Phil, yes you can take the EIDL loan if it is offered to you. I have not received anything (info/money) regarding the EID grant? Why I ask is because you get no information about the grant and its one application for both. Should I write my income according to the 2020 tax income or not? If I wanted to pay it back early, Weve written about that here: How to Pay Back an EIDL or PPP Loan. Some borrowers have been denied based on credit scores. Payment of any part of a direct Federal debt, (including SBA loans) except IRS obligations. You can also visit the SBA portal to see whether you have been extended an invitation to apply for a larger loan. What if we applied for our non profit, got the grant, got approved for the loan, and then after looking at the documents, realized its just not a good solution for us? After getting the loan. How To Get A Small Business Loan: The Step-By-Step Guide, 12 Popular Types Of Loans & Funding Options For Small Businesses. Id encourage you to get with a tax professional to try to get this taken care of. Hello so under the How Do I Get the $10,000 Grant? section it seems to limit what can be forgiven/granted/free-money to ONLY sick leave pay, payroll, increased costs of materials, rent/mortgage, obligations that cant be met due to covid-19. Thank you for a very concise article! Its our understanding you may be able to get an EIDL (including a grant) and PPP to use for different purposes. Those numbers likely will rise as the application deadline for EIDL loans is not until December. Id love to give you a specific timeframe but unfortunately some borrowers wait longer than others. I would encourage you to ask the SBA this question either when your case manager reaches out to you or by calling the Disaster Assistance hotline. Youll want to look at section 1110 and then Use of Funds. Please help us keep our site clean and protect yourself. If that comes up in their system it may result in a decline but its hard to say after that length of time. SBM It appears you can use EIDL to refinance short term debt however we dont speak for the SBA so please verify it with them. Get funding up to $3 million as fast as same-day from this loan marketplace. Can things like alarm service, website stuff that my business pays monthly, utilities, can they all be included in the $10k grant? Do I have to put net of advance? Ramp offers a free corporate card for virtually any business. I wouldnt expect the SBA to automatically send you anything more. Paul They should be able to get it with a personal checking account. If not, then it may not matter. I have not done my 2019 Taxes yet do then just go off of my 2018 taxes to complete the application? We applied for a $2M EIDL loan and given the SBA directive to cap at $150,000, just learned we have approval for a $150,000 loan. Warning: There may be a long wait time. You can also access the SBA Assistant. Additionally, the application asks for gross revenues (not income if you mean your income) and COGs. 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. My FICO Score has decreased by 3 points. The maximum loan amount for EIDL is normally $2 million. I then reapplied on 3/30/020 with the fasttrack application. However, the actual text of the Cares Act is here if you care to dig in. You can check with the SBA. PPP loans can only be used to cover payroll expenses, Targeted EIDL Advance and Supplemental Targeted Advance, The business was operational as of January 31, 2020. Get your free card. just curious I am waiting for a deposit also In that case a UCC-1 filing will be placed and may appear on business credit reports. Not sure what to expect. How long until I receive the funds and what do I need to do to get the grant if I checked that I would need it? We discuss that in this article. Should I email them again or should I just wait till they email me back. This sub is not for advertisements! Once you create your portal and and accept loan amount does that mean you have been approved. I put the net amount instead of gross amount appears on my income tax. She is a graduate of Limestone College. Applied via long form on 3/21 and short form on 3/30. I would recommend you contact the SBA Disaster Assistance hotline to find out what happened. Gil The DBA isnt an issue as far as I know. I have made payments since then, all auto and mortgage payments are paid on time. We do, and it gives us false hope and sleepless nights of our torture. I've tried contacting the SBA but haven't heard anything. How Can I Get Help With the Application? After your SBA loan is approved, you may experience an extended window of processing time, usually somewhere around 21 days. It may be used to pay off short-term business debts. I applied for the EIDLloan for my husband but Im also listed on the application, we have the percentage of ownership marked for 50/50.will this prevent us from being approved or would funding occur jointly in our joint checking acctthank you so much for your time. I applied for the loan and just filled out my Board of Resolution . You may be audited so we recommend you keep good records. (You want to be careful to avoid being flagged as a potentially fraudulent application.) 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. Thank you! The SBA will determine the loan amount for which you qualify based on the information on your application. But you may want to check with the Disaster Loan hotline. Many anxious business owners need to know how long does getting an EIDL loan take, so lets start there. I recived an email tht my SBA EIDL is still processing. I made a mistake when I filled the application for SBAD by covid19. I cant speak to the mortgage process you will need to ask your loan officer. I was told that to avoid the collateral, I could pay the overage of 1,500 back early. Use the SBA local assistance locator to find help in your area. However, if you have specific questions we recommend you contact the SBA or one of the resource partners we mentioned in the story. I was just wondering can you receive unemployment benefits and the loan? Do I have to pay the agriculture back ? All Rights Reserved. Reddit and its partners use cookies and similar technologies to provide you with a better experience. We are trying to decide to go ahead or not, Will this show as a loan on my credit report. So now I submitted all of that and it says Your Application is being processed and last step is sign closing docs. I see EIDL cannot be used for expansion of your business. If you receive the PPP grant and the $10k advance can you take the EIDL if it is available? Yes, but there is a total limit of $5 million of SBA assistance. A colleague of mine is having this issue. Seems to easy almost free. Danny Weve been told it will not be reported to personal credit but we havent confirmed that with the SBA. Technically you can request more money but I cant speak to how the SBA will allocate the funding available. Yes if you normally pay yourself you may continue to do that. Right now the portal is closed so you cant reapply. It seems logical that you can use EIDL before or after PPP but we havent seen that spelled out. It can and likely will change. I applied for an SBA loan and got approved for $1500 four days back. Remember, you should only be utilizing the SBA website to check your EIDL loan application status. Hello, still confused I revived a loan from the SBA and Im a sole proprietor will this loan go on my personal credit. Make sure you have alerts set up to detect any new activity on your credit reports so you can freeze your files again once your credit has been checked. Mind was declined due to incorrect information for bank. . Antonio COVID EIDL loans of less than $200,000 did not require a personal guarantee. The Targeted EIDL Advance program offers up to $10,000 in aid. (Also keep in mind the repayment term for EIDL may be much longer than PPP which must be repaid in two years. Any additional applications will be marked "duplicate" and will not be processed. Note, the SBA will request 3 years of business tax returns from the IRS if available. I applied for the EIDL loan and I am eligible for 16,500. Im not very good at this technical stuff Im a self employed owner operator truck driver and I have a SBA loan offer for $91K I would like to save the majority of the money just in case of a new outbreak of covid19 I havent pay my mortgage for 3 months I work sometimes and I would like to use that money to get out of debt irs and credit cards on my name and use some of that money to invest in a wealth management company can you please explain what is ok to do or actually none of that is allowed? You can ask for reconsideration for the loan but since grant funds are exhausted Im not sure it will help with the grant. I received my approval but have not signed closing documents and would like to lower the amount to 25k, can I still do that? What happens if you only show $20k to their satisfaction? 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.) With these terms the total interest payments would be around $12,500. This just happened to me today and Im so confused. Same here. I had a single member LLC and borrowed less than 25K on EIDL. I received my EIDL loan money, but did not receive any instructions as how to make payments on it. Thank you so much. Ask Your Question Fast! Id suggest calling them and asking how to request more funds rather than waiting for a new application to be processed (and potentially getting rejected). We subsequently wrote this article that may help: 5 Ways You Can and Cant Use Your EIDL Loan. Thank. I received an inquiry from Experian Business Loan Inquiry US SM BUS ADMIN ODA got a copy fo your Experian Credit Report. My question has to do with this line that I read in one of your other articles as far as what EIDL loan can not be used for: But you could subtract it from your PPP for forgiveness and simply pay back that $1000 to your PPP lender. And how does one prove it? It seeems that if youre using EIDL to pay yourself payroll then that would reduce unemployment or make you ineligible, but thats just my guess not legal advice. Mellisa We havent seen guidance on that. This article went into more detail about how you can use the funds: 5 Ways You Can and Cant Use Your EIDL Loan. The slider for the loan amount, etc. Thank you. In the tail end of a Refinance. An application status of conditional admit means you've been accepted to the university, but you'll need to meet certain criteria in order to enroll. I have been paying a substantial amount of rent and mortgage interest since last year when construction began and have 2 employees. But I am still worried. For more information, please see our Lendio is one of our top picks for Business Financing! I use the income from the business to help pay for the business as well as all living expenses. Have at it! Thanks for the response I just wasnt sure because the last step sign closing docs is still unclickable and I never saw the word approved.. DO I still can get 10,000 EIDL loan as I have 2 employees or this 2,000 $ is all I got. I have a question please advise if possible. EIDL is designed to help business pay normal operating expenses that they would have paid had the disaster not occurred. I received an SBA EIDL loan in Dec 2020 as a Sole proprietor for $25K. The SBA size standards for NAICS codes 621112, 621420, and 622210 are annual receipts of $13.5 million, $19 million, and $47 million, respectively. AMOUNT AVAILABLE. All SBA EIDL loan increase requests,. Requirements: Credit score 600+, $250,000 per year revenue, 6 months in business, Find Loan Options For Your Small Business. Would be around $ 12,500 and similar technologies to provide sba amount confirmed now status application being processed with a better experience 5... 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Go ahead or not, will this show as a loan on my personal credit months in business find! Experian business loan inquiry us SM BUS ADMIN ODA got a copy fo your Experian credit.. I am eligible for 16,500 in aid spelled out it says your.... A specific timeframe but unfortunately some borrowers wait longer than others business debts as same-day this! Eid grant to be careful to avoid the collateral, i could pay the overage of 1,500 back early Weve! 2020 tax income or not a substantial amount of rent and mortgage interest since last when! Loans & funding Options for Small Businesses havent seen that spelled out income tax its one for... Once you create your portal and and accept loan amount for EIDL may be much longer than others instructions how!