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

[cgr]

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

Oh I thought approvals on the 20th.
Double check the routing #- maybe it's stuck in nowhereland.

[YSACC]

Oh I thought approvals on the 20th.
Double check the routing #- maybe it's stuck in nowhereland.

Double checked several times, it seems to be an issue with applications funded on the 20th.

[cholent]

I also have one application approved on the 15th and never funded - any advice?

[cgr]

Double checked several times, it seems to be an issue with applications funded on the 20th.

I also have one application approved on the 15th and never funded - any advice?

You can try emailing COVIDAdvanceBankReturns@sba.gov as per the SBA instructions here: https://www.sba.gov/funding-programs/loans/covid-19-relief-options/eidl/targeted-eidl-advance-supplemental-targeted-advance#section-header-8

Just a heads up: they're the worst SBA department I've ever dealt with.  If you get a resolution in months you're lucky...

[cholent]

You can try emailing COVIDAdvanceBankReturns@sba.gov as per the SBA instructions here: https://www.sba.gov/funding-programs/loans/covid-19-relief-options/eidl/targeted-eidl-advance-supplemental-targeted-advance#section-header-8

Just a heads up: they're the worst SBA department I've ever dealt with.  If you get a resolution in months you're lucky...

I've had the same experience


Although duplicate issues are just as bad

[YSACC]

You can try emailing COVIDAdvanceBankReturns@sba.gov as per the SBA instructions here: https://www.sba.gov/funding-programs/loans/covid-19-relief-options/eidl/targeted-eidl-advance-supplemental-targeted-advance#section-header-8

Just a heads up: they're the worst SBA department I've ever dealt with.  If you get a resolution in months you're lucky...

I already contacted them a few months ago on a different case and still waiting for an answer.

[madhocker]

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

nothing today either... think there is a point in calling? I'm talking about an advance that was approved on the 20th and says funded on the portal.

[Barryg]

I've had the same experience


Although duplicate issues are just as bad

what’s the duplicate issue?
I’m trying to help someone with a loan and this may be an issue that they are having

[Dave321]

got declined. Lack of repayment ability.
Bh my business has the capital to repay.
Any advice?

[cgr]

got declined. Lack of repayment ability.
Bh my business has the capital to repay.
Any advice?

If you have a net loss after adding back depreciation on your 2019 return then there's very little to no chance of getting approved for the full $2MM. Your maximum would be $500k.

Other factors include owner PFS.

[Ver hut gazugt]

Does anybody know if I have 20 nursing homes and all together have over 500 employees is there any way we can still be eligible for EIDL loan?

I don’t know. But if they separate llc’s you might be eligible but it’s too late to apply now anyhow.

[cgr]

They are all in, just got now a update from the sba that as they are all affiliated and have owners in common they calculate all together and as all together have over 500 employees i am not eligible
any advice on this? @cgr?

The following NACIS codes are exempt from the 500 employee affiliation rule:

61 Educational Services;
71 Arts, Entertainment and Recreation;
72 Accommodation and Food Services;
213 Support Activities for Mining; Industry group;
3121 Beverage manufacturers;
315 Apparel Manufacturing;
448 Clothing and Clothing Accessories Stores;
451 Sporting Good, Hobby, Book and Music Stores;
481 Air Transportation;
485 Transit and Ground Passenger Transportation;
487 Scenic and Sightseeing Transportation;
511 Publishing Industries (except Internet);
512 Motion Picture and Sound Recording Industries;
515 Broadcasting (except Internet);
532 Rental and Leasing Services; and
812 Personal and Laundry Services.

See FAQs page 6 & 7: https://www.sba.gov/sites/default/files/2021-09/COVID-EIDL-FAQs-090821-508.pdf

[AsherO]

SBA is requesting EIDL applicant for proof of address for their corporation. They submitted a bank statement and SBA requested a second proof of address.

The business doesn't get a lot of mail, and the mail it does get is to a different corporation name and/or at a different address. Aside from opening a new bank/credit account for this business, what's an easy way to satisfy this requiest?

Thanks in advance.

[cgr]

SBA is requesting EIDL applicant for proof of address for their corporation. They submitted a bank statement and SBA requested a second proof of address.

The business doesn't get a lot of mail, and the mail it does get is to a different corporation name and/or at a different address. Aside from opening a new bank/credit account for this business, what's an easy way to satisfy this requiest?

Thanks in advance.

The SBA agent might consider this flimsy proof, but can they get one of their vendors to issue an invoice to them at that address?

[AsherO]

The SBA agent might consider this flimsy proof, but can they get one of their vendors to issue an invoice to them at that address?

That’s certainly possible. Anything else we can use as well? Or submit that and see if it flies?

[LoLo]

We have reviewed your request for the Targeted Advance. At this time, we are unable to complete the evaluation of your request until the following information is provided:.

ID verification document such as, Passport
1099 Income statement for 2019
Business License.

What do I provide for 'Business license'?

[cholent]

Starting to get some responses that the reevaluation was done in December (with no communication from the SBA at the time) and no subsequent reevaluation requests are being processed anymore. I'm upset for those who qualified and should have been approved but for no discernable reason were left in the cold.

[chbochur]

I applied very late in the game (Dec 10) and in the haste erroneously clicked that I am not a us citizen and got declined very quickly after.
I sent a reconsideration email on the 24th explaining the mistake and why I feel I should be eligible. I also attached a picture of my passport as well as some other documents. A few days ago I was contacted via email to fill out some details and sign the form and bh they approved my grant. However they have not did not approve the Supplement. I emailed him asking why not he wrote back "Unfortunately, per SBA’s latest guidance, there are no SA’s being approved moving forward"
Anyone know if it's worth recon with another agent or this is not gonna happen even with another agent?

[cholent]

I applied very late in the game (Dec 10) and in the haste erroneously clicked that I am not a us citizen and got declined very quickly after.
I sent a reconsideration email on the 24th explaining the mistake and why I feel I should be eligible. I also attached a picture of my passport as well as some other documents. A few days ago I was contacted via email to fill out some details and sign the form and bh they approved my grant. However they have not did not approve the Supplement. I emailed him asking why not he wrote back "Unfortunately, per SBA’s latest guidance, there are no SA’s being approved moving forward"
Anyone know if it's worth recon with another agent or this is not gonna happen even with another agent?

Not gonna happen don't waste your time - they were very clear that they are not approving those anymore

[chbochur]

Not gonna happen don't waste your time - they were very clear that they are not approving those anymore

I thought it fell in the same boat once the application was processed. I guess not. Happy with what I got!