How would I go about returning the loan. 1. The loan officer took note and now everything is with the underwriter. If you say get a loan of 40k, do you need to show 40k of economic injury? Your thoughts?? Can a personal checking account be used for the EIDL business loan, if someone doesnt have a business checking ? Applied I was eligible for 80k, went back to check on my application and it said $0 declined. Please consult the SBA or a legal professional for more advice about your situation. Hello. 3. Have not paid any state or payroll taxes since they can be deferred and have not paid any long term debt ( credit cards). . 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. I understand the requirements for the PPP, but my questions are on the EIDL. By Phone. Thanks. However you must list a US address on your application. We have the PPP and the EIDL foregiveness grant and a loan. Its a good idea to keep clear documentation of how you spent both sources of funds. Thanks. I have 9 employees. Any thoughts? 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. 6/4 - 10 days since portal invite. q,g=e|ipx dy[j\FE/ 30 Do we report EIDL grant ($1,000) as income to unemployment as a weekly income item? Please refer to our Advertising Disclosure to learn more about how we earn compensation from affiliate partnerships and how we maintain our independent editorial integrity. The rating of this company or service is based on the authors expert opinion and analysis of the product, and assessed and seconded by another subject matter expert on staff before publication. But as for how to apply with no 2019 revenues youll need to check with the Disaster Assistance hotline or your Small Business Development Center to find out for sure. Community Experts online right now. In the next week I provided all information requested by SBA and was shown a loan amount (5k) to agree to. You applied early before the new application that allowed you to request the grant was available. Did any apply to you? You cant pay yourself bonuses though as we mention here. But unlike the 1,2,3 above for the first small business. 636(b)(2), including and then goes out to spell specific uses enumerated above. Note: In addition to this information please review information about the new Targeted EIDL grants for 2021. Weve seen some people get denied and some approved with personal checking accounts. I filled out the application in March and received a $1000 grant since I am one employee in my business. What happens if you only show $20k to their satisfaction? Rec'd 10k advance deposit Monday morning and then Tuesday found a 500k loan offer. I have been paying a substantial amount of rent and mortgage interest since last year when construction began and have 2 employees. You can call them at 800-659-2955. The program, however, ended May 31, 2021. yes i was approved for a EIDL LOAN And Im a sole proprietorship,without employees I also travel I havent signed any loan documents so far. do I have to prove how I use it? But we dont have a detailed list on all the expenses you mention so you should check with the SBA. Be prepared to provide information to verify your identity, such as your application confirmation number. (That was on April 3, 2020.) If i have recieved a loan offer..will i still recieve the Eidl grant if i decline the loan?? Do you think I can get an EIDL loan for this new startup business? Loans of $200,000 or more require a personal guarantee. Its very possible they dont intend for EIDL grants to be taxable but its not in the legislation and we have no written guidance from Treasury/SBA like we do for PPP. Yes, but there is a total limit of $5 million of SBA assistance. Can I re apply All feedback, positive or negative, helps us to improve the way we help small businesses. You may want to read this article: How to Apply For Forgiveness for Your Paycheck Protection Program Loan. Required fields are marked *. I wish I could be more specific but I hope this will be helpful. I would recommend keeping documentation of how you use the funds in case the SBA ever audits you. Eligible applications . Interest is still owed for the complete 30 years. Opinions expressed here are authors alone. From reconsideration requests and appeals as small as $100,000, to loan modification increases between $500,000 to $2,000,000. Since its a grant I wasnt sure if I need to report it to unemployment. You might put a note EIDL on those expenditures in your accounting program, keep a file with documentation, or even keep a spreadsheet for example. This just happened to me today and Im so confused. Im wondering is there a limit on how much we can repay ourselves with this loan for lost wages, Im self employedand it says show receipts, do we just save our receipts and turn them in at some point? We have lost income to ourselves as no one is wanting us in house to clean. After that, around three days back, I received $1000 SBA Grant in my account. Also, can you clarify the directly related to performance of services for the benefit of the applicant line a bit. If youre not sure why you didnt get the grant (did you put zero employees on your application perhaps?) If you are on Facebook Id recommend you check out the Facebook group Business Loan Insight Financing Hub PPP, EIDL and More on Facebook where applicants are sharing their results by application number. Did you hear back from them yet? The SBA language states that funds should appear within five days after approval. 2)any amount as a supplement unemployment (SUB pay)? I received a grant of $1,000 since I am a sole proprietorship. I received the EIDL advance, and my impression is that the $10k is still forgive-able to cover damage costs without the same restrictions as PPP. I just dont want any unanswered questions regarding the funds being used. This also requires the username and password used when applying for your loan. But first ill like to look over it . The call center is currently open MondaySunday, 8a.m. Explore SBA loans to find the option thats right for your business. The length of time it takes to process your EIDL application can vary based on application volume, from a few days to a few weeksbut typically, new applications are processed within 21 days. Are you using your EIDL funds for payroll? Borrowers that received COVID EIDL loans have some additional relief ahead, as the SBA recently extended loan deferments for an additional six months adding up to a total of 30 months of deferred payments from the date of the original note. But one major selling point for businesses in need of funding? Do you need a business bank account in order for your eidl grant to be deposited because I have a personal checking account at this time? They are approved separately. I have a question please advise if possible. Please let me know if you have any related follow up question The COVID-19 pandemic has been an unprecedented economic disaster affecting many industries, small businesses, and workers. Did you miss the EIDL program application window? Normally with EIDL there is a process where you can ask for more money. Theyre in the best position to advise you on what you should do to help avoid problems funding your loan. Small businesses interested in applying for an EIDL loan can apply directly through SBA.gov. My name is Linda and i apply SBA Disaster Loan and i got approved by August 6th and August 14th i got a mail that the money disbursed in my account but i didnt see anything .what may have cause the delay .Please i need answer . He then updated me on my loan request We occasionally send out emails with special offers. Privacy Policy. 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? The portal is so confusing. Something went wrong while submitting the form. If you file Schedule C, though, you are supposed to use the net profit from Line 31 of your schedule C. I put in my apps for 3 of my small businesses on March 31st. You should double-check with the service provider/financial institution directly as well as obtain independent financial advice prior to making any financial commitments or business decisions. Am I allowded to PAY OFF IN FULL these outstanding PayPal debts Using the EIDL to avoid accumulating interest on them? If you need a fast answer and want to speak with a human, you can call the Disaster Assistance Customer Service Center at (800) 659-2955. If you have questions we recommend you ask the SBA or one of the resource partners in the article. I am a sole proprietor real estate agent with no employees other than myself. Each state administers unemployment and I cant speak for all of them unfortunately. My bank has already stated they have been getting SBA funds everyday with no problem. Check your email (including spam) for the next communication about a loan. Certainly, though, lending to businesses that don't meet traditional bank loan criteria means you may take on more risk of default. If so its probably the grant but you can always call the SBA Disaster hotline to confirm. Please see question above. Payments of principal and interest are made over the remaining 28 years. i put in for the loan got acepted but didnt know it mess my section 8 up havent receivved it yet want to cancel the loan how do i do this. I need a relatively big capital to start it up. If your bank account number or any other information on your application is incorrect, contact the SBA Disaster Assistance customer service center at 1-800-659-2955. Very helpful. As of January 1, 2022, the SBA is no longer accepting new applications. The Small Business Association (SBA) has increased availability of EIDL Loans from $500k to $2M and streamlined the process. But you may want to check with the Disaster Loan hotline. (I have tried to find other resources, such as grants for small businesses owned by women, but I havent had any success). 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. Questions However, in revised guidance that went into effect September 8, 2021 the SBA said it will permit COVID EIDL working capital loan proceeds to be used to pay any type of business debt, including loans owned by a Federal agency (including SBA) or an SBICCOVID EIDL loan proceeds may be used to make debt payments including monthly payments, payments of deferred interest, and pre-payments, except that prepayments will not be permitted on debt that is owned by a Federal agency (includingSBA) or an SBIC.. 1-800-659-2955, We got an advance deposited into our account yesterday. If you have damaged credit, apply and include an explanation with your application. what happen if my account number is incorrect and my sba application is in already in process waiting to be approved . To our knowledge the SBA does not have a mechanism to report to personal credit. Nowhere am I asked for a lender or an amount. i never got my 10k advance (a bunch of my friends already got their eidl advance). You may want to call the SBA Disaster hotline to see if they can answer your question. I applied in March and received the EIDL just a week ago in June. Masen You may still be offered an EIDL loan. Antonio COVID EIDL loans of less than $200,000 did not require a personal guarantee. The loan amount is calculated by the SBA based on economic injury. Credit cards likely fall into that category but we cant speak for the SBA so be sure to check with them. Filed for a Chapter 7 bankruptcy, is undergoing a liquidating Chapter 11, and/or is permanently closed. 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