Good luck! Mine was pulled on 4/11, I submitted the long form as well as the streamlined version and Ive been waiting and waiting. If you were in operation before Jan. 1, 2020: If your business is not a sole proprietorship, you will be required to provide a Board resolution or certificate of authority providing authority to commit the business to the COVID EIDL loan after your loan is approved before loan closing. It clarified that an affiliate is a business that you control or in which you have 50% or more ownership. Read the other recent EIDL grant and loan news. I Accidently Accepted The Loan Today Thinking It Was The Grant And They Have Already Deposited It To My Bank . I dont have Schedule C in my 2019 tax return, I have in 2020 tax return. Claudia this article discusses ways you can and cannot use EIDL. Now I dont know if I will be approved. Also, are the interest accrued on EIDL tax deductible? I received a PPP loan and would like to cancel my EIDL loan request. Im apply EIDL And got $1000 grant, but Im just self-employee. Filed for either a Chapter 5, Chapter 11, Chapter 12 or Chapter 13 bankruptcy but no plan of reorganization has been approved, or. 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. We certainly need this money but Im afraid we wont be able to repay it even over 30 years and not even starting payments for a year. Ask Your Question Fast! You may also be able to hire a professional to help you, though the SBA emphasizes that you do not have to pay anyone to complete this application. If youre still not sure, your local SBDC should be able to help you understand how EIDL can be used. On your first question, I havent seen specific guidance but Id imagine it depends on how you spend it. (2010) provides more complete and clearer definition of C&D waste "waste material generated from the process of . Not necessarily. If you receive the EIDL $10,000 Grant, and use it for non-payroll purposes, such as accounts payable, and then also receive a PPP loan which would be used entirely for payroll, would the $10,000 grant still be subtracted from the PPP forgiveness amount? Nav helps you see how your personal and business credit scores impact your ability to access capital. This is bull! Check your loan documents and contact the SBA if you still have questions. Payments of principal and interest are made over the remaining 28 years. I have called the SBA and nobody is on the same page or they brush you off by giving you an answer that is no where near what you have asked. Questions and answers about starting, owning, and growing a small business only. For people who applied early on in the program (i.e. You'll want to have your application number at the ready when you call. So am I eligible or not? We applied for EIDL and PPP. Well the EIDLs are gone What to do now since the EIDL is gone?!?!?! We havent seen the SBA publish these statistics so without that data its hard for us to estimate. The amount of $28,500 was deposited into our business account yesterday. If yes, when exactly did you receive it please & how long did it take them to pay you after you were approved for the loan? Am I allowed to LARGELY PAY DOWN the Principal balance(s) of my current outstanding PayPal business credit lines/PayPal business debts/PayPal business capital loans using the EIDL? Suburban SCORE in Palos Hills CLOSED! I am wondering if I can use this loan to pay Credit Card debit. If you're an eligible business, the SBA will invite you to apply. You can also inquire about your EIDL by calling the Disaster Assistance customer service center at 1-800-659-2955 or through email at [emailprotected]. Ramp offers a free corporate card for virtually any business. Which Business Bank Account is Right For You? Thank you. Even though its a loan, its my understanding that it can be forgiven. But I would like to know will I still be charged the 30 year total finance charges or will the finance charges decrease. The SBA will calculate economic injury according to a couple of different formulas spelled out in Disaster Loan Standard Operating Procedures. Secondly, is there a time frame of receiving the full loan amount after docu-signing loan agreement document? Thank you for this! 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? Your loan application will be processed by a case manager. 2)any amount as a supplement unemployment (SUB pay)? This article may provide more insights: 5 Ways You Can and Cant Use Your EIDL Loan. (When you talk to your loan officer let them know this is a business loan not a personal loan. Some emails look legit, even utilizing the SBAs logo, so make sure that you look over the email and check the address before responding. I applied SBA Disaster Relief Fund for my business from April 4, 2020. It says they are processing first come first served, but other businesses in my small downtown community have received their grant money and they applied days after us. You may want to reach out to them for more details. Kratom Payment Processing Guide For Merchants: How To Sell Kratom Online & In Stores, How To Set Up A Stripe Account: The Complete Guide For Small Business, Coronavirus (COVID-19) Guides & Resources, 7 Lenders That Are Offering Second Round PPP Loans Online. Please advise. I received a SBA eidl loan for under $20,000. Opinions expressed here are authors alone. You should have seen a confirmation number when you filled out the application but I dont believe confirmation emails are going out. Thank you. Not likely. I applied for the EDIL and received the funds. But simply put, SBA loans are meant to save your business, not your lifestyle. These reps can answer questions about the application process and your EIDL loan status. There are alternative routes you can take to get the financial assistance you need to keep your business moving forward, including: If your EIDL loan is denied, you have up to six months to request reconsideration, either via email (by sending an email to pdcrecons@sba.gov) or mail (by sending a request to U.S. Small Business Administration Disaster Assistance Processing and Disbursement Center, 14925 Kingsport Road Fort Worth, Texas 76155).. OK yes I called SBAwaited over 30min only to be transferred to a line that was horrible reception. You can also visit the SBA portal to see whether you have been extended an invitation to apply for a larger loan. Wed recommend you try to reach out to your local SBA office. I have written a very comprehensive business plan for this new business. Any applicant whose request for a loan is declined for reasons other than size (not being a small business) has the right to present information to overcome the reason or reasons for the decline and to request reconsideration in writing. If you applied through the COVID-19 portal, the SBA will contact you, but you may be able to get answers by calling the toll-free number. Im confused what I can use the SBA loan for. Someone else needs this more than we do and we would rather have it going to them indead. Thanks. @k,R~)7ltPuiCF ^sbp1Cd4t?lWY~+bc/Xz$IvRy You can accept less than the amount for which you are approved so if sounds like they are confirming the amount you want to accept. 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? This form is for feedback only. Thank you for all useful information. Unfortunately we do not have any insight into whether you will qualify. Im wondering the same. Thanks for any help, Gerri, you seem to know more than anyone about this including SBA Employeess. Cares Act SBA Loan calculator may be helpful there. I need to pay some Bills and eat. Forum 2 comment: Here is something to make sure you know about on EIDL SBA Loans. We were not sure if this means we are approved and now just waiting on SBA? My total payroll for 24 weeks is more than what i received in PPP. I sent in my EIDL application on March 30 Since this program is now available for the self-employed and individual contractors how do the EIDL grant provisions of using the grant money to provide payroll for employees apply if you are the only employee? I didnt realize that its a loan that is not going to be forgiven. Great Help you answer all my questions!!! SBA Loans made through nearly 5,500 lenders across the country . Merchant Mavericks ratings are not influenced by affiliate partnerships. Youll need to ask the SBA by contacting the SBA Disaster Assistance hotline. Sally you may want to post this in Business Loan Insight Financing Hub PPP, EIDL and More on Facebook. In other words, can I purchase a vehicle with EIDL loan money? For instance WHAT TO DO FOR DBA type businesses where we are independant contractors working for rideshare businesses? Thanks. So now I submitted all of that and it says Your Application is being processed and last step is sign closing docs. All of which are not yet filed but I will owe. Sorry for being a kill joy. You can show a 30 percent reduction in revenue during an 8-week period starting March 2020, compared to the previous year. All you need to pay your people made easy, Find a plan that's right for your business. Please advise. Original, on-the-ground reports from Santa Monica in your . Can I apply for it again legally? hi Gerri, I received a grant of $1,000 since I am a sole proprietorship. Will accepting the loan affect the mortgage process? I own and operate a childrens Karate school as a DBA business. Even if I am not able to get a loan I will value the measures that have been taken to help hard working Americans. On 04/14/20 I recieved an email from SBA informing applicants that the advance amount would be $1000 per employee with a $10,000 max. It seems like reading between the lines that an independent contractor ought to be able to use this grant entirely as his own payroll and then spend the money as needed for non-payroll things that any other employee would spend money on (like groceries or car repairs and so forth) otherwise this grant is useless to the independent contractor, no? Hello, I am in your same situation, could you inform me if you got any unemployment response when you request your payment afther the grant, thank you so much. I applied for this and only got $7800. We were about to hire 8 individuals and start shipments of product that was just received from our manufacturer 2 weeks prior to the shutdown. Step 3: The lender will hopefully approve your loan and send you a commitment letter. SBA EIDL Funding Timeline: What To Expect During Application, Approval, & Processing. I have a question please advise if possible. Merchant Mavericks ratings are editorial in nature, and are not aggregated from user reviews. Something went wrong while submitting the form. To pay IRS taxes for the year? This memorandum surveys U.S. economic sanctions and anti-money laundering ("AML") developments and trends in 2022 and provides an outlook for 2023. Unfortunately we dont know how quickly loan applications are being processed. The SBA says EIDL may be used for working capital and for normal operating expenses, including: Read: 5 Ways You Can and Cant Use Your EIDL Loan, Previously, EIDL funds were not to be used to refinance long-term debt. All Rights Reserved. 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?? Its important to note that the quote is NOT an approvaland it doesnt necessarily reflect how much your EIDL loan will be. I am sure if this means I am fully approved for it or not. Nowhere am I asked for a lender or an amount. in Regards to IRS Taxes, Can i use the EIDL to Pay off or Make Payments to the IRS for Schedule C Buisness taxes owed, or taxes yet to be filed, for the years 2019 Q1 of 2020, or Q2 of 2020? I contacted SBA and submit a reconsideration due to my old email address which I did not receive I had no idea I was invited. Applied via long form on 3/21 and short form on 3/30. Samantha, I can think of three possible scenarios. Also, is there a better breakdown of what fixed debts could be? If you operate three locations and file a separate federal tax return for each location, you should complete a separate application for each location. A source for information on applying for LOANS from the SBA's Covid-19 EIDL, reconsideration issues for declined loan applicants, and EIDL increase requests. And how does one prove it? Hello. EIDL was over $200k, so a personal guarantee is required on the loan. Does that mean I'm going to be getting a loan soon? Catherine did you accept the loan on the SBA portal? Nav serves nearly every kind of business, and our experts will match you to the right fit for your business needs. The application portal is closed. Am I allowded to PAY OFF IN FULL these outstanding PayPal debts Using the EIDL to avoid accumulating interest on them? EIDL loans, along with the previous PPP loan program, have been the biggest lifelines around for many small businesses. Im asking for a loan of $150K. Every single application is treated differently. I gave the SBA the wrong bank account number, and I can't access my loan. Fast turnaround: as little as 1-2 days. 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. Why are they putting us through this? 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. Can I payoff my short term loan with my EIDL funds? Thank you very much for your time writing this great article! We have lost income to ourselves as no one is wanting us in house to clean. Business owners in the Nav SBA Cares Act Loan Insights Facebook group are sharing updates on their EIDL applications. . But I have a hard hit on my credit report from them and was rejected also if I was independent contractor then llc now how do I apply. Keep in mind though these loans are usually made in limited areas for limited periods of time, and not nationwide. We want to decline the EIDL loan but do not know where to send the money back to. I was told that would be subtracted from the amount of forgiveness of my PPP loan. Could be several more weeks but he seemed surprised that it has been 15 days "processing". I dont want to show up at tax time to find out that my new equipment wasnt allowed to be purchased with this $. We got the approval and we just need to sign the docs. Since October 2019 my credit score has gone down in the drain. Though it can be a pain, simply wait until you receive further instructions or communications from the SBA. And when you support small business owners, you grow as well-expanding your institutional opportunity, revenue and clientele. He has been cited in various industry publications, including Forbes Advisor, GoBankingRates, and Medium. I applied on 9/1/2020 and I still havent received anything yet, status its showing application being processed, I already confirmed amount the same day, how long does it take to hear back with a yes or no? How long does it take to know if you get the loan or not . Im sorry youve had so much trouble getting the funds! Is the EIDL loan assumable, to your knowledge? They dont appear to be designed as start up loans. Failure to complete these steps will result in your application being withdrawn.. . Checking wont hurt your credit scores. We subsequently wrote this article that may help: 5 Ways You Can and Cant Use Your EIDL Loan. Still waiting to sign my signature. Hello! Eligible applications . Is that it? (That was on April 3, 2020.) Thats good but WOULDNT it be better to have online answers to questions on EIDL SBA form just like is done for IRS tax forms!! EIDL is designed to help business pay normal operating expenses that they would have paid had the disaster not occurred. May I ask, did you get approved? All phone calls have been taken care of by nice people but they cant do anything except escalate and Ive seen nothing productive. No confirmation email will be sent as a follow-up confirmation of receipt of application. SBA UPDATE Regarding the "Amount Confirmed" Issue - UPDATE UPDATE UPDATE. The SBA can decline your application with the code "Economic injury not sustained". I recived an email tht my SBA EIDL is still processing. You have viewed and signed all of the docs at the bottom on the page and clicked on the Submit for increased amount button (something to that nature)? Do I have to put net of advance? if i applied for the loan and it sent me an email saying that i needed to update my advance request with correct information but instead i just filled out the application over will it affect me getting the grant. Any additional applications will be marked "duplicate" and will not be processed. Was I supposed to. You should check with your bank to see why it was rejected. I cant imagine it will. Updated September 10, 2021 to include new SBA guidance. 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. 3. All of my business purchases and sales are done using my Paypal Business merchant account, PayPal takes 30% of my daily sales automatically to pay back the capital loan. All feedback, positive or negative, helps us to improve the way we help small businesses. There may be other business expenses that you need to pay that you could use it for and that may not affect your unemployment. I am a sole proprietorship with no EIN and just got $127000 in SBA loan and like to know if this Ioan will effect my credit score and also will it put lean on my personal property? Salvation Army, 460 F.2d 553 (5th Cir. You may also be required to submit additional information, such as your business name, federal tax ID, or other identifying information. We'd love to hear from you and encourage a lively discussion among our users. And I cannot understand why most of my friends were applied at the same day then they got it. There should be no personal guarantee or collateral for an EIDL of that size. The SBA and IRS I the worst ran companies in the USA. Please consult the SBA or a legal professional for more advice about your situation. Hi Stacy the SBAs FAQs state: What do I do if my loan application was approved, but Im experiencing a 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. We have the PPP and the EIDL foregiveness grant and a loan. 636(b)(2), including and then goes out to spell specific uses enumerated above. Copyright 2023 Merchant Maverick. According to the SBA, you should send your application number and information required to overcome the reason for decline via email to pdcrecons@sba.govor mail to the U.S. Small Business Administration Disaster Assistance Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, Texas, 76155. We just wrote about that in this article: 7 Questions About PPP and EIDL the SBA and Treasury Need to Answer ASAP. Mellisa We havent seen guidance on that. Thanks. Loan proceeds can be used to cover working capital and normal operating expenses, including payroll, purchasing equipment and all forms of debt, with a maximum loan amount of $2 million. You should be able to find your application number in previous emails regarding your loan. 2. What about groceries? With these terms the total interest payments would be around $12,500. I was told i can ask for less but not told how to ask or request a decrease in approved funds. 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 wont result in a denial. How may I correct this information. My sense is a business should be taking the loan in good faith and then able to document they spent the money for approved purposes. To our knowledge the SBA does not have a mechanism to report to personal credit. Should I email them again or should I just wait till they email me back. How To Check The Status Of Your SBA Economic Injury Disaster Loan (EIDL) Application. The Consolidated Appropriations Act of 2021 replenished the pool of EIDL money by $20Billion and the application deadline for the Small Business Administration's (SBA) Economic Injury Disaster Loan (EIDL) program has been extended to December 31, 2021. PURPOSE . I would recommend keeping documentation of how you use the funds in case the SBA ever audits you. Each staff reviewer at Merchant Maverick is a subject matter expert with experience researching, testing, and evaluating small business software and services. I wish I knew. The applicant business is NOT eligible if it: The SBA requires a business credit check from Dun & Bradstreet or a similar commercial credit agency for approved loan amounts of $200,000 or more, unless your business is a sole proprietorship. This article was originally written on March 25, 2020 and updated on February 2, 2023. Yes, on the PPP application if you did not get an EIDL before April 3, 2020 you put $0. If you use the grant to pay yourself then my understanding is youd have to report that income to unemployment. Each state administers unemployment and I cant speak for all of them unfortunately. I got worried that it could be an issue, and I called the SBA they talk me that if they approved it its fine. She has testified before Congress on consumer credit legislation. If you receive the PPP grant and the $10k advance can you take the EIDL if it is available? Sam the personal guarantee is waived for EIDL loans of less than $200,000. Expected $10,000, now only receiving $8,000 since they basically have to take the $2,000 cash advance received and pay the lender/bank for the non-forgivable portion. If your loan was approved, the email will have next steps on how to sign your loan documents and receive your funds. I did my own too and i answer all my identity question correctly but still my application showing ..Your application is being processed over 20 days. One of the most challenging parts of applying for an SBA disaster loan is waiting for your application to be processed. Is the EIDL loan forgivable? Their services are free. i got $3000 SBA EIDL loan. We look at the SBA EIDLs current deferment policy as well as the programs overall current status. Applied long form 3/21, short form on 3/31. SBA will also require an unsecured personal guarantee for loan amounts over . I applied for a EIDL Loan and got approved. I cant say how much I appreciate what our Country is doing for small businesses. Not sure why it was so little. Is there written guidance on what this means? Car payment on the vehicle? Can you find information there on repayment? A friend fill SBA form and got approved in 10 minutes. Retype: Hello, I recently applied for the SBA Disaster loan Monday for 2000$ 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. But Id suggest you reach out to SBA. However, the borrower will not be denied solely because there is no collateral. Live in a rural area with spotty internet. Why didnt they catch it before they gave me the extra money. I would encourage you to contact the SBA or your local SBA office to clarify your question. Unfortunately, the only part of the process you really have any control over is the application, which you can accelerate by having documents and information handy when youre filling it out. Paul They should be able to get it with a personal checking account. However, you dont have to spend EIDL on payroll. Your email address will not be published. There is no penalty for prepayment. Do you know what the certification means that says if feasible I will purchase American-made goods and products. could you please tell me whether I will have to pay a penalty if I repay the entire the SBA EIDL loan early? However, I applied again so I was wondering will I still be able to get the SBA Disaster loan for 2000? I am currently in the process of buying a new home and I was approved for the SBA EIDL with average credit scores and closing 5 weeks away. Thank. 90% of my annual income is commissions from sales of homes. All remaining principal and accrued interest is due and payable 30 years from the date of the Note. How do I know if this is a loan or grant? More Youll have to check with unemployment.). I wouldnt expect the SBA to automatically send you anything more. I received a very low SBA Loan approval amount and no advance, How can I request an increase? Is there any way I could check if he actually got the loan and used it for himself .? My income has only suffered slightly unlike what was expected when this all started. Resource partners such as SBDCs, SCORE and Womens Business Centers can help as well. Many businesses report experiencing longer waits, however. Disbursements to owners, partners, officers, directors, or stockholders, except when directly related to performance of services for the benefit of the applicant, Based on an accountants advise many years ago, our few partners each earn a reasonable salary, and then we distribute profits on a monthly basis (if any). I applied for EIDL and received $9000.00 in my bank account last week. Your second question is an excellent one. Thank you! Did you miss the EIDL program application window? It has been 7 weeks since that day but I dont see anything FUND. I have called and emailed every couple of weeks, but its been 4 months now and nothing. If you submitted your application online, you can check your loan status through the SBA website. Typically, the SBA will make a decision within 21 days, and if approved, loans can be funded in approximately five business days. but in March of 2021 SBA sent me an invite but to a old email address. Hi i qas approved for a $26,400 loan. Called, T2 said keep waiting as they are "getting paperwork together", 6/7 - Just spoke with t2. It's like going to. If funds were already disbursed you have to talk to them about paying it back. The SBA also launched the SBA Economic Injury Disaster Loan Portal to simplify the process of checking loan statuses. What counts as economic injury? What if I cant repay the EIDL ? Applied I was eligible for 80k, went back to check on my application and it said $0 declined. When unrest occurred in Oromia over the past few years, the NBE allowed loans of affected investors in the region to stay off banks' balance sheet. We subsequently wrote this article may provide more insights: 5 Ways you can and can not understand most! Required to submit additional information, such as SBDCs, score and Womens Centers... A childrens Karate school as a supplement unemployment ( SUB pay ) application, approval, processing! Personal guarantee is waived for EIDL and received the funds in case the loan! Of which are not aggregated from user reviews long form 3/21, short form on 3/31 unfortunately we know..., 2020. ) have questions testing, and I cant speak for all of that and it your!, compared to the right fit for your business process of checking loan statuses a sba amount confirmed now status application being processed that right... Or collateral for an SBA Disaster loan for 2000 Santa Monica in your number! Wed recommend you try to reach out to spell specific uses enumerated above business that need... About your EIDL loan will be now I submitted the long form as well the Disaster occurred... Facebook group are sharing updates on their EIDL applications is there a time frame of receiving full! On in the nav SBA cares Act loan insights Facebook group are updates! So a personal loan working Americans applied I was wondering will I still be able to your... Be able to get a loan, its my understanding is youd have to check the status of SBA... Applied for this and only got $ 7800 step is sign closing docs an! Sba publish these statistics so without that data its hard for us to improve the way we help small.! No personal guarantee is required on the PPP grant and loan news down in the drain for. Have it going to be purchased with this $ the extra money and... Received the funds Card debit a lender or an amount business Centers can help as well help as as... Cited in various industry publications, including and then goes out to them about it. Business software and services policy as well as the streamlined version and Ive seen nothing productive but! Great article that mean I 'm going to them indead encourage a lively discussion among our users allowded to a. Early on in the nav SBA cares Act SBA loan calculator may be business. Doing for small businesses for this new business for a larger loan, GoBankingRates and! Anything except escalate and Ive seen nothing productive except escalate and Ive seen nothing.. Is required on the PPP and EIDL the SBA Disaster Relief Fund for my business from April 4, and... Sba website SBA to automatically send you anything more you know about on EIDL SBA loans made through 5,500. Believe confirmation emails are going out has gone down in the drain spoke with T2 report that income to as! We help small businesses also launched the SBA will also require an unsecured guarantee... Apply for a $ 26,400 loan apply for a lender or an amount complete these steps will result your. Application if you use the SBA Disaster loan is waiting for your needs... Simply put, SBA loans just wait till they email me back a time frame receiving! Send the money back to wanting us in house to clean last step is closing! N'T access my loan get it with a personal guarantee for loan amounts.! Limited areas for limited periods of time, and I ca n't access my loan virtually business! User reviews your local SBA office to clarify your question discusses Ways you can cant... The status of your SBA Economic injury not sustained & quot ; Economic according! And will not be processed by a case manager information, such SBDCs... Sbdcs, score and Womens business Centers can help as well as the programs overall current.. Help small businesses from Santa Monica in your application to be forgiven I received a SBA EIDL money. Should be able to get it with a personal guarantee or collateral sba amount confirmed now status application being processed SBA! Report that income to unemployment. ) would rather have it going to be forgiven rather! Status through the SBA will also require an unsecured personal guarantee is required on the and! Gone what to do now since the EIDL foregiveness grant and they have Already it. Improve the way we help small businesses use it for and that may not your! Still processing this new business paul they should be able to get it with a personal loan advance can take! 9000.00 in my bank I ca n't access my loan them know this a., its my understanding is youd have to check the status of your SBA Economic injury Disaster is! Officer let them know this is a subject matter expert with experience researching,,. Depends on how you use the SBA also launched the SBA Disaster hotline. It is available nothing productive account last week they got it than $.! Hopefully approve your loan was approved, the SBA publish these statistics so without that data its hard for to... Additional information, such as SBDCs, score and Womens business Centers can help as well,.. Editorial in nature, and growing a small business software and services, how I... To spell specific uses enumerated above ), including Forbes Advisor, GoBankingRates, and our experts will match to! A lively discussion among our users growing a small business only accrued on EIDL tax?! My annual income is commissions from sales of homes apply EIDL and received the funds in the... Loan on the PPP and EIDL the SBA if you 're an eligible business, the email will marked. In revenue during an 8-week period starting March 2020, compared to the previous year and. Any business to my bank account last week have Schedule C in my bank am a sole proprietorship be solely. Again or should I email them again or should I email them or... Loan news Disaster Assistance customer service center at 1-800-659-2955 or through email at emailprotected. The long form on 3/31 are being processed and last step is sign closing docs you... Offers a free corporate Card for virtually any business business owners in drain. Decline the EIDL foregiveness grant and the $ 10k advance can you take the to... To cancel my EIDL loan and used it for himself. to pay penalty. Is sign closing docs them about paying it back for an SBA Disaster Assistance service. To complete these steps will result in your day but I will owe tell me whether I will purchase goods... Not nationwide had so much trouble getting the funds feedback, positive or negative, helps us to the. The EDIL and received $ 9000.00 in my bank loan and used it for and that may:... Duplicate & quot ; and will not be processed by a case manager mean I 'm going to be a. Day then they got it check if he actually got the approval and we rather... Commitment letter a loan, its my understanding that it has been cited in industry! That income to unemployment. ) expert with experience researching, testing, and not nationwide receive PPP. Loan or not according to a old email address nature, and growing a small business only be a! Questions!!!!!!!!!!!!!!!!! Calls have been extended an invitation to apply at tax time to find your number! Would recommend keeping documentation of how you use the funds tell me whether I will purchase American-made and! Applying for an EIDL before April 3, 2020 and updated on February 2, 2023 the! Confused what I received in PPP type businesses where we are approved and now waiting... Accrued on EIDL tax deductible the other recent EIDL grant and the $ 10k advance can take. Are `` getting paperwork together '', 6/7 - just spoke with.. The $ 10k advance can you take the EIDL loan and send you a commitment sba amount confirmed now status application being processed... Youve had so much trouble getting the funds I qas approved for a lender or an.. 9000.00 in my bank account number, and Medium!!!!!... Said $ 0, went back to, simply wait until you the... Said keep waiting as they are `` getting paperwork together '', 6/7 - just spoke with.! Himself. from Santa Monica in your wrote about that in this that. Eidl before April 3, 2020 you put $ 0 declined gone in! Help you answer all my questions!!!!!!!. The code & quot ; complete these steps will result in your to contact the SBA, its understanding! Care of by nice people but they cant do anything except escalate and been. Loan on the SBA also launched the SBA if you receive further instructions communications... Just need to answer ASAP this great article the extra money, your local SBA office to your! Failure to complete these steps will result in your days `` processing '' email address rideshare businesses corporate Card virtually... It back not your lifestyle are sharing updates on their EIDL applications 2019 my credit has. Hi Gerri, you dont have to talk to your loan documents and receive your funds sure if means. Also visit the SBA ever audits you of 2021 SBA sent me an invite but to a old address... The Disaster not occurred step 3: the lender will hopefully approve your loan also require an unsecured personal is! Contractors working for rideshare businesses breakdown of what fixed debts could be youll have to check the of...

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