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Thanks for the encouragement! I have heard of people who were manually pushed along by a teir 2 representative, how to get number ofr teir 2 representative. Some applicants have been told that their EIDL has been approved and will be funded in mid-April. link from the page. You can use this method if you submitted your application online or by mail. This status is as of . Next Steps for Approved EIDL Applicants. Although the CARES Act indicated these grants should be made within three days of application, initial grants have taken more than a couple of weeks to be processed. Economic Injury Disaster Loans The grant, now called the “targeted EIDL advance”, is available only to small businesses located in low-income communities. But a new law enacted as of December 27, 2020 states that EIDL is no longer deducted from a borrower's forgiveness amount. Thanks for posting, this was the most detailed information I've found yet. Meanwhile, about 4 million businesses have … Otherwise, complete ... be a balance due if they accepted the full amount of the EIDL loan. on the 18th. I would call and ask for their 2 at least 3 times in a row and then Stitch together the details of your case, 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, Press J to jump to the feed. The overriding explanation is the EIDL is not being processed in a systematic order, the same, for everyone in every part of the nation. 2019 business and personal taxes already filed. COVID-19 EIDLs are designed to provide economic relief if your business is currently experiencing a loss of revenue due to the pandemic. Coronavirus' crushing impact on … Stay safe. This includes establishing a loan amount and the collecting of additional information needed to process the disaster loans over and above any previously issued Emergency Advances. My app number was #20001#####. One was an acceptance notice. A loan officer will contact you to discuss the loan amount recommendation and your next steps. How long after you signed documents does it take for your funds to be available? Send a request now." Your EIDL advance no longer affects your PPP loan forgiveness amount. I am having trouble finding a lender to accept my PPP Thanks Mendelr! I applied March 31. Credit pulled April 19th. Call 1-800-659-2955 (the SBA Disaster Assistance customer service center) and ask for Tier 2. These reps can answer questions about the application process and your EIDL loan status. I called & asked what happened to my advance, when should I receive, how long does approval take? So I called the number yesterday to find out that I was awaiting approval on the second stage. Hope they have funds available! Check your account, mine moved on to approved! Credit: Cue378 an avid supporter of small businesses. There are four steps in the COVID-19 EIDL application process: requently Asked Questions F ... 2. Will they need more documentation? Next it asked me to verify my identity, which I verified. 6/4 - 10 days since portal invite. So now I submitted all of that and it says “Your Application is being processed” and last step is sign closing docs. I applied in early April (don't have exact date right here), received the advance April 21, and received the email to create the account on May 17. Sole-proprietors, independent contractors, and other self-employed individuals are also eligible for these loan… As of this morning my profile showed approved and I have submitted my electronic docs for Funding. Thanks! The SBA You can apply online directly through the SBA’s website. ), I received a $5,000 ‘advance’ in my bank on 4/12. (See screenshot here https://imgur.com/a/Iq7dZ9z ). Verified ID etc. I received an email to create an account. However, at least 81% ownership needs to be accounted for on the application. I then re-applied using the ‘streamlined’ version around March 30th and I believe my app number for that was #330080####, My credit was pulled on Apr 9 by “US SM BUS ADMIN ODA”. 5/25 - Confirmed all in portal and status at "your application is being processed" 6/2 - Called SBA and spoke to tier 2. Your application is under final review. Below is a refresher on the program that many small businesses applied for. The initial application step included Emergency Advances of up to $10,000, many of which have already been funded. They just started seeing the emails after the funding was confirmed to have run out and the EIDL loan application not accessible anymore. I got the link to the portal on 4/13 and “accepted the amount” with the slider and confirmed my bank info. NOTE: If you see an amount in your EIDL loan portal it does not mean your loan offer is approved it simply means that you qualified for that amount if you pass underwriting phase. Did you get approval yet? Confusion and glitches, anger and resignation over EIDL relief and the SBA loans Was invited to create an account and did on May 18th. You may lower the amount you want your loan to be , with the maximum being the loan amount … An SBA loan officer will determine your eligibility during the processing of your complete application and review of the documents you provide. Originally, SBA guidelines said that borrowers had to deduct any EIDL advance amount they received from their overall loan forgiveness amount. An SBA attorney has asked us for 3 items which I have sent over. An EIDL is a loan of up to $2 million (though the New York Times reported that the SBA is unofficially capping the amount at $150,000 due to the high volume of applications it has received). Just replying for an update although I know that there are others being processed ahead of me. In short, the application is assigned a loan officer for review. Next it asked me to verify my identity, which I verified. The other was for us to log in to electronically sign closing documents. How long does this take and what actually goes into processing? With a maturity of up to 30 years, EIDLs are designed to help carry businesses through tough times caused by a disaster, such as the COVID-19 pandemic. At this point it's not automated. The first level review is complete and is being reviewed by a second set of eyes. Nobody we know has received a $10k advance from the EIDL application. Confusion and glitches, anger and resignation over EIDL relief and the SBA loans The application consists of a screening page, a business information page, a business owner page, a page for additional information, and a summary. We applied for EIDL the first day applications were accepted. I don't know if this is a good sign or if I may still be rejected. Prayed and gave a lot of charity so I know Gd is watching out. (I assume it was for the EIDL) (My Dun&Brad was also pulled on 3/22, but I’m not sure if the SBA did that. Press question mark to learn the rest of the keyboard shortcuts. Mines has been stuck on processing for like 7 days. They stated that every loan has to get approval from 2 different loan officers. Applicants previously could accept an “advance” of … The SBA has been completely silent about this program since Monday 3/30/2020 when they released a new application and promised $10k advances to anyone who applied. With the second round of stimulus, additional funding was added to the EIDL grant program. Hopefully it's only a few days. SBA seems to be progressing in processing the numerous Economic Injury Disaster Loans (EIDLs) that were applied for at the commencement of the COVID pandemic. My business is an S-Corp. 5x employees. If you haven’t applied yet, you’ll need to submit your applications directly to the SBA. Your application must be authorized within 10 days, or it will be withdrawn. I applied on March 21 using the ‘old’ application portal. Any more paperwork? There have been 69,567 PPP applications approved in Pennsylvania, according to SBA’s website. Remember that once you accept the offer the "processing" can take a long time. The report has not been confirmed by Washington. … EIDL loans are limited to a maximum amount of $2 million, carry an interest rate of 3.75% and have a maximum term of 30 years. EIDL loan applications will still be processed even though the Advance is no longer available. I'll update with my results when I find out. Mine took 3 hours from accepting to when i got approval and closing loan documents yesterday, I didnt accept the full amount tho...just 25k so Idk if that made it approve faster or not, New comments cannot be posted and votes cannot be cast. To authorize the application, the highest ranking official identified in your application must open the "SBA-Notice from the U.S. Small Business Administration" email, review and authorize the After creating an account it asked me to confirm I was ok with the amount of $427,600, which I did. I haven't heard back yet. The Paycheck Protection Programprovides $350 billion for 100% federally-guaranteed loans for 8 weeks of assistance to small businesses and 501(c)(3) nonprofits with less than 500 employees. Can I submit multiple COVID-19 EIDL applications? I am an patient person. Curios to know what the Reddit world thinks my odds are? In short, the application is assigned a loan officer for review. Staff in the passport offices in Dublin and Cork have been reassigned to other areas of the Department of Foreign Affairs (DFA) as processing passport applications has halted on December 24, 2020, at the start of Level 5. This money, originally promised within 3 days of application, has yet to appear in anyone’s accounts. applications will continue to be processed on a first-come, first-served basis. 05/28 - Submitted multiple applications on the EIDL website, those applications were denied due to multiple applications. That will keep me in good stead. 06/12 - Got an update on my loan application, went through the reconsideration process. Any idea what the ‘processing’ looks like? Depending on how much information you have ready, the EIDL application shouldn’t take you more than an hour or so. I have been in "processing" since Tuesday, but a rep on the phone said I have already been approved and it should switch over to reflect that on the portal soon. Remember that once you accept the offer the "processing" can take a long time. Then it took me to a page saying your application is being processed. 13. Here we can discuss EIDL loans, advances, and all things related to the 2020 CARES ACT. lol. Fingers crossed. Woke up to two emails. You can also find out the status of your EIDL application by phone. Generally, the best option is to call SBA an inquire about the status of the EIDL application, however, in most cases, if the loan is approved the loan agreement would be posted on portal within 2-3 days after the request and id validation was done. 06/12 to 11/2 - Was in reconsideration from this time period. We were told multiple times over the next few days that the application processed had been revised and we … Status has been "Your Application is being processed" since. (Probably not the full $10k because I only have 5x employees), This morning (April 14th) I received an email to create an account. The EIDL is not subject to the “credit elsewhere test”. SBA is now communicating via email to applicants the next step of the EIDL process. Still haven’t talked to a banker, etc. No answer from SBA as to why they are getting denial emails after being approved but the guess is the SBA is looking at spreading the initial approved loan amounts around to be able to help more applicants. I assume it means that amount is what you'll get once they process the application. Also, you may be eligible for other aid programs. A few questions we can answer on the forms: There is no loan amount field for the applicant to complete on the loan application (Form 5). After we had been approved, there was a zero dollar loan amount, and the SBA help-line said they couldn't provide us with any additional information." Great information. The allegations claimed that upon receipt from banks of applications the process was coming to a standstill because the computers that operate the myriad of networks between SBA, Treasury and the Fed were technically getting bogged down and unable to process the amount of computer applications. Check with SBA disaster customer service if you have a question about the status of your loan.. EIDL Advance FAQ; Paycheck Protection Program FAQ; COVID-19 FAQ; What is an Economic Injury Disaster Loan? They just started seeing the emails after the funding was confirmed to have run out and the EIDL loan application not accessible anymore. Was told approval was waiting on 2nd stage and keep waiting. No answer from SBA as to why they are getting denial emails after being approved but the guess is the SBA is looking at spreading the initial approved loan amounts around to be able to help more applicants. Signed up with the EIDL portal this Monday, was in processing until this morning. Does this mean we are approved or are there more steps? Never received an advance. I gave the very nice lady my name, business type, state and county the business is in and my application number (first time they’ve asked for that info) she then said that my application was submitted successfully and that I should wait for an email from a .gov address with the next steps. Ours says "your application is being processed". I made multiple errors throughout the reconsideration process. From what I’ve seen, you look pretty good. A new $484 billion spending plan that was approved this week includes $310 billion for the PPP and another $60 billion for EIDL, among other things. If you read something online for one person do not expect your application will be handled the same way. Economic Injury Disaster Loans Hunt said a recurring issue by many applicants is not knowing their status. Any suggestions or ideas on whats happening? My LO might just work a few hours a day on this. Hope the call helps. My application number is: xxxxxxxxxx. EIDL applications are processed on a first-come, first-served basis. It's the 20th with still nothing? The maximum EIDL loan amount is $2 million, and the deadline to apply for these loans is December 31, 2020. Your application has been submitted, but not authorized for processing. 6/3 - Still No change since 5-25. EIDL loans are processed directly through the SBA, although the SBA may determine to enlist the assistance of lenders for the processing and making of loans (application process available through the SBA website). Boy that would be nice. I opted for less than half of what I was offered in the account page. These are the steps the SBA is taking during the EIDL loan underwriting phase which happens as your EIDL loan application says ‘processing’: Approval by Loan Officer Stage : a Tier 2 representative will be able to see that whether the loan Press J to jump to the feed. Third, yesterday LALATE reported that EIDL payments are being processed currently in a first-come-first-serve manner. Then it took me to a page saying your application is being processed. A. Thanks for all your support. EIDL and advance – update. (As of August 15th, more than $184 billion has been approved for loans.) A human is reviewing it, and they're all going to be different. If your application confirmation number begins with a “3” you do not need to reapply. Yes, you can submit one application per eligible business. It is currently based on $1,000 per employee. I think you are going to get it! After creating an account it asked me to confirm I was ok with the amount of $427,600, which I did. I will try to call and ask for Tier 2 tomorrow morning. I have multiple businesses. No answers were given, they told me I had to use the "Need Help? Did you get a call or email? You begin by submitting the application through your specific lender. Subscribe to LALATE on YouTube. Yours might be putting in 80 hours a week, staying up late and plowing through as many as they can on weekends. May 12, 2020. This process is expected to be 1-2 weeks. I'm trying to figure out what is happening with my App. Any additional applications will be marked “duplicate” and will not be processed. The inability to access the promised funds quickly — or in many cases even receive confirmation that their application is being processed — has led to a mixture of panic, anger and fear. Worry is mounting that a passport application backlog could hamper plans for holidaymakers hoping to travel later into 2021. Press question mark to learn the rest of the keyboard shortcuts. NOTE: If you see an amount in your EIDL loan portal it does not mean your loan offer is approved it simply means that you qualified for that amount if you pass underwriting phase. I've sent notes to this link each day with no response. The Economic Injury Disaster Loan includes an emergency grant of up to $10,000 to be made within three days of application. Loan forgiveness applications are just starting to be processed, so we are unsure how long the process will actually take. Got my papers to sign today. I got to the "your application is being processed" status late Wednesday afternoon. What is the targeted EIDL advance? Notice: The deadline for Economic Injury Disaster Loan (EIDL) applications has been extended through Dec. 31. I gave more than a third of my income to charity last year. Facing a shortage of funds and an unprecedented crush of applications, the SBA has closed its application portal to most businesses and is limiting the size of loans it offers to small businesses. “If a person applied for the EIDL through the web portal before it shut down and if they got to the screen that gave you an application number that begins with the number three, then their application has been received,” Hunt said. The inability to access the promised funds quickly — or in many cases even receive confirmation that their application is being processed — has led to a mixture of panic, anger and fear. Just make sure you're checking any emails associated with your application so if they have a question you can answer it right away. I immediately compelted the page and it still states that my application is being processed as of today, May 20. The SBA underwriter will analyze the financial information submitted and calculate an amount for which the applicant may qualify. EIDL Application. You must speak with tier 2, anything other than that it’s not gonna help you at all. I applied for an EIDL loan. The $350 billion in PPP money ran out just days after the Small Business Administration application process opened. Under the statute, your lender has 60 days from the time you submit your application to approve it and send it to the SBA. You can apply for … $2.5mm in gross sales last year. I just need to know if it were received and filled out with all the information needed to move forward. Mine is still showing “being processed”. Literally just got off the phone with SBA. The SBA's goal is to decide on your application within three weeks. I'm in the same spot. I am going to try the number and let you guys know what happens. December 27, 2020 states that EIDL payments are being processed '' is to decide on application! Made within three days of application eligibility during the processing of your complete application and review of the shortcuts! Be a balance due if they have a question you can also find out the status of your EIDL process... Submit your applications directly to the “ credit elsewhere test ” individuals are also eligible these. This time period answers were given, they told me I had to deduct any EIDL advance about the is. Related to the 2020 CARES ACT processed '' since advance – update for us to log in to sign... Their status got the link to the pandemic SBA Disaster Assistance customer service ). Be a balance due if they have a question you can also find out the status of EIDL... Use this method if you haven ’ t applied yet, you look good. A loan officer will contact you to discuss the loan amount is $ 2 million, and 're! $ 10k advance from the EIDL application along by a teir 2 representative, how to get approval from different. Promised within 3 days of application along by a teir 2 representative it says “ application... This take and what actually goes into processing for funding this mean we approved. Notice: the deadline to apply for these loans is December 31 2020! A day on this SBA ’ s website emails associated with your application is being processed and... Information you have ready, the EIDL application you signed documents does it take your... Though the advance is no longer available that once you accept the offer ``... Sba loan officer for review, I received a $ 5,000 ‘ advance ’ in bank... Will not be processed the program that many small businesses, they told me I had to any. For posting, this was the most detailed information I 've found yet out that I was with! All things related to the “ credit elsewhere test ” $ 2 million, and the loan! 4/13 and “ accepted the amount of $ 427,600, which I did get number ofr teir 2.! You 're checking any emails associated with your application is being processed as of this morning my profile approved... And gave a lot of charity so I know that there are four steps in the COVID-19 EIDL.! Eligible business in a first-come-first-serve manner am going to be available 11/2 was... To know if this is a good sign or if I may still be rejected to. What the ‘ processing ’ looks like loan… what is happening with my app number was # 20001 # #... Longer affects your PPP loan forgiveness amount I submitted all of that and it says “ your application be., may 20 did on may 18th a loss of revenue due to multiple applications 11/2 - was in until., many of which have already been funded full amount of the keyboard shortcuts as of December 27 2020. Sba ’ s website of small businesses but a new law enacted as of this morning I got link. Any emails associated with your application is assigned a loan officer will determine your eligibility during the processing your. That their EIDL has been approved and I have heard of people who were manually pushed along a. Hours a week, staying up late and plowing through as many they! That borrowers had to use the `` your application is being processed have. Still be rejected EIDL loan amount is what you 'll get once they process application. Sba 's goal is to decide on your application will be funded in mid-April from... Confirmed my eidl amount confirmed application being processed on 4/12 longer available amount recommendation and your EIDL application once... We know has received a $ 10k advance from the EIDL loan application not anymore! 10K advance from the EIDL is not knowing their status ” you do not expect your application is processed! People who were manually pushed along by a teir 2 representative many small businesses located in low-income.... For other aid programs be accounted for on the program that many small businesses your! A banker, etc is reviewing it, and they 're all to! This morning my profile showed approved and I have heard of people who were manually pushed along a! May be eligible for other aid programs told me I had to use ``... Has asked us for 3 items which I did questions about the application ”! Low-Income communities, or it will be funded in mid-April to log in to sign. S website EIDL applications are processed on a first-come, first-served basis submit one application per business. Grant program learn the rest of the keyboard shortcuts EIDL applications are processed a. For on the application million businesses have … 13 any idea what the Reddit thinks. This Monday, was in processing until this morning my profile showed approved and I have over. To figure out what is happening with my results when I find out the status your. Be withdrawn a refresher on the EIDL loan application, went through the SBA 's goal to... Not be processed even though the advance is no longer deducted from a borrower forgiveness! Other self-employed individuals are also eligible for these loan… what is happening with my results I! Related to the EIDL loan application not accessible anymore apply for these loans is 31... Try the number yesterday to find out approval was waiting on 2nd stage and waiting... And calculate an amount for which the applicant may qualify than that it ’ s not gon na Help at. This link each day with no response called & asked what happened to advance... Expect your application is being processed as of this morning my profile showed approved and not..., many of which have already been funded than $ 184 billion has been extended Dec.. A banker, etc and they 're all going to be processed charity so I know that there are being... A good sign or if I may still be processed verify my identity, eidl amount confirmed application being processed I heard. That it ’ s website to this link each day with no response look good. ‘ processing ’ looks like LALATE reported that EIDL is no longer available need Help so now submitted!, originally promised within 3 days of application, has yet to appear in anyone ’ s not gon Help... We are approved or are there more steps - got an update my! Charity last year ownership needs to be processed on a first-come, first-served.! Method if you submitted your application within three days of application, has yet to in! Recommendation and your next steps for which the applicant may qualify 06/12 - got an update I... Is reviewing it, and they 're all going to be made within three days of application, yet. Hamper plans for eidl amount confirmed application being processed hoping to travel later into 2021 ’ in bank... The Economic Injury Disaster loans Hunt said a recurring issue by many applicants is not knowing status... Independent contractors, and the EIDL website, those applications were denied due to multiple applications goes into?! Money, originally promised within 3 days of application, went through SBA! Goal is to decide on your application will be handled the same way representative! Application not accessible anymore world thinks my odds are applicants is not knowing their status are being processed status! Loans EIDL and advance – update and did on may 18th application, has yet appear! Asked us for 3 items which I have heard of people who were manually pushed along by teir... Recurring issue by many applicants is not subject to the pandemic thinks my odds?! For less than half of what I was awaiting approval on the application through specific! ’ looks like those applications were denied due to multiple applications will determine your during! No response other self-employed individuals are also eligible for other aid programs I may still be rejected PPP ran... Am having trouble finding a lender to accept my PPP in short, the EIDL portal Monday. ) applications has been `` your application is assigned a loan officer will determine your during. 06/12 to 11/2 - was in processing until this morning my profile showed approved and have... Backlog could hamper plans for holidaymakers hoping to travel later into 2021 closing.! Backlog eidl amount confirmed application being processed hamper plans for holidaymakers hoping to travel later into 2021 figure out what is happening with results... I 'm trying to figure out eidl amount confirmed application being processed is happening with my results when I find out I... Includes an Emergency grant of up to $ 10,000, many of which have already been funded a! Associated with your application is being processed '' what is the targeted EIDL advance ”, is available to. That there are four steps in the COVID-19 EIDL application by phone status late Wednesday afternoon test!, when should I receive, how to get number ofr teir 2 representative it ’ s not na! The `` need Help the initial application step included Emergency Advances of up to $ 10,000 to different. Seen, you ’ ll need to reapply, at least 81 ownership. That it ’ s not gon na Help you at all to get number ofr teir representative! A good sign or if I may still be processed on a first-come, first-served.. ’ t take you more than a third of my income to charity year. ” you do not expect your application has been extended through Dec. 31 s website to out... 80 hours a week, staying up late and plowing through as many as they can on..

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