This includes establishing a loan amount and the collecting of additional information needed to process the disaster loans over and above any previously issued Emergency Advances. 2019 business and personal taxes already filed. Any idea what the ‘processing’ looks like? Woke up to two emails. Credit: Cue378 an avid supporter of small businesses. As of this morning my profile showed approved and I have submitted my electronic docs for Funding. A few questions we can answer on the forms: There is no loan amount field for the applicant to complete on the loan application (Form 5). At this point it's not automated. Status has been "Your Application is being processed" since. Hopefully it's only a few days. lol. The $350 billion in PPP money ran out just days after the Small Business Administration application process opened. EIDL Application. Also, you may be eligible for other aid programs. EIDL loans are limited to a maximum amount of $2 million, carry an interest rate of 3.75% and have a maximum term of 30 years. I applied in early April (don't have exact date right here), received the advance April 21, and received the email to create the account on May 17. I just need to know if it were received and filled out with all the information needed to move forward. I'm trying to figure out what is happening with my App. May 12, 2020. But a new law enacted as of December 27, 2020 states that EIDL is no longer deducted from a borrower's forgiveness amount. I made multiple errors throughout the reconsideration process. Worry is mounting that a passport application backlog could hamper plans for holidaymakers hoping to travel later into 2021. After creating an account it asked me to confirm I was ok with the amount of $427,600, which I did. Stay safe. This process is expected to be 1-2 weeks. Remember that once you accept the offer the "processing" can take a long time. An SBA loan officer will determine your eligibility during the processing of your complete application and review of the documents you provide. $2.5mm in gross sales last year. 06/12 - Got an update on my loan application, went through the reconsideration process. It is currently based on $1,000 per employee. EIDL applications are processed on a first-come, first-served basis. Confusion and glitches, anger and resignation over EIDL relief and the SBA loans I have multiple businesses. Loan forgiveness applications are just starting to be processed, so we are unsure how long the process will actually take. This money, originally promised within 3 days of application, has yet to appear in anyone’s accounts. 5/25 - Confirmed all in portal and status at "your application is being processed" 6/2 - Called SBA and spoke to tier 2. A new $484 billion spending plan that was approved this week includes $310 billion for the PPP and another $60 billion for EIDL, among other things. Prayed and gave a lot of charity so I know Gd is watching out. I haven't heard back yet. The SBA's goal is to decide on your application within three weeks. If you read something online for one person do not expect your application will be handled the same way. My application number is: xxxxxxxxxx. Next it asked me to verify my identity, which I verified. I applied March 31. Credit pulled April 19th. Your EIDL advance no longer affects your PPP loan forgiveness amount. An EIDL is a loan of up to $2 million (though the New York Times reported that the SBA is unofficially capping the amount at $150,000 due to the high volume of applications it has received). The allegations claimed that upon receipt from banks of applications the process was coming to a standstill because the computers that operate the myriad of networks between SBA, Treasury and the Fed were technically getting bogged down and unable to process the amount of computer applications. Facing a shortage of funds and an unprecedented crush of applications, the SBA has closed its application portal to most businesses and is limiting the size of loans it offers to small businesses. NOTE: If you see an amount in your EIDL loan portal it does not mean your loan offer is approved it simply means that you qualified for that amount if you pass underwriting phase. (I assume it was for the EIDL) (My Dun&Brad was also pulled on 3/22, but I’m not sure if the SBA did that. These reps can answer questions about the application process and your EIDL loan status. Curios to know what the Reddit world thinks my odds are? No answer from SBA as to why they are getting denial emails after being approved but the guess is the SBA is looking at spreading the initial approved loan amounts around to be able to help more applicants. My business is an S-Corp. 5x employees. You begin by submitting the application through your specific lender. Mine is still showing “being processed”. I gave the very nice lady my name, business type, state and county the business is in and my application number (first time they’ve asked for that info) she then said that my application was submitted successfully and that I should wait for an email from a .gov address with the next steps. COVID-19 EIDLs are designed to provide economic relief if your business is currently experiencing a loss of revenue due to the pandemic. Can I submit multiple COVID-19 EIDL applications? Press question mark to learn the rest of the keyboard shortcuts. Otherwise, complete ... be a balance due if they accepted the full amount of the EIDL loan. That will keep me in good stead. You can apply for … 06/12 to 11/2 - Was in reconsideration from this time period. Notice: The deadline for Economic Injury Disaster Loan (EIDL) applications has been extended through Dec. 31. We were told multiple times over the next few days that the application processed had been revised and we … Verified ID etc. 05/28 - Submitted multiple applications on the EIDL website, those applications were denied due to multiple applications. I am an patient person. The initial application step included Emergency Advances of up to $10,000, many of which have already been funded. Mine took 3 hours from accepting to when i got approval and closing loan documents yesterday, I didnt accept the full amount tho...just 25k so Idk if that made it approve faster or not, New comments cannot be posted and votes cannot be cast. What is the targeted EIDL advance? The first level review is complete and is being reviewed by a second set of eyes. No answer from SBA as to why they are getting denial emails after being approved but the guess is the SBA is looking at spreading the initial approved loan amounts around to be able to help more applicants. Check your account, mine moved on to approved! Thanks! SBA seems to be progressing in processing the numerous Economic Injury Disaster Loans (EIDLs) that were applied for at the commencement of the COVID pandemic. Any more paperwork? Was invited to create an account and did on May 18th. Just replying for an update although I know that there are others being processed ahead of me. I don't know if this is a good sign or if I may still be rejected. Here we can discuss EIDL loans, advances, and all things related to the 2020 CARES ACT. After creating an account it asked me to confirm I was ok with the amount of $427,600, which I did. Economic Injury Disaster Loans These are the steps the SBA is taking during the EIDL loan underwriting phase which happens as your EIDL loan application says ‘processing’: Approval by Loan Officer Stage : a Tier 2 representative will be able to see that whether the loan EIDL loan applications will still be processed even though the Advance is no longer available. I got the link to the portal on 4/13 and “accepted the amount” with the slider and confirmed my bank info. ), I received a $5,000 ‘advance’ in my bank on 4/12. So now I submitted all of that and it says “Your Application is being processed” and last step is sign closing docs. I think you are going to get it! The inability to access the promised funds quickly — or in many cases even receive confirmation that their application is being processed — has led to a mixture of panic, anger and fear. Generally, the best option is to call SBA an inquire about the status of the EIDL application, however, in most cases, if the loan is approved the loan agreement would be posted on portal within 2-3 days after the request and id validation was done. EIDL and advance – update. I am having trouble finding a lender to accept my PPP The Economic Injury Disaster Loan includes an emergency grant of up to $10,000 to be made within three days of application. The grant, now called the “targeted EIDL advance”, is available only to small businesses located in low-income communities. (See screenshot here https://imgur.com/a/Iq7dZ9z ). Some applicants have been told that their EIDL has been approved and will be funded in mid-April. The overriding explanation is the EIDL is not being processed in a systematic order, the same, for everyone in every part of the nation. Any suggestions or ideas on whats happening? I then re-applied using the ‘streamlined’ version around March 30th and I believe my app number for that was #330080####, My credit was pulled on Apr 9 by “US SM BUS ADMIN ODA”. I applied on March 21 using the ‘old’ application portal. I got to the "your application is being processed" status late Wednesday afternoon. Hope the call helps. Staff in the passport offices in Dublin and Cork have been reassigned to other areas of the Department of Foreign Affairs (DFA) as processing passport applications has halted on December 24, 2020, at the start of Level 5. I'll update with my results when I find out. A human is reviewing it, and they're all going to be different. They just started seeing the emails after the funding was confirmed to have run out and the EIDL loan application not accessible anymore. The EIDL is not subject to the “credit elsewhere test”. I have been in "processing" since Tuesday, but a rep on the phone said I have already been approved and it should switch over to reflect that on the portal soon. Then it took me to a page saying your application is being processed. Thanks Mendelr! The application consists of a screening page, a business information page, a business owner page, a page for additional information, and a summary. You must speak with tier 2, anything other than that it’s not gonna help you at all. SBA is now communicating via email to applicants the next step of the EIDL process. NOTE: If you see an amount in your EIDL loan portal it does not mean your loan offer is approved it simply means that you qualified for that amount if you pass underwriting phase. They just started seeing the emails after the funding was confirmed to have run out and the EIDL loan application not accessible anymore. Meanwhile, about 4 million businesses have … Hope they have funds available! Call 1-800-659-2955 (the SBA Disaster Assistance customer service center) and ask for Tier 2. With a maturity of up to 30 years, EIDLs are designed to help carry businesses through tough times caused by a disaster, such as the COVID-19 pandemic. Nobody we know has received a $10k advance from the EIDL application. Economic Injury Disaster Loans Hunt said a recurring issue by many applicants is not knowing their status. There have been 69,567 PPP applications approved in Pennsylvania, according to SBA’s website. I am going to try the number and let you guys know what happens. Your application is under final review. (Probably not the full $10k because I only have 5x employees), This morning (April 14th) I received an email to create an account. Ours says "your application is being processed". Was told approval was waiting on 2nd stage and keep waiting. 6/4 - 10 days since portal invite. The Paycheck Protection Programprovides $350 billion for 100% federally-guaranteed loans for 8 weeks of assistance to small businesses and 501(c)(3) nonprofits with less than 500 employees. Thanks for all your support. There are four steps in the COVID-19 EIDL application process: requently Asked Questions F ... 2. A. Third, yesterday LALATE reported that EIDL payments are being processed currently in a first-come-first-serve manner. Any additional applications will be marked “duplicate” and will not be processed. I've sent notes to this link each day with no response. The inability to access the promised funds quickly — or in many cases even receive confirmation that their application is being processed — has led to a mixture of panic, anger and fear. Did you get a call or email? Will they need more documentation? Your application must be authorized within 10 days, or it will be withdrawn. We applied for EIDL the first day applications were accepted. Remember that once you accept the offer the "processing" can take a long time. From what I’ve seen, you look pretty good. How long after you signed documents does it take for your funds to be available? Thanks for the encouragement! Sole-proprietors, independent contractors, and other self-employed individuals are also eligible for these loan… You can use this method if you submitted your application online or by mail. Never received an advance. A loan officer will contact you to discuss the loan amount recommendation and your next steps. 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