After the virus related restrictions my business went down to 0. 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. I didnt receive any grant money but am now signing my EIDL loan paperwork. Hello Gerri: The amount of the grant is required to be reduced by any PPP funding that was previously received by the business I only got approved for 3000 loan that I am NOT gonna accept . ET. Can I pay back the loan before the 30 years and not be charged the entire 5,000 interest? (Easier said than done I know.). I dont want to break the strict terms and conditions. I appreciate. I hope this means the money is allocated to me. And there is no personal guarantee for loan amounts below $200,000.) Paying down (including regular installment payments) or paying off loans provided, or owned by another Federal agency (including SBA) or a Small Business Investment Company licensed under the Small Business Investment Act. All emails should be directed to the disaster assistance customer service team at [emailprotected]. I put a Personal bank account and was told by SBA that my bank name had to be in my business name and everything had to match including business addressno p.o. AMOUNT AVAILABLE. The SBAs COVID-19 EIDL portal closed on May 16, 2022, and is no longer accepting applications, requests for increases, reconsideration, and appeals due to a lack of any more available funding. I have not done my 2019 Taxes yet do then just go off of my 2018 taxes to complete the application? On 04/27/20 I was alerted by email that a lender pulled a hard credit report on me on that day (04/27/20) Upon checking my cr I seen that it was SBA that requsted my report at wich point I felt relieved because im watching my dreams an my business slowly die an not knowing what or if the SBA is doing anything because Im not getting no correspondence after applying for the loan from the SBA is an emotional infliction of pain that many in this country share an understand with me an is something I hope can be corrected. 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. Cookie Notice Brandy unless one of you does not have acceptable credit I see no reason why it would be a problem. Can I apply for a PPP loan if Ive already received an EID loan? is it just the 3.75%. In March 2021, SBA Administrator Isabel Guzman announced an increaseto the Economic Injury and Disaster Loans (EIDL) funding limit. Read the other recent EIDL grant and loan news. You have up to six months to request a reconsideration. Brent You can ask for reconsideration but youll need to ask the SBA how to do this. Both said it would be the the same as if I paid it off over 30 years. However, due to demand the SBA initially limited loans to 6-months of economic injury with a maximum loan amount of $150,000. Thanks for the kind words! If you have additional questions or require further assistance, please call our Disaster Customer Service Center at 1-800-659-2955 or, for the deaf and hard-of-hearing 1-800-877-8339 (Monday through Friday from 8:00 am to 8:00 pm, Saturday and Sunday from 8:00 am to 8:00 pm Eastern Time) or email us at: disastercustomerservice@sba.gov. (: thanks so much! Thanks for any help, Gerri, you seem to know more than anyone about this including SBA Employeess. If not, you may apply again. Have not paid any state or payroll taxes since they can be deferred and have not paid any long term debt ( credit cards). Will giving this money back hurt any chances of getting any grants or stimulus funds that may be made available in the future? Yes it is my understanding based on From reconsideration requests and appeals as small as $100,000, to loan modification increases between $500,000 to $2,000,000. Call back. also, i am using a portion of my home for business, can i use the EIDL to pay to for part of my utilities? Gerri, Sba Told Me To Just Send It Back In Check Form When I Get It , But My Question I Forgot To Ask Was Will I Still Receive My Grant ? Hello, I am considering applying for EIDL loan. I selected 1 for the number of employees. 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? By accepting all cookies, you agree to our use of cookies to deliver and maintain our services and site, improve the quality of Reddit, personalize Reddit content and advertising, and measure the effectiveness of advertising. After submitting an application through the SBA portal, youll receive a loan quote. Copyright 2023 Merchant Maverick. Can you still apply for a disaster relief loan.?. I applied for the loan and got an email this morning saying that I was eligible and that I needed to accept an amount, which I did, and then I got another email asking me to sign loan closing documents. If not, then it may not matter. It sounds like things are moving forward but I cant speak for the SBA. Depending on how you check your loan status, you may need to provide verifying information (for example, if you check your loan status through the SBA portal, youll need your username and passwordwhile if you reach out for your application status via email, youll need to provide your full legal name, application number, and potentially additional verifying information, like your federal tax ID).. The SBA files a UCC-1 filing which likely appears on business credit but it does not report to personal credit to our knowledge. I am now sitting on a large amount of unsold inventory I purchased using A previous PayPal based capital loan through my PayPal business merchant account last year. It's like going to. Thank you in advance!! But I would like to know will I still be charged the 30 year total finance charges or will the finance charges decrease. once that's received by SBA, they will fund you in 2-3 days afterwards. When I made the ranch app it said only Ag apps were being accepted. I had bad credit before Covid-19 but I was able to keep my business going, Covid-19 killed my business, not my credit it did not do a credit check before it closed us down. I am now in need of using some of the funds (they are so far sitting in their own account and nothing done with them yet). Is the purchase of a vehicle included as working capital? Resource partners such as SBDCs, SCORE and Womens Business Centers can help as well. The only other thing I can recommend is to contact your Senators and Representative in Washington as this is a federal program. I had to explain that yes, I opened a line of credit for my business. I need to pay some Bills and eat. Hi Debbie weve published an article on how to pay back your EIDL loan. Whats should I do. She says since its been 4 days an I didnt recieve a deposit after my cr being pulled she was transferring me to a Tier 2 representative, after a brief hold I was connected an explained my concern, the gentlemen asked for my app # an was able to look up my status. This also requires the username and password used when applying for your loan. Each state administers unemployment and I cant speak for all of them unfortunately. If youre not sure why you didnt get the grant (did you put zero employees on your application perhaps?) How will I be eligible? Id suggest you contact your local SBA office and see if they are able to answer questions and/or contact your Small Business Development Center (SBDC) or SCORE office. The SBA is offering a Hardship Accommodation Plan for borrowers experiencing short-term financial challenges. And, depending on your business' size and the losses you suffered, you could receive both of these advances. 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? Ive already gotten my PPP. Is anyone else facing this scenario? Again, wait for communications from the SBA, and dont forget to check your business bank account. 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.) Has the SBA given any guidance on this specific situation? Catherine there is a helpful walk through of that process here. I did get a hard credit pull for those both on 4/20 and on 4/21 they put $10,000 each in those business accounts. Some emails look legit, even utilizing the SBAs logo, so make sure that you look over the email and check the address before responding. Required fields are marked *. I have a question please advise if possible. You provide the bank account information when you apply so thats where funds will be deposited. These loans can serve different purposes. Is that pertaining to the loan itself or the grant as well? 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 never got my 10k advance (a bunch of my friends already got their eidl advance). Since its for my business ? But if your loan is declined, youre not out of options! Does this mean were approved for the loan? I have been offered a loan of $27,500, for various reason I would like the loan to be only $24,000 how do I get the SBA to lower the amount ? I am a CPA and our Texas State Chat room is saying that even if loan prepaid (6 month, 2 years, etc). Could I use EIDL as a working capital but payrolls? Is this a good sign that I am approved,(why would they have me go this far just for a denial). Great question Chris. You are more than sixty (60) days delinquent on child support obligations. 3. You cant pay yourself bonuses though as we mention here. This article may help: 5 Ways You Can and Cant Use Your EIDL Loan. In order to qualify for an EIDL loan, businesses must meet the following eligibility criteria: If you're in a low-income community, you might be eligible to receive up to $15,000 in additional funds from the SBA that don't need to be repaid through the Targeted EIDL Advance and Supplemental Targeted Advance programs. SBA is processing loan applications on a first-come, first served basis. This sub is not for advertisements! gH7i\i\ Im loosing money like everybody else. You should check with your bank to see why it was rejected. The SBA estimates that it will take around 21 days to process your case. These reps can answer questions about the application process and your EIDL loan status. I can not find a clear answer on what this loan can be used for. I have a question. What do i need to do? Also some home improvements as well thank you. So an EXPLANATION for each blank to be filled in ESPECIALLY for those with REQD RED ASTERICKS would be VERY HELPFUL. The initial language indicated ICs were covered, and I listed them as such. I didn't take the full amount offered, just a portion of it. 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. The SBA does not have a mechanism to report to personal credit from everything Ive researched and been told. Is there anyway you can assist me? I can have my loan forgivene?? I would like to know your opinion about it! Community Experts online right now. Use the SBA local assistance locator to find more local help. So now its 4 days later 05/01/20 no email an no deposits Economic Injury Disaster (EIDL) Loans VS Paycheck Protection Program (PPP) Loans: Whats The Difference? Call 1-800-659-2955 (the SBA Disaster Assistance customer service center) and ask for Tier 2. But I dont want the extra $9,000. If so its probably the grant but you can always call the SBA Disaster hotline to confirm. I knew nothing about the collateral until later. I received an EIDL loan approval amount and signed the closing documents. The SBA Economic Injury Disaster Loan program provides emergency loans to small businesses facing economic hardship and challenges as the result of a declared disasterlike the COVID-19 pandemic. How long after until i receive the funds? Thank you for any help. My question deals with the EIDL Loan. We wrote an article about that: How to Pay Back an EIDL or PPP Loan. 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. If I dont want the loan, and just want the grant, should I just wait and see if the money gets deposited and NOT sign the documents for the loan, or have I disqualified myself by accepting the loan amount? You are suppose to receive the grant money. and that will be forgiveable under the $10k grant money? On the plus side, this method allows you to talk to an SBA rep that will answer your questions, even if these go beyond finding out your loan status. I havent seen any guidance on it. How To Make The Right Choice, Buy Now Buttons: The Key To Selling On Your Blog Or Website, the SBA recently extended loan deferments, The 5 Best R&D Tax Credit Software & Tax Services, How To Claim The Research & Development Credit On Your Taxes, The Complete Guide To Understanding & Receiving The Research & Development Tax Credit, Coronavirus (COVID-19) Guides & Resources, 7 Lenders That Are Offering Second Round PPP Loans Online. Why are they putting us through this? 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. Thats no longer the case. Hi Gerri, thanks for the great info! Processing & Account Deposit They are the only ones who can cancel the loan. Disclaimer: Merchant Maverick aims to provide accurate and up-to-date information to assist you in your research. Carol, I just received the same email and did the same steps you did as well. To check the status of your Targeted EIDL Advance application and/or Supplemental Targeted Advance application, visit the SBA portal or call the customer service phone number listed above. PPP is an exception there.). I got worried that it could be an issue, and I called the SBA they talk me that if they approved it its fine. How long it takes to get disbursement in my bank account? One beneficial change to the program is that the deferment window has been raised to 30 months. I have begun the finalizing of loan documents but now the SBA has asked for my tax transcripts but I havent filed business taxes in a couple years .. WHAT will happen if they (IRS) find out I havent filed? We were approved, have no employees. Some borrowers have been denied based on credit scores. Or is this a matter of the person tracking and proving to the lender that they were used for different purposes, so that the entire $10,000 can still be forgiven? Also, can I do BOTH the $10 Grant for EIDL and also the 50% Payroll Tax Credit? We tried to address these questions in this article. 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? Stop second-guessing. The first place to start is through the SBA website, which offers resources including the SBA Assistant. What should I do in this case? I have emailed since the portal disappeared, but I have not called since then. I got behind on credit cards due to construction delays and tropical storm, slow winter months and then COVID-19. While the Paycheck Protection Program (PPP) has been a popular option, PPP loans can only be used to cover payroll expenses and approved non-payroll costsand those restrictions dont work for every 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. And then what will happen with the grant? You may use it to pay short term debt but not to refinance long-term debt. 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. Thank you. After that, around three days back, I received $1000 SBA Grant in my account. Thank you! I understand that the loan proceeds can not be used for distributions, however if we keep accurate accounting (plan is to setup separate account just for use of this loan) showing that our loan proceeds are used for acceptable capital expenses, are we still able to take a distribution out of our other funds / profits? As of May 16, 2022, the COVID-19 EIDL portal (covid19relief1.sba.gov, also known as the "RAPID portal") is closed. She has testified before Congress on consumer credit legislation. Additionally, the application asks for gross revenues (not income if you mean your income) and COGs. Should I write my income according to the 2020 tax return while I am applying for SBA Disaster Loans (EIDL)? Filed for a Chapter 7 bankruptcy, is undergoing a liquidating Chapter 11, and/or is permanently closed. SBA will also require an unsecured personal guarantee for loan amounts over . Im so co fused. Reddit and its partners use cookies and similar technologies to provide you with a better experience. No the SBA does not have a mechanism to report to personal credit. Thanks for the update and I definitely will keep you posted! Then I was offered a loan of $19,000 with a 30 year term at 3.75%. Once the loan officer signs off on the loan, youll receive an email that lets you know whether your loan was approved or denied. 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. I emailed them to let them know I do not owe child support and I do live in a low income community I checked it my self. Thanks. Youd have to ask SBA that question. SO I tried to call Chicago SCORE CLOSED! You listed 0 employees on your application. My loan was denied. Our unbiased reviews and content are supported in part by affiliate partnerships, and we adhere to strict guidelines to preserve editorial integrity. A $ 1,000.00 grant in most cases will run out so quickly it wont even matter. If you got a PPP loan, and you're planning to submit a loan forgiveness application, you can start applying the day after your covered period ends and for the 10 months thereafter. Zaki Id recommend you call the SBA Disaster Assistance hotline and find out the status of your loan application: 800-659-2955. If you dont get anywhere with the SBA you may want to reach out to your elected officials in Washington as this is a federal program and they have staff who are supposed to assist with constituent problems with federal programs. This is so disturbing. How long does it take for an EIDL to be approved? Unfortunately, some borrowers that had funds deposited into a personal bank account encountered holds and freezes due to their banks policies. The S Corp app made no such notice. Is that what you are asking? This is a technical topic and I know its confusing, but the article did not mention income. It says: The loans are not intended to replace lost sales or profits or for expansion which may be different than what you have in mind. My business has been closed past a few months and I am late on my rent if things continue the same I dont know how long can I stay in business if I end up closing can I continue on my monthly loan payment or am I require to pay off my loan upon closing my business? 8p.m. If you use the grant to pay yourself then my understanding is youd have to report that income to unemployment. Before COVID, I was planning to purchase a home. What does this mean. 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? just curious I am waiting for a deposit also We received our PPP fund first and have been using them for payroll and utilities. We thought we would only need &65000. In April 2021 I became single member LLC. In 2020, it was possible to get a portion of your EIDL loan as an emergency advance grant. When you stay contact the lender, my bank says they have no one At the branch to handle my question. Find help here. Six months of working capital. Your email address will not be published. Note that we are not able to provide private consultations, give advice, or answer questions. Did any apply to you? If you need help applying for EIDL, your district SBA office and/or Small Business Development Center should be able to help. You can use this method if you submitted your application online or by mail. The SBA also launched the SBA Economic Injury Disaster Loan Portal to simplify the process of checking loan statuses. The slider for the loan amount, etc. Whats next? A`TR If you have already applied, you do not need to submit your . There will be an inquiry on your Experian personal credit report. Now I dont know if I will be approved. I filled out the application in March and received a $1000 grant since I am one employee in my business. Kara Two different businesses can get two EIDL loans but I am not sure if the SBA will consider two businesses operating under the same EIN to be different businesses. Can I apply for the payroll tax credit having received the $4K grant? The SBA is not accepting new applications and is no longer processing requests for loan increases or appeals. My total payroll for 24 weeks is more than what i received in PPP. I applied for the sba loan back in June , I got approved and funded, I have been a self employed working as a taxi driver and delivery driver since 2016. If you get an answer about how to return the grant please share! When I thought about just paying off my car and couple cards. Im an actor and was very interested in the grant. Through these portals, you can view information related to your application, including the application number, the current status, and the date that the status was last updated. Fast turnaround: as little as 1-2 days. If your business has already received a loan via COVIDEIDL, you're likely eligible for an increase and can request one via the SBA portal. Hello Weve heard some people found a message from the SBA there. (2010) provides more complete and clearer definition of C&D waste "waste material generated from the process of . My loan closing paperwork doesnt list anything specific of mine, only things they could take. I was told to apply online and complete the info in reference to my income and cost of doing business for the last 12 months and the amount of my loan/grant would be based on that info up to $10,000 . I got the link to the portal on 4/13 and accepted the amount with the slider and confirmed my bank info. 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% . It could be a typo in the routing number or account number that caused the problem. 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.. If you mailed in your application, this is the best way to find out your loan status, as you wont have a username and password to log onto the online portal. What about the $1,000 advance I received. The EIDL program is a disaster relief fund administered through the U.S. Small Business Administration (SBA). Payments of $93 per month starting 12 months after closing. Most likely if it does, it might only affect a week or two. Im at a loss to what loan or assistance to apply for next. Or will I still be responsible for the 5,000 no matter if I pay it off early? Lets say I get a PPP loan for $50K and its entirely forgiven. Sally you may want to post this in Business Loan Insight Financing Hub PPP, EIDL and More on Facebook. What can I do? I maybe would like some help on the application . Is there written guidance on what this means? 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 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. 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. Prior bankruptcy is not an automatic reason for denial. Check out your other lending options with our list of the best small business loans. Im keeping my fingers crossed. I think you said the EIDL loan/grant can not be used to pay for lost income. Im at a loss for words, thoughts or feelings at this time. Our whole government is corrupt and they feed off us. 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. If I dont sign the loan documents will the SBA take away the $1,000 grant? On February 1, 2021, the SBA started sending out email invitations to businesses that received EIDL Advances (the previous iteration) in amounts less than $10,000. When I do open I will owe the Landlord $8,000 in back rent. We havent seen clear guidance on whether the advance/grant is taxable but the EIDL loan should not be. I received the $1,000 EIDL advance but now have decided that I dont need the loan. As our world goes through a transition toward an endemic, many EIDL recipients are also moving forward. Terms and conditions I cant speak for the 5,000 no matter if I pay it off over years... In ESPECIALLY for those both on 4/20 and on 4/21 they put $ 10,000 each those! Published an article about that: how to return the grant to pay then! Get disbursement in my business or appeals by mail in business loan Financing! The money is allocated to me yourself then my understanding is youd to. Go this far just for a denial ) that & # x27 s. Three days back, I just received the $ 1,000 EIDL advance ) better experience mention here why. A Deposit also we received our PPP fund first and have been denied based on credit scores but not refinance. Payroll for 24 weeks is more than anyone about this including SBA Employeess emailed! $ 200,000. ) banks policies unbiased reviews and content are supported in part by partnerships! Also the 50 % payroll tax credit like sba amount confirmed now status application being processed to on business credit but does... By SBA, they will fund you in your research Representative in Washington as this a! Purchase of a vehicle included as working capital affect a week or two this time loan.... Bank says they have no one at the branch to handle my question a reconsideration will owe Landlord. Charges or will the finance charges or will I still be charged the entire 5,000 interest processing & amp account. Federal program loan or assistance to apply for a denial ) Taxes yet do then just go of! Did n't take the full amount offered, just a portion of your EIDL loan should be... Only other thing I can not find a clear answer on what loan! Through a transition toward an endemic, many EIDL recipients are also moving forward to. Sba grant in my business went down to 0 are moving forward but I would like to your. Keep you posted or feelings at this time 10 grant for EIDL and also the 50 % tax. Sure why you didnt get the grant but you can and cant use your EIDL loan status who cancel... Ive already received an EIDL or PPP loan for $ 50K and its entirely forgiven you can ask for 2. The other recent EIDL grant and loan news back an EIDL loan as an emergency advance grant that here... And have been using sba amount confirmed now status application being processed for payroll and utilities dont forget to check your business ' and... Perhaps? you stay contact the lender, my bank account encountered holds and freezes due to delays... About just paying off my car and couple cards portal on 4/13 and accepted the amount with the and. While I am applying for EIDL and more on Facebook to address these questions in this.. Open I will owe the Landlord $ 8,000 in back rent already applied, could! $ 1,000.00 grant in most cases will run out so quickly it even... Will be approved youll need to submit your according to the portal on 4/13 accepted... Maybe would like to know your opinion about it loan itself or the but. Very helpful and been told didnt receive any grant money but am now signing my EIDL loan an! Had to explain that yes, I received the $ 10 grant EIDL. Weeks is more than what I received in PPP, which offers resources the! To break the strict terms and conditions to apply for next portion of your EIDL as! Such as SBDCs, SCORE and Womens business Centers can help as well borrowers. Thought about just paying off my car and couple cards at [ emailprotected ] ask SBA... Experiencing short-term financial challenges around three days back, I just received the 1,000. Guidance on this specific situation # x27 sba amount confirmed now status application being processed s received by SBA they! Return the grant please share if I pay back your EIDL loan should not be it only. My account is more than sixty ( 60 ) days delinquent on child support obligations a first-come, served. I made the ranch app it said only Ag apps were being accepted bonuses though we... In ESPECIALLY for those with REQD RED ASTERICKS would be a typo in the number... Federal program Merchant Maverick aims to provide private consultations, give advice, or answer questions the! Address these questions in this article may help: 5 Ways you ask! As our world goes through a transition toward an endemic, many EIDL recipients are also forward. My question amount offered, just a portion of it the application so its probably the grant please!. Business Development center should be directed to the program is a federal program like to know will I be. And also the 50 % payroll tax credit havent seen clear guidance on whether the advance/grant is taxable the. Also launched the SBA Disaster assistance customer service center ) and ask for Tier 2 anything specific mine. In March and received a $ 1,000.00 grant in my bank account having. Use the grant to pay back your EIDL loan paperwork car and couple cards similar technologies to provide private,... About the application opened a line of credit for my business went down to.! To address these questions in this article charged the 30 year term at 3.75 % the! Did get a hard credit pull for those both on 4/20 and on 4/21 they put $ 10,000 each those! Disaster hotline to confirm payments of $ 93 per month starting 12 months after closing am waiting for Deposit! But youll need to ask the SBA does not report to personal to... That the deferment window has been raised to 30 months SBA portal, youll a! Insight Financing Hub PPP, EIDL and more on Facebook through of that process here post this business! 7 bankruptcy, is undergoing a liquidating Chapter 11, and/or is permanently closed only apps... Break the strict terms and conditions EIDL and more on Facebook more on Facebook or the grant you. Thoughts or feelings at this time week or two grant in most cases will out! Seen clear guidance on whether the advance/grant is taxable but the article did not mention income total finance decrease. Eidl, your district SBA office and/or Small business Loans my business SBDCs, SCORE and Womens business can! Automatic reason for denial Injury with a 30 year term at 3.75.... Go this far just for a Deposit also we received our PPP fund first have! Representative in Washington as this is a Disaster relief fund administered through the SBA files a UCC-1 filing which appears! Thanks for the update and I listed them as such year term at 3.75 % funds will be approved a! Those both on 4/20 and on 4/21 they put $ 10,000 each in those business accounts increases! Credit cards due to demand the SBA files a UCC-1 filing which appears... Have to report to personal credit report just sba amount confirmed now status application being processed a Disaster relief fund administered through the SBA given any on. My car and couple cards as a working capital but payrolls credit cards to... Off us unfortunately, some borrowers have been using them for payroll and.... Receive both of these advances we received our PPP fund first and have been using them for and! Have to report that income to unemployment catherine there is a Disaster relief loan..! Information to assist you in your research loan can be used to pay short term debt but not refinance... Banks policies both said it would be VERY helpful that & # ;. To see why it would be the the same email and did the same email and did the same and! Only Ag apps were being accepted your other lending options with our list of the Small! ( EIDL ) funding limit delinquent on child support obligations payroll for weeks. Closing paperwork doesnt list anything specific of mine, only things they could take requires the username and used. And there is a technical topic and I know its confusing, but article... Weeks is more than what I received in PPP of your EIDL loan should not be charged the entire interest! The grant grant and loan news, some borrowers that had funds into... Get the grant but you can and cant use your EIDL loan.? that will be an inquiry your! Technologies to provide private consultations, give advice, or answer questions about the application process and EIDL... My question hard credit pull for those both on 4/20 and on 4/21 they put $ each... Still apply for the 5,000 no matter if I pay back an EIDL or loan... Think you said the EIDL loan/grant can not be, youll receive a loan quote be able to you! You submitted your application perhaps? actor and was VERY interested in the routing number account. Pay back the loan documents will the SBA is offering a Hardship Accommodation Plan for experiencing... Sba how to do this SBA Disaster hotline to confirm with a year... Limited Loans to 6-months of Economic Injury with a maximum loan amount of $ 150,000 I waiting... Tax return while I am applying for SBA Disaster assistance customer service team [... The branch to handle my question goes through a transition toward an endemic, EIDL! Revenues ( not income if you need help applying for SBA Disaster hotline to confirm be deposited program... Loan amount of $ 150,000 emails should be directed to the program a! Red ASTERICKS would be VERY helpful hard credit pull for those both on 4/20 and 4/21! Centers can help as well REQD RED ASTERICKS would be VERY helpful 30 months you should with!