If you didnt apply for an EIDL or Advance for COVID relief, unfortunately, the application period is closed. (2010) provides more complete and clearer definition of C&D waste "waste material generated from the process of . Can some of the loan be used to fund a new business or only the business that the loan was processed for? providing paid sick leave to employees unable to work due to the direct effect of the COVID19; maintaining payroll to retain employees during business disruptions or substantial slowdowns; meeting increased costs to obtain materials unavailable from the applicants original source due to interrupted supply chains; repaying obligations that cannot be met due to revenue losses. Do I have to claim the the $1000 SBA EIDL grant if Im collecting unemployment insurance? I applied back on May 2nd. You don't need to accept the loan or be approved to get an advance. You can check with the SBA. I would recommend you contact the SBA Disaster Assistance hotline to find out what happened. Great question but I dont know the answer. Thanks. I have 2 questions. Workers' Comp + Payroll made 100% for you. Is that pertaining to the loan itself or the grant as well? After applying I received the $1000. For purposes of disaster lending, medical collections are not considered adverse information. I dont take payroll as they are just deposited in my normal everyday account and used to pay household bills. Ive been told the SBA has no mechanism to report EIDL to the owners personal credit. Youd have to ask SBA that question. If you owe taxes you may be able to get on a payment plan. I too did the slider and accepted. it would REALLY help to have explanations for each question of the EIDL similar to what is done for IRS tax returns with each #d question explained fully. Also, can you clarify the directly related to performance of services for the benefit of the applicant line a bit. I was wondering if the EIDL impacts the business owners personal credit? Why didnt they catch it before they gave me the extra money. Contact the SBAs Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard of hearing) or DisasterCustomerService@sba.gov for assistance. Do you know how many days we have to sign our loan documents? Disclaimer: Merchant Maverick aims to provide accurate and up-to-date information to assist you in your research. They can help you for free. May I reapply? In short, you may qualify for a targeted EIDL grant if: This will rule out a large number of small businesses that qualify for an EIDL loan. That is approved also but not yet funded. Derek Youll have to reach out to SBA directly. How can I return my EIDL Advance (Grant). 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 It is illogical to keep inactive numbers on banks' balance sheet. Now I was approved by SBA thru EIDL. One last question, im 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 dont 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?? But now that you have a better understanding of the Economic Injury Disaster Loan program (including how to apply for a low-interst loan and check your application status) youre armed with the information you need to submit an applicationand, hopefully, secure the funding you need to keep your business moving forward through the pandemic. Merchant Mavericks ratings are not influenced by affiliate partnerships. I misunderstood that i believe. We look at the SBA EIDLs current deferment policy as well as the programs overall current status. We have lost income to ourselves as no one is wanting us in house to clean. We tried to address these questions in this article. To apply, you. Thank you! Thank you very much for your time writing this great article! ), See How Much SBA Loan Money You Qualify For. If i have recieved a loan offer..will i still recieve the Eidl grant if i decline the loan?? You cant pay yourself bonuses though as we mention here. Should we request a lower loan amount? I didnt look for it when I reviewed it. Check to see if your area qualifies with this. Can I payoff my short term loan with my EIDL funds? 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. It had been replenished in December 2020 when the Economic Aid Act was passed, enabling PPP lenders to grant new loans to borrowersincluding borrowers who already received a PPP loan (known as Second Draw Loans). If youre still unsure, use the email address or phone number in this post or the contact information found on the SBA website to get in touch. Thank you in advance!! No, unfortunately, you cannot use EIDL or PPP for a startup. How can the grant be spent im seeing a lot about the loan but what about the grant ? It's a slimmed-down version of the 7 (a) product in that you can only borrow up to $350,000. I need to pay some Bills and eat. Hello, I was approved for the EIDL loan but not sure I should take it and have several questions Im hoping you could answer: Does the economic injury need to be ongoing? I have received my EIDL and I also want to apply for PPP to refinance my EIDL because the interest will be lower 3.75% vs 1% . now you have to wait for LO to contact you so you can sign closing docs. What youll need to check your EIDL loan status varies based on how you contact the SBA. If the bank information you provided is valid, you will receive your loan via ACH transfer. However, the borrower will not be denied solely because there is no collateral. I don't have an application number. Typically, the SBA will make a decision within 21 days, and if approved, loans can be funded in approximately five business days. For businesses that apply for loans below $500,000, your application will be processed ASAP, which is part of the SBA's efforts to ensure small businesses have access to these funds. Im wondering, did you receive the funds? Can I increase my monthly payment amount to pay it off early and not have to pay the entire 5,000 finance charges or will I still be responsible for the 5,000 no matter if I pay it off early? Hello: I made a mistake on calculating my PPP. A colleague of mine is having this issue. We asked that same question in this article: But my question is how long is the process before I hear from sba about my grant after I emailed them like 3 weeks ago but have not heard any thing from them. I have filed tax returns for 2018 and 2019 showing significant losses due to major construction expenses with no income as of yet. Did you apply for PPP Michelle? resources like this that interest continues to accrue. My question deals with the EIDL Loan. It is so frustrated. You may not get the grant if the loan was denied. I dont know why you didnt get the grant. PPP is an exception there.). (There is no personal guarantee for loans below $200,000.) Use this method if you have additional questions about the program or submitted your application by mail. How long did your total process take? This form is for feedback only. Im loosing money like everybody else. Also there are multiple people listed on my LLC, would it show up on all of our credit reports? You applied early before the new application that allowed you to request the grant was available. Many of these offices are hosting webinars, office hours, and other events to help answer questions. I have a full time job but use coaching soccer as a part time job. How long does it take for an SBA disaster loan to be approved? Warning: There may be a long wait time. So my question is am I still gonna recieve the 9,000$ grant advance without accepting the loan and why did I only get approved for 3,000??? The SBA language states that funds should appear within five days after approval. I understand the requirements for the PPP, but my questions are on the EIDL. Independent Contractor here. However, theres a lot of helpful discussion in the Business Loan Insight Financing Hub PPP, EIDL and More on Facebook where business owners are discussing how long their applications and grants took to be approved. Should I write my income according to the 2020 tax income or not? How do I cancel my EIDL request? Im sorry Sally I wish there was more transparency into the program. Whether you have contractors is not a part of the application for EIDL maybe you also applied for PPP? My score is now in mid 500s back in October was 740. How To Get A Small Business Loan: The Step-By-Step Guide, 12 Popular Types Of Loans & Funding Options For Small Businesses. None of this grant vs. loan stuff was very clear, I hope Im not losing out on the grant. Can I use this loan money to pay off my businesses line of credit through a different bank? Do the EIDL loans show up on your personal credit and affect your personal credit score? Can you still apply for a disaster relief loan.?. Borrower may prepay this Note in part or in full at any time, without notice or penalty. 2. For those small businesses wanting to do a loan modification increase request up to the current $2 million maximum, or companies that have received a decline letter in the past six months or less,. Also as a independent contractor, do we list ourselves employees for our own company? If one method of checking your EIDL loan status doesn't work for you, you can try another. The terms of the EDIL specifically state that I cannot purchase a fixed asset such as a vehicle, however, can I purchase a vehicle through a credit union and make the payments using the EDIL loan or pay the sum in full using the EDIL LOAN? ), Hi Gerri If you received EIDL (which comes directly from the SBA not a bank or other lender) then you may use it to pay those working capital expenses which may include contractors. Now I dont know if I will be approved. Youll need to contact the SBA Disaster Assistance hotline for information. I need to plan about employees, healthcare and more on if I can afford to continue paying for these things, if I dont get the other loans I have to reconsider how to move forward. Will it show on my credit score or credit history? For the past 4 days the login portal is stuck in sign docs and the Amount confirmed with the amount of money. The credit elsewhere test the SBA normally performs has been waived for these loans. So it would be good to know this. Will giving this money back hurt any chances of getting any grants or stimulus funds that may be made available in the future? Which Business Bank Account is Right For You? I want to know if I can use the EIDL loan for payroll when the PPP loan is paid out in 8 weeks? Can i use the EIDL proceeds for payroll if i plan to use forgiveness in PPP. Hi Gerri, I am self employed with 1099 form, I successfully applied and received $1000 grants last week, I am not sure the SBA free grant count as a grant or income? So sorry to hear this. My tracking no starts with a 3, so if that is my only Id number referred in these comments it would seem I have to go through the whole process again. 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. My husband and I own and operate a commercial office cleaning business. I just received an email to provide more information in order to get the loan. We are a small not profit, but understand we have enough money to keep us through the Pandemic. Or will I still be responsible for the 5,000 no matter if I pay it off early? My income has only suffered slightly unlike what was expected when this all started. Each staff reviewer at Merchant Maverick is a subject matter expert with experience researching, testing, and evaluating small business software and services. We dont have specific guidelines from the SBA in terms of what will result in a successful reconsideration. I applied for SBA EIDL loan on November 2021, I got approved for both EIDL and advance in December 2021, but till date, I havent been deposited any funds yet, I dont know why, please can anyone relate to the same thing or does anyone know why SBA hasnt paid me yet &; if SBA is still going to pay me or not? 844 0 obj <> endobj Can I pay my mortgage? She urged small-business owners who. This is so disturbing. No it looks like we may need the balance of the total amount. Our unbiased reviews and content are supported in part by affiliate partnerships, and we adhere to strict guidelines to preserve editorial integrity. We occasionally send out emails with special offers. SBA UPDATE Regarding the "Amount Confirmed" Issue - UPDATE UPDATE UPDATE. This very thing happened to me. You should also have whatever information you provided in the application process on hand when you check on the status of your application in case a representative asks for it. Received $40k EIDL.work is slow which is why we applied. What about groceries? He has been cited in various industry publications, including Forbes Advisor, GoBankingRates, and Medium. The central theme of 2022 was the U.S. government's deploying of its sanctions, AML . Hi everyone. Im so co fused. I was approved for both PPP and EIDL. You may also want to read our article about the new emergency EIDL grants to see if you qualify. i got $3000 SBA EIDL loan. In cases where emergency funding is needed, you may be interested in the SBA Express Program. I will be notified by Email but my loan was declined because my credit score is too low and I will not get the EIDL Advance because my loan was declined.. Your second question is an excellent one. Hi Debbie weve published an article on how to pay back your EIDL loan. Keep in mind though these loans are usually made in limited areas for limited periods of time, and not nationwide. Help us to improve by providing some feedback on your experience today. Id suggest you make sure you review your loan agreement carefully and if you have questions talk with your local SBDC as they can provide more information. You can always try reaching out to SBA using the contact info in this article. Donna, Ive written another article that I think will be helpful: 5 Reasons You May Want to Reconsider An EIDL Loan. If no, is the only time we ever able to take a distribution again is once the EIDL loan is paid back in full? You can use that funding while you wait for disaster assistance. Check your email for an email from SBA.gov. My question that wrong for myself have the loans for that? I did my application july 2 and got a email July 11 saying its been processed but July 13th i get a update And it says its no more funds .. For more information, please see our But have not received the $10,000 advance as of yet. The CARES Act included an Economic Injury Disaster Loan emergency grant of up to $10,000 to be made within three days of application. Please contact the SBA for specific guidance, though, as I cannot speak for them. Thanks for the update and I definitely will keep you posted! Is the purchase of a vehicle included as working capital? The SBA then limited it to $1,000 per employee. Overall, the SBAs goal is to process completed applications within 21 days but this is an unprecedented disaster of national scope and few loans are being processed that quickly. One of the most challenging parts of applying for an SBA disaster loan is waiting for your application to be processed. For example, if we are able to recoup all lost revenue within the year from the note issuance and decide to pay off the entire principal balance on our first payment due date will that be possible without any interest accrual? You may want to look into crowdfunding. These loans were promised to be delivered in three days by the SBA and it has now been nearing two weeks with almost no money (only 4 businesses out of 2117 reporting), and businesses are dying as . 90% of my annual income is commissions from sales of homes. Im confused what I can use the SBA loan for. Any suggestions now? Can you do other work for your business? ), You need to update your info the SBA no longer states the loan advance for Economic Relief will be in 3 days! Please let us know what happens in your situation. Hello Ill be thrilled when we finally see an official answer on this I just havent found it yet. But what if you were approved and havent yet received your funding, or youve applied for non-COVID EIDL relief? The SBA estimates that it will take around 21 days to process your case. I do not want to end up in hot water for using it in a way I shouldnt. My loan was denied. The citizenship requirements for Disaster loans are on page 171 of the Standard Operating Procedures for Disaster loans. You may want to meet with your accountant, an SBDC advisor or SCORE mentor to get some advice before you decide how to proceed. Athena contact the SBA Disaster Assistance hotline asap and ask for help. Check out our guide on what you need to know about SBA loans for more information. No the SBA does not report EIDL loans to personal credit. Will they deny a person for a repossession on their credit? You do have the right to request reconsideration. Certainly, though, lending to businesses that don't meet traditional bank loan criteria means you may take on more risk of default. Step 3: Lookup EIDL Loan & Grant Recipients The SBA size standard is the firm size based on the number of employees or annual receipts depending on industry. I wish I knew. Although we havent seen any guidance from the IRS on it, Ive been told by the Florida SBDC that Congress has made it clear that the forgiven amounts for both EIDL emergency advance and PPP are not a taxable event.. Im fearful that we could possibly even have to close permanently within the coming year. Use our CARES Act SBA loan calculator to see how much money your business may qualify to get. 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? Gerri, Remember, you should only be utilizing the SBA website to check your EIDL loan application status. Unfortunately we do not have any insight into whether you will qualify. Otherwise, youll be better served using the online portal to check the status of your loan. just curious I am waiting for a deposit also As for applying for your other S corp I am not quite sure I understand your situation. My FICO Score has decreased by 3 points. Hi Stacy the SBAs FAQs state: What do I do if my loan application was approved, but Im experiencing a If you applied through the COVID-19 portal, the SBA will contact you, but you may be able to get answers by calling the toll-free number. This article currently has 900 ratings with an average of 4.5 stars. You can contact SBA by calling the SBA Disaster Assistance hotline. 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. Step 2: Further SBA EIDL Loan Increase Info Track your EIDL Loan Increase based on self-reported information. I should have recieved $2000 for myself and my dispatcher how can I correct this to get my other $1000? The grant usually comes before the loan. Business owners without employees may be eligible. thank you! My other question is if the entire $2,000 cash advance is used on rent and bills, and the entire $10,000 PPP is used on payroll, then will the cash advance still be subtracted from the PPP? If they cant help, try your elected officials in Washington (Representative, Senators) as they have staff members who are supposed to assist constituents who are having problems with government programs. New posts accepted during similar operating hours as the SBA. But youve correctly observed that the new PPP 24-week period for forgiveness doesnt match the loan amount (which was based on roughly 10 weeks of payroll.) Lyric The grant is separate from the loan. Retype: Hello, I recently applied for the SBA Disaster loan Monday for 2000$ but did not have the box checked for the 10,000 as I thought it was optional in order to get the bigger loan of above 10000. You can use the SBA local assistance locator to find help in your area. SBA approved $1.6 million loans from approximately 5,000 lenders prior to the money running out, according to a statement from U.S. Treasury Secretary Steven Mnuchin. And how can I pay my debt just through online? They are the only ones who can cancel the loan. What happens if I go out of business in 6 months or 3 years ( a very real scenario for me) from now and cannot pay EIDL loan back ? To review your real-time funding options with one of Navs lending experts, please contact us. 2. Next, PPP funds come through and are deposited, lets assume $10,000. According to the SBAs EIDL Application Checklist, in order to apply for an EIDL loan, youll need to submit. How Long Will It Take To Get The Targeted EIDL Grant? Is there written guidance on what this means? Laura the SOP simply states that EIDL cant be used to pay: Disbursements to owners, partners, officers, directors, or stockholders, except when directly related to performance of services for the benefit of the applicant. So you may want to look at what youve paid yourself in the past as a guide. Thank you. Also, pease what can I do to make them quickly respond to me & pay me? Another great option is to contact your local SBDC, Womens Business Center or SCORE office for free assistance. I then reapplied on 3/30/020 with the fasttrack application. I Accidently Accepted The Loan Today Thinking It Was The Grant And They Have Already Deposited It To My Bank . 2. if i accept teh 120k loan and pay the full amount back after the 1st year, how much interest do i need to pay on that? I dont know whether that information will be shared with the IRS Scott, but regardless youll want to try to get caught up. In addition to the guidelines above you may not qualify if: Its recommended that you lift a credit freeze before you apply. Advertiser Disclosure: Our unbiased reviews and content are supported in part by. I have 1 Rental property has of 1/20 do I still qualify for EILD loan having a DBA? It sounds like you were approved for a loan which does have to be repaid. OK yes I called SBAwaited over 30min only to be transferred to a line that was horrible reception. You can also reach out to the SBA by email to learn more about your loan status or inquire about the EIDL program. Our unbiased reviews and content are supported in part by affiliate partnerships, and we adhere to strict guidelines to preserve editorial integrity. I understand that there is no prepayment penalty for receiving the loan, but would like to know will I still be charged the 30 year total interest for the loan. I know you cant do both PPP and the Tax Credit, but not sure on doing both EIDL $10k grant and also 50% payroll tax credit. They are negotiating additional funding for this program. Yes you can still apply. i guess i am ultimately asking if i can use EIDL for all expenses that i can deduct on my schedule C or are there exceptions? We are trying to decide to go ahead or not, Will this show as a loan on my credit report. Real Time Payments VS ACH: How Long Does ACH Transfer Take? I am an independent contractor. My loan closing paperwork doesnt list anything specific of mine, only things they could take. Payment of any part of a direct Federal debt, (including SBA loans) except IRS obligations. (If you keep it, its a 1% loan for two years. I need a relatively big capital to start it up. Thats a great question Cee! I hope this means the money is allocated to me. Is making no sense in my brain,lol. As the owners who are 50/50 in the business, can we also pay ourselves payroll with the EIDL as well as our two employees, plus use 25% or the funds to pay our monthly bills? Although the Small Business Administration (SBA) Economic Injury Disaster Loan and Emergency Advance to provide COVID relief is no longer accepting applications, applicants that didnt receive their funds may still need to check their EIDL loan status. If you receive the PPP grant and the $10k advance can you take the EIDL if it is available? Are you familiar with this. I wouldnt recommend you spend funds that way without consulting an official source such as the SBA. EIDL can be used for working capital to pay bills the business would have been able to pay had the disaster not occurred. 2022 Hourly, Inc. All Rights Reserved. Let us know how well the content on this page solved your problem today. She is a graduate of Limestone College. Merchant Mavericks ratings are not influenced by affiliate partnerships. Walter You will need to contact your lender if you want to change your loan amount. They are a great resource and can help for free. Conventions and large gatherings are all closed with no hope in sight. Credit cards likely fall into that category but we cant speak for the SBA so be sure to check with them. As of late 2022, the Small Business Administration (SBA) is no longer accepting new applications for COVID-19 EIDL loans, reconsidering denied requests, or increasing requests. 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This grant vs. loan stuff was very clear, I hope im not losing out on original... Check your EIDL loan.? days after approval status or inquire about EIDL! Qualify if: its recommended that you lift a credit freeze before you.. Will be in 3 days have recieved a loan offer.. will I be. Way I shouldnt youll need to accept the loan itself or the grant my annual income is from... Pease what can I pay my mortgage webinars, office hours, and adhere... A guide to major construction expenses with sba amount confirmed now status application being processed income as of yet processed for info in this.! Does it take to get my other $ 1000 has only suffered sba amount confirmed now status application being processed. Eidl grants to see if you owe taxes you may not get the Targeted EIDL?. And services my questions are on the original paperloan application it asked if I will be approved make them respond... Been able to pay back your EIDL loan.? page solved your problem today 500s back in was! 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