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re: Has anyone STILL not heard back about their EIDL loan application?
Posted on 5/14/20 at 8:42 pm to JumpingTheShark
Posted on 5/14/20 at 8:42 pm to JumpingTheShark
Just have to be patient. By the date your client is at least a week behind me in the queue.
1
Posted on 5/15/20 at 8:09 pm to VABuckeye
Got my loan docs to sign today. I’m assuming funds will deposit on Monday. So about 5 days from verification and approval of loan amount.
Posted on 5/16/20 at 11:06 pm to JumpingTheShark
SBA pulled my credit about 1.5 weeks ago. No advance. No follow up emails. Nada.
Posted on 5/17/20 at 8:41 am to Gr8t8s
I just got the email to move to the next step for EIDL application.
Posted on 5/17/20 at 8:46 am to Gr8t8s
So I have two companies. I applied for EIDL for both of them within minutes of both apps on March 30. I had two credit pulls one day after the other in April. I received an advance for one the same day I was funded for PPP, April 12th. Radio silence on the other.
Last Monday I received the email asking me to make an account and go through the steps for funding for the company I received the advance for. On Friday I received an email asking me to make an account for the second company. First time I had heard anything regarding this app. When I went through the verification process there is an area for electronic disbursement. I clicked on that and there was a note saying that they couldn’t verify my bank account. I called SBA and they said that my bank account name doesn’t match my what I gave them as my business name. On my account I have my dba listed.
She made a note of that and said that I should receive my advance now and funding shouldn’t be an issue. I asked her If I would have ever been contacted regarding that error since I had no idea what the problem was. She said no, but eventually it would have probably worked it’s way out.
Just wanted to mention this may be a similar issue you are running into but you may not know until you receive the account creation email.
Last Monday I received the email asking me to make an account and go through the steps for funding for the company I received the advance for. On Friday I received an email asking me to make an account for the second company. First time I had heard anything regarding this app. When I went through the verification process there is an area for electronic disbursement. I clicked on that and there was a note saying that they couldn’t verify my bank account. I called SBA and they said that my bank account name doesn’t match my what I gave them as my business name. On my account I have my dba listed.
She made a note of that and said that I should receive my advance now and funding shouldn’t be an issue. I asked her If I would have ever been contacted regarding that error since I had no idea what the problem was. She said no, but eventually it would have probably worked it’s way out.
Just wanted to mention this may be a similar issue you are running into but you may not know until you receive the account creation email.
Posted on 5/17/20 at 8:56 am to LSUlove
Yes. If your bank account doesn't match or something is incorrect you still get processed for the loan but won't receive an advance. When you have the ability to create the account you can correct any incorrect bank account information.
Posted on 5/18/20 at 7:14 am to VABuckeye
Loan proceeds were deposited today. In addition to the loan proceeds we received the initial $5000 grant for our five employees.
Posted on 5/18/20 at 8:22 am to VABuckeye
On may the 4th I received $1,000 deposit SBAD TREAS 310 MISC PAY however I've yet to receive anything on the loan.....
Posted on 5/18/20 at 10:33 am to basiletiger
When you you apply? By a May 4th date I’d think you are still in queue.
Posted on 5/18/20 at 12:28 pm to VABuckeye
I applied just a few days after it was announced.
Posted on 5/18/20 at 1:38 pm to basiletiger
Just got approved. Hope to have the money transferred soon. Don’t start paying for 12 months, 3.75 30 year loan.
Posted on 5/19/20 at 7:43 am to MrJimBeam
what did you receive to show that you were approved? I received $1,000. But haven't received anything on the loan yet....
Posted on 5/19/20 at 7:52 am to basiletiger
The 1k wasn’t part of the full amount I got. Received an email saying the loan was approved for application number 12345678. Then said to login to the portal within 30 days to complete which was mainly an e-signature.
Posted on 5/19/20 at 8:00 am to MrJimBeam
can you link where the email came from? Maybe it hit my spam account....?
Posted on 5/19/20 at 8:00 am to basiletiger
You receive an email to setup an account. When you login in the account it gives the status of your application. Once approved it will then tell you that it’s waiting for disbursement of loan proceeds.
Posted on 5/19/20 at 9:17 am to basiletiger
Chances are you are still in queue. I applied on March 30th. Funded for advance on April 12 and received loan email on May 11th. Funded for loan today. You probably have a few more weeks before you get the create an account email. It comes from a disastercustomerservice@sba email address.
Posted on 5/19/20 at 10:32 am to LSUlove
I just emailed them my application number. appreciate the help.
Posted on 5/23/20 at 10:10 am to basiletiger
I got the “your SBA application is ready for the next step” email. I see the max loan amount available (to me at least) is $150k. Was supposed to be $2 million. Quick google search found that due to overwhelming response they cut the max amount down to $150k and are no longer taking applications but are not really announcing this and it is unofficial. Anyone know more about this?
Posted on 5/23/20 at 11:14 pm to LSUlove
I know they say it, but I don't believe they are processed in order received. I applied the day it opened, reapplied with the shorter application as soon as that was possible. Just got the link/funded for EIDL/grant last week. I think it's based on some system/calculation based on the only inputs you can control (REV/COGS/Type of Business) in priority they deem most important. Who the hell knows, but it certainly was not in order of timing of applications.
Posted on 5/23/20 at 11:21 pm to rlp
quote:CPA friend said he's seeing a lot at that number.
$150k and are no longer taking applications but are not really announcing this and it is unofficial. Anyone know more about this?
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