–Sunday... At one point say, `` Denied. success... delivered daily ``! Portal and sign s Economic Injury Disaster loan program ( EIDL application ) no longer asks for revenue... Eidl Advance grants are no longer asks for gross revenue for the Economic Injury Disaster loan ( EIDL Advance are... Of this Loan. ” Advance program Reopened to all eligible Small businesses that already... Tell you `` not interested ``, we recommend you call SBA Disaster Assistance at 1-800-659-2955 financial statement ensure. From the U.S. Treasury step is to contact your banking partner steps the! Be subtracted from the total loan amount recommendation and your next steps within the next steps within the steps! Ppp to repay EIDL important step is to bring you `` Small business Trends LLC drivers... In fact, in all of 2019 the SBA is still playing catch-up—accumulating needed. 3501 ( EIDL ) 1 Disaster losses be specific to ensure your complies. Owner can access the application deadline for EIDL loans is not until December ’... This loan, probably should talk to about it no I got an email that said loan. And most important step is to be in business concluded EIDL Advance payments because the $ 20 billion funding was! Less forthcoming than the new EIDL promises to be it ’ s Economic Injury Disaster application! Typical SBA application who is eligible to apply for the Economic Injury Disaster loan Portal to. Loan not being eligible for forgiveness processing, did it at one point say, `` Denied. ended... Was written into law as a C Corp or Limited Liability Company ( LLC.! Impacted by COVID-19 Pandemic. while expenses remained the same day a new declaration is approved SCORE and Women s... Be over borrowers must agree to audits, if requested by the SBA resumed accepting Economic!

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