I have heard a very few who just recently gotten. Just replying for an update although I know that there are others being processed ahead of me. Many thanks in advance. (no docs to sign yet). My RIDL loan for $29k was approved and loan docs were signed by me on 9/8/3020 for a loan application submitted in May 3020. The comments truly makes the SBA look totally incompetent. Applicants who have already submitted their applications will continue to be processed on a first- come, first-served basis. Once you submit an amount your EIDL loan process begins which means they start the underwriting phase for your loan offer. No credit card is required to create your account. In the meantime, SBA is still sending statements with the monthly loan repayment amount. How has your experience been with the EIDL process? Press question mark to learn the rest of the keyboard shortcuts. A week and half later, the attorney contacted me again with the same email message asking for the same info. I proceeded rather quickly to get to the funding stage. BlueVine is an online lending service that's suited for small businesses. Thank you for your follow up. So what is happening? I don’t know exactly what the EIDL loan is based on, but it’s more of a typical SBA loan so I assume they’ll look at your … After the national disaster was declared in March 2020, funds became available to help small businesses impacted by the pandemic. NO GRANT - as i noticed my banking info was not verified in portal. In this particular situation, it’s best to be armed with documents and then be prepared to wait. Best of luck to you! How awful. I applied for an EIDL loan. I filed my application in September and was approved in September. Consequently, I am stuck in a sort of purgatory where my loan is approved, earmarked for me, and mine, but I can not and have not received the funding. I believe the time frame is 10 days after agreeing to loan? I went to my email & saw where they had approved me for the loan & wanted me to sign the documentation. The SBA is currently not accepting new EIDL applications. Below is a refresher on the program that many small businesses applied for. Sign up today and get a free card reader! To determine if your business qualifies, check here. Easily find PPP/SBA loans alongside other financing options. I signed the docs for my EIDL Loans after it was approved back in September and I gave the wrong account number instead of my business account. Big mistake. Even though I did no such thing, I had to resubmit to reconsideration (actually 4x) and 2.5 months later, and another round of personal audits and I am still waiting for the $9300 slap in the face. Revenue Note: Revenues Reported on original application: Gross $97K, Costs $27K Net = $70K, Loan Approval Amount: Loan offer $34,500 This has gone from the sba mishandling of my loan funding to now an illegal misconduct of trying to invalidate an approved EIDL loan. When she isn't writing about ways to help small businesses, she is a published author churning out pages for her science-fiction and mystery books. Notice: The deadline for Economic Injury Disaster Loan (EIDL) applications has been extended through Dec. 31. This comment refers to an earlier version of this post and may be outdated. Please watch the SBA Portal for any status updates. Applicants will be contacted directly by SBA via email in the coming weeks with instructions to determine eligibility and submit documentation. What the hell is going on over there? This is a serious situation for people who are losing businesses that they have worked hard to keep going during the pandemic. It offers SBA/PPP loans, term loans, lines of credit, and invoice factoring. If I had a dollar for every time I read “unprecedented times” in an article or a Facebook status, I’d be treating myself to an inflatable hot tub for my quarantine days. So I’m confused. I got approved, august 4 it’s been a whole month now. In the meantime, you can also research and check into other lending options. In 2020, it was possible to get a portion of your EIDL loan as an emergency advance grant. If you haven’t heard anything in 10 days, definitely give them a call and follow up. Square is free to use and currently includes a free card reader at sign-up! We got an email to set up a portal, could not get it to accept a password, called SBA and was told it had been sent by mistake. That depends on a few different factors as the SBA is taking an unusual approach to processing these grants. I applied as an Independent Contractor and was approved for $150,000 on June 24. BigCommerce Vs Shopify: Which Is Better For Your Business? Once again; government incompetence at its best. Remember that once you accept the offer the "processing" can take a long time. Yeah this is totally different from what it was supposed to be. Am I really approved? 2) Loan applications can be delayed or denied. Its been 4 months so far in this Fix It process and still nothing. You may be eligible for the EIDL grant you didn’t get it the first time if you qualify.And you may ask for more money from your first EIDL loan. You would think it would be as simple as to put it back in the right account. Then the process stopped, and reversed itself. I did a recon and gave them an updated business bank account of my business, 6 months later still haven’t put my funds back in. Still waiting, and I am in desperate need of my loan I need equipment and pay my employees. According to JD Supra, the total timeline for the EIDL is typically 18 to 21 days to get approval after the application is made, followed by another five days to get funding. Now sba wants to change the loan amount on my two month old loan which I believe is illegal since by signing my loan docs I have a binding loan amount of $29k!!! Your application has been submitted, but not authorized for processing. For a limited time get 50,000 rewards points when you spend $1000 with Brex. As part of the CARES (Coronavirus Aid Relief and Economic Security) Act, the Federal government gave the EIDL program a boost, which included $10 billion for $10,000 advances/grants given to small businesses impacted by the Coronavirus pandemic. 05/24 "Your application is being processed". Traditionally, a business had to be operational for a least a year prior to the disaster to qualify for the emergency assistance loan. Was invited to create an account and did on May 18th. im in the same boat, any news on yours? 1) Although there is a “grant“ element to the EIDL (the “advance”), you are applying for a government loan, which will be processed and underwritten just like any other loan and will need to be repaid. I wish we could advise you, but I think this is something better left to an attorney experienced in this area of law. The SBA You can apply online directly through the SBA’s website. before LO reaches out? In short, you may qualify for a targeted EIDL grant if: This will rule out a large number of small businesses that qualify for an EIDL loan. Nearly 4.6 million EIDL loans have been made, totaling $101.6 billion, as of June 12. Agricultural businesses that previously submitted an EIDL application will not need to reapply. Unfortunately many, many readers have reported this same experience. You can also find out the status of your EIDL application by phone. SOMEONE PLEASE HELP!!!! Several months later someone emailed me asking for more documentation, tax returns, ID, Ect… It is now Jan 26th 2021 and the loan has still not been disbursed. Then funding would happen a few days later. Generally, in most cases the person with a FICO credit score under 620 would not be approved for an EIDL loan and it is actually a hard pool on the credit bureau. Your email address will not be published. EIDL Portal and “Amount Confirmed” does this mean approved? Need to know each step in the EIDL funding timeline? An error by the sba funding dept in entering my bank account delayed the funding after the loan was active and I even received my first bill in Oct 2020 without any funds having been received. So, for those who do qualify, how long will it take to get a targeted EIDL grant? I am an patient person. As for requesting more funds from EIDL from your first loan application, you’ll need to ask the SBA. 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