Author Topic: SBA PPP and EIDL Small Business Loans (some money is forgivable)  (Read 230930 times)

Offline a mirrer

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1620 on: June 15, 2020, 09:34:48 AM »
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?
I got the email now after getting a rejection for the loan for credit reasons a few weeks ago

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1621 on: June 15, 2020, 11:33:49 AM »
So, fun times with Dime.

I ignored them for a while. Eventually I told them I got a loan elsewhere (Celtic Bank, I applied via BlueVine, signed the docs and got funded before Dime even sent me docs) . Within an hour the other bank (Celtic) emailed me that SBA cancelled my Celtic loan because I had multiple PPP approvals.

Not sure what Dime said to the SBA, but Iím definitely not giving them any PPP business considering how ridiculous theyíve been.

Did any of you know you can create a CAWEB account to log onto SBAís portal to see all your SBA loans (PPP/EIDL and others)? I logged on after the email from Celtic, and indeed it shows my Celtic loan is cancelled and my Dime loan is still approved. Meanwhile Celtic funded new and I never signed docs with Dime.

I emailed Celtic explaining and they replied telling me that the information I provided should be sufficient and my loan with them is fine. I requested they provide me confirmation of that once itís sorted with the SBA. Iím still waiting.

I also requested that Dime confirm the SBA cancelled their loan and reinstated the other one, but Iím not sure theyíll do anything as theyíre probably still hoping for my business.

I called the SBA COVID hotline thatís on the EIDL portal, and their tier 2 couldnít help at all. The guy suggested I email them.

Offline mgarfin

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1622 on: June 15, 2020, 12:42:06 PM »
Did any of you know you can create a CAWEB account to log onto SBAís portal to see all your SBA loans (PPP/EIDL and others)?

I asked here up thread.
You seem to need an SBA loan number

I emailed Chase to get it and they did Not know what I was talking about

How did you get that number?

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1623 on: June 15, 2020, 01:18:19 PM »
I asked here up thread.
You seem to need an SBA loan number

I emailed Chase to get it and they did Not know what I was talking about

How did you get that number?

Itís on my loan docs, both from Dime and from Celtic/BlueVine.

Offline Mordyk

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1624 on: June 15, 2020, 01:44:58 PM »
So, fun times with Dime.

I ignored them for a while. Eventually I told them I got a loan elsewhere (Celtic Bank, I applied via BlueVine, signed the docs and got funded before Dime even sent me docs) . Within an hour the other bank (Celtic) emailed me that SBA cancelled my Celtic loan because I had multiple PPP approvals.

Not sure what Dime said to the SBA, but Iím definitely not giving them any PPP business considering how ridiculous theyíve been.

Did any of you know you can create a CAWEB account to log onto SBAís portal to see all your SBA loans (PPP/EIDL and others)? I logged on after the email from Celtic, and indeed it shows my Celtic loan is cancelled and my Dime loan is still approved. Meanwhile Celtic funded new and I never signed docs with Dime.

I emailed Celtic explaining and they replied telling me that the information I provided should be sufficient and my loan with them is fine. I requested they provide me confirmation of that once itís sorted with the SBA. Iím still waiting.

I also requested that Dime confirm the SBA cancelled their loan and reinstated the other one, but Iím not sure theyíll do anything as theyíre probably still hoping for my business.

I called the SBA COVID hotline thatís on the EIDL portal, and their tier 2 couldnít help at all. The guy suggested I email them.
i see my approved loan and a second one approved but not disbursed. curious to see what happens if i take both. I AM NOT DOING IT. I'm just curious what happens on the back end
#TYH

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1625 on: June 15, 2020, 01:52:44 PM »
i see my approved loan and a second one approved but not disbursed. curious to see what happens if i take both. I AM NOT DOING IT. I'm just curious what happens on the back end

Itís likely that SBA will cancel one (the second one perhaps?) and that bank will advise you to return it or face penalties.

Offline TBD

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1626 on: June 15, 2020, 02:26:19 PM »
By me the portal shows "Loan Status   Active Un-Disbursed" even though I have already the money for a while.

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1627 on: June 15, 2020, 02:44:15 PM »
By me the portal shows "Loan Status   Active Un-Disbursed" even though I have already the money for a while.

Same was showing for both my loans before one got cancelled (including the cancelled one). I guess either  the lenders havenít gotten around to letting SBA know loans are funded, or SBA didnít process those notifications.

Offline Avs175

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1628 on: June 15, 2020, 05:29:48 PM »
I am a self employed occupational therapist, started my business 11/2019. My 2019 schedule c is just $2500 bec I barely worked in 2019, but I made much more during Jan and Feb 2020 and rest of 2020...

I applied through cross river - and got denied.

And when I try kabbage application, they automatically take my 2019 schedule c income and divide it by 12, x 2.5. How do I get to go by this years income, and not by 2019? I thought new businesses can go by Jan and Feb?

Anybody have any ideas what I can do or who I should use in this case?

Thanks

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1629 on: June 15, 2020, 05:47:40 PM »
I thought new businesses can go by Jan and Feb?

Anybody have any ideas what I can do or who I should use in this case?

Thanks

That's correct, but you need to find a bank that will work with you on this.
Applying online is definitely not the answer- you need to talk to a banker who can put in an application for you manually.

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1630 on: June 15, 2020, 05:49:47 PM »
When you say less outstanding an undrawn debt, does that include PPP or EIDL?

Are there any restrictions on what you can use the money on?

Yes. Only includes PPP if you haven't received forgiveness confirmation. Once you receive forgiveness it is no longer counted.

No restrictions other than using it to pay down other debt. Depending on which tier of the program you're approved for, there are different rules about refinancing or prepaying existing debt.


Offline AsherO

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Offline TBD

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1634 on: June 15, 2020, 07:48:38 PM »
Awesome!
Question is, those who put in applications when t was only open to Agri. if they need to submit new application or they will process now that applications

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1635 on: June 15, 2020, 07:49:23 PM »
Interest rate is great as I don't know about any other business unsecured credit line offering such a low rate.

It's a good rate if you're thinking of it as a business loan and the options out there. It's not such a good rate when you think of it being secured by the Fed and the comparison of 1% for PPP...

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1636 on: June 15, 2020, 07:50:01 PM »
Question is, those who put in applications when t was only open to Agri. if they need to submit new application or they will process now that applications
They need to put in a new one. Anyone who put in when only agricultural was allowed received an email that they're application is null and void and they'll need to start over.

Offline TBD

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1637 on: June 15, 2020, 07:58:23 PM »
They need to put in a new one. Anyone who put in when only agricultural was allowed received an email that they're application is null and void and they'll need to start over.
-1

Just receive email from them that my application is being processed.

Dear Applicant,

Great News!  You are receiving this message as a notification that your application for the Economic Injury Disaster Loan (EIDL) and EIDL Advance is being processed. You do not need to take any further action at this time. Application processing involves the following steps:

EIDL Advance

If you requested the Advance in your EIDL application, your request will be processed using the information you provided.  The amount of your Advance is determined by the number of employees you indicated on your EIDL application at $1,000 per employee, up to a maximum of $10,000.  As a reminder, the Advance does not have to be repaid, and you can receive an Advance even if you do not qualify for the loan.

Once the information in your EIDL application is validated, your Advance will be deposited directly into your bank account in the next 7-10 days.  If we are unable to validate your information and process your request, you will receive an email notification inviting you to update your business and bank information. 

EIDL Loan

While your Advance is being processed, we will begin processing your EIDL application, which includes a credit check.  If your EIDL application meets the eligibility requirements, you will receive an email inviting you to create an account in our customer portal.  Please be sure to check your email account daily Ė including your spam or junk mail folders Ė to make sure you do not miss this important communication.

It may take up to 2 weeks for your loan application to be processed.  If your application is approved, you will receive your loan funds a few days after you electronically sign your loan closing documents.

If your EIDL application is not approved, you will be notified by email.  The email notification will explain the reason for your application was not approved and what steps you can take to request reconsideration of your loan application.

We recognize the challenges your business is facing due to the massive disruption caused by the COVID-19 pandemic, and SBA is here to support your business in many ways. 

The EIDL Loan is not the only option for small businesses and others impacted by the pandemic.  You may be eligible for the Paycheck Protection Program, which is an SBA-guaranteed loan that you can apply for through participating lenders. Below is a comparison of both great loan programs.  The best part is that you can apply for and receive financing for your business in both programs at the same time, as long as the loans are used for different purposes.

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1638 on: June 15, 2020, 08:01:39 PM »
-1

Just receive email from them that my application is being processed.


Good for you! I'm confused by their process because I saw some emails they sent to those who applied when it was only open to agricultural that they won't consider the application and it will need to be resubmitted.

Offline shapsam

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #1639 on: June 15, 2020, 08:04:21 PM »
Good for you! I'm confused by their process because I saw some emails they sent to those who applied when it was only open to agricultural that they won't consider the application and it will need to be resubmitted.
+1
@thebudgetdeals did you ever get an email that the application was denied because it's only open for agriculture?