I got to the "your application is being processed" status late Wednesday afternoon. The Economic Injury Disaster Loan includes an emergency grant of up to $10,000 to be made within three days of application. The application consists of a screening page, a business information page, a business owner page, a page for additional information, and a summary. Hope they have funds available! A human is reviewing it, and they're all going to be different. I have heard of people who were manually pushed along by a teir 2 representative, how to get number ofr teir 2 representative. Press question mark to learn the rest of the keyboard shortcuts. 2019 business and personal taxes already filed. Stay safe. 13. It's the 20th with still nothing? After creating an account it asked me to confirm I was ok with the amount of $427,600, which I did. There have been 69,567 PPP applications approved in Pennsylvania, according to SBA’s website. Although the CARES Act indicated these grants should be made within three days of application, initial grants have taken more than a couple of weeks to be processed. Also, you may be eligible for other aid programs. Yours might be putting in 80 hours a week, staying up late and plowing through as many as they can on weekends. Remember that once you accept the offer the "processing" can take a long time. Staff in the passport offices in Dublin and Cork have been reassigned to other areas of the Department of Foreign Affairs (DFA) as processing passport applications has halted on December 24, 2020, at the start of Level 5. If your application confirmation number begins with a “3” you do not need to reapply. Curios to know what the Reddit world thinks my odds are? Any additional applications will be marked “duplicate” and will not be processed. My LO might just work a few hours a day on this. Subscribe to LALATE on YouTube. In short, the application is assigned a loan officer for review. At this point it's not automated. The first level review is complete and is being reviewed by a second set of eyes. Next it asked me to verify my identity, which I verified. A new $484 billion spending plan that was approved this week includes $310 billion for the PPP and another $60 billion for EIDL, among other things. As of this morning my profile showed approved and I have submitted my electronic docs for Funding. Some applicants have been told that their EIDL has been approved and will be funded in mid-April. That will keep me in good stead. ), I received a $5,000 ‘advance’ in my bank on 4/12. Your application must be authorized within 10 days, or it will be withdrawn. Worry is mounting that a passport application backlog could hamper plans for holidaymakers hoping to travel later into 2021. Applicants previously could accept an “advance” of … NOTE: If you see an amount in your EIDL loan portal it does not mean your loan offer is approved it simply means that you qualified for that amount if you pass underwriting phase. I would call and ask for their 2 at least 3 times in a row and then Stitch together the details of your case, New comments cannot be posted and votes cannot be cast, More posts from the smallbusiness community, Questions and answers about starting, owning, and growing a small business, Press J to jump to the feed. The EIDL is not subject to the “credit elsewhere test”. Literally just got off the phone with SBA. Verified ID etc. How long does this take and what actually goes into processing? I'll update with my results when I find out. Great information. I am having trouble finding a lender to accept my PPP Press J to jump to the feed. After creating an account it asked me to confirm I was ok with the amount of $427,600, which I did. So now I submitted all of that and it says “Your Application is being processed” and last step is sign closing docs. Press question mark to learn the rest of the keyboard shortcuts. Status has been "Your Application is being processed" since. Never received an advance. I opted for less than half of what I was offered in the account page. Economic Injury Disaster Loans I haven't heard back yet. I gave more than a third of my income to charity last year. 6/3 - Still No change since 5-25. Your application has been submitted, but not authorized for processing. After we had been approved, there was a zero dollar loan amount, and the SBA help-line said they couldn't provide us with any additional information." (See screenshot here https://imgur.com/a/Iq7dZ9z ). If you haven’t applied yet, you’ll need to submit your applications directly to the SBA. One was an acceptance notice. Coronavirus' crushing impact on … Hope the call helps. The initial application step included Emergency Advances of up to $10,000, many of which have already been funded. I have multiple businesses. The Paycheck Protection Programprovides $350 billion for 100% federally-guaranteed loans for 8 weeks of assistance to small businesses and 501(c)(3) nonprofits with less than 500 employees. EIDL loan applications will still be processed even though the Advance is no longer available. A. The $350 billion in PPP money ran out just days after the Small Business Administration application process opened. From what I’ve seen, you look pretty good. The report has not been confirmed by Washington. Thanks for all your support. I applied March 31. Credit pulled April 19th. Below is a refresher on the program that many small businesses applied for. Meanwhile, about 4 million businesses have … Send a request now." Otherwise, complete ... be a balance due if they accepted the full amount of the EIDL loan. The maximum EIDL loan amount is $2 million, and the deadline to apply for these loans is December 31, 2020. Check with SBA disaster customer service if you have a question about the status of your loan.. EIDL Advance FAQ; Paycheck Protection Program FAQ; COVID-19 FAQ; What is an Economic Injury Disaster Loan? What is the targeted EIDL advance? NOTE: If you see an amount in your EIDL loan portal it does not mean your loan offer is approved it simply means that you qualified for that amount if you pass underwriting phase. Will they need more documentation? If you read something online for one person do not expect your application will be handled the same way. These are the steps the SBA is taking during the EIDL loan underwriting phase which happens as your EIDL loan application says ‘processing’: Approval by Loan Officer Stage : a Tier 2 representative will be able to see that whether the loan This includes establishing a loan amount and the collecting of additional information needed to process the disaster loans over and above any previously issued Emergency Advances. You can also find out the status of your EIDL application by phone. You must speak with tier 2, anything other than that it’s not gonna help you at all. With the second round of stimulus, additional funding was added to the EIDL grant program. The SBA underwriter will analyze the financial information submitted and calculate an amount for which the applicant may qualify. A few questions we can answer on the forms: There is no loan amount field for the applicant to complete on the loan application (Form 5). Then it took me to a page saying your application is being processed. (I assume it was for the EIDL) (My Dun&Brad was also pulled on 3/22, but I’m not sure if the SBA did that. They stated that every loan has to get approval from 2 different loan officers. (As of August 15th, more than $184 billion has been approved for loans.) Loan forgiveness applications are just starting to be processed, so we are unsure how long the process will actually take. Hopefully it's only a few days. Next it asked me to verify my identity, which I verified. Did you get a call or email? With a maturity of up to 30 years, EIDLs are designed to help carry businesses through tough times caused by a disaster, such as the COVID-19 pandemic. Originally, SBA guidelines said that borrowers had to deduct any EIDL advance amount they received from their overall loan forgiveness amount. We were told multiple times over the next few days that the application processed had been revised and we … Remember that once you accept the offer the "processing" can take a long time. You begin by submitting the application through your specific lender. Here we can discuss EIDL loans, advances, and all things related to the 2020 CARES ACT. 06/12 - Got an update on my loan application, went through the reconsideration process. Your EIDL advance no longer affects your PPP loan forgiveness amount. You may lower the amount you want your loan to be , with the maximum being the loan amount … Boy that would be nice. I gave the very nice lady my name, business type, state and county the business is in and my application number (first time they’ve asked for that info) she then said that my application was submitted successfully and that I should wait for an email from a .gov address with the next steps. Notice: The deadline for Economic Injury Disaster Loan (EIDL) applications has been extended through Dec. 31. Thanks Mendelr! Just make sure you're checking any emails associated with your application so if they have a question you can answer it right away. I then re-applied using the ‘streamlined’ version around March 30th and I believe my app number for that was #330080####, My credit was pulled on Apr 9 by “US SM BUS ADMIN ODA”. Thanks! I received an email to create an account. I applied for an EIDL loan. Confusion and glitches, anger and resignation over EIDL relief and the SBA loans Any more paperwork? Prayed and gave a lot of charity so I know Gd is watching out. This status is as of . EIDL loans are limited to a maximum amount of $2 million, carry an interest rate of 3.75% and have a maximum term of 30 years. I don't know if this is a good sign or if I may still be rejected. They just started seeing the emails after the funding was confirmed to have run out and the EIDL loan application not accessible anymore. Any idea what the ‘processing’ looks like? But a new law enacted as of December 27, 2020 states that EIDL is no longer deducted from a borrower's forgiveness amount. SBA seems to be progressing in processing the numerous Economic Injury Disaster Loans (EIDLs) that were applied for at the commencement of the COVID pandemic. Mine is still showing “being processed”. The inability to access the promised funds quickly — or in many cases even receive confirmation that their application is being processed — has led to a mixture of panic, anger and fear. The SBA has been completely silent about this program since Monday 3/30/2020 when they released a new application and promised $10k advances to anyone who applied. My application number is: xxxxxxxxxx. EIDL applications are processed on a first-come, first-served basis. Did you get approval yet? “If a person applied for the EIDL through the web portal before it shut down and if they got to the screen that gave you an application number that begins with the number three, then their application has been received,” Hunt said. Depending on how much information you have ready, the EIDL application shouldn’t take you more than an hour or so. Under the statute, your lender has 60 days from the time you submit your application to approve it and send it to the SBA. I assume it means that amount is what you'll get once they process the application. Got my papers to sign today. Thanks for posting, this was the most detailed information I've found yet. The overriding explanation is the EIDL is not being processed in a systematic order, the same, for everyone in every part of the nation. Analyze the financial information submitted and calculate an amount for which the may... 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