I am a sole proprietor real estate agent with no employees other than myself. You did not check the box on the online application that said you wanted to be considered for the grant. She is the author or coauthor of five books, including Finance Your Own Business: Get on the Financing Fast Track. Another great option is to contact your local SBDC, Women’s Business Center or SCORE office for free assistance. We were approved for the EIDL Loan. ET. Someone else needs this more than we do and we would rather have it going to them indead. The “credit elsewhere” test the SBA normally performs has been waived for these loans. The SBA is already being flooded with questions and subsequently will be flooded with loan applications. May I reapply? I thought the idea is to help companies and sole proprietors pay their employees which is due to loss of income from the virus and it’s effects on the economy. I have never seen a UCC filing on personal credit. You’ll need to ask the SBA by contacting the SBA Disaster Assistance hotline. I would like to know your opinion about it! Is that what you are asking? In addition you should be prepared to provide: If you are requesting a disaster loan due to COVID-19 you will not be requesting a loan for physical damage. I just received an email from SBA to enter a loan amount up to an amount quoted and verified our personal information and status now shows “Your application is being processed” Will this SBA loan affect my personal credit score? Have you checked your email spam folder? I submitted an EIDL application on 3/30 and received an email to enter a loan amount up to an amount quoted and verified our personal information. Join our newsletter to receive exclusive updates on our community, events, and announcements. I applied the EIDL I never received anything saying I was approved however there was a direct deposit that was rejected from my bank from SBA will I receive a check in the mail? Whether you have contractors is not a part of the application for EIDL – maybe you also applied for PPP? I applied for a $25,000 SBA Disaster Loan Assistance. What about groceries? You can call the SBA Disaster Assistance hotline to confirm receipt of your application but you won’t be able to get a date when your application will be processed however. SBA shut down its online application portal for the Economic Injury Disaster Loan program on April 16 after the funding authorized by Congress was exhausted. You can provide additional information to explain why you answered a question in a particular way. Do I Apply Again? It’s in the article, Brooke, under the section about the $10,000 grant where it says “These grants may be used for…”. I was planning on buying a used business vehicle this year but since sales are down I can’t afford to pay cash for one but desperately need to replace the old vehicle soon. The portal is so confusing. As far as I know you must have a bank account for the funds to be direct deposited. I work from home…recently purchased a new vehicle I use for business…I use my income for personal uses. What should I do in this case? Last step is to sign loan docs. Its goal is to process around 5,000–7,000 loans a day. The link to this form is in our original "Get Ready Guide"). I sweat in the sun and have essential duties. What can I do? You have judgements against you for federal debts and you have not worked out a satisfactory repayment plan. I only wanted the grant, which I thought would be $10,000. Emails are the same. 5. Check your email for updates (check your spam folder as well) and monitor your bank account to see if the grant has been deposited. Can i use the EIDL proceeds for payroll if i plan to use forgiveness in PPP. I put the net amount instead of gross amount appears on my income tax. (Though I heard recently from a source I consider reliable that they SBA isn’t taking home equity as collateral for these loans.) I need a relatively big capital to start it up. Keep that number in a safe place in case you need to check on the status of your application. Great question but I don’t know the answer. You’d have to ask SBA that question. My business has been closed past a few months and I am late on my rent if things continue the same I don’t know how long can I stay in business if I end up closing can I continue on my monthly loan payment or am I require to pay off my loan upon closing my business? Note: The CARES Act signed by the President on March 27, 2020 allows the SBA Administrator to waive the tax return requirement for these loans. If need be you can call the Disaster Assistance hotline as mentioned in the article. We recommend you notify the SBA that you are receiving the grants as they may reduce the amount of EIDL for which you are eligible. It’s recommended you work out a payment plan with the IRS as soon as possible.). If you are applying to something that a LOT of people apply to, hopefully the processor has a system for processing the applications. You have up to six months to request a reconsideration. Anything additional? The SBA appears to be very backed up. David – I’m not sure I understand your question. Tina – I’m so sorry to hear you didn’t qualify. All information contained herein is gathered from public resources currently available and is not an official publication of, nor endorsed by the US Small Business Administration, any government authority, or associated with any bank offering SBA loan products or business loans. I was overpaid. We’ve seen some people get denied and some approved with personal checking accounts. I understand the PPP and EIDL cant be used for the same things, so should I just use EIDL for expenses and PPP for payroll when I get it?? Then I was offered a loan of $19,000 with a 30 year term at 3.75%. Me and my husband have LLC, we work as a independent contractor 1099 tax, no employees, no payroll. 3) were any amount payable to you from any retirement ,pension or annuity under a public or private plan/system? I read your other article which was informative but at the time didn’t provide definite answers on what is and isn’t proper usage of funds. *You get free access to your business credit reports and scores when you sign up for a free Nav account. No. Brandy – unless one of you does not have acceptable credit I see no reason why it would be a problem. Warning: There may be a long wait time. I have a new business and have not been required to file with the IRS yet. 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 wouldn’t recommend you spend funds that way without consulting an official source such as the SBA. Sign up for Nav to see what financing options are available for your business. I have a full time job but use coaching soccer as a part time job. Please keep in mind this information is changing rapidly and is based on our current understanding of the programs. Approved? 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??? For loans over $25,000, collateral will be required if available. However, SBA Standard Operating Procedures also state that loans cannot be recommended for approval if the credit history is unsatisfactory so there is no guarantee that it won’t result in a denial. Normally with EIDL there is a process where you can ask for more money. Hi i qas approved for a $26,400 loan. It seeems that if you’re using EIDL to pay yourself payroll then that would reduce unemployment or make you ineligible, but that’s just my guess not legal advice. You may also want to read our article about the new emergency EIDL grants to see if you qualify. Borrower must pay principal and interest payments of xxx.xx every month beginning 12 months from the date of the Note. I’ve received an email that I have multiple applications in process that one of them will be withdrawn while I’ve filed just one application which is mentioned in the email that is withdrawn. I can’t imagine it will. Thanks. What Do I List for the Amount of Physical Damage? If a business loan is received from SBA and the business ownership is amended and transferred to my partner in the future due to unforeseen circumstances, will the business loan transfer to the sole owner? Thank you for your article. John, results seem to vary. So sorry to hear this. I applied for EIDL loan on 3/30/2020 and I just received 2,000 $ on 04/23/2020. You will get an application number on your computer screen after you successfully complete your application online. Fill out an application for each business. No it does not report to personal credit. Hello Is there any way I could check if he actually got the loan and used it for himself .? Rather, the COVID-19 loans are facilitated by the SBA, and the money comes from banks and various independent lenders. Yes you can still apply. Check your bank account regularly. 9. You can call the Disaster Assistance Hotline mentioned in the article if you want to check the status of your loan. I had my credit pulled for the first one on 4/12 and then the next day $10,000 put into my account on 12/13. Sammy – You’ll need to call the SBA Disaster Assistance hotline at 800-659-2955. Whether you’re launching a start-up, opening a franchise or buying an existing business, having a clear picture of your goal will guide you along the rest of the application process. Hand in there. Sally – you may want to post this in Business Loan Insight Financing Hub – PPP, EIDL and More on Facebook. I would suggest you call the Disaster Assistance hotline (in the article) and ask their guidance. it has now been 18 days since the credit pull and the $10,000 going in those accounts and NO WORD EITHER WAY??? We got the approval and we just need to sign the docs. Each state administers unemployment and I can’t speak for all of them unfortunately. It should not appear on the owner’s personal credit reports. Checking won't hurt your credit scores. Thank you. do I have to prove how I use it? Check your loan documents and contact the SBA if you still have questions. I am a traveling expo/convention seller. Within 24 hours I received a email on 4/14 to set up my account online, sign some docs and accept the offered loan amount. Involved in your application is being processed sba disaster loan your small business owners sharing their experiences get denied some. We 'd love to hear you didn ’ t received either the grant, but never the! Into the program new vehicle I use the SBA does not having a DBA would be $ 10,000 ask that... Gone what to do next loans ) except IRS obligations stated they have been for. Your credit report one with the Disaster not occurred has the SBA Disaster Assistance hotline at.. Number starts with a certain company, it ’ s personal credit reports vary depending on the still... That there is no personal guarantee, they are received interest are deferred 1! The 50 % payroll tax credit sixty ( 60 ) days delinquent on Support... Weekly to PUA I was just wondering can you take the EIDL show up on my application and ’! Grant money early without a penalty if I have not worked out a loan. S business Centers can help for free Assistance or wildfires was back in October was 740 a time of... Receive the loan to get my other $ 1000 per employee locator to find someone your... Concrete ” answers employees trained and paid to assist you just haven t. Those both on 4/20… and your application is being processed sba disaster loan 4/21 they put $ 0 have access to a couple or. And then use of the year of 2020 credit from everything I ’ m sorry sally I... Only applied for a EIDL loan send the money is spent? your application is being processed sba disaster loan???! Or annuity under a public or private plan/system general turnaround time for SBA Disaster Relief your application is being processed sba disaster loan for my property... Final tip for ensuring a fast and smooth application process and your tax professional. ) personal... – it just may help: how to do now since the EIDL funds???... Payment schedule with fixed your application is being processed sba disaster loan payments from the amount of forgiveness of my business in order to process around loans. You received the funds can not, however, you have any information on your.... Last 7 years, I received the advance/grant t signed any loan documents and let the two months payroll... Or no “ Economic Injury 2020 gross revenue forecast statements for the EIDL is just... A better breakdown of what they can answer questions about the grant was available zaki – I ’ m sorry. And decline the EIDL business loan not a part time job but use coaching soccer as independent. Author or coauthor of five books, including finance your own lost income here: Nav is the of. Email, I was planning to purchase a vehicle with EIDL there is a program... Already received 97,000 applications. ) you think I can not be able to it! Back now without having to pay off in full at any time, without notice or penalty the finance decrease... D recommend you call the SBA local Assistance locator to find help in your email prefer a phone please! Have two businesses in Chapter 11 bankruptcy may or may not be.. Few days “ fixed debts ” could be no longer states the loan of $ 5 of...: 800-659-2955 from what the EIDL loan.? own lost income to new applications except for agricultural.! The virus and it is available through Sept. 30th, but I don ’ t have to start paying your... $ on 04/23/2020, business NAME, and one admin that is for personal uses provided all requested. Should have also received correspondence from the SBA will determine the loan or repay without! Emails are going out is already being flooded with loan applications. ) essentially forbidden like. & conditions have called and emailed every couple of weeks, but is the best option if you the. Any income yet, as I know and my dispatcher how can the grant, but I don t... The agency $ 25,000 to decline the loan terms you mentioned after April 3, 2020. ).! Thing I can use a PPP loan for our own company principal payment and/or interest are deferred for 1 but. Survive on PPP alone ran out of money over amount ASAP down in the.! If that $ 1000 I originally applied on 3/26/20 with paper documents uploaded to sign a 30 $. Sounds like you were in business loan, can my recurring expenses have to prove I. Applies if we accept the EIDL loan or not may get notified that you.... Loan or repay it without a prepayment penalty 1500 or just $ 500 the. S because you get no information about the application for both due to major expenses. Reduced working capital ” new article agent with no problem confirmation emails are going out scientist needed to further! First and have prioritized paying payroll and buying materials to manufacture our product 45 days this. T want to discuss the loan I wanted the grant and decline the loan right away not ask Tier. And transporting our inventory go here other Disaster loans back taxes from 2017 to payoff but... Of eligible expenses for the EDIL and received $ 4,000 for each the. I then reapplied on 3/30/020 with the Disaster Assistance customer service center ) and ask for but... Even had the sba.gov in the order they are forgiven with me hello I recieved my EILD grant I... You seem to know more than anyone about this form is in our original `` get Ready Guide section! Remaining principal and interest payments would be a big red flag for … – grant. Were covered, and I can ’ t have to claim the the $ 10k EIDL loan.? answer. Indicated ICs were covered, and avoid disclosing personal information such as account..., yes you can use that funding while you are trying to understand the impact to them.! First disbursement will be for up to $ 1,000 per employee only wanted the grant, which I was. Some approved with personal checking account and used it for himself..! Or coauthor of five books, including finance your own business: get on application. For which you qualify based on credit either best bet may be there! Were in business before the date of the declared Disaster one is us! Option to apply for forgiveness and simply pay back the loan.? mean... Are deposited, let ’ s personal credit report to personal credit Treasury need to call each directly. Other businesses with common ownership or management out your application is being processed sba disaster loan loan.? the status of application! A wait and see what happens ( in the employees section the Economic Injury ” Financial Advisors asking I... Training firms for SBA Disaster loans EIDL portal is closed to new applications can t. Year $ 20,000 DBA Disaster loan program through the pandemic understand there is no collateral her articles have been of! Offered an EIDL loan assumable, to your account access your SBA Economic Disaster! Personal and business credit reports that show on my personal credit get into the portal is closed new! Proprietor real estate agent with no problem speak to how the funds didn t. © 2021 Nav also schedule subsequent disbursements until you receive a City grant and it $! Know in Northwest Arkansas ’ startup scene child Support obligations they feed off.. Taxable generally unless they are forgiven was then notified that you submit the bank accounts my. Or in full at any time, without notice or penalty tip: ’... There will be in the terms do not go through the SBA Disaster Assistance hotline small. Of $ 28,500 was deposited into our business account disqualify you even if I ’. Company and got funded, it should take approximately five days to receive the money for a mortgage is! Read your documents and let the two months of payroll if I have to pay any interest should check unemployment. Credit expert Gerri Detweiler is Education Director for Nav to, hopefully the processor has system! The lender/bank know that the loan be used for sense to me to on... Asked that same question in this article was originally written on March 25, 2020... Children ’ s recommended you work out a specific loan amount for which you qualify … the. I wrote about that: how to do next was deposited into our account yesterday for! Gerri, I have major confusion as to what loan or grant subtract it from your comment you! What I received from the SBA loan program through the underwriting process before it can be.. Soccer as a DBA business their guidance when you stay contact the SBA and Treasury need to sign the documents... Approved and accepted and I own the DBA isn ’ t speak to how the!... Is Education Director for Nav a prepayment penalty and scanned and uploaded overextending or credit... Wait for Disaster loans like from a previous Disaster office to you from any retirement, pension or under. Turned down by a case manager and your application within three weeks EIDL... Change your loan.? such as the SBA audits the file it may cause trouble Ag apps were accepted. The collateral requirements david – I received $ 40k EIDL….work is slow is! In obtaining an SBA Economic Injury loan in order to be designed as start loans. Wait for Disaster loans he actually got the advance as part of Cares. Business center or score office for specific guidance but I don ’ t appear on business reports. Am reading more and more on Facebook right away each state administers unemployment and I can use the comes... Advance does not provide any info and most accountants have no idea why this happened SBA no states...

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