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

[ari3]

I submitted my reevaluation request by email.

Thank you cholent and cgr for the responses, especially cholent who reached out to me by PM and answered all my questions.

An added thanks for answering even though I am sure all the answers are somewhere in the 192 pages of this thread 

[cholent]

At this point this denial happens for 85% of sole props. Request reevaluation as per the decline letter you received. Attach 4506-T, 2019 Full Return, and Photo ID all in pdf format.
If they need anything else to reinstate they'll reach out. Be sure to submit your reeval prior to 12/31.

Have you seen specific guidance saying reevaluation requests must be in by 12/31? I thought it was gray but the SBA's language seemed to indicate denials can still be appealed next year

[TBD]

Have you seen specific guidance saying reevaluation requests must be in by 12/31? I thought it was gray but the SBA's language seemed to indicate denials can still be appealed next year

https://www.sba.gov/article/2021/nov/19/sba-announces-updated-guidance-regarding-applicant-deadlines-covid-economic-injury-disaster-loan


The SBA will accept and review reconsideration and appeal requests for COVID EIDL applications received on or before December 31 if the reconsideration/appeal is received within the timeframes in the regulation. This means six months from the date of decline for reconsiderations and 30 days from the date of reconsideration decline for appeals – unless funding is no longer available.

[TBD]

https://www.sba.gov/article/2021/nov/19/sba-announces-updated-guidance-regarding-applicant-deadlines-covid-economic-injury-disaster-loan
Borrowers can request increases up to their maximum eligible loan amount for up to two years after their loan origination date, or until the funds are exhausted, whichever is soonest.


DOES THIS MEAN EVEN AFTER DEC 31?

[cholent]

https://www.sba.gov/article/2021/nov/19/sba-announces-updated-guidance-regarding-applicant-deadlines-covid-economic-injury-disaster-loan
Borrowers can request increases up to their maximum eligible loan amount for up to two years after their loan origination date, or until the funds are exhausted, whichever is soonest.


DOES THIS MEAN EVEN AFTER DEC 31?

Yes, they are clear about that. The gray area is that they don't specify targeted advance reevaluation - they may mean only the loan

[madhocker]

I got approved for EIDL advance on 12/20, says funded on the portal, but no sign of the money yet. Anything to worry about?

[AsherO]

I got approved for EIDL advance on 12/20, says funded on the portal, but no sign of the money yet. Anything to worry about?

It was holiday weekend, I don’t think there’s anything to worry about.

[cholent]

I got approved for EIDL advance on 12/20, says funded on the portal, but no sign of the money yet. Anything to worry about?

Seems normal for everyone approved that day

[YSACC]

Seems normal for everyone approved that day

Same issue.

[cholent]

FYI there seems to be an issue with targeted advance invitation emails this week, I've heard from numerous applicants who didn't receive one and the SBA has mentioned they are having technical issues impacting their ability to resend invites - seems reasonable to assume those same technical issues are affecting the original invites.

[YSACC]

FYI there seems to be an issue with targeted advance invitation emails this week, I've heard from numerous applicants who didn't receive one and the SBA has mentioned they are having technical issues impacting their ability to resend invites - seems reasonable to assume those same technical issues are affecting the original invites.

You don't think they closed the system?

[cholent]

You don't think they closed the system?

No. They have said multiple times they will accept applications through December 31.

And on that note, to anyone following this thread: you obviously know about this program, but please take a moment to think through your family, friends, neighbors, and acquaintances. If there is anyone who might qualify for and benefit from the grant and/or loan, just letting them know it exists can be a great chessed.

[ah giten]

After multiple reconsideration, I finally got the link to create an account 2 days ago. But I'm still waiting for the invitation of Targeted advance. Anything I can do or it's just a waiting game?

[cholent]

After multiple reconsideration, I finally got the link to create an account 2 days ago. But I'm still waiting for the invitation of Targeted advance. Anything I can do or it's just a waiting game?

You can email TargetedAdvance@sba.gov and request, but as mentioned above there seems to be an issue with those right now. Still worth sending the email

[YSACC]

You can email TargetedAdvance@sba.gov and request, but as mentioned above there seems to be an issue with those right now. Still worth sending the email

I would also recommend sending the email, that might put you in the system as applied before the deadline.

[cgr]

The SBA is no longer sending invitations (this is as of 12/28 at around 3PM) and no longer approving the Supplemental ($5k) portion of the grant (this is as of yesterday AM).

[cholent]

The SBA is no longer sending invitations (this is as of 12/28 at around 3PM) and no longer approving the Supplemental ($5k) portion of the grant (this is as of yesterday AM).

Ouch! Where did you see this and why? Their site still says they will accept applications through December 31.

[cgr]

Ouch! Where did you see this and why? Their site still says they will accept applications through December 31.

I'm seeing it based on the applications inputted on/after December 28, as well as Targeted Advance applications being approved while the Supplemental remains denied. (I did not see this published anywhere).

I also had an agent on the phone on Tuesday (the 28th) who muttered something about her deadline to approve Supplemental applications by a certain time on Wednesday and after that she can only work on Targeted, but she didn't want to go into detail.

[yandmk]

I got approved for EIDL advance on 12/20, says funded on the portal, but no sign of the money yet. Anything to worry about?

Mine showed funded last night, and I got email conformation yesterday about the 5k, and only 5k was in the bank this morning. A half hour ago I got email confirmation about the 10k, so hopefully it shows in the morning. But they both showed "funded" before.
Hatzlacha Raba with yours.

[madhocker]

My application for the EIDL loan was withdrawn (can't remember when or why), so as per phone agent recommendation, I sent them an email requesting them to reopen it. No response since 12/20. Is tomorrow the cutoff for applications?