Reply. To be fully transparent, yes, I get a commission for promoting them (if you enter Priority Code 9924 on the first page of the application), but I waited until I was approved with my own business to post this so I knew it was legit and I'm actually helping people. For the past 2 weeks, and even up until an hour ago, the status page said that they will be submitting to the SBA and should have decision within 2-3 days. within an hour to request an additional document and emailed me twice thereafter with a couple of simple questions that could have caused the SBA to decline/reject my app. posts, comments, DMs, or chats. I don't want to sell personal things to keep afloat but I have maxed my personal cards on business purchases. 73d. I submitted an application to them Friday 2/5; the underwriter called me (YES! Paycheck Protection Program & Economic Injury Disaster Loan Discussion for the 2020 COVID-19 disaster. r/EIDL: Here we can discuss EIDL loans, advances, and all things related to the 2020 CARES ACT. EIDL. I've been reading here and see people saying that if you didnt check the Grant box, you will not receive an email for the targeted grant. Weds, July 1st – Received an email from the SBA EIDL Loan Department, stating a PDF letter that my application was declined on June 22nd due to Unsatisfactory Credit History. You can use the Capital Access Finance System (CAWeb.sba.gov) to track your EIDL after your documents have been signed and submitted through funding. Please put your application number and the word INCREASE in the subject line. EIDL loans are for up to $2 million with a 30-year term. I heard 6 months working capital but I don't know how that is calculated. How to apply for an SBA disaster loan & EIDL. What businesses are eligible to apply? As of April 24, SBA has disbursed nearly $8 billion in loans and $4.8 billion in grants, falling $4 billion short of the original EIDL allocation. save. share. Industry Threats Kylie Larson March 30, 2020 … EIDL Credit Checks. If you’re looking for more relief resources, … Targeted EIDL Advance: Borrowers in low-income communities who have experienced an economic loss of 30%+ due to the pandemic may qualify for an additional loan advance/grant. NOTE: Confirmed by the SBA. This loan provides economic relief to small businesses and nonprofit organizations that are currently experiencing a temporary loss of revenue. Eligible recipients will be contacted by the SBA directly. Do you know if there is a certain time frame to get this loan? OFFICIAL FREQUENTLY ASKED QUESTIONS AND ANSWERS FOR r/EIDL. The second stimulus bill clarified that the grant will be tax-free. EIDL: Loan or a grant? But is ok I been in RECONSIDERATION for a month after I found out my application was in a duplicate state for 5 months!!! No SBA employee info is allowed - He told me funds should be in my account within 7-10 days by rule, but realistically they should be there by Friday. EIDL loan. PPP/EIDL A source reached out to share some details about whats going on, this person has proven to have reliable and accurate info in the past, so I feel confident in sharing this with reddit. You saved me from a freaking disaster. ... Facebook 0 Twitter LinkedIn 0 Reddit. Finding your loan on CAWeb. Abbreviated EIDL, it usually runs in connection with a natural disaster (think hurricanes, floods and wildfires). 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]. EIDL r/ EIDL. Mail your request to … Press question mark to learn the rest of the keyboard shortcuts. The EIDL loan amount is currently a maximum of $150,000. Previous. share. User account menu. This article was written by u/tahoechick36, a small business advocate and user of Reddit.. You can use the Capital Access Finance System (CAWeb.sba.gov) to track your EIDL after your documents have been signed and submitted through funding.It allows you to see disbursement status and other details related to your loan. I started searching and located this group. Archived. The U.S. Small Business Administration announced that the deadline to apply for the Economic Injury Disaster Loan (EIDL) program is extended through December 31, 2021. 48. There was no box for me to check when I applied for the loan. Posts EIDL Support Group CaWeb Portal PPP Posts Go Here Other Disaster Loans EIDL Portal Login. If anyone from the Internet offers to help you apply for the EIDL(loan or grant), the PPP, or any other grant or loan program for a fee, do not trust them. No YouTube or other video platform links. Posted by 16 days ago. 48. No further explanation for this complete BS and they havn't been answering their emails or calls for weeks! Scammers have surfaced from time to time in this sub, but there is a new batch who appear to be very sophisticated and very aggressive. They don’t have to pay it back, and … SBA’s Working Capital Loans are Different from Other SBA Loans West Virginia District Office. In the Category 1 dropdown menu, select Transfer to Bank, Credit Card, or Loan and then select the EIDL loan account. 3/31/2020 - Reapplied on streamlined … Press J to jump to the feed. Username or email. eidl advance reconsideration email, Disaster Loan or EIDL Advance, visit https://covid19relief.sba.gov/ Apply online and check the box when prompted if you are requesting an Advance. This article was written by u/tahoechick36, a small business advocate and user of Reddit.. You can use the Capital Access Finance System (CAWeb.sba.gov) to track your EIDL after your documents have been signed and submitted through funding.It allows you to see disbursement status and other details related to your loan. 48 votes, 100 comments. How Is an EIDL Grant … NOT FICO. Though, it is deducted from your eventual EIDL loan amount. Loan 33012xxxxxx. They will email you their decision and for how much of a loan … Apply here. save hide report. The grant, now called the “targeted EIDL advance,” is available to low-income communities only. Make sure you track your expenses to demonstrate that you are using the loan proceeds according to the terms. This is unlikely to change in the near future and there is/will be no way to request more at present. And it has quite a strong selling point. Since then SBA has been under fire by Congress from digressing. Press J to jump to the feed. Hot. Questions? Back in March, Congress created two loan programs to help small businesses and the self-employed mitigate the economic impact of the COVID-19 pandemic: the Economic Injury Disaster Loan (EIDL) and the Paycheck Protection Program (PPP).Because we were not sure whether we were able to get either loan, we applied for both (see previous post COVID-19 Loans for Self … Ark House Press is a Christian publishing house specializing in book publishing, pastor publishing, partner publishing and children's book publishing. For Disaster loan questions, call 1-800-659-2955 or email disastercustomerservice@sba.gov Contact the bank you normally use for … I don't have good credit but can I reapply for the loan or should I try to pay off credit cards then reapply? Log In Sign Up. EIDL applications will continue to be accepted through December 2021, pending the availability of funds. For the past month or two, EIDL loan and grant requests were limited to businesses in the agricultural sector. Press question mark to learn the rest of the keyboard shortcuts. Terms go up to 30 years. Economic Injury Disaster Loan (EIDL) What Child Care Programs Need to Know April 10, 2020 Alongside the Paycheck Protection Program and other direct, targeted supports for child care, the Economic Injury Disaster Loan (EIDL) is a possible way for your small business to help cover certain costs during this challenging time. User account menu. In response to Covid-19 the CARES act allocated a significant amount of funds (somewhere around 60 billion - with a B) to the Economic Injury Disaster Loan (EIDL) program.This is not a new program, its been around for a long time and is intended for disasters - but the terms to qualify are significantly relaxed. Loans are offered with a 3.75% interest rate for small businesses and 2.75% for nonprofit organizations. Newbies... search the group for info. Press question mark to learn the rest of the keyboard shortcuts. I even looked up YouTube videos on completing docs requested by the SBA in case I ended up in recon. Does EIDL give grants or loans? EIDL loans weren’t created just for the coronavirus economic crisis. Whichever you choose, help is available through SBA at 1-800-659-2955 or [email protected]. Just now I logged in to check the status and I got this message: "Because Cross River Bank was the lender of your first draw PPP loan, you will need to apply for second draw loans directly on their website.". COVID-19 Economic Injury Disaster Loans EIDL: Small businesses and nonprofits with 500 or fewer employees that can prove substantial economic injury caused by COVID-19. You are awesome! They have told banks that they will start processing new PPP applications on Monday, April 27 at 10:30am EST. In the Category 2 dropdown menu, select Interest Expense, and enter the interest amount into the Amount box. 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