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Started By
Message
EIDL Loan
Posted on 5/1/20 at 9:07 pm
Posted on 5/1/20 at 9:07 pm
Anyone still waiting on this? Applied about a month ago and I haven't heard a single thing. Called the SBA, they were quick to answer with no hold but couldn't give me any details. Seems like this program is an epic clusterfrick. Wasn't eligible for PPP because my payroll is almost all 1099s so the EIDL was my only real option.
5
Posted on 5/1/20 at 9:19 pm to Saint5446
One of our entities started a SBA loan back in November, they typically have a 90 day fund period. Target date was end of Feb. still haven’t received funding. Here is the kicker, because we were approved for the loan we aren’t eligible for PPP. So, we are waiting for all the PPP loans to be processed and funded before we get funded.
It’s been a glorious two months considering we own a clinical lab that is testing for COVID.
It’s been a glorious two months considering we own a clinical lab that is testing for COVID.
Posted on 5/1/20 at 9:20 pm to Saint5446
got my grant waiting on loan now.
Posted on 5/1/20 at 9:25 pm to Saint5446
Yeah same here Got my grant today. Hopefully loan comes in soon. Did you call the SBA and give them your application number?
Posted on 5/1/20 at 9:53 pm to Fat Bastard
quote:#metoo
got my grant waiting on loan now.
Posted on 5/1/20 at 10:20 pm to greygoose
I got my grant on 4/14. Haven't heard a peep since.
Posted on 5/2/20 at 1:48 pm to Whodatforlife21
quote:
Did you call the SBA and give them your application number?
What are the on-hold times for this call? I'm in same boat as everyone else I've talked to: $1,000 per employee grant (I have one employee). Shortly after an email update from SBA saying nothing. And nothing.
I'm finally in the PPP process. Approved but haven't received note to sign. Don't know it it's gonna be worth it in my case.
Posted on 5/3/20 at 1:57 am to McLemore
SBA hold times are like 5-10 mins. I just received an email at 12:30am from the SBA. This is what they send me.
quote:
Dear Applicant, We understand the challenges your business is facing due to the massive disruption caused by the Coronavirus (COVID-19) pandemic. You are receiving this message as a notification that your Economic Injury Disaster Loan (EIDL) application is currently being processed in the order it was received. You will receive an email notification when there is a change to your application status. Without question, COVID-19 has caused an extraordinary impact on our nation's small businesses, and the demand for emergency working capital provided by the EIDL program is at historic levels. The SBA is processing applications from small businesses and private non-profit organizations across the country as quickly as possible. We thank you for your patience and understanding as we work to assist as many applicants as possible.
Posted on 5/3/20 at 7:59 am to Whodatforlife21
Yep same email. I guess I'll call them.
Posted on 5/3/20 at 9:12 am to McLemore
I got the same email this morning. 5 weeks after submitting. And they wonder why ppl are so hell bent on going back to work.
Posted on 5/3/20 at 9:24 am to gsvar2004
They have millions of applications. It's just going to take time for all of theses applications to get through the system. It's a fully underwritten loan from the SBA. It's not a rubber stamp deal like PPP loans.
Posted on 5/3/20 at 9:40 am to gsvar2004
Received the same email yesterday. I applied back on 22 MAR first time. I know of three businesses who received their EIDL loans and applied well after me. They are NOT being processed in order they were submitted.
These three businesses did receive EIDL loans for the oil spill so I don’t know if that has anything to do with it.
I had a previous SBA 7a loan that was paid in full so I’m “in the system” already.
These three businesses did receive EIDL loans for the oil spill so I don’t know if that has anything to do with it.
I had a previous SBA 7a loan that was paid in full so I’m “in the system” already.
Posted on 5/3/20 at 9:54 am to ABNRanger
Did you at least receive the grant money?
Posted on 5/3/20 at 10:09 am to Whodatforlife21
Yes along with two credit pulls back in March.
Posted on 5/3/20 at 11:49 am to ABNRanger
I called again this morning. They still "can't check the status on individual app #'s" but I did get some new info that I wasn't aware of
My original app # was a 2000xxxxx number. Those are not being processed due to the rules changing after those numbers were issued. the rep told me that my new 3000xxxx # should reference my original # and hold my place in line.
also verified that all communication should come through email once app is processed.
My original app # was a 2000xxxxx number. Those are not being processed due to the rules changing after those numbers were issued. the rep told me that my new 3000xxxx # should reference my original # and hold my place in line.
also verified that all communication should come through email once app is processed.
Posted on 5/4/20 at 9:26 am to shawnlsu
quote:
My original app # was a 2000xxxxx number. Those are not being processed due to the rules changing after those numbers were issued. the rep told me that my new 3000xxxx # should reference my original # and hold my place in line.
That's interesting. When did you apply that gave you a 2000XXXX number? I applied on 4/06 and received a 3000xxxx number.
I just received my $10k, now waiting to see how long before the actual loan is processed.
Posted on 5/4/20 at 10:32 am to Fat Bastard
quote:
got my grant waiting on loan now.
I got the EIDG and PPP deposited within hours of each other about 2 weeks ago....
I'm still waiting on the EIDL email to move forward with that program
Posted on 5/4/20 at 11:51 am to Saint5446
Still waiting. Applied on 3/21 using old form, applied again when prompted via email on 3/30. Was told those applications have been linked, of course no way to verify.
I just realized I actually got the grant on 4/21. Only one employee so it was $1k. Owner operated, and this shutdown happened during the time where we got 100% of our revenue last year so really counting on some help.
For those that had credit checks...was that on the business credit or individual credit? I can check my personal pulls through Chase, but haven’t had a check yet based on that info.
Are there any other financing options at the moment? We need to refinance our debt in a big way but nobody wants to talk about anything but PPP
I just realized I actually got the grant on 4/21. Only one employee so it was $1k. Owner operated, and this shutdown happened during the time where we got 100% of our revenue last year so really counting on some help.
For those that had credit checks...was that on the business credit or individual credit? I can check my personal pulls through Chase, but haven’t had a check yet based on that info.
Are there any other financing options at the moment? We need to refinance our debt in a big way but nobody wants to talk about anything but PPP
Posted on 5/6/20 at 4:24 pm to tgrbaitn08
Received the grant and the PPP loan within hours of each other as well back in the middle of April. Just received an email for me to create a password for an account for the EIDL loan. Gave me the amount that I was eligible for and asked me to verify my identity as well as confirm how much money I wanted.
Anyone here has taken an EIDL loan before? Typically, how long is the application process for a disaster type loan?
Still no word on my second business that I applied for within minutes of my first. Weird how one was granted the grant and the second one is radio silence.
Anyone here has taken an EIDL loan before? Typically, how long is the application process for a disaster type loan?
Still no word on my second business that I applied for within minutes of my first. Weird how one was granted the grant and the second one is radio silence.
Posted on 5/6/20 at 8:25 pm to LSUlove
Got grant money on Monday, PPP loan on 4/20.
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