SBA EIDL Anyone Recieve It?

Just recently got it. It's a 14 page document discussing the loan. Still waiting for the money to enter the account.

When you applied you put down your annual revenue, cost of goods sold and some other items. I had a slider up to $150k. I chose less and the funds hit my account today.

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When you applied you put down your annual revenue, cost of goods sold and some other items. I had a slider up to $150k. I chose less and the funds hit my account today.

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I definitely remember putting cogs and revenue. I didn't have a slider though. Curious to see what they offer.

Yes it is!

All of our approved clients have funded. About 20% were turned down for different reasons.

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When you get the email from the SBA starting the application and approval process you will see the slider. I'm sort of kicking myself for not sliding it all the way up. Pretty cheap moeny.

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I slid ours below $25k just to not have to worry about the guarantees and/or collateral. It's actually going to good use because we needed to pay a few 1099 contractors, but their work had yet to be reimbursed because of receivable delays due to the 'rona.

Received the 10k "grant about the same time we received the PPP loan. (Applied for the EIDL grant before we knew ever heard of PPP).

Get occasional email from SBA - always reply telling them we don't want a loan and plan to return the 10K. Never hear from anyone. I guess well sort thru it when we apply for PPP forgiveness.

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Get occasional email from SBA - always reply telling them we don't want a loan and plan to return the 10K

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You don’t have to return the grant (the 10k), it’s a grant.

Received the $10k mid-May, just received the email with the ability to accept the application. Now waiting for processing and funding

Hey guys, any help would be appreciated! I’ve asked my loan officer and she said she wasn’t able to answer my questions. I applied and got approved for $150k. I am waiting to sign closing docs but had a few questions.

1. What is the collateral that is being mentioned in closing documents?



2. Are there any pre-payment penalties? Or can we pay this loan back faster than 30 years?



3. Once documents are signed, when can we expect funds and will funds come in a lump sum deposit for the total amount of loan, or does loan come in increments?