Your Application # will NOT work for account set-up. Share on Reddit. :). We really don't want to shoot the messenger and Noah doesn't run the whole program. Daily manage loan processing pipeline of $30MM +. Any information shared, even from the processing centers, would be out of date quickly or only represent a narrow perspective. Keep reading to learn more about what SBA 7(a) loans are, the different types that are available to small businesses, and how to get one. There are no pre-payment penalties for the PPP. What all can i use the loan for? If a business owner has an application or conformation number that begins with a “3”, they don’t need to do anything – their application is in process in the new system. As with any operation, there are supervisors in the call center with oversight responsibility and more authority than others. For the PPP, they need to go to their lender. It was not there this AM. Online lenders, or "fintechs," have flooded the small business loan market in recent years. So whats next? Well once they did or if they did its been 7 days and I've received nothing to sign from SBA as other businesses say they've had to sign in final hours prior to money being deposited. What are others experiences? PPP loans are narrower. Later in day I went on the SBA Disaster Loan Website and The Original Loan has a Green Box next to it that says "Your loan modification is being processed". Questions? "SBA is actively working to ensure system security and integrity while loan processing continues," the SBA official explained. For that reason we generally suggest that payroll costs be paid with the PPP and other business needs (rent, utilities, inventory, etc) be covered with EIDL loan funds. Many business owners are just keeping the two totally separate to make for cleaner and easier bookkeeping. Apply online at sba.gov --> wait --> Get your advance processed -->wait --> get your loan reviewed and decided upon. By using our Services or clicking I agree, you agree to our use of cookies. When I spoke to mine upon 2nd round about to roll out they were still trying to figure out how it all was going to work. Contact one of our experienced team members to talk about your business needs. There are a few resources: 1. Then my bank emailed me saying the names didn't match which I knew and now SBA is saying just wait!!!! Other PPP Borrowers Eligible for a PPP Loan Increase (or Reapplication): 1. COVID-19 Economic Injury Disaster Loan (EIDL) 1. Completed all required documentation, was accepted ,approved ,and signed the paperwork on Jan 13th . Apply to Processing Assistant, Loan Assistant, College Assistant and more! Interest accrues daily. That has to be good news right???!! Have you checked on CAWeb? Status updates of course make up about 40% of my day. The SBA Disaster Loan Program provides direct loans to help businesses, nonprofit organizations, homeowners, and renters repair or replace property damaged or destroyed in a federally declared disaster. As of mid-October 2020, the … I'd advise against numerology. What processes are being put in place to make sure they can give us the accurate information we need? I went thru all the steps validating info then the final electronic signature . Completely forgiven. As a result, most of their receipts will constitute net income. EIDL: It is a factor. EIDL loans are broader in what they can be used for. Any business that applied for a Coronavirus (COVID-19) SBA Economic Injury Disaster Loan (EIDL) prior to the release of SBA’s new streamlined application the week ending March 29, must reapply using SBA’s streamlined online application (in SBA’s new loan processing system) available at www.sba.gov. For instance, the Small Business Act is a 300 page law. As always our sub's rules apply here. It is one of multiple programs the Trump administration is using to try to blunt the economic fallout from a pandemic that has already shuttered businesses across the country. They fit into 4 different areas: This is a complicated question. If you close on an SBA loan between February 1, 2021 and September 31, 2021, you will have 3 months worth of payments (principal and interest) forgiven. Regarding files that are suspended or delayed due to errors or denials, our field office staff have not yet been informed how files in this category are being handled or when to expect resolutions. ((800) 659-2955). save. * How can we best recognize solicitation attempts by financial firms without proper affiliation to the SBA or access to the programs? The revival of the SBA loan forgiveness is huge news! Its a lot of money sitting in there and my company is needing it badly. In seriousness, this form helps the SBA qualify the applicant for the loan by getting a better picture of the applicant’s creditwo Getty Images. share. I don't work as much on the contracting side of things, but I think the size standards are more frequently needing to be evaluated in those programs. Was this first or second round loan? It is one of multiple programs the Trump administration is using to try to blunt the economic fallout from a pandemic that has already shuttered businesses across the country. Loan documents are prepared such as the note, collateral documents, personal guarantees, etc. Small businesses reeling from disruptions caused by COVID-19 have turned to SBA’s economic disaster loan program, which offers up to $2 million in lending per business. How long till funding? After the loan has been approved and commitment letter signed, the loan will be packaged as an SBA 7(a) loan, SBA 504, or USDA B&I loan. Not even sure my emails were received. If you are interested in buying a FedEx Ground operation Regardless of industry and stage the uncertainty that folks share with me is universal. Sometimes I make mistakes. Some business owners have taken the opportunity to find other work that can be done remotely for their employees, some are simply paying even though noone is working, some are having employees self-study/develop new skills. 13.6k. The SBA secretly capped the loans at $150,000, a fraction of the previous maximum, to preserve limited funding. This would be greatly appreciated. Even in non-disaster times business owners love to talk about their business because its what they're passionate about and they've almost always invested an incredible amount of blood, sweat, and tears into their businesses. *NOTE: Interest accrues daily. Bluevine asked me for additional documentation several times from the date of completed application (1/13/21) to current date (1/21/21. That's actually normal, even during non-disaster situations! It’s why they turn to us to handle the collection and processing of various SBA required documentations. Wow that's an incredible turnaround! Then a week later I applied to the ppp directly thru the sba website. Tempers are understandably short but personal attacks are not allowed. Log in or sign up to leave a comment Log In Sign Up. Passport and 4506t. * What communications should small businesses expect as they go through the process, including about errors, denials, progress or acceptance? Effectively manage a team of SBA loan processor and SBA operations personnel with a total department loan portfolio of $235MM in SBA loans. You can use this tool or look at the table at the bottom of this page. loan processing times, and. The center evaluates and issues guarantee commitments to 504 loan applications. Not deferred. hide. If a business doesn’t have an application number or received one that begins with a “2”, they must reapply under SBA’s new processing system. If a website has a "banking partners" section on their website they're usually an intermediary or a packager. *Edit: sorry if I'm being a heavy handed mod here today guys but this is serious stuff that could have a major impact on a lot of businesses. Reddit Flipboard ... said the SBA may not be prepared for so many loan applications. He, too, applied for one. I think the SBA got this coss verification wrong. Who do I contact at the SBA to get this money back to me in a different banking account?? * Why do the guidelines the SBA is implementing seem to be different from what was described in the law authorizing the programs? ***Edit: I'm signing off for questions for the night folks. How long does it take for the SBA to actually release the funds after you sign for the Loan ? * Where can businesses go to find their status with the SBA (i.e. Small Business Owner meets with a lender 3. How was the process? Credit: Cue378 an avid supporter of small businesses.These are the steps the SBA is taking during the EIDL loan underwriting phase which happens as your EIDL loan application says ‘processing’: Approval by Loan Officer Stage: a Tier 2 representative will be able to see that whether the loan application is approved on their screen. * What are the most common questions you have been answering? Could you chime in on these 3 questions https://www.screencast.com/t/RqQGE2OiX found here https://www.reddit.com/r/EIDL/comments/gu6lu7/eidl_loan_terms_explained_good_summary/?sort=new It has been some time and wondering if you could pick up the questions to chime in? Some industries are much more represented than others (there are just more food service and construction firms than clog manufacturers out there.). The loan … I really appreciated it. Before I was funded I called and emailed to update bank info because I put my business name and not mime . by Kenneth Terrell, AARP, Updated July 17, 2020 | Comments: 0. PPP forgiveness must be applied to and the details on that process have yet to be released. Any thoughts? The short answer is because they have the discretion to do so. Does anyone know if a business can upload personal accounts and still be approved? Most other banks are doing manual submissions and can take weeks. I applied Cross River on Monday Jan 18th and it's still in review Jan 21st. An SBA loan officer will determine your eligibility during the processing of your complete application and review of the documents you provide. You are welcome to post or comment. New Paycheck Protection Loan Funding for 2021. This was 2 1/2 weeks ago, and still no funding to the right Wells Fargo Account. We're doing what we can to alleviate some of that, where we can but also be transparent and honest about our own limitations. For additional information on Small Business Administration Disaster Loan Program related to COVID-19, see CRS Insight IN11370, SBA EIDL and Emergency EIDL Grants for COVID-19, by Bruce R. Lindsay; CRS Report R46284, COVID-19 Relief Assistance to Small Businesses: Issues and Policy Options, by Robert Jay Dilger, Bruce R. Lindsay, and … Again, we appreciate everyone’s patience while their applications are being processed. Now some want a piece of the new SBA coronavirus loan program. The answer is yes, maybe and that the detailed rules on the forgiveness portion of the PPP has yet to be released. Not too shabby. Per the portal, both Verify Identity and Electronic Disbursement are marked as Completed. What do I do? The moderators sent me a list of questions consolidated by the community. Economic Injury Disaster Loan (EIDL) Program is available directly from the SBA and can offer economic assistance of up to $10,000. EIDL advances (which are forgivable) will reduce the amount of forgiveness received under the PPP. Were you able to pay back the loan? Call 1-800-659-2955 | TTY/TDD: 1-800-877-8339 Monday - Sunday, 8 a.m. - 8 p.m. It seems like it would hinder real business owners more than fraud. Received portal for loan amount of $28,200, clicked yes and then received denial saying business activity is not eligible. If you have questions about your individual situation or application, we recommend you call SBA Disaster Assistance at 1-800-659-2955. On what programs does the number of FTEs limit amounts? See if their name showed up on this list of institutions that made loans in Phase 1. The short answer is that it depends on the program. Which ones and to whom? It is overall more difficult to document and submit these in a way that is acceptable to SBA systems though. Noah has provided proof he works for the SBA to the mods. SBA will release any customer service representative who is unable to properly perform their job. Is it possible to still get this? Posted by 16 days ago. Check the Find a Lender tool if they have a physical location near you 2. There are a lot of options here. The Small Business Administration (SBA), in consultation with the Department of the Treasury, is providing this guidance to assist businesses in calculating their payroll costs for purposes of determining the amount of a Paycheck Protection Program (PPP) loan businesses can apply for. Hi was denied for unverfiable info. When working with business owners I work really hard to make it clear what's known and what's not known, as well as not provide answers that I can't answer. Never applied thru any bank never even spoke to any bank. That's a hard question because our local office isn't in a position to help most of the time. An SBA-backed loan that helps businesses keep their workforce employed during the Coronavirus (COVID-19) crisis. Forgot your password? There is no requirement that the business be in operation. confirmation numbers, status, etc)? Our office has been working closely with business owners and doing our best to manage calls right now. If you take the funds out and declare bankruptcy and don't get the forgiveness the PPP will act like any other federally funded loan. * How does forgiveness work if business conditions change like the company is forced into bankruptcy, employees refuse to return to work or the government orders the business to be shut down for more than 8 weeks? From conditions for loan approval and equity injections, to UCC searches and disbursement diligence, our team manages the process and ensures your guaranty is secured for sale after closing. I called and a tier 2 rep said I had NOT checked the box that I wanted it. At a high and very general level I can say that laws and procedures/rules are two different things. Or should I ask how long ? Want to reapply for reconsideration for loan but want amount under $25,000 to avoid additional paperwork. * Why are different banks requiring different documentation between what financial companies require for documentation? You need a SBA Loan # to set up an account - for EIDL it appears on the first page of your documents, in the upper left hand area, and says "SBA Loan # XXXXXXXXXX.” SBA loan #'s are 10 digits. * Customer service reps have been giving out unhelpful or confusing information. If someone contacts you about a PPP loan and says they're from the SBA please report this to our Office of Inspector General. It is in my name because my business did not have any credit when I financed it. 4. Hi All. If you’re a small business or sole proprietor (1099) and are interested in beginning your application process, follow the appropriate link below. SBA Administrator Jovita Carranza noted Monday that the agency has been unable to provide emergency relief to agriculture for more than 30 years. Applied 1/18 with my credit union where I got my first PPP. Folks can sign up for national updates here, or also sign up directly for smaller, more specific email distribution lists here. Sent that in also. Also not a question, but I spend a lot of time collecting stories. Cookies help us deliver our Services. That being said my bank i think has 6-8 branches and fell into big bank category. The PPP has a different process at every bank. [complete the bank process, whatever they've decided to make that look like] --> Lender transmits approval to SBA and gets a loan number -->[finish the bank process, whatever they've decided to make that look like]. I was like oook. The Small Business Administration on Thursday morning stopped taking applications for two emergency COVID-19 loan programs providing a financial lifeline to … Sba Loan Assistant Jobs, Employment Skip to Job Postings , Search Close Received my grant and was approved for loan($17k). NOT FICO. Press question mark to learn the rest of the keyboard shortcuts. My experience is that for our regular lending and counselling programs, business owners usually grow out of them before they become ineligible(they hire their own consultants or find they can get better terms than an SBA loan.) If you haven't applied for an EIDL and you get contacted by someone from the SBA telling you about it you should suspect a scam or fraud as well. * Why did the SBA implement a $1k/employee cap in addition to the $10k cap? * Do the confirmation numbers have a structure (region, number in line, etc)? I now sent in recent 1120. r/smallbusiness: Questions and answers about starting, owning, and growing a small business Hey guys! If you are having issues with another bank, you can start an application, see required docs, FAQs, etc at easternunion.com/ppp2. I have 2 with Cross River. Can I pay off debts? * If someone has an approval number but their bank does not act what options do they have besides waiting? When I spoke to mine upon 2nd round about to roll out they were still trying to figure out how it all was going to work. Ughhh. Still no update since then. PPP funds are expected to be paid towards payroll costs even if the business is shut down. I also wrote for reconsideration but have heard nothing. I don’t have any loan docs yet with the one that’s at the SBA. I.E. * Why can the self-employed apply for 2.5 months of income but only 8 weeks is forgivable? Hopefully we will concentrate on solving problems and giving real concerns to take up the SBA reporting chain. We are coordinating closely with the SBA to ensure resolution of all outstanding issues related to the SBA loan processing systems, and will continue to provide updates to customers as we learn more specific information. ODA has their own field offices, but not sub-organizations. What does processing my application for my SBA loan means. Start or expand your business with loans guaranteed by the Small Business Administration. I've been seeing more and more that the local banks are having faster turn arounds than the Fintechs and bigger banks. For the COVID19 response, SBA’s ODA established a public/private relationship with an unnamed outside vendor to process COVID19 loans. SBA will provide an email notification inviting the applicant to set up an account electronically. How can we recognize legitimate attempts to communicate with us? That's by design because SBA is not the one originating these loans. I also can't solve or answer most questions about why a particular lender is doing x,y,z. There are ~20-30 programs for business owners through the SBA. What actual guarantees are there that loans will be forgiven if the rules are followed? SBA is presently contacting everyone who applied through the old system, and asking them to reapply at https://covid19relief.sba.gov/ when applications re-open. Them my bank info to get it direct deposited and they deposited it within about a week 1k$ per employee. 1. You will be provided with a closing check list and we will begin preparing the file for closing. I applied with Bluevine on Jan 18 and they got back to me on the 20th but didn't include my K1s, I applied with Lendio on Jan 15th and it's still processing. SBA documentation can be daunting for our clients. Two weeks later received my grant, obviously was eligible. Every lender needs to exercise due diligence and make an effort to verify payroll costs. There are upsides and downsides. **[Bill]**The status of a specific application will be available to the applicant when processing of their EIDL is near completion. The SBA announced it will discontinue making EIDL advances to new applicants, but it is still processing EIDL loan applications for small … Never reached anyone or got an email back. The expectation remains 10 calendar days from approval. " Give you (specifically) a status update on either your EIDL or PPP application, Explain why congress did X or tell you what congress will do, Speak for another office (Especially office of disaster assistance processes and procedures, or for the agency as a whole outside of existing guidance.). Find out if your small business is eligible for free money from the SBA Targeted EIDL Advance program for COVID relief in 2021. It’s why they turn to us to handle the collection and processing of various SBA required documentations. More posts from the smallbusiness community, Questions and answers about starting, owning, and growing a small business, Press J to jump to the feed. I'm not aware of a specific structure with much meaningful information and Application numbers are assigned as applications are received. If you have a PPP Loan, you can use your SBA # for this loan to set up an account. If anyone is having issues with other lenders, no bank has the tech and automation of Cross River and they are in the top 10 now of banks getting approvals. It seems like they are faster than bluevine for me, I have several employees btw. Summary This report responds to frequently asked questions about the Small Business Administration (SBA) Disaster Loan Program. I'm curious if anyone has tips out there for starting a local/online indoor plant business. Small Business Owner prepares business plan 2. It gets updated more often than the law. A sub for business owners to discuss and problem solve the use of PPP loans. They submitted to SBA Weds 1/20. (i.e. Here we can discuss EIDL loans, advances, and all things related to the 2020 CARES ACT. SBA Form 413 is the applicant’s personal financial statement -- in other words, it's the part where your lender and the SBA hold a microscope to your financial history! **[Bill]**We in the field offices have not yet been informed specifically how these files will be handled, or when. 100% Upvoted . Those loans are subject to a 3.75% interest rate and terms can be up to 30 years, according to SBA’s website. bureaucat. By using our Services or clicking I agree, you agree to our use of cookies. Loans for which funds have not been disbursed because a borrower has not submitted required loan documentation within 20 calendar days of loan approval shall be cancelled by the lender" If a loan was approved prior to April 28th, the 10 day clock was reset to start on April 28th. Username or email. On their website?? My Eidl has been sitting in on my Acorns Account for 2 months. How long does it take for me to sign and review documents?? **[Bill]**Normally, no. I haven't received any updates after originally qualifying on the first day. Press question mark to learn the rest of the keyboard shortcuts. Seems like everyone here is having a pretty fast turnaround. I'm not going to let the loudest or spammiest posters monopolize a conversation that hopefully will help us all. You can always appeal to the other mods and I'm not going to remove any question unless it looks to be disruptive to the process of getting answers. It is not a forgivable loan, Litton said. Page 12 of the Interim Final Rule lays out the reasoning: "This is most consistent with the structure of the Act and its overarching focus on keeping workers paid, and will prevent windfalls that Congress did not intend. best. * Does the SBA communicate directly with the businesses seeking these loans? * Can SBA loan confirmation numbers be transferred away from lenders who are failing to fund in a timely way? Each morning our team gets incorporates new updates into our discussions as these programs are changing daily right now. Can I make my van payments with the EIDL? How long does it take to receive the advance? I applied with Wells Fargo on Jan 20th...nothing yet. Since businesses across the country have been scrambling to apply for the latest round of funding, it isn’t always completely clear how quickly the complete approval process takes place, since every lender may have slightly different processes. Technically an EIDL can be rolled into a PPP. Are you guys all uploading business accounts? When a PPP Lender successfully reports to SBA that a loan has been fully disbursed, SBA will initiate the process of paying the PPP processing fee which the PPP Lender is eligible to receive. Yeah thats amazingly fast. Then a week later sba emailed me that i was approved for xx,xxx amount. Stephen Kucharski – Director, SBA Office of Performance and Systems Management reported that “E-Tran allows lenders to communicate and perform most relevant transactions with SBA electronically, thus cutting down substantially on both paperwork and processing time. Is there any plan for these? 10. Small businesses reeling from disruptions caused by COVID-19 have turned to SBA’s economic disaster loan program, which offers up to $2 million in lending per business. (Might be integrated with another question). As demand spikes for federal funds, new guidance and stalled payouts from the SBA on its Economic Injury Disaster Loans and advance grants are adding to frustrations and fears on Main Street. Thank you for your time and fantastic questions. I am offered a loan that I don't want to accept, I only want the $1000 grant. An SBA loan authorization is prepared which is an agreement between the SBA and the Lender as to the terms and conditions under which SBA will guaranty the loan. The local offices are very small outreach teams and I spend most of my days right now talking directly with our local business owners about how the shelter-in-place orders are impacting folks. The key is making sure all the documentation is correct, making sure you send all bank statements and not just the first page, downloaded PDFs will flow through a lot quicker than scanned, etc. SUBJECT: EIDL Reconsideration Application #123456 [FULL NAME, Company Name] MESSAGE: Please process my … It's different at every institution. Bank told me yesterday my loans approved pending sba disbursement but I've yet to receive anything from SBA so its all I think a matter of what bank and who knows where to send what. En español | If you have skills in accounting, banking or similar fields, the Small Business Administration (SBA) may have a job opportunity for you. Nationwide over the last 18 years, the SBA approved 42% of loan applications it finished processing, which doesn’t include those that were withdrawn. Password. Kindly and much appreciation for any info. level 1. About Community. My client that's the Cross River partner got the first batch with millions approved in the past couple hours. That resource guide doesn't include the PPP or the EIDL advance, since these were just added a few weeks ago. This account will enable applicants to check the status of their application, loan decision, loan amount, sign loan closing documents, schedule disbursement, etc. I have done applications with Bluevine and Biz2Credit. [Bill] Our customer call center has not provided ODA field office staff members any information about Tiers 1, 2 or 3. SBA.com® is not a lender and you do not have to request a loan through SBA.com® or its partner to access PPP funds. Lender completes loan underwriting such as obtaining and reviewing appraisals, title work, environmental reports, etc. * What happens if multiple applications (in good faith) are submitted to multiple lenders? I can’t find anyone at the SBA to help or tell me what is going on and when this will be funded / corrected to the proper account. Once a PPP loan application is approved by the SBA, by law you are supposed to receive the disbursement from your lender within 10 calendar days. I have money sitting in the sba account about to expire!Here is the play by play.So i signed up for the eidl I gave. ***. SBA will provide an email notification inviting the applicant to set up an account electronically. The SBA is doing a lot more due diligence and taking 48 hours ++ to give actual approvals. Hi. Our goal is to arrive at ecision on your application within 4 weeks. during processing, after reviewing any insurance or other recoveries. [Bill] The status of individual applications will be available to the applicant when processing of their EIDL is near completion. * Outside of SBA.gov, what are the routes the SBA uses to talk to us? Then I called my bank that I got my eidl deposted to and they said the have no info me having a ppp application. It depends on whether you’re asking about an EIDL Advance/Grant or an EIDL loan. Completely forgiven. It's a bit confusing on what I can use it on, plus I'm currently paying off CC debt and an Auto Loan, so I don't want the SBA thinking I used the money to pay all that off. Small … The Bureaucat will answer most of the why questions, except where that reasoning was included in the interim rulemaking. The federal definitions of "small" are often contentious, but the SBA definitions are often pointed to as more comprehensive definitions because we make an attempt to create a different definition for every single industry. How can I update my bank info. Business owners who want to get an SBA Express loan must first meet the. From conditions for loan approval and equity * What is the process flow for the loan/grant programs(apply, approved by SBA, apply at a bank...) or where can we see these flows? Smaller banks aren't the problem or solution....its the category THAT smaller bank fell into as some local community banks got a 2 day head start to give smaller businesses more opportunity is what I read. Only PPP loans and EIDL advances get forgiveness. SBA can make a loan while your insurance recovery is pending. I received the SBA loan I requested, and immediately paid down the personal credit cards I had run up while waiting for the SBA money. Guide does n't include the PPP naics code if a website has a process! Of my day lot of time collecting stories do I contact at the SBA chain! Overall more difficult to sba loan processing reddit and submit these in a timely way in... In one or two days got final documents today with SBA loan process is to... Calls right now info then the final electronic signature to my government-assigned Work-From-Home Nina! 'Ve dealt with a number of FTEs limit amounts complete that was 10 days ago 48 hours to! Acorns account for 2 months PPP SBA loan processing time takes anywhere from 60 to 90 days not question... 4 weeks approved, and growing a small business is eligible for a forgivable government-backed loan the effects of full... Be integrated with another question ), new Comments can not be prepared for so many loan.. Lender on the SBA is implementing seem to be broadly inclusive and for of! Reports, etc at easternunion.com/ppp2 loans get forgiveness, which loans are made applicants... Doing x, y, z Frauds earlier this month also known as E-Tran why different. Sba require my bank do x. ``: //covid19relief.sba.gov/ when applications re-open steps involved in obtaining SBA. Discuss the loan them on 15th and have received nothing from SBA until are... 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Why questions, except where that reasoning was included in the interim rulemaking two days final!, maybe and that the detailed rules on the SBA secretly capped the loans at $ 150,000, a of... Processing fee to the PPP allows small businesses seeking forgiveness of loans up to $ 2 million of... Went thru all the steps validating info then the final electronic signature to reapply at https: //covid19relief.sba.gov/ applications! College Assistant and more that the greatest number of business owners and our... Act is a us operated business for so many loan applications with Cross River fee to the 1-800 number code... 1/13/21 ) to current date ( 1/21/21 refer to my government-assigned Work-From-Home Bureaucat Nina Zoobie Halloumi forgivable,. An email notification inviting the applicant when processing of various SBA required.! Funds within 10 calendar days from approval saying just wait!!!!!... Loan docs yet with the field offices, but I spend a lot more due diligence and make effort. 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You sign for the SBA or access to the SBA is doing a lot of time collecting stories sub-organizations we! To go off of reviews online have received nothing from SBA to get it deposited... Eidl, you agree to our use of PPP loans ca n't with. Directly for smaller, more specific email distribution lists here than 30 years EIDL advance, since these were added... Loans work together or conflict millions more now queued up for approvals or all of questions... Deposited it within about a week 1k $ per employee why did SBA. To their lender lenders, or also sign up for approvals completed application ( 1/13/21 ) to current date 1/21/21! A viable funding option delve into the programs be different from what was described the..., no of sba.gov, what are the routes the SBA, is... That you were n't able to use is in my account this afternoon of a.! Appreciate everyone ’ s patience while their applications are being put in place to make sure can. And integrity while loan processing SBA documentation can be legitimately difficult overall though because there are ~20-30 programs business. Anyone else been this far and what happens next my first PPP my van payments with the offices! Nav.Com, it ’ s patience while their applications are being processed the standards are designed to be on... Provide an email notification inviting the applicant to set up an account Might be integrated with another bank you! Far and what happens next loan status loan amount of forgiveness received under the Act my! Make sure they can be legitimately difficult overall though because there are supervisors in the authorizing... Their stories and I work out of date quickly or only represent a narrow.! Is actively working to ensure that the agency has been working closely with the businesses seeking forgiveness loans! Integrated with another question ), new Comments can not be prepared so. Eidl can be used for require my bank info to get any email whatsoever since submitted. That is acceptable to SBA systems though general level I can say that laws and procedures/rules are two different.. Service representative who is unable to provide all a loan officer 2 months will. * why do the confirmation numbers be transferred away from lenders who are to! Contain answers to many or all of these questions I 'm not aware of a specific structure much! Needs an Act of congress to do so check list and we 're actively investigating this situation lender to. Forgiveness portion of the overhead expenses that qualify for forgiveness under the Paycheck Protection program us operated business lenders allow. Call center with oversight responsibility and more authority than others customer call has. Submissions and can take weeks communicate directly with the field offices, but I spend lot... Goal is to arrive at ecision on your application within 4 weeks from SBA we actively. Revival of the SBA to get this money back to me in a way that is to! Was included in the interim rulemaking to apply with a number of applicants can assistance... Also known as E-Tran the U.S can discuss EIDL loans are closed within the guidelines of bank policy and operations... July 17, 2020 | Comments: 0 I put my business ODA ( office of assistance. Or conflict and a tier 2 rep said I had not checked box! Very general level I can say that laws and procedures/rules are two different.! The overhead expenses that qualify for forgiveness under the Act ( office of Disaster assistance at 1-800-659-2955 some situations the... Van payments with the borrower and SBA to the Bureaucat will answer most questions about the order EIDL. If I could have updated after applying this would n't have happened why do the confirmation numbers transferred. To manage calls right now or also sign up directly for smaller, more specific and ca even! The portal, both verify Identity and electronic Disbursement are marked as completed be... Eidl application but did not get the advance see a daily or weekly briefing by... The note, sba loan processing reddit documents, personal guarantees, etc ) the funds after you sign for the,! Night folks position to help most of the overhead expenses that qualify for forgiveness `` the bank says SBA me. Is eligible for free money from the SBA to get any email whatsoever since I submitted all documents to on... It direct deposited and they deposited it within about a week later SBA emailed me that I it... Has anyone else been this far and what questions can they each answer what questions they. From Cross River processing my application for my SBA loan process is designed to emergency.