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Honest Tune
LSU Fan
Bucktown, La
Member since Dec 2011
8892 posts

re: EIDL Increase Email
quote:

A board resolution requesting the loan.


Can you touch on this a bit? I wasn’t sure what sort of document this needed to be. I’m a small biz and basically I’m the “board”.


greygoose
Auburn Fan
Member since Aug 2013
5528 posts

re: EIDL Increase Email
quote:

Can you touch on this a bit? I wasn’t sure what sort of document this needed to be. I’m a small biz and basically I’m the “board”.

I can. They basically want something written that states that the board met before the loan was accepted, and agreed to the terms of the loan. I'm in the same boat as you. I hold every executive position from President down to Secretary.


VABuckeye
Ohio State Fan
Oak Hill, VA
Member since Dec 2007
29569 posts

re: EIDL Increase Email
^^^^

I'm not on the computer with the folder that I have my resolution stored on. I can post it later.


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Honest Tune
LSU Fan
Bucktown, La
Member since Dec 2011
8892 posts

re: EIDL Increase Email
Thanks goose


VABuckeye
Ohio State Fan
Oak Hill, VA
Member since Dec 2007
29569 posts

re: EIDL Increase Email
We had to recraft our letter today. They are very specific about the language of the letter. They specifically want the title after every appearance of your name and require the other language in the letter. This one should get approved. If I have to modify it at all I'll pass the information along.

Additionally, you have to have an insurance clause insuring your business assets up to 80% of their value.

quote:

To whom it may concern,

On May 25, 2021, (Principal signee) (Member-Manager) and (other member) (Member) met and chose to request an EIDL loan modification of up to $XXXXXX. We approve a board resolution for this loan to be taken on by (insert company name here). (Principal signee) (Member-Manager) is designated as the signatory on the loan and to sign the loan documents and authorizes the request for the modification of the loan up to $XXXXXX upon completion of the loan modification. (Insert company name here) accepts the SBA EIDL Loan for up to $XXXXXX.
Our EIDL application number is XXXXXXXXXX and our loan number is XXXXXXXXXXX. Thank you for considering our request.

Regards,



ETA: We are at the compliance stage of the loan so once this passes I believe we are close to funding. You are also to write your title after your signature.
This post was edited on 5/26 at 1:15 pm


ithad2bme
LSU Fan
Houston transplant from B.R.
Member since Sep 2008
3100 posts

re: EIDL Increase Email
We did all of this for the first EIDL loan round, did you guys have to do it again or did they not request it the first time?


Honest Tune
LSU Fan
Bucktown, La
Member since Dec 2011
8892 posts

re: EIDL Increase Email
They requested it after I was funded last year, but I still haven’t handled it. I will now and hopefully that speeds up the process.


Honest Tune
LSU Fan
Bucktown, La
Member since Dec 2011
8892 posts

re: EIDL Increase Email
quote:

VABuckeye


Thanks for posting that.


VABuckeye
Ohio State Fan
Oak Hill, VA
Member since Dec 2007
29569 posts

re: EIDL Increase Email
quote:

We did all of this for the first EIDL loan round, did you guys have to do it again or did they not request it the first time?


The information requested is much more specific than it was the first time around. This is probably because of the increased loan amounts requested. My letter of resolution and insurance coverage did not pass compliance for the second round of funding.


VABuckeye
Ohio State Fan
Oak Hill, VA
Member since Dec 2007
29569 posts

re: EIDL Increase Email
The board resolution I post above was approved so use that for a template.

I just supplied the final insurance document that was requested and it's being sent to legal for review. That should be our last step. I will say that my SBA loan officer has been extremely responsive and helpful.

Fingers crossed that we get final approval soon and fund shortly afterwards.


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Honest Tune
LSU Fan
Bucktown, La
Member since Dec 2011
8892 posts

re: EIDL Increase Email
That’s awesome, good luck to you and yours!


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greygoose
Auburn Fan
Member since Aug 2013
5528 posts

re: EIDL Increase Email
You will get a phone call at some point! I did it when they asked for it, 6 months ago, but there server's rejected my email. I didn't catch that. Last month, I got a call from a paralegal with the SBA, wanting that immediately.


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ithad2bme
LSU Fan
Houston transplant from B.R.
Member since Sep 2008
3100 posts

re: EIDL Increase Email
quote:

The information requested is much more specific than it was the first time around. This is probably because of the increased loan amounts requested. My letter of resolution and insurance coverage did not pass compliance for the second round of funding.


We emailed the loan officer who handled our first round and had requested these items previously to see if they needed to be updated for round 2. We were told only the amounts needed to be updated, and were told if we could update and send back she would get them updated in the system.

If you had someone you were communicating with before, you may try to reach out to them to expedite getting your information updated and things moving forward.


VABuckeye
Ohio State Fan
Oak Hill, VA
Member since Dec 2007
29569 posts

re: EIDL Increase Email
Done!! Just got the call that all of our documents have been accepted and our loan is approved. I am pumped.


Im4datigers
LSU Fan
Northern Virginia
Member since Oct 2003
3374 posts

re: EIDL Increase Email
Any new news here for anyone? Anybody been funded yet?


VABuckeye
Ohio State Fan
Oak Hill, VA
Member since Dec 2007
29569 posts

re: EIDL Increase Email
Not yet. Hoping it's soon.


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greygoose
Auburn Fan
Member since Aug 2013
5528 posts

re: EIDL Increase Email
quote:

Any new news here for anyone? Anybody been funded yet?

Ha! I called the other day and was told they still didn't have my tax transcripts from the IRS. It's been over 6 weeks since they requested them!


VABuckeye
Ohio State Fan
Oak Hill, VA
Member since Dec 2007
29569 posts

re: EIDL Increase Email
Have you been told that your loan is approved pending funding?


shawnlsu
LSU Fan
Member since Nov 2011
20871 posts

re: EIDL Increase Email
quote:

Done!! Just got the call that all of our documents have been accepted and our loan is approved. I am pumped.



I didn't see this the other day. Congrats!
I'm still waiting on "the call"


VABuckeye
Ohio State Fan
Oak Hill, VA
Member since Dec 2007
29569 posts

re: EIDL Increase Email
Thanks. Hope you get your call soon.

Fingers are crossed that we fund very soon.


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