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Started By
Message
What happened to the EIDL funds?
Posted on 4/9/20 at 11:21 am
Posted on 4/9/20 at 11:21 am
I applied last week and haven't seen anything or recieved an email from SBA as to status.
Does anyone know what is going on with this program? My CPE is having a meltdown with all the chaos, so I figured I'd leave him alone and see if anyone here as any info.
I poked around on the internet, but other than just SBA being slow, I don't see much. It was supposed to be a 3 day process.
Does anyone know what is going on with this program? My CPE is having a meltdown with all the chaos, so I figured I'd leave him alone and see if anyone here as any info.
I poked around on the internet, but other than just SBA being slow, I don't see much. It was supposed to be a 3 day process.
4
Posted on 4/9/20 at 11:26 am to Doctor Strangelove
seems that they are focusing on the PPP program first, just a hunch
I applied for both on the 1st. After many, many rounds of paperwork and requirement changes, my PPP application was approved today.
Haven't heard anything on my EIDL app.
I applied for both on the 1st. After many, many rounds of paperwork and requirement changes, my PPP application was approved today.
Haven't heard anything on my EIDL app.
Posted on 4/9/20 at 11:29 am to shawnlsu
has your loan been funded?
Posted on 4/9/20 at 11:31 am to Jerrysworld
no, just approved
However, she did ask where I wanted the funds deposited.
I suggest everyone that gets a PPP loan open a seperate checking account for those funds only. It will be much easier to audit for principle forgiveness later on.
However, she did ask where I wanted the funds deposited.
I suggest everyone that gets a PPP loan open a seperate checking account for those funds only. It will be much easier to audit for principle forgiveness later on.
This post was edited on 4/9/20 at 11:39 am
Posted on 4/9/20 at 11:46 am to shawnlsu
These are only for small business owners, correct?
I’m an independent contractor technically, (1099) but I don’t own the business. I’m basically an employee of a small business which is shut down currently. Am I eligible for anything other than unemployment?
I’m an independent contractor technically, (1099) but I don’t own the business. I’m basically an employee of a small business which is shut down currently. Am I eligible for anything other than unemployment?
Posted on 4/9/20 at 11:52 am to UFownstSECsince1950
Posted on 4/9/20 at 12:25 pm to shawnlsu
quote:
I suggest everyone that gets a PPP loan open a seperate checking account for those funds only. It will be much easier to audit for principle forgiveness later on.
This is good advice. Depending on the language in the loan docs, if audited, this may limit them to only the transactions that go in and out of that account. You may not have to open your entire businesses transactions.
I already have a separate account for all of my payroll activity, this is where my funds are being directed.
Posted on 4/9/20 at 2:38 pm to Doctor Strangelove
quote:
What happened to the EIDL funds?
Waaaay more applications than anticipated. Has completely overwhelmed the system.
PPP is being handled by banks, whereas EIDL is entirely being handled by the SBA. There are only so many people working for SBA who only have so much work capacity.
quote:
It was supposed to be a 3 day process.
It was never supposed to be a 3 day process. Originally, there was supposed to be an advance given within 3 days up to 10K. But the SBA has even backed off of that, now they say, an advance up to 10K will be made "within days" of the application.
Our government systems are not intended to handle this sort of load, and due to their age, are not easily scaled up.
Posted on 4/9/20 at 2:58 pm to Weekend Warrior79
quote:
I already have a separate account for all of my payroll activity, this is where my funds are being directed.
I do as well and was told to open another one and transfer exactly what payroll was each run into my payroll account. Same for rent out of my GF account.
FYI, I was prompted to do the entire EIDL application over again today via my online account. No idea why but it did give me a 2nd application #
This post was edited on 4/9/20 at 2:59 pm
Posted on 4/9/20 at 3:12 pm to shawnlsu
Damn, I wish I could get through the EIDL process. The SBA site is fubar for my county. It only lists floods as the disaster and I can't get past that page.
Posted on 4/9/20 at 3:13 pm to shawnlsu
quote:
FYI, I was prompted to do the entire EIDL application over again today via my online account. No idea why but it did give me a 2nd application #
Was there any change in the application process? Were you able to select how much money you wanted to borrow this time?
Posted on 4/9/20 at 3:25 pm to Weekend Warrior79
quote:
Was there any change in the application process? Were you able to select how much money you wanted to borrow this time?
no, same exact application as last week
Posted on 4/9/20 at 3:26 pm to shawnlsu
Just clicked on the banner. What I see available is:
PPP
EIDL Loan Emergency Advance
SBA Express Bridge Loans
SBA Debt Relief
PPP
EIDL Loan Emergency Advance
SBA Express Bridge Loans
SBA Debt Relief
Posted on 4/9/20 at 3:27 pm to VABuckeye
Posted on 4/9/20 at 3:32 pm to shawnlsu
Thanks. I've done that one before. That's it? No number assigned, no documentation required, nothing?
Posted on 4/9/20 at 3:37 pm to VABuckeye
I got a number assigned at the end of it. hold on ill upload a screenshot
This post was edited on 4/9/20 at 3:42 pm
Posted on 4/9/20 at 3:41 pm to shawnlsu
I do have a number. Thank you. I printed it out. There's just no status update when I log in, nothing.
I'm probably just anxious. We took on a huge project for us in February and literally poured every resource we had into it. All materials purchased up front which drained cash reserves. Once those invoices are paid I can wait out this process but until then I'm on pins and needles.
I'm probably just anxious. We took on a huge project for us in February and literally poured every resource we had into it. All materials purchased up front which drained cash reserves. Once those invoices are paid I can wait out this process but until then I'm on pins and needles.
Posted on 4/9/20 at 3:44 pm to VABuckeye
I'm somewhat in the same boat.
This post was edited on 4/9/20 at 4:00 pm
Posted on 4/9/20 at 4:13 pm to Doctor Strangelove
I watched a Democrat senator argue on the floor of the senate today in response to Mitch that all the EIDL money had been spent. I find that hard to believe based on the other five page thread where no one has received any money from the EIDL.
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