Author Topic: SBA PPP and EIDL Small Business Loans (some money is forgivable)  (Read 198987 times)

Online mgarfin

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Dec 2012
  • Posts: 2192
  • Total likes: 172
  • DansDeals.com Hat Tips 2
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1600 on: June 11, 2020, 03:45:13 PM »
How long after accepting the EIDL loan offer should I expect to hear back?

Online AsherO

  • Global Moderator
  • Dansdeals Lifetime 20K Presidential Platinum Elite
  • **********
  • Join Date: May 2008
  • Posts: 25223
  • Total likes: 2797
  • DansDeals.com Hat Tips 75
    • View Profile
  • Location: NYC
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1601 on: June 11, 2020, 05:27:46 PM »
How long after accepting the EIDL loan offer should I expect to hear back?

It takes a few days. You donít hear back, you just get funded to the same account as you got your advance.

Online cgr

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Aug 2017
  • Posts: 3084
  • Total likes: 665
  • DansDeals.com Hat Tips 4
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1602 on: June 11, 2020, 05:32:35 PM »
One of a hundred bills pending:
https://www.cardin.senate.gov/newsroom/press/release/cardin-coons-and-shaheen-announce-legislation-to-get-capital-to-small-businesses-hardest-hit-by-covid-19

Would allow an additional PPP loan for small businesses with 100 employees or less, including sole proprietorships and the self-employed.

Firms must have already expended their first PPP loan or be on pace to do so, and they must show a revenue loss of at least 50% due to the coronavirus pandemic.

Offline rivkao

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: May 2013
  • Posts: 1108
  • Total likes: 18
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: brooklyn
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1603 on: June 11, 2020, 06:07:32 PM »
It takes a few days. You donít hear back, you just get funded to the same account as you got your advance.
You don't have to sign loan docs?

Online AsherO

  • Global Moderator
  • Dansdeals Lifetime 20K Presidential Platinum Elite
  • **********
  • Join Date: May 2008
  • Posts: 25223
  • Total likes: 2797
  • DansDeals.com Hat Tips 75
    • View Profile
  • Location: NYC
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1604 on: June 11, 2020, 06:32:16 PM »
You don't have to sign loan docs?

Ooops, I probably misunderstood @mgarfinís question.

You get an email notifying you that youíre approved for a loan. You have to agree to the amount, and verify your identity. Once you do those two they might ask you some followup questions within the next few days, they also pull your credit at this point (if they havenít already), they then issue you loan docs. @rivkaho is correct and you have to sign the docs (which is what I thought @mgarfin was asking), after which you donít get anything from them other than an ACH deposit to your bank account.

Offline rivkao

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: May 2013
  • Posts: 1108
  • Total likes: 18
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: brooklyn
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1605 on: June 11, 2020, 06:44:40 PM »
Ooops, I probably misunderstood @mgarfinís question.

You get an email notifying you that youíre approved for a loan. You have to agree to the amount, and verify your identity. Once you do those two they might ask you some followup questions within the next few days, they also pull your credit at this point (if they havenít already), they then issue you loan docs. @rivkaho is correct and you have to sign the docs (which is what I thought @mgarfin was asking), after which you donít get anything from them other than an ACH deposit to your bank account.
Thanks. Yes that's what I understood. I got the offer over a week already and still no loan docs... Is it usual to take that long?

Online AsherO

  • Global Moderator
  • Dansdeals Lifetime 20K Presidential Platinum Elite
  • **********
  • Join Date: May 2008
  • Posts: 25223
  • Total likes: 2797
  • DansDeals.com Hat Tips 75
    • View Profile
  • Location: NYC
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1606 on: June 11, 2020, 06:46:55 PM »
Thanks. Yes that's what I understood. I got the offer over a week already and still no loan docs... Is it usual to take that long?

Itís been a week since you accepted the loan amount, verified your identity and the SBA has your banking info (that they already deposited the advance into)? Maybe try calling them (using the number on the portal) and find out what the status of your loan is.

Online mgarfin

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Dec 2012
  • Posts: 2192
  • Total likes: 172
  • DansDeals.com Hat Tips 2
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1607 on: June 11, 2020, 06:47:16 PM »
Thanks. Yes that's what I understood. I got the offer over a week already and still no loan docs... Is it usual to take that long?

I'm in the same boat.

Offline rivkao

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: May 2013
  • Posts: 1108
  • Total likes: 18
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: brooklyn
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1608 on: June 11, 2020, 06:48:37 PM »
I'm in the same boat.
Yes. I'm waiting on multiple businesses ... For some I got requests for more docs but for others zero

Offline Geshmak25

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Sep 2014
  • Posts: 3370
  • Total likes: 118
  • DansDeals.com Hat Tips 11
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1609 on: June 14, 2020, 12:19:29 AM »
Applied via bluevine on motz shab
Applied via kabbage on mon night

Approved via kabbage on Fri night, bluevine still pending.
PUTPAC = PITA

Offline shapsam

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Feb 2017
  • Posts: 2552
  • Total likes: 423
  • DansDeals.com Hat Tips 10
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1610 on: June 14, 2020, 12:48:14 AM »
Applied through Bluevine for a sole proprietor, uploaded 2019 schedule C, and was denied. Given reason is "Unable to verify Applicant's identity from documents submitted or discrepancies in information submitted" I double checked everything and it seems correct. Did anyone have a similar experience?

Offline TBD

  • Dansdeals Platinum Elite + Lifetime Gold Elite
  • ******
  • Join Date: Nov 2014
  • Posts: 992
  • Total likes: 123
  • DansDeals.com Hat Tips 1
    • View Profile
  • Location: United States

Offline Dave321

  • Dansdeals Platinum Elite + Lifetime Gold Elite
  • ******
  • Join Date: May 2013
  • Posts: 847
  • Total likes: 29
  • DansDeals.com Hat Tips 1
    • View Profile
  • Location: brooklyn
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1612 on: June 14, 2020, 02:33:08 AM »
When I originally signed up for edil I put in misspelled email address. I got a call telling me my loan is waiting and need to sign into the portal to accept. Issue is I can't because I can't verify my email address. Fast forward and I called two weeks ago to change email address and they keep telling me the request was submitted but all I can do is wait.

Any ideas. I have 150k waiting

Offline Hiding

  • Dansdeals Gold Elite
  • ***
  • Join Date: May 2012
  • Posts: 190
  • Total likes: 4
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: USA
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1613 on: June 14, 2020, 08:03:23 AM »
Applied through Bluevine for a sole proprietor, uploaded 2019 schedule C, and was denied. Given reason is "Unable to verify Applicant's identity from documents submitted or discrepancies in information submitted" I double checked everything and it seems correct. Did anyone have a similar experience?
I had the same story. I assumed it had to do with the proof I uploaded for business operating on 2/15, as what could be wrong with the schedule C, so I tried again with a different document, and was again denied a short time later. I then gave up on them and applied through kabbage on Thursday. Motzei shabbos I had an email from kabbage that I was approved.

Online mgarfin

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Dec 2012
  • Posts: 2192
  • Total likes: 172
  • DansDeals.com Hat Tips 2
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1614 on: June 14, 2020, 09:45:05 AM »
Itís been a week since you accepted the loan amount, verified your identity and the SBA has your banking info (that they already deposited the advance into)? Maybe try calling them (using the number on the portal) and find out what the status of your loan is.

Just got my loan docs.
It's for the max amount. No info was requested.
It's now nine days since accepting portal invite and certifying request

Online AsherO

  • Global Moderator
  • Dansdeals Lifetime 20K Presidential Platinum Elite
  • **********
  • Join Date: May 2008
  • Posts: 25223
  • Total likes: 2797
  • DansDeals.com Hat Tips 75
    • View Profile
  • Location: NYC
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1615 on: June 14, 2020, 12:43:31 PM »
Just got my loan docs.
It's for the max amount. No info was requested.
It's now nine days since accepting portal invite and certifying request

MazalT. Itís for the max amount because thatís what you selected, no?

Probably a credit pull and whatever other underwriting they do. Once you digitally sign it, you donít really hear back from them, the funds just show up sooner or later.

Offline rivkao

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: May 2013
  • Posts: 1108
  • Total likes: 18
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: brooklyn
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1616 on: June 14, 2020, 01:22:36 PM »
Yes. I'm waiting on multiple businesses ... For some I got requests for more docs but for others zero
Got approved on all loans Thank God! Signed loan docs.
One issue is that one of my banks that I gave in is closed and I need to change it with other bank info. On the portal it doesn't allow me to change info...

Offline beeweegee

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Sep 2013
  • Posts: 1546
  • Total likes: 82
  • DansDeals.com Hat Tips 2
    • View Profile
  • Location: New York, NY
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1617 on: June 14, 2020, 01:33:29 PM »
Got approved on all loans Thank God! Signed loan docs.
One issue is that one of my banks that I gave in is closed and I need to change it with other bank info. On the portal it doesn't allow me to change info...
Kabbage? I was able to do this with them over the phone.

Offline rivkao

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: May 2013
  • Posts: 1108
  • Total likes: 18
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: brooklyn
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1618 on: June 14, 2020, 01:36:31 PM »
Kabbage? I was able to do this with them over the phone.
No. EIDL

Online cgr

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Aug 2017
  • Posts: 3084
  • Total likes: 665
  • DansDeals.com Hat Tips 4
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1619 on: June 14, 2020, 04:54:42 PM »
Anyone else who didn't get their 1k advance recently got an email that the SBA had been unable to verify their info and they're now being given an opportunity to correct the information and get the advance/loan?

Looks legit because it links to the SBA site.

Wondering if:
A) they're going through all applications with errors now and we can expect for everyone with an application error to get a chance to update their info and
B) they're at the point where they're dealing with errors can we expect applications to open up again soon?