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

[cgr]

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?

You need to certify that "current economic uncertainty makes this loan necessary".

[Ver hut gazugt]

My bank is not responding. Is there a Sba website I can check the status of loan forgiveness...

[cgr]

My bank is not responding. Is there a Sba website I can check the status of loan forgiveness...

Status as in if it was forgiven?

[Ver hut gazugt]

Status as in if it was forgiven?

yes.

[cgr]

yes.

Try propublica, but note that the SBA releases these reports weekly so there's a lag.

[Ver hut gazugt]

Try propublica, but note that the SBA releases these reports weekly so there's a lag.

Thank you

[Barryg]

https://finance.yahoo.com/news/small-business-relief-sba-150038180.html
I’m expecting to see a lot of action on this thread in September.
IMO- SBA is processing things too slowly and rules are too strict for the programs that were set up (ex. targeted EIDLs getting rejected and PPPs not allowed to update info once loan was given) so there’s too much money sitting idle. Things will prob start to move in sept and oct and then they’ll run out towards the December deadline

[AsherO]

Thanks, Biz2Credit isn't listed there for instance.

BlueVine never contacted me, though I'd have less than 30 days to apply for forgiveness with an 8 week covered period.

Took me 10 minutes flat to apply for PPP1/PPP2 forgiveness with two different lenders/platforms. How long does it actually take for the SBA to process a 3508S?

Biz2Credit kept nagging me for the YoY decease paperwork and I never sent it in, they emailed me last week that they sent my forgiveness application to the SBA. Yesterday the SBA approved it in full.

[dovy2]

So I originally didn't apply for the supplemental 5k because I didn't have the 50%. But after getting a few email reminders from them, and seeing that no new paperwork is needed, I said why not.. worst case they'll say no.. so I applied and...

[LNS]

any updates on turn around time? what seems to be the average wait till approved?

[Fish Tank]

So I originally didn't apply for the supplemental 5k because I didn't have the 50%. But after getting a few email reminders from them, and seeing that no new paperwork is needed, I said why not.. worst case they'll say no.. so I applied and...

Nice !!

Why did you only get $7,000 for targeted advance? Isn't it $10k? Also, how long from applying until funding?
I've been waiting for months...

[cgr]

any updates on turn around time? what seems to be the average wait till approved?

It depends if you received a loan previously (a few weeks) or if you didn't (a few months).

[cgr]

Nice !!

Why did you only get $7,000 for targeted advance? Isn't it $10k? Also, how long from applying until funding?
I've been waiting for months...

The Advance from last year gets deducted- you can receive $10K in total for the EIDL Advance + Targeted Advance.

[elya]

So I originally didn't apply for the supplemental 5k because I didn't have the 50%. But after getting a few email reminders from them, and seeing that no new paperwork is needed, I said why not.. worst case they'll say no.. so I applied and...

How long ago did you apply? Mine still says "Submitted" applied around 6 weeks ago.

[dovy2]

For the targeted advanced to get approved, took many months. For the supplemental, it's switched from submitted to approved in just a few days

[LNS]

It depends if you received a loan previously (a few weeks) or if you didn't (a few months).

does ppp count?

[cgr]

does ppp count?

No. Only a loan on the same EIDL account and business counts.

[elya]

For the targeted advanced to get approved, took many months. For the supplemental, it's switched from submitted to approved in just a few days

Interesting, I know of a few people who applied around 2 weeks before I did and got funded a few weeks ago so was getting nervous. Thanks

[bigdipper8545]

I was approved but was told I cant get the targeted advance because I dont live in a low income community my entire nieghborhood is low income besides the 2 blocks I live on where my business is. Any tips/ideas? Did anyone else have the same issue?

[gozalim]

I was approved but was told I cant get the targeted advance because I dont live in a low income community my entire nieghborhood is low income besides the 2 blocks I live on where my business is. Any tips/ideas? Did anyone else have the same issue?

@ExGingi had the same issue