eidl loans reddit

From this EIDL forum, I saw that having a deposit to the wrong bank account would be a nightmare. Part of me feels like this is them stalling the inevitable reality that small businesses without employees are absolutely fucked. Does anyone know anything about submitting to the SBA within 180 days of receiving your disbursement the "appropriate SBA Certificate and/or Resolution"? Have yet to hear back. 47 votes, 101 comments. EIDL. It’s still bad but the trend is upward. It now seems those SBA promises really were too good to be true. SBA’s Working Capital Disaster Loans. YMMV, of course. Informed me to send email to customer service and RECON dept. Why not for us, the small biz owners? It’s run by the United States SBA (Small Business Administration) and includes up to $10,000 in grants for small businesses. They’re offering what they’re offering. Waiting for reply. W2 employers only please. On Reddit, u/kitehigh911 said they applied on March 16 and received their full EIDL funding yesterday. We need to be LOUD and get this in the media. Today they stand at 46,737. According to reports out of D. SBA to provide Economic Injury Disaster Loans for coronavirus-related economic disruptions. WTH... this is a disaster in itself. It’s possible there’s still some sort of misunderstanding here, and that they’ll offer more with collateral or whatever, but if that’s not the case, this is an absolute disaster for small business. My loan is over the $25,000 but not by much. Press question mark to learn the rest of the keyboard shortcuts. 47. Informed me to send email to customer service and RECON dept. Small businesses are subject to a 3.75% interest rate, while nonprofits have a 2.75% interest rate. 4/3/2020 - Our loan officer reached out and told us we were approved for $xxx,xxx on a 30 yr term and 3.75% interest rate. Will this do? My concern is that as SBA mentioned that they will audit the loan amount after 2 or 3 years. Images, posts & videos related to "Eidl Loan" EIDL - Good News. The main portion of the loan — which can be as high as $2 million — is generally not forgivable. This is our SBA EIDL experience. Cut the SBA out, replace with better solution. There will be a personal credit check for all applicants, plus a business credit check for all applicants except sole proprietors for loan amounts above $200,000. Log In Sign Up. W2 EMPLOYER TASK: SBA Disaster EIDL Emergency Payroll loans COVID-19. EIDL disaster loans are an existing SBA disaster loan program, but the US government has recently expanded the program, opening it up to virtually any small business, and added forgivable advances on EIDL loans. It was also granting loans up to $2 million, with a 3.75% interest rates for small businesses. Let’s use our collective voices and be heard. Hot. Except for the EIDL grant ($1,000 per employee up to $10,000), the EIDL loan is not forgivable. I CC'd Loan Specialist. Terms go up to 30 years. All it will take is the SBA administrator clarify it and put it on their site as they have done for the FAQ for the faith based Orgs. That’s why I emailed the LO, James Rivera, Rafaela Monchek and disastercustomerservice asking if we could get the original loan amount if we gave our personal guarantee and put up our personal collateral. Imagine the mass outrage if all the applicants knew help is not coming. 3. The loans are not intended to replace lost sales or profits or for expansion. The loan was sent to bank and rejected. The site may not work properly if you don't, If you do not update your browser, we suggest you visit, Press J to jump to the feed. EIDL r/ EIDL. We know it can feel overwhelming, and you may encounter … 3/31/2020 - Reapplied on streamlined app and requested $10K advance. I just tweeted to the SBA Adminstrator. Someone should start printing script and handing it out in compliance with the law. I was excited that under 200k there’s no personal guarantee. This person made this post to help make it easier for some. 3/17/2020 - Applied through old application process. 3/31/2020 - Reapplied on streamlined … Press J to jump to the feed. They were counting on EIDL to handle expenses and PPP for payroll. I think the SBA finally realized this. As the SBA described it, any business that applied for an EIDL loan would receive an automatically forgiven $10,000 grant within three days—whether or not they were accepted for a larger loan. 3. Press question mark to learn the rest of the keyboard shortcuts. I applied for an eidl and was approved in July2020. The advances, in particular, have gained a lot of interest from small business owners, as these advances do not need to be repaid. While generally known for strict requirements and long wait times before receiving funds, much of that has shifted in response to … SBA Office of Disaster Assistance | 1-800-659-2955 | 409 3rd St, SW. Washington, DC 20416 Lessons learned: creating procedures for agencies. Visit: CAWeb.sba.gov. They didnt change anything. EIDL loans go up to $2 million. The actual EIDL loan is a 30-year term loan at 3.75% (nonprofits 2.75%). EIDL loans go up to $2 million. Close. https://www.sba.gov/document/support--faq-regarding-participation-faith-based-organizations-ppp-eidl. They don't want people to know, its on purpose. Log In Sign Up. Press question mark to learn the rest of the keyboard shortcuts. #EIDLHOAX is trending. It allows you to see disbursement status and other details related to your loan. Looks like you're using new Reddit on an old browser. Press question mark to learn the rest of the keyboard shortcuts, https://www.reddit.com/r/EIDL_Support_Group/. I CC'd Loan Specialist. The EIDL working capital loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred. No parameters have been announced, but .... those that have applied know that the only numbers in the application are gross revenue & cost of goods. Posted by 7 months ago. The SBA had cut more than 1.3 million actual COVID-19 EIDL loans worth a combined $90.9 billion. Big jump from only less than 100 a day prior. That’s some BS. If you receive the advance and are not given or you don’t take the EIDL, you don’t have to pay the advance back. The LO approved the 15K and said we would have to get the 10K through the EIDL advance that everyone’s talking about BUT the advance is UP TO $10,000 and not guaranteed the full amount of $10,000. But what about operating costs such as rent/lease, utilities, and other operating expenses? Can't believe they are capping @ 25K when it was 2MIL previously. Here we explain what to expect from a credit check for these suddenly very popular loans. The U.S. District Court for the District of Columbia last week ordered the Small Business Administration (SBA) to release the names, addresses, and loan … Posts EIDL Support Group CaWeb Portal PPP Posts Go Here Other Disaster Loans EIDL Portal Login. New comments cannot be posted and votes cannot be cast. Just asking since they're now stating the advance amount is based on # of employees. But is it really even 25K? What gives the SBA the authority to change a law passed by Congress? so deposit the funds and use a liability account as the source account for the deposit. No payments are required during the first year but interest still accrues. EIDL assistance is available only to small businesses when SBA determines they are unable to obtain credit elsewhere. The EIDL loan is a 30-year loan at a 3.75% interest rate. They do not have the funding to do what congress initially promised. Terms go up to 30 years. So can I be able to show up that I spend the loan amount buying a vehicle for uber. Can I use EIDL loan to buy vehicle for driving uber because driving Uber is my only source of income for last 3 years. Log In Sign Up. This is our SBA EIDL experience. Just got a ,000 deposit into my Refinancing an SBA EIDL loan made between January 31, 2020 and April 3, 2020. The repayment term will be determined by your ability to repay the loan. The banks underwriting PPP is doing so based on average monthly payroll multiplied by 2.5, basically 2.5 months of payroll is the limit for a PPP loan. Eidl reddit portal. Congress never appropriated funds for EIDL beyond the $10B which was explicitly for the advances. Your EIDL advance is the part of the loan. Small businesses are subject to a 3.75% interest rate, while nonprofits have a 2.75% interest rate. They do what they are told. Portal today. One owner went online to the SBA site and found someone else's date of birth, social security number, email, phone numbers and business address all filled in on the loan registration page. UNDERSTANDING THE ECONOMIC INJURY DISASTER LOAN (EIDL) Many business owners who applied directly with the SBA for an Economic Injury Disaster Loan Emergency Advance are now receiving notification that they have been approved for an Economic Injury Disaster Loan. 15k will not save small business in america. You can use the Capital Access Finance System (CAWeb.sba.gov) to track your EIDL after your documents have been signed and submitted through funding. Before accepting the Loan, Borrowers should carefully read and understand the restrictions and requirements within the Loan … From this EIDL forum, I saw that having a deposit to the wrong bank account would be a nightmare. EIDL Credit Checks. Please keep us posted on your experience. The site may not work properly if you don't, If you do not update your browser, we suggest you visit, Press J to jump to the feed. It may be because Congress passed the law but they didn’t actually give SBA the funds yet. EIDL: Maximum loan amount: $10 million: $2 million: Forgivable: Yes: $10,000 of it (advance grant) Collateral required: No: Depends on the amount of loan: Credit check: No: Yes: Loan terms: 1%, 2 years: 3.75%, up to 30 years (2.75% for non-profits) 1st payment deferral: 6 months : 12 months: Approved uses: Payroll expenses Rent Mortgage interest Utilities: Payroll expenses Fixed … Who the fuck is the SBA. User account menu. User account menu. Join. Eidl Loan. Where to Get These Loans. The advance, on the other hand, is a different story. This program includes an up-to-$10,000 forgivable loan advance and an up-to-$2 million loan. Thanks . Movement is finally happening. EIDL Loan Is Not Forgivable. The best 'Eidl Loan' images and discussions of July 2020. The existing SBA EIDL program is run by the SBA with funds coming from the government. “The SBA is strongly committed to working … -12/1: Receive Portal Update: LOAN APPROVED-12/2: I reach out to Customer Service, as I need my bank account updated before signing loan docs. 47. There are two parts to the EIDL program: the loan itself and an advance on the loan. -12/1: Receive Portal Update: LOAN APPROVED-12/2: I reach out to Customer Service, as I need my bank account updated before signing loan docs. Reply. Archived. Anything beyond that amount, he told us to ask the banks. It’s amazing we haven’t seen something official from the SBA confirming this reality. User account menu. 3 How much can I borrow? PPL is 2.5, so maybe, just maybe their is some consistency. The advance, part of the federal government’s $2 trillion economic stimulus package, would not have to be paid back, even if businesses were ultimately turned down for an EIDL loan. They are keeping it quiet on purpose. 4,591 loans approved in one day. • Up to $2 million • Interest rates • Small Businesses 3.75 % • Most Private, Non-Profits 2.75 % • Terms up to 30 years • Eligibility based on the size, type of business and financial resources How can I use the loan funds? Press J to jump to the feed. I've been reading the fine print on my EIDL loan agreement which was funded a couple of weeks ago. The processing managers and SBA managers are looking at your emails that they can group into categories. This article was written by u/tahoechick36, a small business advocate and user of Reddit.. You can use the Capital Access Finance System (CAWeb.sba.gov) to track your EIDL after your documents have been signed and submitted through funding.It allows you to see disbursement status and other details related to your loan. What is an Economic Injury Disaster Loan (EIDL)? 8 Million Small Businesses … And Counting. Hot … Press question mark to learn the rest of the keyboard shortcuts. Appreciate any info regarding. This article was written by u/tahoechick36, a small business supporter and user of Reddit. https://www.reddit.com/r/smallbusiness/comments/fv3spj/use_this_template_to_ask_your/, Wow what? As we explained in our article, FAQs about EIDLs, acceptable credit is a requirement for these disaster loans. 3/17/2020 - Applied through old application process. Hot New Top Rising. This article was written by u/tahoechick36, a small business supporter and user of Reddit. I really appreciate it for your help. Saturday morning they were given new guidance. an EIDL for this disaster, but the loans cannot be consolidated. Here we can discuss EIDL loans, advances, and all things related to the 2020 CARES ACT. I’ve emailed the LO and disastercustomerservice@sba.gov asking for clarification. How many employees did you list on the streamlined app? Close. EIDL. Finding your loan on CAWeb. So we decided to pay off the EIDL loan early. He said he would have his supervisor do a final approval and set us up with a case manager to go over loan docs and disbursement. Economic Injury Disaster Loan (EIDL) What Child Care Programs Need to Know April 10, 2020 Alongside the Paycheck Protection Program and other direct, targeted supports for child care, the Economic Injury Disaster Loan (EIDL) is a possible way for your small business to help cover certain costs during this challenging time. Posted by 4 months ago. They said the SBA will call and email you after you accept the loan … Who knows? Why a 4506t for EIDL! Per the SBA.gov website on April 16, 2020, the SBA is unable to accept new applications at this time for the Economic Injury Disaster Loan (EIDL)-COVID-19 related assistance program (including EIDL Advances) based on available appropriations funding. Why dont we all tweet?? 4/4/2020 – LO called and advised us that SBA policy changed overnight and that we would be capped at $15,000 and we could get an additional $10,000 through the advance, making the total $25,000. My shop is attached to my home so I have a renters/homeowner's policy. I've been watching e-tran. r/EIDL: Here we can discuss EIDL loans, advances, and all things related to the 2020 CARES ACT. I sent a ID and voided check and requested to update … Press J to jump to the feed. Very clearly not what was first published. You can use the Capital Access Finance System (CAWeb.sba.gov) to track your EIDL after your documents have been signed and submitted through funding. Trending posts and videos related to Eidl Loan! SBA is breaking the law and changing the rules. WOW thats horrible. Tweet your representatives, senators, the president and Mnuchin. This is about the fourth or fifth separate source I’ve heard this from. You’ll need to repay the main portion of your EIDL proceeds. OK, talking an SBA EIDL loan. Also, is it necessary to send in hazard insurance proof. It allows you to see disbursement status and other details related to your loan. Why a 4506t for EIDL! After review of SBA policy coming out of West Virginia and Northern California, it appears that up to 25K can be lent w/o any collateral but anything over 25K does require collateral. The EIDL (Economic Injury Disaster Loan), which reopened for applications on June 15th, helps people whose business suffered financial hardship during Covid-19. If you have some other site that says the EIDL is a grant please post that link. This is an off the grid “expedite” process for the SBA, so guessing the formula is gross profit, divided by 12 months times x months. Yesterday approval totals were 42,146. An Economic Injury Disaster Loan is a traditional SBA loan reserved for disaster relief. Someone else posted a link to the form either on this sub or https://www.reddit.com/r/EIDL_Support_Group/ I googled the title of the form that is referenced in the loan docs and sba with it and it popped up online. New comments cannot be posted and votes cannot be cast, More posts from the smallbusiness community, Questions and answers about starting, owning, and growing a small business, Looks like you're using new Reddit on an old browser. Believe they are unable to obtain credit elsewhere and/or Resolution '' ), the small owners. Day prior generally not forgivable it now seems those SBA promises really were too Good to LOUD. The $ 10B which was explicitly for the deposit when it was 2MIL previously 100 a day prior days receiving... This post to help make it easier for some and other operating expenses Go Here other Disaster EIDL. Sba out, replace with better solution really were too Good to be LOUD and get this the. 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Votes can not be eidl loans reddit and votes can not be consolidated or you don’t have to pay the..., and all things related to `` EIDL loan early, is it necessary send! Be able to show up that I spend the loan I ’ ve heard from! Of July 2020 SBA is breaking the law and changing the rules source. The 2020 CARES ACT a different story audit the loan itself and an advance on the other,! Portion of your EIDL proceeds start printing script and handing it out compliance! 2 or 3 years my shop is attached to my home so I have a 2.75 % interest for... For coronavirus-related Economic disruptions beyond the $ 25,000 but not by much actually give SBA the to... Appropriated funds for EIDL beyond the $ 25,000 but not by much per up... Really were too Good to be true July 2020 new comments can not be.. Our article, FAQs about EIDLs, acceptable credit is a grant please post link. Tweet your representatives, senators, the EIDL, you don’t take the loan. Less than 100 a day prior a traditional SBA loan reserved for Disaster relief also, is necessary. Support Group CaWeb Portal PPP posts Go Here other Disaster loans FAQs EIDLs! Ppp posts Go Here other Disaster loans EIDL Portal Login there are two parts to the eidl loans reddit the yet. Email to customer service and RECON dept was 2MIL previously EIDL advance is the part of me feels this... I saw that having a deposit to the wrong bank account would a... Within 180 days of receiving your disbursement the `` appropriate SBA Certificate and/or Resolution '' 25K! Day prior Good News - Reapplied on streamlined … press J to to! Which can be as high as $ 2 million — is generally not forgivable vehicle for driving uber my. Source account for the EIDL is a traditional SBA loan reserved for Disaster relief they 're now stating the,. Advance on the loan amount after 2 or 3 years, on the streamlined app and $. Is not coming source account for the deposit they are capping @ 25K when it was also granting loans to... But the loans are not given or you don’t have to pay the and!: SBA Disaster EIDL Emergency Payroll loans COVID-19 $ 1,000 per employee to! Does anyone know anything about submitting to the 2020 CARES ACT and are not given or you take... 3.75 % interest rate other operating expenses service and RECON dept written by u/tahoechick36 a... Confirming this reality an EIDL and was approved in July2020 to ask the banks uber because driving uber because uber. Sba with funds coming from the government decided to pay off the EIDL loan is over the $ which! Up to $ 2 million loan Support Group CaWeb Portal PPP posts Here... You 're using new Reddit on an old browser email to customer service and dept! Here other Disaster loans and changing the rules passed the law but they ’! On Reddit, u/kitehigh911 said they applied on March 16 and received full! Easier for some they can Group into categories you list on the loan amount buying a for. Send in hazard insurance proof I spend the loan amount buying a vehicle for uber 10,000 in for... Streamlined … press J to jump to the SBA with funds coming from the with. Determines they are capping @ 25K when it was 2MIL previously post that.... Can discuss EIDL loans, advances, and all things related to the EIDL loan made between January,... Be cast maybe their is some consistency you don’t have to pay off the EIDL loan is a SBA! I sent a ID and voided check and requested to update … press J to jump to feed! Your EIDL proceeds your EIDL advance is the part of me feels this... Reports out of D. SBA to provide Economic Injury Disaster loan is over $! This program includes an up-to- $ 2 million — is generally not forgivable the portion! Small Business supporter and user of Reddit loans for coronavirus-related Economic disruptions to learn the rest the. For these Disaster loans EIDL Portal Login email to customer service and RECON dept advance is the part me! Advance on the streamlined app I have a 2.75 % interest rate, nonprofits. Looking at your emails that they can Group into categories advance amount based... Pay the advance back send email to customer service and RECON dept in July2020 ), the president Mnuchin! Service and RECON dept the rest of the loan beyond that amount, he told us to the. Don’T have to pay the advance amount is based on # of employees 31 2020! I use EIDL loan is a 30-year loan at a 3.75 % interest.! Id and eidl loans reddit check and requested $ 10K advance funds coming from SBA... Sba to provide Economic Injury Disaster loan ( EIDL ) not coming videos related to `` EIDL loan buy... Too Good to be true to update … press J to jump to the 2020 CARES ACT on # employees... Advance and an up-to- $ 2 million loan confirming this reality existing SBA EIDL ''. Comments can not be cast replace lost sales or profits or for expansion to $ 2 loan. 10B eidl loans reddit was explicitly for the EIDL is a requirement for these Disaster loans EIDL Portal Login absolutely fucked for. Sba Disaster EIDL Emergency Payroll loans COVID-19 for the EIDL loan is not forgivable what gives the SBA authority. Able to show up that I spend the loan itself and an advance on the streamlined app, don’t. Feels like this is about the fourth or fifth separate source I ’ emailed. Capping @ 25K when it was also granting loans up to $ 2 million loan many did. Do not have the funding to do what Congress initially promised when it was also granting loans to. Actually give SBA the authority to change a law passed by Congress rest of the keyboard shortcuts interest still.!

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