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

[ExGingi]

@ExGingi had the same issue

Indeed. I just moved on, you win some and you lose some.

[AsherO]

Indeed. I just moved on, you win some and you lose some.

For a moment I thought you said "I just moved" lol

[beeweegee]

My targeted EIDL advance application just got declined, and the stated reason is: "Not Eligible: The SBA has been unable to verify the existence of an eligible business as reflected in the application. The SBA has been unsuccessful in our attempts to obtain documentation from multiple sources (public records) and we attempted to obtain documentation from you that would validate the existence of your business."

This is for my wife, who is a sole prop and has been working (with multiple years of tax records) for years. Any idea what's behind this "ineligibility"?

[cgr]

My targeted EIDL advance application just got declined, and the stated reason is: "Not Eligible: The SBA has been unable to verify the existence of an eligible business as reflected in the application. The SBA has been unsuccessful in our attempts to obtain documentation from multiple sources (public records) and we attempted to obtain documentation from you that would validate the existence of your business."

This is for my wife, who is a sole prop and has been working (with multiple years of tax records) for years. Any idea what's behind this "ineligibility"?

Most of these are arbitrarily denied.
You can appeal the decision and include:

Color photos of driver’s license, front and back
Voided check
Recent bank statement
Complete 2019 federal tax filing

Send everything in PDF format, and include a signed 4506-T as well.

[Ver hut gazugt]

Most of these are arbitrarily denied.
You can appeal the decision and include: Send everything in PDF format, and include a signed 4506-T as well.

Signed 4506-t is signed by the applicant ?

[cgr]

Signed 4506-t is signed by the applicant ?

Yes. If you already did one on your EIDL account you can download that pdf to include.

[unavailable]

If you have fewer employees when filing for forgiveness, is it a problem?

[AsherO]

If you have fewer employees when filing for forgiveness, is it a problem?

I don't think it matters as long as you had the same employee count at the end of your covered period, but I'll leave it to the experts to tell you for sure.

[Pupashtetl]

I got a decline letter for the advance, due to the following reason:

Unverifiable Information: During the loan underwriting process there were one or more items that
were reviewed that caused the SBA to question the validity of certain information you submitted as part of
your application.

Anyone know which info they are referring to?
I have a 1099 from 2019 and from 2020, showing the reduction in income. Is that enough?

[ExGingi]

I got a decline letter for the advance, due to the following reason:

Unverifiable Information: During the loan underwriting process there were one or more items that
were reviewed that caused the SBA to question the validity of certain information you submitted as part of
your application.

Anyone know which info they are referring to?
I have a 1099 from 2019 and from 2020, showing the reduction in income. Is that enough?

It might just be a need to verify your identity. I got a similar response on two out of three loan increase requests.

I called yesterday the one contact that has been most helpful (and told me to email a copy of my Driver's license and US passport, and anything else to prove that I'm a real person with a real business) to follow up on this (and other issues). She said that they are being swamped with reconsideration requests due to the fact that the applications were processed by AI, and apparently many were declined or flagged with issues, when they should have been approved, so they are now overwhelmed with case load trying to sort through all of those. She said it takes a couple of months to get a response!

[est]

It might just be a need to verify your identity. I got a similar response on two out of three loan increase requests.

I called yesterday the one contact that has been most helpful (and told me to email a copy of my Driver's license and US passport, and anything else to prove that I'm a real person with a real business) to follow up on this (and other issues). She said that they are being swamped with reconsideration requests due to the fact that the applications were processed by AI, and apparently many were declined or flagged with issues, when they should have been approved, so they are now overwhelmed with case load trying to sort through all of those. She said it takes a couple of months to get a response!

I got the same denial for the loan "due to unverifiable information" the targeted and supplamental are still processing. I just spoke to a rep who said I need to appeal to find out which info they could not verify. I asked if this will cause the processing ones to get denied as well and she said they are processed independently in seperate places. I dont need to bother appealing the loan since I dont want it anyway, but any ideas where I could send any more info for the loans that are processing or I have to wait until they first get denid?

[cgr]

I got a decline letter for the advance, due to the following reason:

Unverifiable Information: During the loan underwriting process there were one or more items that
were reviewed that caused the SBA to question the validity of certain information you submitted as part of
your application.

Anyone know which info they are referring to?
I have a 1099 from 2019 and from 2020, showing the reduction in income. Is that enough?

I got the same denial for the loan "due to unverifiable information" the targeted and supplamental are still processing. I just spoke to a rep who said I need to appeal to find out which info they could not verify. I asked if this will cause the processing ones to get denied as well and she said they are processed independently in seperate places. I dont need to bother appealing the loan since I dont want it anyway, but any ideas where I could send any more info for the loans that are processing or I have to wait until they first get denid?

Most of these are arbitrarily denied.
You can appeal the decision and include:

Color photos of driver’s license, front and back
Voided check
Recent bank statement
Complete 2019 federal tax filing

Send everything in PDF format, and include a signed 4506-T as well.

[ExGingi]

I got the same denial for the loan "due to unverifiable information" the targeted and supplamental are still processing. I just spoke to a rep who said I need to appeal to find out which info they could not verify. I asked if this will cause the processing ones to get denied as well and she said they are processed independently in seperate places. I dont need to bother appealing the loan since I dont want it anyway, but any ideas where I could send any more info for the loans that are processing or I have to wait until they first get denid?

I believe the email address to send documents for reconsideration is: pdcrecons@sba.gov

[cgr]

I believe the email address to send documents for reconsideration is: pdcrecons@sba.gov

Correct, and for reconsideration of the grant/advance: TargetedAdvanceReevaluation@sba.gov

[EliJelly]

Correct, and for reconsideration of the grant/advance: TargetedAdvanceReevaluation@sba.gov

Is there any point to email them to check on my Targeted advance appeal status or is nobody home there?

[Pupashtetl]

@cgr
What is the point of a voided check?

[EliJelly]

@cgr
What is the point of a voided check?

Proof of bank account in your business name

[Pupashtetl]

Proof of bank account in your business name

This application was for an individual that had a reduction in 1099 income.

[Mordyk]

any way to increase EIDL amount based off 2020 return?

[unavailable]

For some, but not yet for everyone.

Yes, if your loan was under $150k.

@crg you wrote that ppp2 forgiveness can be before ppp1

both my ppp's are with biz2credit and they are not allowing ppp2 forgiveness, I'm assuming its because i didn't finish ppp1 forgiveness
or are there other reasons