Author Topic: SBA PPP and EIDL Small Business Loans (some money is forgivable)  (Read 536023 times)

Offline Dave321

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: May 2013
  • Posts: 1104
  • Total likes: 95
  • DansDeals.com Hat Tips 1
    • View Profile
  • Location: brooklyn
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4420 on: October 04, 2021, 12:53:03 PM »
I had success with resubmitting application thru the recon. I originally got denied.
took about 6 weeks then got approval. 350K Deposited within 24 hours.
Now its offering more funds. Any downside to taking it?

Offline elya

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Jan 2015
  • Posts: 2378
  • Total likes: 96
  • DansDeals.com Hat Tips 1
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4421 on: October 04, 2021, 12:57:37 PM »
I had success with resubmitting application thru the recon. I originally got denied.
took about 6 weeks then got approval. 350K Deposited within 24 hours.
Now its offering more funds. Any downside to taking it?
Very nice!

How does one submit an app via recon?

Offline YitzyS

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Jan 2015
  • Posts: 5552
  • Total likes: 13698
  • DansDeals.com Hat Tips 34
  • Gender: Male
    • View Profile
  • Location: Lakewood, NJ
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4422 on: October 04, 2021, 02:01:00 PM »
It seems that when approved, the status initially is listed as Approved and is then changed to Funded later. Does it only change to Funded after it hits your account? I ask because my app was recently approved and states Funded but it is not yet showing in my account.
No, it takes usually between 2 and 5 business days from when it says "Funded" until the money hits the account.

Offline Fish Tank

  • Dansdeals Platinum Elite + Lifetime Gold Elite
  • ******
  • Join Date: Feb 2012
  • Posts: 875
  • Total likes: 154
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: NJ
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4423 on: October 04, 2021, 03:14:05 PM »
How do I change this to $24,000 ? I don't want to have to provide insurance docs etc.




I can't figure out how to lower this. What documents will be requested for a $25k+ loan?

Offline helpusout

  • Dansdeals Gold Elite
  • ***
  • Join Date: Oct 2008
  • Posts: 240
  • Total likes: 1
  • DansDeals.com Hat Tips 0
  • Gender: Male
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4424 on: October 04, 2021, 06:08:19 PM »
I had success with resubmitting application thru the recon. I originally got denied.
took about 6 weeks then got approval. 350K Deposited within 24 hours.
Now its offering more funds. Any downside to taking it?


wow how did u do this? I got denied originally too, appealed and got denied due to the business category. today I received an email from sba stating I may be eligible for eidl. how did u go about ?

Offline Dave321

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: May 2013
  • Posts: 1104
  • Total likes: 95
  • DansDeals.com Hat Tips 1
    • View Profile
  • Location: brooklyn
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4425 on: October 05, 2021, 12:47:44 PM »

wow how did u do this? I got denied originally too, appealed and got denied due to the business category. today I received an email from sba stating I may be eligible for eidl. how did u go about ?

fill out and sign the 4506-T online. you need to find a site and then do it there, save as PDF. Thats the clearest. I think thats what did it for me.


Offline helpusout

  • Dansdeals Gold Elite
  • ***
  • Join Date: Oct 2008
  • Posts: 240
  • Total likes: 1
  • DansDeals.com Hat Tips 0
  • Gender: Male
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4426 on: October 05, 2021, 01:24:56 PM »
fill out and sign the 4506-T online. you need to find a site and then do it there, save as PDF. Thats the clearest. I think thats what did it for me.



Thank you, I just did that. I didnt realize I had that option, how long did it take from when you uploaded?

Offline helpusout

  • Dansdeals Gold Elite
  • ***
  • Join Date: Oct 2008
  • Posts: 240
  • Total likes: 1
  • DansDeals.com Hat Tips 0
  • Gender: Male
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4427 on: October 05, 2021, 01:25:59 PM »
I had success with resubmitting application thru the recon. I originally got denied.
took about 6 weeks then got approval. 350K Deposited within 24 hours.
Now its offering more funds. Any downside to taking it?


curious, was the amount you received doube your 2019 income?

Offline cgr

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Aug 2017
  • Posts: 4378
  • Total likes: 1320
  • DansDeals.com Hat Tips 7
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4428 on: October 05, 2021, 02:42:46 PM »
For anyone who has an application stuck (from the SBA's end- not because the applicant is unable to supply what was asked):
email disastercustomerservice@sba.gov, include your application # in the subject line, and in the body explain that you've been waiting since X, and what you believe the issue is. They won't respond instantly (other than the standard bounceback), but based on my experience in the last month, you'll see the issue cleared up within 2-3 weeks.

It looks like that department has a way of assigning applications to agents that are languishing in TargetedAdvanceReevaluation@sba.gov and pdcrecons@sba.gov/PDC.reconsideration@sba.gov.

Offline Crunchy

  • Dansdeals Silver Elite
  • **
  • Join Date: Sep 2017
  • Posts: 89
  • Total likes: 5
  • DansDeals.com Hat Tips 0
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4429 on: October 07, 2021, 09:27:14 AM »
I applied for revaluation and one of the forms they asked me to fill out is "form 2022" schedule of liabilities, but I don't have any liabilities besides a credit card bill.
Can I count a credit card bill as a liability ?
If not could I still apply even without liabilities ?

Offline cgr

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Aug 2017
  • Posts: 4378
  • Total likes: 1320
  • DansDeals.com Hat Tips 7
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4430 on: October 07, 2021, 09:30:00 AM »
I applied for revaluation and one of the forms they asked me to fill out is "form 2022" schedule of liabilities, but I don't have any liabilities besides a credit card bill.
Can I count a credit card bill as a liability ?
If not could I still apply even without liabilities ?
You can upload a letter explaining that you don't have any regular payables- it's not a requirement for the loan.
You can PM me for a template.

Offline Jack345

  • DansDeals Copper Elite
  • *
  • Join Date: Oct 2020
  • Posts: 20
  • Total likes: 0
  • DansDeals.com Hat Tips 0
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4431 on: October 07, 2021, 09:57:59 AM »
I am still waiting for months for the advance approval, this morning I received an email regarding documents for the eidl increase. Should I respond to that email I don't want the increase only the advance but I'm not sure if that would help advance be processed or slow it down (as I heard they only process 1 at a time) @cgr  do you know?

Offline Barryg

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Nov 2012
  • Posts: 1683
  • Total likes: 63
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: Ohio
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4432 on: October 07, 2021, 12:12:55 PM »
You can upload a letter explaining that you don't have any regular payables- it's not a requirement for the loan.
You can PM me for a template.
Would it help to have as many liabilities as possible listed to qualify the money to be spent on those liabilities?

Offline cgr

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Aug 2017
  • Posts: 4378
  • Total likes: 1320
  • DansDeals.com Hat Tips 7
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4433 on: October 07, 2021, 01:27:29 PM »
Would it help to have as many liabilities as possible listed to qualify the money to be spent on those liabilities?
Doesn't matter.

Offline hvaces42

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Nov 2013
  • Posts: 5588
  • Total likes: 1148
  • DansDeals.com Hat Tips 14
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4434 on: October 07, 2021, 05:57:10 PM »
For anyone who has an application stuck (from the SBA's end- not because the applicant is unable to supply what was asked):
email disastercustomerservice@sba.gov, include your application # in the subject line, and in the body explain that you've been waiting since X, and what you believe the issue is. They won't respond instantly (other than the standard bounceback), but based on my experience in the last month, you'll see the issue cleared up within 2-3 weeks.

It looks like that department has a way of assigning applications to agents that are languishing in TargetedAdvanceReevaluation@sba.gov and pdcrecons@sba.gov/PDC.reconsideration@sba.gov.
Thank you for contacting the U.S. Small Business Administration Customer Service Center regarding assistance related to the Coronavirus (COVID-19) Pandemic.
 
To submit a request for a review of your file status, please provide a written request and include the most recently filed Federal Tax Return (FTR), a signed IRS Form 4506-T (sba.gov), and any other pertinent documentation or explanation.
Submit directly to our Reconsideration Department by:
 
E-mail: PDC.reconsideration@sba.gov
 
Mail: U.S. Small Business Administration
                        Disaster Assistance
                        Processing and Disbursement Center
                        14925 Kingsport Road
                        Fort Worth, Texas 76155
 
For more information please visit: SBA Coronavirus Relief Options.
 
If you have additional questions or require further assistance, please call our Disaster Customer Service Center at 1-800-659-2955 or, for the deaf and hard-of-hearing 1-800-877-8339 (Monday through Friday from 8:00 am to 8:00 pm, Saturday and Sunday from 8:00 am to 8:00 pm Eastern Time) or email us at: disastercustomerservice@sba.gov.
 
Sincerely,
 
 
Rosalynn J.
Office of Disaster Assistance, Customer Service Center
U.S. Small Business Administration
(800)659-2955

 >:( >:( >:(

Round and Round in circles.
Fair warning - Any PMs sent in response to forum posts are fair game for ridicule in public.

Offline Moshe123

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Sep 2012
  • Posts: 5935
  • Total likes: 911
  • DansDeals.com Hat Tips 1
  • Gender: Male
    • View Profile
  • Location: Spring Valley
  • Programs: Lost
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4435 on: October 13, 2021, 08:01:23 PM »
Anyone got funded already the 2 m? @cgr

Offline Fish Tank

  • Dansdeals Platinum Elite + Lifetime Gold Elite
  • ******
  • Join Date: Feb 2012
  • Posts: 875
  • Total likes: 154
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: NJ
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4436 on: October 13, 2021, 08:39:58 PM »
Will the loan show up on my personal credit report ? (I know they do a hard pull. I'm asking about the actual loan balance/payments.)

Offline aygart

  • Dansdeals Lifetime 10K Presidential Platinum Elite
  • *******
  • Join Date: May 2008
  • Posts: 17404
  • Total likes: 14342
  • DansDeals.com Hat Tips 14
    • View Profile
    • Lower Watt Energy Brokers
  • Programs: www.lowerwatt.com
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4437 on: October 13, 2021, 08:41:41 PM »
Will the loan show up on my personal credit report ? (I know they do a hard pull. I'm asking about the actual loan balance/payments.)

It does show up on DNB for businesses.
Feelings don't care about your facts

Offline Fish Tank

  • Dansdeals Platinum Elite + Lifetime Gold Elite
  • ******
  • Join Date: Feb 2012
  • Posts: 875
  • Total likes: 154
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: NJ
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4438 on: October 13, 2021, 08:43:43 PM »
It does show up on DNB for businesses.
Ty. So not my personal CR? Only DNB?

Offline sillypainter

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Jan 2012
  • Posts: 2068
  • Total likes: 200
  • DansDeals.com Hat Tips 1
  • Gender: Male
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #4439 on: October 13, 2021, 09:17:27 PM »
I got online confirmation that I'm eligible to go above 500K for EIDL. I read everywhere that business RE collateral is required. Is that true, or ONLY if you have business RE you need to provide that, otherwise you don't have to. On the docs they ask me to sign, I don't see a REQUIREMENT for business RE collateral.