1y You're only a week into the process. I let her know this and re sent 2019 tax returns lets see. The SBA has all my documents and I've been told verbally by Tier 2 that I've been approved. Use r/TargetedEIDL for advance/grant issues. Each time I call, I ask if anything else has been entered into the portal. Larger limit for SBA EIDL program. Economic Injury Disaster Loans (EIDL) had previously been capped at $150,000, then $500,000. For applications for COVID-19 Economic Injury Disaster (COVID EIDL) loans, in this rule SBA is changing the definition of affiliation, the eligible uses of loan proceeds, and application of the size standard to certain hard-hit eligible entities, and is establishing a maximum loan limit for borrowers in a single corporate group. If approved, follow adjacent steps for a COVID EIDL increase for >$500K funds 2. Could be several more weeks but he seemed surprised that it has been 15 days "processing", Stuck in "your application is being processed". To be considered for the $5K Supplemental Advance, you must apply for the EIDL program by the end of today. In September 2021, SBA Administrator Isabella Casillas Guzman announced major enhancements to the COVID Economic Injury Disaster Loan (EIDL) program. But luckily, there are a few different ways you can check the status of your application: Online: https://disasterloanassistance.sba.gov or via the SBA portal. Can people give their experience of timeline when they received any approval (loan doc signing) to denials after they've confirmed their loan amount, uploaded all docs, and hit that "submit" button to get "Your Application is being Processed". The last entry was December 10. This federal small business loan program supports small businesses' recovery from the COVID-19 disaster's economic impacts by providing accessible and borrower-friendly capital. The operator told me I need to wait for someone to start working on my loan application manually. This is a little weird as Ive turned in 2019 many times and singed a 4506-T. Ive been on this status since 4/19 and it says everything is completed. Everythings signed. Cookie Notice Applicants should follow these instructions when requesting a re-evaluation: Send an email to TargetedAdvanceReevaluation@sba.gov Said it could take 2-3 weeks for documents. I got an email from bluevine lowering my loan offer from 20833 to 19823 (Thats fine with me) After I accepted it. If your EIDL application is denied, you have six months from the date of denial to request a reconsideration. The SBA has many loans you can apply for, such as 7(a) Loans, 504 Loans, and Microloans. 7(a) Loans is the most common loan program at the SBA. Also I havent even filed 2020 yet. Please make sure to read and understand the below steps before you start your registration. Step 2: The loan officer will review your application and underwrite the loan within 10 to 14 days. %%EOF Privacy Policy. The agency has previously said it was . Stay strong out there. Thanks. This EIDL application was ultimately denied by the SBA. 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. 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. ", Still in "Your application is being processed" hell, Scan this QR code to download the app now. 6/4 - 10 days since portal invite. These loans are designed to help small businesses with the purchasing of real estate, short- and long-term working capital, refinancing current business debt, and various other purposes for eligible businesses. This is the quickest and easiest way to verify the status of your EIDL. Use r/TargetedEIDL for advance/grant issues. Small Business Administration (SBA) popular COVID Economic Injury Disaster Loan (EIDL) loan program has a deadline of December 31, 2021 . For more information, please see our With screenshots (PII redacted), my SBA EIDL Journey. COVID-19 EIDLs are designed to provide economic relief if your business is currently experiencing a loss of revenue due to the pandemic. 2. Business Business, Economics, and Finance. 04/07/2021 at 8.39 am CDT: Author sends back request email seeking an increase (Note: This was attempt #3 at sending as the attempts at 8.23 am and 8.37 am respectively bounced back due to mail address issues. Reddit and its partners use cookies and similar technologies to provide you with a better experience. It took about six weeks total from application to funding. 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. Being processed means you may be a few weeks atleast to some months before it says "approved or denied". 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. and our Apply for >$500K Immediately 1. Ive noticed that those who have applied recently for the EIDL loan are being processed and funded right away. Just to validate the data I was seeing onscreen, I called SBA at: 800.659.2955, was the 700+ caller in line, waited about 27 minutes and spoke with an agent that essentially confirmed everything that I was seeing on screen. For more information, please see our Small businesses can access a $10,000 loan advance that is not repaid. Privacy Policy. Told me to call back after 3 weeks from the 30th, 6/8 - Spoke with a regional rep for SBA and he called me back to tell me that my loan has been "obligated" and to keep waiting. All 3 T2's were consistent in saying I had an LO assigned since 4/22 and transcripts requested on 4/22. Borrowers who need copies of their loan documents will need to create a new account with the SBA . SBA EIDL Your loan modification is being processed, Scan this QR code to download the app now. The amount of the grant is required to be reduced by any PPP funding that was previously received by the business 6/2 - Called SBA and spoke to tier 2. Credit is there. sba eidl loan disbursement processchannel 13 weather girl pregnant; sba eidl loan disbursement processphiladelphia inmate mugshots; sba eidl loan disbursement processhanalei hat company; Just wanted to get a typical wait time. I applied on April 22-2021 for my increase and states the loan modification is being processed and I know may of you will tell me its only being a few days ago, but I was curious to call and speak with someoone who can give me real info, so after waiting 15 minutes on the phone a lady pick up the phone and told me "we are having some technical issues with our portal and a lot of glitches, please check thursday or friday, if your status didn't change please call us back" and I asked her why thursday or friday, and she said to me "many updates are coming on thursday and friday." and I said ok.but I feel she was trying just to finish the call like she didn't care so I'm calling back to see what other agent tells me.I will keep you in the loop to everybody. About COVID-19 EIDL The operator told me I need to wait for someone to start working on my loan . That's what's wrong. February 1, 2021. Within hours, I was able to confirm amount and hit the "process" button which now says "Your application is being processed" just very curious on average how long it takes to get to the next step of an approval or decline? I applied 1/20 with BlueVine and the literally just submitted my application to the SBA on 2/2. 0 There are staff members that now know me by name (Michael from West Africa is my favorite help desk person). Receive decision within three weeks 5. Feedback. Reddit and its partners use cookies and similar technologies to provide you with a better experience. I will keep this post updated with important and/or material updates. Hopefully this isnt an issue. Anyone else had to submit 2020 returns? %PDF-1.6 % Recognition Card Data. The Economic Injury Disaster Loan and Loan Advance (EIDL) program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing due to the COVID-19 public health crisis. How Long Were You in "Your Application is Being Processed?" In normal recon prior to April 6 I've been on this status since 4/19 and it says everything is "completed." Everything's signed. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. Use r/TargetedEIDL for advance/grant issues. Cookie Notice Tax returns. Hot www.forafinancial.com This part of the process can take anywhere from one to 30 days. . Privacy Policy. Find out what to expect after applying for an Economic Injury Disaster loan & how long you can defer. I know others have been waiting longer and it sucks for us. I was in reconsideration (7/2021)and my portal was reactivated a week ago. It may take several weeks before all emails are sent to businesses in the first priority group so please do not be alarmed if you do not receive your email invite right . Hello, I need some help. For more information, please see our Cookie Notice I keep looking in my portal and it says your application is being processed. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. Your application for the Targeted EIDL Advance is still in processing. Z,,Lr6u{20a!X%h5Oy *M3gBLJ00EewB2& N* The SBA cannot process Supplemental grant applications after December 31st, so it "strongly encourages" eligible small businesses to apply by the December 10, 2021 deadline to ensure adequate processing time. To use your bank information (Sign-in . Complete EIDL Intake Form via sba.gov/eidl 3. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. Since then my account say " Your application is being processed " . The accountant that processed my EIDL application put the wrong bank acct info, email, telephone number and other incorrect info on my application. 274 0 obj <>/Filter/FlateDecode/ID[]/Index[242 59]/Info 241 0 R/Length 138/Prev 245245/Root 243 0 R/Size 301/Type/XRef/W[1 3 1]>>stream You will receive an email notification of the application status in the coming weeks. The Administration is . Entering 5 months not a minute of peace this whole time. Step 3: The lender will hopefully approve your loan and send you a commitment letter. Once you accept the offer in the portal, your loan goes to the underwriting department. Timeline to signing docs from "Your Application is Processing" when confirming and hitting that submit button. The SBA has all my documents and Ive been told verbally by Tier 2 that Ive been approved. Called, T2 said keep waiting as they are "getting paperwork together", 6/7 - Just spoke with t2. Applied the last week of April. The portal will only be . She said that next steps would include two emails, one on the Increased loan amount and a second on the Targeted EIDL Advance. Visit www.sba.gov/eidl to learn more about eligibility and application. Scan this QR code to download the app now. 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. endstream endobj startxref For more information, please see our There you go. 04/27/2021: Author checked the SBA Covid Relief page today, Amount has been 'Confirmed' and Green block added, 'Your Loan Modification is being processed. Im getting mixed signals about bluevine but I also kept my options open. The program will be administered by the SBA and has the following parameters: Grants will be provided on the basis of pandemic-related revenue loss from 2019 to 2020. Wait for the paperwork" (Oct, Nov, Dec). Key changes announced by the SBA. Once you are ready, click on the "Register with your bank" button at the bottom of the page. The SBA will begin sending email invites to businesses and nonprofit organizations that received the EIDL Advance in an amount less than $10,000 starting on . Your application is being processed. First of all thank you to everyone that helped me in my last post. I need some help. If you have already received a Florida EIDL loan from the Small . Your application was sent to the SBA to be processed. 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. Now I'm stressing because I seen all these other borrowers getting approvals back and closing docs from BlueVine within 1-2 days of submitting to sba. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. I am waiting patiently for my turn. . . The EIDL portal is now closed. "You have been approved, it's now up to the SBA office" (Oct, Nov, Dec), tier 2: "you're good; expect an email this week", "I see a confirmation that your account has been opened and they are working on funding. I have received Loan offer on 07/02/2020, I applied the same day. The portal is located online by going to: covid19relief1.sba.gov. and our Register for online services App 3301499XXX, 5/25 - Confirmed all in portal and status at "your application is being processed". Eligible small businesses, nonprofits, and agricultural businesses in all U.S. states and territories can apply. It's fixed! Got another email Your application is being processed by the SBA Can you get denied from here? Privacy Policy. Wish their (SBA) process was more transparent and smoother. Correct email address is: CovidEIDLIncreaseRequests@sba.gov. The SBA also launched the SBA Economic Injury Disaster Loan Portal to simplify the process of checking loan statuses. 04/19/2020: Initial SBA EIDL Loan funded, Terms, Payments to start in 12 months, 3.75% for 30 years, 04/07/2021 at 6.47 am CDT: SBA sends me an 'Increased Loan Limits' email (Image #1). I was in reconsideration (7/2021)and my portal was reactivated a week ago. I'm in recon due to credit since 7/22, this is from an original application back in May 2020. hb```"NVB eama> Q0Awo$RNH1qti5V@vFsu:R|~*0~y*GS^ uwtt00C(D2A!8DP Here are the top 5 reasons that applications are being held by the SBA: Duplicate submission - Borrower filled out an application with another lender and that other lender submitted it to the. Log into account on . I took a modest amount based on six-months revenue minus the amount that my current revenue would cover. 6 The investigation has revealed that at least one other EIDL application was submitted from the Nunez IP Address registered to SUBJECT PREMISES-2 by Individual-2, an individual whose identity is known to your affiant and who does not reside at SUBJECT PREMISES-2. Hello everyone please I need help and needed to be sure if my loan is still processing and will hopefully get an approval email, I applied for the SBA EIDL loan 30/ July and got portal email same day, I registered my account and was eligible for $150k I accepted full amount and my credit score was pulled same day, my credit score was formerly 630 and was pulled then I got credit report and I dropped to 613 on my credit report, showing on my portal link my application has been received and processing, my identity confirmed and verified and still havent gotten any email from the SBA for an approval or denied letter, I still dont know what my chances are for the loan but hopefully will I be approved and have to wait until I get the next letter, Scan this QR code to download the app now. In September, I received an email telling me that I had be declined due to "Applicant requests a withdrawal or fails to proceed", Immediately sent a request for review to "pdcrecons", Three minutes later got a call from a LO telling me that she had canceled my application and that I would need to re-apply in order to try and get past a "glitch" in the system that was stopping the processing of the FUNDING of my increase.
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your application is being processed sba eidl 2021