SBA PPP and EIDL Small Business Loans (some money is forgivable)

[unavailable]

Months and months

but it should say 'pending' online, right?
how long from email requesting reeval, till the system is updated from declined to pending?
meaning is there any confirmation that the request was received?

[cgr]

but it should say 'pending' online, right?
how long from email requesting reeval, till the system is updated from declined to pending?
meaning is there any confirmation that the request was received?

If it was denied it should say "Declined".
If it's back in processing it should say "Processing".

You should get a bounceback when emailing that your application will be reevaluated in the order your email was received.

[helpusout]

Did someone email you for docs ?
Look at every email you got from sba. email each one see if something sticks.

they all came from generic emails...

[beeweegee]

Just got an email with a decline letter that me loan application was declined because I failed to proceed with the application. This is true, as I was interested in the targeted EIDL advance, not the loan. Am I correct that my EIDL advance will still remain under consideration, and that it is separate from the loan application? On the portal, my loan currently states "declined" and the EIDL advance states "submitted."

[cgr]

Am I correct that my EIDL advance will still remain under consideration, and that it is separate from the loan application?

That is correct.

[ExGingi]

800-659-2955
Press 1 for English, then 1 for Covid relief, and then 2 for a rep

I called them and they indeed said I should be eligible for a higher amount based on my tax transcript. I was instructed to send an email to reconsideration. I haven't heard back, and I get email reminders to accept the current offer or it might be canceled. Should I be worried? What's the usual turnaround?

I also sent my ID and other documents to reconsideration for the two loan increases that were declined due to inability to verify, and haven't heard back yet. Should I just wait, or is there a point in calling?

[Vexorg]

Anyone have a number for the part of EIDL who actually makes the decisions on loans? They denied my loan and did not give me any info on what was wrong. I already sent an email asking for reconsideration.

[unavailable]

is the kabbage/kservicing forgiveness option available yet?

can you apply for forgiveness on ppp2 before ppp1?

[cgr]

is the kabbage/kservicing forgiveness option available yet?

can you apply for forgiveness on ppp2 before ppp1?

For some, but not yet for everyone.

Yes, if your loan was under $150k.

[ah giten]

I got the denial from SBA pasted below.
Can I still receive the targeted advance?


In these unprecedented times, we understand the challenges you are facing. The SBA is making every effort
to support small businesses, which are the backbone of the American economy. Unfortunately, although we
have made every effort to approve your loan request, we are unable to offer you a Economic Injury Disaster
Loan (EIDL) for the reason(s) described below.

Unsatisfactory credit history.

We evaluated your credit report and related information. Based on the information we obtained, we are
regretfully unable to approve your application. We based this decision on information obtained from:
Experian P.O. Box 2104 Allen, TX 75013, (866) 200-6020.

[cgr]

I got the denial from SBA pasted below.
Can I still receive the targeted advance?

Yes

[AsherO]

I got the denial from SBA pasted below.
Can I still receive the targeted advance?


In these unprecedented times, we understand the challenges you are facing. The SBA is making every effort
to support small businesses, which are the backbone of the American economy. Unfortunately, although we
have made every effort to approve your loan request, we are unable to offer you a Economic Injury Disaster
Loan (EIDL) for the reason(s) described below.

Unsatisfactory credit history.

We evaluated your credit report and related information. Based on the information we obtained, we are
regretfully unable to approve your application. We based this decision on information obtained from:
Experian P.O. Box 2104 Allen, TX 75013, (866) 200-6020.

Did they pull your Experian? Is your score below 580?

[ShimshonK]

"BANKS ARE OPTING OUT OF PPP LOAN FORGIVENESS
Bank of America, JPMorgan Chase, and PNC have all passed on an SBA policy that would allow small business owners some relief."
https://theintercept.com/2021/08/22/covid-ppp-loan-forgiveness/

[shapsam]

"BANKS ARE OPTING OUT OF PPP LOAN FORGIVENESS
Bank of America, JPMorgan Chase, and PNC have all passed on an SBA policy that would allow small business owners some relief."
https://theintercept.com/2021/08/22/covid-ppp-loan-forgiveness/

Fakenews headline.

They are opting out of using the new SBA portal.

[AsherO]

Fakenews headline.

They are opting out of using the new SBA portal.

Based on the article the real story here seems to be that borrowers who got more than they were eligible for are finding out months later from their banks that they aren’t eligible for forgiveness on their entire PPP loan amount, and are on the hook for the rest.

The article doesn’t explain how the SBA portal would “allow small business owners some relief” whether in the scenario described above or otherwise.

It’s possible that some PPP lenders are dragging their feet with forgiveness, but the SBA portal solves nothing in that regard if the bank doesn’t opt-in, so perhaps it is fake news after all.

[hvaces42]

Based on the article the real story here seems to be that borrowers who got more than they were eligible for are finding out months later from their banks that they aren’t eligible for forgiveness on their entire PPP loan amount, and are on the hook for the rest.

The article doesn’t explain how the SBA portal would “allow small business owners some relief” whether in the scenario described above or otherwise.

It’s possible that some PPP lenders are dragging their feet with forgiveness, but the SBA portal solves nothing in that regard if the bank doesn’t opt-in, so perhaps it is fake news after all.

I had this exact issue. Capital one opted out and forgave half of my tiny loan. Spoke to SBA attorney and they said there is no right of appeal.

The SBA is usually the guarantor of 7a loans, which PPP is a part of. They usually guarantee 70-80% of the loan. With PPP the SBA guaranteed 100% of the loan. They will only guarantee 100% if the loan amount was correct. In their haste to fund PPP, banks were not careful with getting the loan amounts right. Therefore, the SBA guarantee is not there for amounts higher than what businesses were entitled to. So the banks are recalculating the loan amounts when you apply for forgiveness and submitting the corrected amount as the forgiveness request to the SBA which is usually immediately paid, with no recourse or appeal rights.

If you get a forgiveness offer lower than yoir loan amount, withdraw yoir application for forgiveness and work with your lender to figure out why the forgiveness amount is lowet. I learned the hard way. BH it was only a small loan.

[Triple Canopy]

I was approved for EIDL. However my revenue did not decline during COVID and they never asked. Does anyone have guidance on if revenue decline is required to take those loans?

[cgr]

Can I get the targeted advance on a 1099 if I already applied for an EIDL loan on an LLC?

Yes, assuming your 1099 is under your SSN while the LLC is under an EIN.

[cgr]

I called them and they indeed said I should be eligible for a higher amount based on my tax transcript. I was instructed to send an email to reconsideration. I haven't heard back, and I get email reminders to accept the current offer or it might be canceled. Should I be worried? What's the usual turnaround?

Reconsiderations take very long. Any chance you have the direct email address of your loan officer, and can reach out to that person instead? They should be able to help since your loan wasn't actually denied.

I also sent my ID and other documents to reconsideration for the two loan increases that were declined due to inability to verify, and haven't heard back yet. Should I just wait, or is there a point in calling?

No point in calling- they'll tell you that you need to await your turn for reconsideration.

[cgr]

Anyone have a number for the part of EIDL who actually makes the decisions on loans? They denied my loan and did not give me any info on what was wrong. I already sent an email asking for reconsideration.

The reason should be stated on your denial letter, which they email after declining.