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

[cgr]

Is this the SBA's idea of a joke? From today's email newsletter...

[Savingsbeast]

They prominently display the same information on the EIDL application page.
I wonder if this is mistake or they simply paused the approval for the grant but it will resume after Jan 1.

[YSACC]

It looks like their system is having issues with their portal. I spoke to an agent that told me that the reevaluation was approved. However, on the portal it still says declined.

[madhocker]

Same issue.

any progress yet?

[cholent]

any progress yet?

Still hearing they haven't hit accounts yet as of today

[madhocker]

Agreed. I have not seen anything yet either...

[shmoe joe]

Anyone has info on nys Mortgage  help?

[cgr]

Agreed. I have not seen anything yet either...

Plenty of payments cleared on Friday as well as today so I expect it'll come in shortly. Most of those approvals were from the 17th and 20th.

Note that 10 business days from approval to funding is normal, and there were one (or two- depending on your bank) holidays in between.

[cgr]

Anyone has info on nys Mortgage  help?

It's being discussed in this thread: https://forums.dansdeals.com/index.php?topic=115132.1260

[shmoe joe]

Is the eidel loan the same as the 15k loan that 1099 files can get?  If yes, will is there any chance they will resume it?

[AsherO]

Is the eidel loan the same as the 15k loan that 1099 files can get?  If yes, will is there any chance they will resume it?

It's probably the same, but the $15k was grants, not a loan. The EIDL loan had different eligibility requirements than the grants and was in addition to the $15k in EIDL grants. And while there is a chance the EIDL will come back, I wouldn't expect it until it returns to the legislative agenda, it seems congress has other legislative priorities right now.

[shmoe joe]

It's probably the same, but the $15k was grants, not a loan. The EIDL loan had different eligibility requirements than the grants and was in addition to the $15k in EIDL grants. And while there is a chance the EIDL will come back, I wouldn't expect it until it returns to the legislative agenda, it seems congress has other legislative priorities right now.

is there anything to do now for שלימזל like me who missed the boat?

[AsherO]

is there anything to do now for שלימזל like me who missed the boat?

1. Don't label yourself.
2. Apply for other things that are open or might come back (like the NYC program that's currently on hold for new applicants)

[shmoe joe]

1. Don't label yourself.
2. Apply for other things that are open or might come back (like the NYC program that's currently on hold for new applicants)

what is the nyc program?

[AsherO]

what is the nyc program?

https://covidresilience.nyc/

There's also the NYS program: https://nysmallbusinessrecovery.com/

Keep in mind eligibility and process varies for each of these.

[YSACC]

Plenty of payments cleared on Friday as well as today so I expect it'll come in shortly. Most of those approvals were from the 17th and 20th.

Note that 10 business days from approval to funding is normal, and there were one (or two- depending on your bank) holidays in between.

The discussion is about grants that were marked as funded on the 20th, which usually posts to the bank on the next business day.

[cholent]

Has anyone had their targeted advance change from declined to approved on the portal in the past few days? Not talking about approval emails, those have a few days lag time.

[YSACC]

Has anyone had their targeted advance change from declined to approved on the portal in the past few days? Not talking about approval emails, those have a few days lag time.

Yes, got one updated yesterday (after receiving an email from an individual from SBA "We have reviewed your reevaluation request for the Targeted Advance. Based on our review, we have determined that you are eligible for the Targeted Advance.
 
Your file is now headed to the funding department. Provided everything looks good to them, your file should fund in 7-10 business days.")

[Ver hut gazugt]

Is this normal been waiting since mid November for eidl this is after them getting and confining all my documents , they keep telling me it’s in the process and I should get an underwriter soon.

[cgr]

Is this normal been waiting since mid November for eidl this is after them getting and confining all my documents , they keep telling me it’s in the process and I should get an underwriter soon.

Unfortunately yes.