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Jerrysworld
LSU Fan
Lafayette
Member since Sep 2016
81 posts

EIDL Increase Email
I still havent received the email for an option to increase EIDL loan. Any one else?


ithad2bme
LSU Fan
Houston transplant from B.R.
Member since Sep 2008
3108 posts

re: EIDL Increase Email
Haven't seen it for our business


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VABuckeye
Ohio State Fan
Oak Hill, VA
Member since Dec 2007
29590 posts
 Online 

re: EIDL Increase Email
I started a thread on it when the announcement was made. We received the email on April 6th and have received two subsequent emails. One email asked for some documentation which we immediately provided and stated that we were in a first come first serve queue. We have been very quick to respond to all of their correspondence.


WhoGeaux
New Orleans Saints Fan
Member since Apr 2011
2604 posts

re: EIDL Increase Email
Has anyone received the funds yet? Also there was discussion of increased amounts for the SBA loans, anyone received their increase yet?


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greygoose
Auburn Fan
Member since Aug 2013
5652 posts

re: EIDL Increase Email
quote:

I started a thread on it when the announcement was made. We received the email on April 6th and have received two subsequent emails. One email asked for some documentation which we immediately provided and stated that we were in a first come first serve queue. We have been very quick to respond to all of their correspondence.

That has been my experience as well. They wanted my 2019 tax return. I haven't heard anything from them since I sent it the same day it was requested.


Penn
USA Fan
Jax Beach
Member since Jan 2008
23262 posts

re: EIDL Increase Email
Same


shawnlsu
LSU Fan
Member since Nov 2011
20924 posts

re: EIDL Increase Email
We recieved one about 2 weeks ago and another yesterday asking for some more documents, which we immediately supplied. We were too young of a company a year ago to qualify for it, but did get a $1600 grant from it.
Hoping to convert one of these high interest business loans I took last summer to keep going, at minimum.


Penn
USA Fan
Jax Beach
Member since Jan 2008
23262 posts

re: EIDL Increase Email
Just read about another change SBA is putting out there, any one have updates


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VABuckeye
Ohio State Fan
Oak Hill, VA
Member since Dec 2007
29590 posts
 Online 

re: EIDL Increase Email
The first time around we had to supply personal 4506-T's. On Monday SBA requested 4506-T for the company. We're an LLC treated as an S-Corp so all they'll be pulling for the company is our 1120S but they are documenting this one up front instead of on the back end like they did the first time around.


greygoose
Auburn Fan
Member since Aug 2013
5652 posts

re: EIDL Increase Email
quote:

The first time around we had to supply personal 4506-T's. On Monday SBA requested 4506-T for the company. We're an LLC treated as an S-Corp so all they'll be pulling for the company is our 1120S but they are documenting this one up front instead of on the back end like they did the first time around.


They asked me for my 2019 corporate return a couple of weeks ago. This morning, I got an email wanting a 4506-T. They are definitely slow rolling this.


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LSUlove
LSU Fan
Louisiana
Member since Oct 2003
281 posts

re: EIDL Increase Email
I also received an email today asking for me to confirm the additional amount of funding I would like. Curious how long funding may actually take.


Joehat
LSU Fan
New Orleans West
Member since Jun 2011
730 posts

re: EIDL Increase Email
We heard today that some of the loan officers are denying these Increases if your 2019 gross revenue did not match with your EIDL application. Which is crazy, because many businesses only had projections last year when they filed for the loan, and did not know the actual gross number.


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10
ninthward
LSU Fan
Boston, MA
Member since May 2007
17494 posts
 Online 

re: EIDL Increase Email
I just got one email.


DandyPimp
LSU Fan
New Orleans
Member since Jan 2007
988 posts

re: EIDL Increase Email
Have a small business and took $150,000 in the first round. Things have really picked up (service business) and i don't really need the money now but i did receive the email inviting me to apply for a supplement.

Have talked to a few people that are in the same position and they are going to apply for more even though they don't need it now, due to the attractive terms.

I'm on the fence. Rate and term are attractive but i hate taking on debt.

Anyone else in the same position? What are you doing?


Tigerpaw123
USA Fan
Louisiana
Member since Mar 2007
15417 posts

re: EIDL Increase Email
quote:

Have a small business and took $150,000 in the first round. Things have really picked up (service business) and i don't really need the money now but i did receive the email inviting me to apply for a supplement. Have talked to a few people that are in the same position and they are going to apply for more even though they don't need it now, due to the attractive terms. I'm on the fence. Rate and term are attractive but i hate taking on debt. Anyone else in the same position? What are you doing?


I may be in a similar situation, don’t forget that anything over 200K requires a personal guarantee, that is a no go for me right now, so do I apply for an additional 49,999? I think I am going to sit tight for a while and see how this thing plays out


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Nephropidae
LSU Fan
Brentwood
Member since Nov 2018
1556 posts
 Online 

re: EIDL Increase Email
quote:

Anyone else in the same position? What are you doing?
I got the email and stated the new updated max. System has been glitching according to customer service I spoke with... next steps are all whacked out.

I'm definitely taking as much as possible due to favorable rates and because PPP didn't help our type of business. We'll see.


LSUlove
LSU Fan
Louisiana
Member since Oct 2003
281 posts

re: EIDL Increase Email
I’m in the same position. I hate to take on debt, but I would rather this debt with the favorable rates and sitting on the cash then possibly needing additional funding a couple of years from now and having to pay more for it.


VABuckeye
Ohio State Fan
Oak Hill, VA
Member since Dec 2007
29590 posts
 Online 

re: EIDL Increase Email
That is exactly how I feel.


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Penn
USA Fan
Jax Beach
Member since Jan 2008
23262 posts

re: EIDL Increase Email
Declined letter, not in low income area


greygoose
Auburn Fan
Member since Aug 2013
5652 posts

re: EIDL Increase Email
quote:

I got the email and stated the new updated max. System has been glitching according to customer service I spoke with... next steps are all whacked out.

I'm definitely taking as much as possible due to favorable rates and because PPP didn't help our type of business. We'll see.
They sent me an email on the 28th, asking for a 4506-T. I sent it immediately. Yesterday, I got the same email again.


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