Author Topic: SBA PPP and EIDL Small Business Loans (some money is forgivable)  (Read 178086 times)

Offline A3

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3570 on: April 07, 2021, 10:08:56 PM »
Then you wait and see. Lots of people get approved for the targeted advance without even getting an email, could take a while. And funding is another wait after that.
Anybody get approved that is not in a low income neighborhood?

Offline cholent

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3571 on: April 08, 2021, 12:06:00 AM »
Targeted advance was denied because my 2019 tax returns hadn't been processed yet.
Don't ask stupid questions and you won't get stupid answers

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3572 on: April 08, 2021, 12:19:52 AM »
Targeted advance was denied because my 2019 tax returns hadn't been processed yet.

With no option to appeal/resubmit once it does process?

Offline cholent

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3573 on: April 08, 2021, 12:50:13 AM »
With no option to appeal/resubmit once it does process?
None in the email I received. I wrote back and hoping for a positive response.
Don't ask stupid questions and you won't get stupid answers

Offline USam

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3574 on: April 08, 2021, 02:39:27 AM »
With no option to appeal/resubmit once it does process?

In the original targeted advance email they wrote,
“Due to limited available funds for the Targeted EIDL Advance program, SBA will not be able to reconsider applications through an appeal process, so please make sure that your information is correct when submitting your application.”

Offline hvaces42

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3575 on: April 08, 2021, 08:23:44 AM »
Got this...

Dear SBA borrower,

According to our records, you received a COVID-19 Economic Injury Disaster Loan (EIDL) from the U.S. Small Business Administration (SBA) to help your business weather the financial hardships brought on by the pandemic. These loans were previously limited to six months of economic injury up to a maximum of $150,000. The SBA recently announced a policy change that significantly increases loan limits up to 24 months of economic injury with a maximum loan amount of $500,000.

We are reaching out to inform you that the SBA's new increased loan limits for the COVID-19 EIDL program are now in effect and you may be eligible to receive additional loan funds. Please be advised that for loan amounts over $25,000, SBA will continue to take a security interest in business assets evidenced by a general security agreement and UCC filing. SBA will also require an unsecured personal guarantee for loan amounts over $200,000 from any individual with 20 percent or more ownership. Real estate collateral will not be required for any loans of $500,000 or less.

As a reminder, SBA announced last month that we are extending the first payment due date for all loans until 2022. For COVID-19 EIDL loans made in calendar year 2020, the first payment due date is extended until 24 months from the date of the note, and for loans made in calendar year 2021 the first payment due date is extended until 18 months from the date of the note. Loan interest continues to accrue during the deferment period, and a loan increase will not further extend your first payment due date.

Follow these instructions if you wish to request a loan increase:

Send email to CovidEIDLIncreaseRequests@sba.gov
Use subject line "EIDL Increase Request for [insert your 10-digit application number]"
Be sure to include in the body of your email identifying information for your current loan including application number, loan number, business name, business address, business owner name(s), and phone number.
Important: Do not include any financial documents or tax records with your initial request. You will receive a follow up email notification if we need additional documents.
We will process increase requests in the order they are received. Due to the expected high volume of incoming requests, it may be several weeks before you receive a response from SBA on next steps to follow. Please do not resend multiple requests if you do not hear back right away as the extra emails could slow down the overall response time.

If you have any questions regarding the COVID-19 EIDL program, or SBA's other COVID relief program, please visit our website at SBA.gov/relief for the most current updates.

We look forward to assisting with your recovery from this pandemic."

They cant even get their email address right!!! When you click on the hyperlink to their email address you get the wrong address. @cgr know anything about this?

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

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3576 on: April 08, 2021, 08:49:18 AM »

They cant even get their email address right!!! When you click on the hyperlink to their email address you get the wrong address. @cgr know anything about this?
I've had a few complaints about the email address not working- is it not hyperlinked correctly? I wasn't sure what the issue is.

Offline sillypainter

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3577 on: April 08, 2021, 09:03:17 AM »
The hyperlink adds a +, but I see it only happens in Gmail. In Hub which I use it does work normally. Be aware to remove the + because I don't think the email will arrive.

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3578 on: April 08, 2021, 09:12:07 AM »
The hyperlink adds a +, but I see it only happens in Gmail. In Hub which I use it does work normally. Be aware to remove the + because I don't think the email will arrive.

Ah that's what @ExGingi was referring to...
I thought it had something to do with a personal Gmail setup.
Thanks!

Offline Mordyk

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3579 on: April 08, 2021, 09:32:45 AM »
(* Borrowers who experience problems sending email using the link in the message they received must be sure to remove any additional characters that may appear in front of the email address.)

on SBA site. I guess many people had this issue
#TYH

Offline yuneeq

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3580 on: April 08, 2021, 09:33:40 AM »
The hyperlink adds a +, but I see it only happens in Gmail. In Hub which I use it does work normally. Be aware to remove the + because I don't think the email will arrive.

Seems like a Gmail specific issue, the link works fine in Zoho

Offline minkr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3581 on: April 08, 2021, 10:02:17 AM »
Original application on 2/8.
Additional information (tax release form) triggered "application processing" on 3/2
Approval email 4/6
(awaiting funds)
Funds deposited today 4/8

Offline monkey

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3582 on: April 08, 2021, 10:05:07 AM »
Thank you @cgr for all your help with my ppp loan. Was really a huge help.

Lots of back and forth and pushing my app through.

Offline Barryg

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3583 on: April 08, 2021, 10:57:52 AM »
Ah that's what @ExGingi was referring to...
I thought it had something to do with a personal Gmail setup.
Thanks!
Could this be why I didn't receive a confirmation email (auto response) when I sent my email in? I sent from Gmail, but I copied and pasted the email address so there were no extra characters. (just CovidEIDLIncreaseRequests@sba.gov)

Offline Mordyk

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3584 on: April 08, 2021, 01:41:56 PM »
how do you fill out an EIDL Application for a business that started in 1/2020. what do i write when they ask for prior 12 months sales and cogs?
#TYH