Eidl reddit update. But PPP loans going into personal accounts will freeze bank account. Business has gotten real slow and we might have to shut down. and ask for the application. Your EIDL loan application has been 15 votes, 17 comments. Video can be directly uploaded to Reddit with a minimum one paragraph description of what it is about. 99 a month after. Use r/TargetedEIDL for Similar timeline for EIDL increase application, original EIDL approved in May 2020. Login to your SBA Economic Injury Disaster Loan Portal account to continue with the next step. The loan must be sent to the US Treasury to be eligible for an OIC. EIDL increase obligated Moved a lot of PPP people over to the recon division. But I can’t even E-Tran/CAWEB/CAFS EIDL Update - Disbursed Current . In 2021, I took out an SBA COVID EIDL ($24K) loan directly with SBA under/through my sole proprietor business. Basically I missed the payment for January and February. sba. I don't have payroll, and work with contractors, and only make commissions and rental incomes. Go to EIDL r/EIDL • by morehappy88. I just received an increase about 2 Your EIDL will show up as "Disbursed Current" if funds are on their way. For COVID EIDL and PPP borrowers with loans under $100,000, the SBA has implemented a 60-day Important update about collateral requirements for your SBA Economic Injury Disaster Loan for COVID-19 So we just got this email but not sure what it means Dear Borrower, 36K subscribers in the EIDL community. EIDL loans are administered directly by the SBA. Due to credit. If that is the case im not going to be able to make the EIDL payments. I think in total if my shop burned down it would be $200k to replace but the increments on coverage was like $225k, 250k something like that so I just did the $250k coverage. I probably called SBA like 10 times ever since. Members Online • mcpoppington. Small Business Administration (SBA) has announced expanded flexibility and accommodations for COVID EIDL and PPP borrowers to help bring them into compliance and avoid the repercussions of defaulting on a government loan. SBA uses Experian to pull. Well turns out I found out they received over 5 million dollars in PPP that WILL NOT have to be repaid to the SBA. Share Add a Comment. We would like to show you a description here but the site won’t allow us. If you're anything like me, you are probably calling every day Unfortunately, eidl loans are not being forgiven. This thread is archived New comments cannot be posted and votes cannot be cast comments sorted by Best Top New Controversial Q&A Bulky-Adhesiveness68 • Additional comment actions. A source for information on applying for LOANS from the SBA's Covid-19 EIDL, reconsideration issues for Skip to main content. I read on this blog where one of the posters said that we should request all EIDL loan increase modifications by the end on this this year, December 31, 2021. Most big companies back their debt with assets (real estate, PP&E, etc) that they own outright. Congress set those programs up as “giveaways“, and the money was specifically allocated as such. My small business sales volume each year is only about 175k, I had to take out a much smaller loan under 350k EIDL loan and that has to be repaid to the SBA. ADMIN MOD Update from reconsideration. There is a final stage "funding dept" that For everyone’s benefit, here is my timeline and steps taken: 4/24 – applied for loan increase / modification. Members Online • yuliyag1215 . (LO had already given a verbal approval on 5/26/2021 for increase, after requesting aa missing doc 5/29/2021 that we made a mistake on she withdrew 6/2/2021) Made multiple calls to Tier 2 to make sure that the supporting documents sent were attached to file. I also consulted with several BK lawyers and they confirmed that if it was over 100k that it would be personally guaranteed. . 31 by the U. SBA called to discuss my current situation and said it would be turned over to treasury. Anyone have any information on this? This thread is archived New comments cannot be So durning covid I took out a EIDL loan for my business for over 250k. Premium Powerups Explore Gaming. 1/27 finally sent back to processing. The EIDL loan is the tsunami coming in to wipe out small businesses that fought so hard to stay afloat. Either your portal I'm new to reddit. Some seemed to be successful in calling the SBA and Effective April 12, 2021, there is a new subReddit dealing with all issues having to do with the targeted advance r/TargetedEIDL We encourage you to post your questions, suggestions, and comments on that subReddit. Update. It's a huge relief. ADMIN MOD Loan The IRS is not supposed to send the transcripts to a third-party anymore using the 4506T (the new process for that uses the form 4506C, and the third-party is required to pay a fee in order to receive the transcripts). My original loan was 11,500. Otherwise you can call the tier two agent and update it with them. New comments cannot be posted and votes cannot be cast. But legitimate EIDL recipients should be afforded the same loan forgiveness that legitimate (AND, unfortunately,illegitimate) PPP recipients have received. Top Posts Reddit . Read through the recently updated EIDL FAQs - your answers may be in there. 0 coins. As of today, there is Skip to main content. Can they come after my How often does Caweb update? Docusigned wednesday. A source for information on applying for LOANS from the SBA's Covid-19 EIDL, reconsideration issues for declined loan applicants, and EIDL increase requests. If the status shows "charged off" and you can not make payments, it means your loan has likely been sent to the Treasury for collections (or is in the process of being transfered), and there is The SBA noted that its EIDL program was set to expire at the end of 2021 — leaving it just a few months. October 2023 Update: As far as I know settlements of EIDL loans are still not being approved. Just checked caweb and status (finally) changed to Disbursed Current Thx everyone for sharing their stories. Members Online • [deleted] ADMIN MOD Update! But nobody knows how long the transition period is. ADMIN MOD Update For Anyone Else Waiting For IRS Transcripts . Before we can consider your request, you must first complete and submit the attached Application for Hardship Accommodation and provide a current Profit and Loss Statement of the business to CovidEIDLServicing@sba. Please reapply at the following website to complete your self-certification: https://covid19relief. ADMIN MOD Portal shows original loan amount and not modification amount . Update on my pending lawsuit against SBA-EIDL. Log In / Sign Up; Advertise SBA EIDL Loan update . For anyone who got the grant but hasn't heard back about loan. Reddit comments are not legal advice and do not She transferred me to EIDL Support (who was also great) and told me what I need to do. It goes to Active Disbursed first them it changes to Disbursed And i got a bill in the mail and had to sign loan docs for the TA initially so im assuming that the 4700 was my EIDL reconsidered and not the TA as portal described and the 9000 i just received was the actual TA. Happy chatting once your loan is charged off, you'll get a 60 day letter (https://www. THEN, supposedly a I just got this new email; We have reviewed your request for reconsideration for an EIDL loan increase. Reddit is not a substitute for a real lawyer. Caweb says active UN DISPERSED. View community ranking In the Top 1% of largest communities on Reddit. your SBA Loan No. Portal Update . My total balance of EIDL loan is $150,000. You should know in a day or two. Email simply notified me there was a status update and told me to log in to portal. 0" next week — increasing the EIDL loan limit to $2 million. Talked to a person who said our loan is in 'final stage' of approval. I called 10 votes, 47 comments. Add a Comment. " Use this exact wording, because it's how they are able to A source for information on applying for LOANS from the SBA's Covid-19 EIDL, reconsideration issues for declined loan applicants, and EIDL increase requests. *fingers crossed* **UPDATE 2**10/24/2022 Checked and confirmed payment was successful, cleared in my bank account, and posted on the pay. If your account becomes past due at the time of review, we will not be able to return it back to servicing Thank you for the inquiry about your COVID-19 Economic Injury Disaster Loan (COVID EIDL). the only thing I have in my name is my restaurant and liquor license. not my cars, not my house nothing. Or check it out in the app stores Home; Popular; TOPICS I applied very early on in the 2020 round and was denied the EIDL Loan but got the Advance Grant of $1K. See all the changes in the attached gallery. Reddit's hub for advice, articles, 34 votes, 114 comments. Called SBA yesterday, as per the 2nd tier rep. At first, the loan was structured for $10k relief payment with 0% loan, then it got Thanks to this sub I was able to navigate the hardship application and I got this official approval letter last night. But I’ll keep my ear to the ground. 00. New. NFL NBA Megan Anderson Atlanta No I have not gotten the money from the bad account they funded, But I did get my loan modification last night around 8:30pm I’m still waiting for that money to be deposited into my account I did check today and it says Err so I’m not sure what’s the next step after it says Err hopefully I’m closer to getting that money. Sba loan calculator update . I'll share more once the information is made public, but if you were able to received EIDL funding this may help. If your loan amount exceeds $200,000: To apply, contact the COVID-19 EIDL Servicing Center at 833-853-5638 or disastercustomerservice@sba. S corp still intact, $200,000 EIDL loan, NO personal guarantee, up to date on 12 mo hardship payments, but won't be able to Skip to main content. r/EIDL was created more than a year ago to help people as they worked their way through the original EIDL loan and advance process. It may say something else if you look immediately after you send back you Docs, but it should change pretty quickly. Is it worth constantly checking portal or is email enough? Ty This thread is archived Reddit . Or check it out in the app stores   Considering this was not an EIDL and you've provided no details about what happened, this information serves to do nothing but scare the shit out of people unnecessarily. Or check it out in the A source for information on applying for LOANS from the SBA's Covid-19 EIDL, For instance, if you are working on marketing (updating your website, networking to find new jobs, etc), you can pay yourself hourly for the administrative time you A source for information on applying for LOANS from the SBA's Covid-19 EIDL, reconsideration issues for declined loan applicants, and EIDL increase requests. Hey entrepreneurs. Auto respond was fast. Archived post. In the portal, you can update your bank account information. reReddit: Top posts of 2021 This was posted on SBA website. Get the Reddit app Scan this QR code to download the app now. Or check it out in the app stores A source for information on applying for LOANS from the SBA's Covid-19 EIDL, reconsideration issues for declined loan applicants, and EIDL increase requests. gov . EIDL INCREASE UPDATE upvotes Reddit's home for tax geeks and taxpayers! News, discussion, policy, and law relating to any tax - U. just 🤞🤞 that my increase for EIDL processes and the 4700 becomes 19500. The bigger small businesses walked away with a lot forgiven while the smaller small businesses had to go the EIDL loan route where there is no discussion of The combined amount of the Supplemental Targeted Advance ($5,000) with any previously received EIDL Advance or Targeted EIDL Advance ($10,000) will not exceed $15,000. It was approved. Middle income has already started receiving the email invites. There is no concept of an OIC on an EIDL while the loan is sitting with the CESL servicing area. Or check it out in the app stores   "Thank you for contacting the U. Now im. 8/20 - Recd original EIDL 2/21 - Applied for EIDL increase 4/6 - Recd SBA email about available increases and responded same day 4/14 - Recd email request from Attorney Advisor requesting proof of Hazard insurance + Board Resolution letter 4/15 - Emailed requested docs 4/22 - Accepted loan increase amount with blue button 5/8 - Recd call from LO advising of updated Will keep posted with updates. Members Online • LordsSoldier. The SBA 7a, 504, Express, PPP etc are the programs which involve 3rd party lending institutions such as banks, SBLCs, CDCs, CDFIs etc. " In that same email, request that you would like "my EIDL loan returned to normal servicing with the SBA. Reply Nessa7989 • Additional comment actions. ADMIN A source for information on applying for LOANS from the SBA's Covid-19 EIDL, reconsideration issues for declined loan applicants, and EIDL increase requests. They did say that I had made all of my payments as agreed and it should take 2 to 3 business days for my loan portal to update. I began making payments in December 2022. " Due to the high volume of requests, it may be several weeks before you receive a response. Thank you all and scorpio for your input. I hope you all can use this information. Status Update I received an email from my congressman regarding my case & was wondering if anyone else has had the same issue or response & what it possibly means? “The IRS has referred the case to SBA. In order to get alerts and credit report updated daily I signed up for CreditWorks which has a 7 day trial and is 9. Its nice hearing that people are being funded the day after they sign, but thats not my sich. gov website. SBA and IG fighting over EIDL under $100k. So I decided to sign up for an account with Caweb to hopefully make things easier. Hello! I sent the emails and received an email tonight from the SBA. She said she saw that I'd requested the max amount, and to respond to the email and confirm that. The EIDL COVID-19 application portal will undergo scheduled system updates beginning this afternoon, Friday, July 10, 2020 Skip to main content Open menu Open navigation Go to Reddit Home I called for an update on 7/12, emailed the update request alias, got an automated response, nothing. They are 2 very different things. once A source for information on applying for LOANS from the SBA's Covid-19 EIDL, reconsideration issues for declined loan applicants, and EIDL increase requests. O. Log In / Sign Up; Advertise on 12 votes, 15 comments. Go to EIDL r/EIDL • by mdigi710. Anyone else in same case should expect similar process. r/EIDL: A source for information on applying for LOANS from the SBA's Covid-19 EIDL, reconsideration issues for declined loan applicants, and EIDL A source for information on applying for LOANS from the SBA's Covid-19 EIDL, reconsideration issues for declined loan applicants, and EIDL increase requests. Nice! Hopefully I get mine! Reply Nessa7989 • Additional comment actions. It will cost more money to collect than what they will actually bring in according to a budget analysis. This 30-year loan of up to $2 million from the Small Business Administration (SBA) was made available to small business owners who suffered a substantial economic injury due to COVID-19 or were in need of economic disaster relief (note that the EIDL program was Anyone know how to change your business address to the sba for existing eidl and ppp loans? I know you have to update them if you move and I got 24 hours to get out so if anyone know how to do that with the sba for eidl thanks While it's true that I called SBA EIDL line (+1 833-853-5638, option 5) to do this as of April 2023, I was told by If anyone has an EIDL loan for their business, I just wanted to give a quick update in case it's helpful to anyone. It seems like nobody at SBA can give you and updated information any more 😔 I've been waiting since March and am now being told I need to give them another 30 days before requesting any updated information. Meet fellow Avatar fans and discuss the films, Hi, has anyone gotten calls from a Lisa Scott telling you to call her at 833-723-7188? We never did a eidl loan, just a standard ppp loan through our A source for information on applying for LOANS from the SBA's Covid-19 EIDL, reconsideration issues for declined loan applicants, and EIDL increase requests. One of the biggest changes borrowers A source for information on applying for LOANS from the SBA's Covid-19 EIDL, reconsideration issues for declined loan applicants, and EIDL increase requests. The last sentence is not usually true. comment sorted by Best Top New Controversial Q&A Add a Comment. EIDL loans have been in deferment for a couple years, many are now having payments begin. Or check it out in the app stores you can ask them to verify and update your status. One interesting fact came to light. Once The 60 days "First, next week we expect an important announcement from the SBA on EIDL repayments and some of the things they're working on their to help small business owners in need. Log In / Sign Up; Advertise Get the Reddit app Scan this QR code to download the app now. gov. Best of luck, and hopefully you will all be able to get your funding! As of May 16, 2022, the COVID-19 EIDL portal (covid19relief1. The Targeted EIDL Advance provides businesses located in low A source for information on applying for LOANS from the SBA's Covid-19 EIDL, reconsideration issues for declined loan applicants, and EIDL increase requests. Stay ahead of the curve with news and updates. My question is if we do not request the increase by the end of this year. . Sent a screenshot of my hardship approval from the portal back in December and then they responded that my loan is current, due date they bumped back to March (wtf?) and at that time payments will continue at 10%. Updated 12/27. The requests being sent by the SBA appear to be an exception, possibly because of the volume of applications received for the coronavirus EIDL program. At any rate. ” Share Sort by: Best. The SBA says EIDL may be used for working capital and for normal operating expenses, including: Payroll; Rent; Inventory, raw materials, variable costs; Commercial Debt (payment and prepayment) Federal Debt (regularly A source for information on applying for LOANS from the SBA's Covid-19 EIDL, reconsideration issues for declined loan applicants, and EIDL increase requests. Members Online • toddbeltz . The same is true for the EIDL program. Log In / Sign Up; Advertise on Reddit; Shop Collectible 36K subscribers in the EIDL community. Find answers to your questions quickly and easily. She also confirmed that all paper work was submitted correctly and approved. So if you're faced with a loan no matter what, just keep the EIDL, that's your mortgage, and call it a day. Tier 2 phone number? I see a lot of discussion about calling Tier 2 support for updates. EIDL update. Log In / Sign Up; Advertise on Until I updated it in the portal I guess, which I still haven't been able to do. So we checked their account today 12 votes, 20 comments. Or check it out in the app stores A source for information on applying for LOANS from the SBA's Covid-19 EIDL, Caweb not updated upvotes UPDATE from my original post: I’ve brought current my delinquent payments, over communicated with the SBA by phone calls and messages in the portal, and set up monthly auto payments. They will send it to the treasury department. yes but yours are amended tho. Reddit iOS Reddit Android Reddit Premium About Reddit Advertise Blog Careers Press. I can't even think of a scenario where tax returns were amended for 2019 after being funded in 2021 and before the new BB on 9/8. I heard you were the EIDL loans over $200k come with a personal guarantee, and EIDL loans under $200k do not. Any comments relating to anything other than the increase as a result of the new formula will be removed. Use r/TargetedEIDL for advance/grant issues. 0 credit score. So I applied about 3 weeks ago, like many of you. Log In / Sign Up; Advertise on EIDL Round 2 Grant Update . Or check it out in the app stores A source for information on applying for LOANS from the SBA's Covid-19 EIDL, Approved signed new note and agreement along with an approval letter with updated loan amount 7/15 Get the Reddit app Scan this QR code to download the app now. The EIDL was never a "stop gap" it's a program that's been in existence longer than you've been in business. Q&A. Sports. Upon doing so, I had to agree to an updated loan figure (5% or so lower than original increase amount) and then re-sign the 4506-T. They do not have the budget for collections on these accounts. What is that number? Is “Tier 2” the 1-800-659-2955 ? I spoke to an agent on this 800 number this morning regarding our loan Get the Reddit app Scan this QR code to download the app now. The last email I send was 6/8 with additional docs to support the reason for decline stated on the decline letter. Called back today 7/19. They can tell the difference between EIDL AND PPP Hey everyone waiting to be funded. Justice will take a very, very long time, so long story short, the fix is forgiveness of some kind or OIC option as a policy matter. First update I’ve seen. If not, no biggie. probably going to bankrupt if I dont get approved. and still no update. Share Sort by: Best. Log In / Sign Up; Advertise on Reddit; Shop Minor EIDL Update 5/30: Portal issues, problematic loan Docs, and slow disbursements are to be expected . My biggest question. If you see my post history, you'll notice that I received the portal and approval yesterday (5/9/20). simply too much debt at high rates taken the d in the a from multiple government agenciesoverall govt with the shutdowns within a year after i purchase the most equipment ever in my life, changing the business conditions in many ways 15 votes, 28 comments. That's when I called and asked what I can do to ensure this goes through if they say the process takes 4-6 weeks and two different reps told me to set automatic payments up so thats what I did. NFL NBA Megan Anderson Atlanta Hawks Go to EIDL r/EIDL • by In my case I am waiting for updated loan docs. LO emailed this 36K subscribers in the EIDL community. reReddit: Top posts of July 2021. Use r/TargetedEIDL for A source for information on applying for LOANS from the SBA's Covid-19 EIDL, reconsideration issues for declined loan applicants, and EIDL increase requests. They can garnish your Social Security, your wages, and go right into your bank account and take it out! your kids cannot get any student loans, can mess the hell out of your credit. Received generic email. jasontees. subscribers . NFL NBA Megan Anderson Atlanta You are correct, you can now use the EIDL loan to refinance (their word is “pre-pay”) any long-term debt regardless of when it was incurred, with the exception of federally backed loans. Targeted EIDL Advance COVID-19 Targeted EIDL Advance was signed into law on December 27, 2020, as part of the Economic Aid to Hard-Hit Small Businesses, Non-Profits, and Venues Act. They are pushing 20-30K approvals a day now and the system is getting backed up. If you sign up you will get a free credit report up to that day and it will update every month. Members Online • Vegetable-Ride8262. Make sure to check your loan origination docs. So it seems like 3600 EIDL apps are moving much slower, so I'd like to get an updated daily thread going. You are eligible for a reduced monthly payment for a 6-month period in the amount of 10% of the monthly payment amount stated in your Note (or your latest modified Note as the case may be). Famous-Tomato1048 • EIDL Update! SBA HAVING EMAIL ISSUES. What will happen to our money. If anyone has an EIDL loan for their business, I just wanted to give a quick update in case it's helpful to anyone. The purpose of this sub will be to share information about potential forgiveness of EIDL (Economic Injury Disaster Loans) that were granted during COVID. A source for information on applying for LOANS from the SBA's Covid-19 EIDL, reconsideration issues for Premium Explore Gaming. I just got a delinquent notice— 3rd hardship renewed in December, been making 10% payments. Even my CPA couldn't give me a straight answer. The EIDL program is a decades-old disaster loan program, and stands on its own. Your request to return to regular servicing has been received. She was very nice and very detailed. Small Business Administration Covid EIDL Servicing Center. My update as of today: Sent letter and followed up with company dissolution documents. So I had to take 499k. The end Disclaimer: Please note the information provided by our members is not (and should not) be interpreted as legal advice. Sent the loan restructuring and personal guarantee removal request email to the email address provided by the service agent on my 10/20 phone call. I ended up applying 5 times, 3x online, and 2x at 2 different banks. P. There also EIDL Application Status shows Status Change Date: April 09, 2020 Description: Your recent COVID-19 Economic Injury Disaster Loan (EIDL) application has been received. It's to my understanding that for round 2, if you qualified for the round 1 grant, they would automatically reach out to those who applied and make them whole by either sending $1k per employee or up to the cap of $10k based on location or decline in revenue. Said that at some point soon there'd be a credit check, and that the loan amount will REVERT BACK to the original funded loan amount (1st loan last June). The relevant information is in SBA SOP 50 52 on pages 68 and 69 (see below). In situations where the SBA puts a claim on an estate (ie when loan is greater than 200k). Repeat submissions to I’m currently on an SBA webinar (Orange County, CA weekly update - always an excellent presentation). reReddit: Top posts of May 2021. Annual is going to cost $2,200. I have both my PPP and EIDL loans listed in CAFS. By Andy Medici – Senior Reporter, The Business Journals, Sep 7, 2021 Updated 3 hours ago The Small Business Administration is preparing to make some significant changes to its Economic Injury Disaster Loan program — changes that will expand who is eligible and how businesses will be able to spend loan proceeds. Terms & Policies Agree - guesstimate on funding goes to early May after this update - I would say at least 2-3 weeks to over 30-45 days. Half of my 36K subscribers in the EIDL community. The COVID-19 Economic Injury Disaster Loan (EIDL) and EIDL Advance programs provided funding to help small businesses recover from the economic impacts of the COVID-19 pandemic. EIDL is designed to help business pay normal operating expenses that they would have paid had the disaster not occurred. I asked about the bank account and mentioned I had emailed but had not updated in the portal. Expand user menu Open settings menu. And they asked to update my bank information that’s the only email I got since 4/6 Eidl loans only total about half the amount of the PPP program at a little over $378 billion. Now, they trying to say after I got denied a loan in Go to EIDL r/EIDL • by **update! After 3 HOURS of calling insurance company I found one that let me “over estimate” on my business contents. Except I could have filed my taxes late (after the EIDL started) and wrote that I made $1 million revenue with no COGS, then get approved for EIDL, take the $2M EIDL and after funding amend my taxes by saying oppps sorry IRS, I made $10K, A community for Redditors who are tax professionals to discuss professional development, firm procedures, news, policy, software, AICPA/IRS changes, news/updates about law relating to any tax - U. We now have a single thread to post if you've been successful and have tips, want to check in on how long the process takes or have news. not saying ill get approved and Im preparing if I dont. 7/7-8 – Loan amount on portal reverted to original loan amount with no Reddit’s High-Flying Run Faces AI-Training Data Test in Earnings Stock is top performing US IPO to raise at least $310 million Wall Street awaits commentary around Reddit’s AI ambitions A source for information on applying for LOANS from the SBA's Covid-19 EIDL, reconsideration issues for declined loan applicants, and EIDL increase requests. r/EIDL_Updates: Scorpio deactivated new posts in the EIDL forum, but we can still keep up with new info here for those of us still in the weeds with the SBA🙂 Hat jemand ein Foto vom Lidl Gewinnspieltruck Oder von den Gewinnspiel Videowalls für die EM Tickets ? LG Thanks for the update. The lower rate would apply to loans made between mid-March and Dec. Best. I am told 2 weeks to 4 weeks to get docs. My partner was one of the few lucky ones who actually got a confirmation AND approval emails as well as a phone call late last week about his EIDL. On a side note, a new case manager called this morning. Most small businesses didn’t have enough employees to get much from the PPP program. Old. Sincerely, A source for information on applying for LOANS from the SBA's Covid-19 EIDL, reconsideration issues for declined loan applicants, and EIDL increase requests. We were unable to successfully verify and validate all of your information in order to process your advance. Not even the SBA. ADMIN MOD EIDL Forgiveness & and back payments . Members Online • Udderlyzamazing . Being able to have reduced payments for 6 months will allow us to continue to gain traction in our recovering business and preserve our cash flow. and International, Federal, State, or local. The family is working with a lawyer who is trying their best, but admittedly has not dealt with this type of loan before. Your request to return to regular servicing is in process. If the person taking over the business and assuming the EIDL meets all of the criteria listed on those two pages then it appears that the SBA will allow the loan to be assumed. Please post your experiences and advice regarding EIDL and PPP here. r/TargetedEIDL I’m going to lock the comments on this post, and I encourage you to participate in the other group. Then I wonder what she meant by that. No updates. Paycheck Protection Program & Economic Injury Disaster Loan Discussion for the 2020-2022 COVID-19 disaster. In the interest of full disclosure, I am the founder of a consulting firm called Distressed Loan Advisors that assists SBA borrowers with settlements. They submitted Have been in reconsideration since November 2021. All attorneys in the area that we contacted were hesitant to take on anything related to the SBA/EIDL. I apologize if this has already been posted. Lenders play no role in this program. 3). Top. Essentially, what most of us already know, send an email to: DisasterCustomerService@sba. 2019 Amended Return - anyone have In the body of your email include your EIDL loan number, and say you were instructed to send this email by your agent at the SBA because the loan status is showing "charged off. We would like to invite you to update your advance request with corrected information. Every representative at SBA is giving you a different story as to the status of your application, some don't even bother to check the status and automatically tell you to continue to wait while it's "still processing". Valheim Genshin Impact See more posts like this in r/EIDL. Has anyone gotten any update since the 4/6 mass emails that went out regarding the EIDL increase? It seems like we are all just waiting, right? 36K subscribers in the EIDL community. I was advised that currently the SBA is experiencing various issues with the portal including glitches surrounding loan docs (only effecting those showing approved in portal). Assuming any of that is true, I'd bet that attorney doesn't Thank you for contacting the SBA COVID EIDL Servicing Center. Huge Update . Hope that helps. Log In / Sign Up; Advertise on Reddit; Shop Collectible We are reaching out in regards to your request for an EIDL advance as part of application number 330xxxxxxx. I got the below email just now from UPDATE: I emailed like 15 people this am, sent in my tax transcripts and tax returns because tier 2 told me a couple of days ago that they were waiting on my transcripts, AGAIN (after being approved). I first received an acceleration letter with demand for full payment within "60" days, and then a week later, there was a notice posted in my inbox on the SBA loan portal which contained acceleration language and demand for full payment within "10" days. We have received your request and forwarded it to the appropriate department for review. A source for information on applying for LOANS from the SBA's Covid-19 EIDL The EIDL and PPP programs are major issues for small business right now. A source for information on applying for LOANS from the SBA's Covid-19 EIDL Open menu Open navigation Go to Reddit Home. The easiest way to get the most updated info that I have is to check my EIDL page, my Blog (EIDL specific posts HERE) and follow & subscribe to my Youtube Channel. Have been in reconsideration since November 2021. 05/08 EIDL #3600 Apps Portal Update Thread? (Please input your info) 4/24 EIDL Grant *crickets* Updates: 5/2 Generic SBA Email, PPP Approval from Kabbage Completed Short form on 3/30 33138xxx. Members Online. from 2018. Valheim Genshin Impact Minecraft Pokimane Halo Infinite Call of Duty: Warzone Path of Exile Hollow Knight: Silksong Escape from Tarkov Watch Dogs: Legion. Your email is caught in the system! So I have seen a few comments and posts recently about some people who got a credit pull and the grant but never got an email for the portal to login and see your loan offer. I have an EIDL loan (under $200K) and made the first payment last December, then I applied for the Hardship program which reduce the monthly payment amount 90% for 6 months. Program summary. ” A source for information on applying for LOANS from the SBA's Covid-19 EIDL, reconsideration issues for declined loan applicants, and EIDL increase requests. Reddit is not a ETA - Effective April 12, 2021, there is now a new subReddit devoted solely to EIDL targeted advances. Use r/TargetedEIDL for Put a recon November 2021 Denied March 29 2022. Don't post questions related to that here, please. Or check it out in the app stores     TOPICS A source for information on applying for LOANS from the SBA's Covid-19 EIDL, reconsideration issues for declined loan applicants, and EIDL increase requests. With the govt issued mandates, regulations, and lockdowns that forced small businesses into debt, only to see the dust never settling but instead fomenting more supply chain issues, price hiking, and catastrophic inflation on COGS with no end in sight. Reddit . Or check it out in the app stores   my website has an EIDL blog, a free EIDL audio course, and they offer case evaluations and help with EIDL offer in compromise applications. The guy I spoke with last week said: “if you can still make payments in the portal, your EIDL loan can be recovered, if you can’t make payments in the portal, that means your loan is now under the control of the Treasury, and we can no longer help you. true. Biz actually couldn’t apply for these EIDLs until their state/area was declared a federal disaster, which actually didn’t happen all at once to the entire EIDL News 7/14 - Update regarding the current status of the Advance/Grant Program and Final Disbursements Expected News As most of you already know, the EIDL Advance/Grant program has ended and the full 20 billion in funding for the advance has been exhausted. Open A source for information on applying for LOANS from the SBA's Covid-19 EIDL, reconsideration issues for declined loan applicants, and EIDL increase requests. We are the real small business intended to be Get the Reddit app Scan this QR code to download the app now. PPP is still listed as After sending two types of bills requested with my home address, I got this a reply back from LO saying: “Yes, I received it. You may also want to check out r/EIDL which is dedicated to the topic. I've had a time with the sba. He does not go on Reddit or scour the Internet like I do for every little detail about everything. My application has been in limbo. Please be advised that when your account is being reviewed, all payments need to be posted on your MySBA Loan Portal. Deferments aka Hardship Accommodations: Then why not just treat the EIDL loan as if it were a mortgage and that's the mortgage? As your only real option to save the home would be to "purchase" it from LLC with a personal loan (no bank would probably do this). My account shows “Current” and I’ve stated out of Default status. 2/27 received email that my loan modification was approved, bank accout info was updated, BUT my loan amount was also changed from 230k back to the original 50k. S You're confused about the difference between the EIDL and the grant portion that was added into the EIDL. Use r/TargetedEIDL for My update as of today: Sent letter and followed up with company dissolution documents. I need so advice as I'm at a loss for what to do nowThank you Get the Reddit app Scan this QR code to download the app now. So we will see. Members Online • bbstocker. So in general, they are moving slower on funding for over a month. The loan was not secured with any Skip to main content. I was approved and signed on 10-28, havent been funded, no movement on Caweb. Be the first to comment Nobody's responded to this post yet. Yet there is a lot of conflicting information online about the consequences of default. Log In / Sign Up; Advertise on WASHINGTON – The U. Posted by u/KeyContract3780 - No votes and 5 comments Edit Timeline Update (6/30/2021) April 6th - Invitation from the SBA to request increase Amount April 9th - Invitation to request Targeted EIDL Application May 1st - Big Blue button for Loan amount Increase May 2nd - Request for IRS tax forms requested and submitted May 3rd - Targeted EIDL Advance denied May 14th - Contacted SBA to ask about process, was told Get the Reddit app Scan this QR code to download the app now. Maybe she was just Same timeline as most. At this time, we are unable to complete the evaluation of your request until the following information is provided: Your application indicates that you are 49% owner of the business. I have used the money to basically upgraded equipment and maintain payroll. Open menu Open navigation Go to Reddit Home. gov with the subject: "Hardship accommodation extension - EIDL #5567xxxxxx" . Log In / Sign Up; Advertise on A source for information on applying for LOANS from the SBA's Covid-19 EIDL, reconsideration issues for declined loan applicants, and EIDL increase requests. The official Python community for Reddit! Stay up to date with the latest news, packages, and meta information relating to the Python programming language. A source for information on applying for LOANS from the SBA's Covid-19 EIDL, Stay ahead of the curve with news and updates. So for those with CAWeb/CAFS access, once you get your EIDL loan approval, if you log in to your CAFS account, your status should change. Members Online • Shawn_Harley. The IRS is experiencing significant and extended delays in processing - everything. We need everyone in this group to email and call their local Congressman and Senator to push the They also had too much sales volume to apply for the EIDL loan. NO LO has been assigned to my application yet. r/EIDL A chip A close button. I would say at least 2-3 weeks to over 30-45 days. October 5, 2023. “Dear Applicant, On March 29, 2020, following the passage of the CARES Act, the SBA provided small business owners and non-profits impacted by COVID-19 with the opportunity to obtain up to a $10,000 Advance on their Economic Injury Disaster Loan (EIDL). So far it's still in charged off status, but has updated to say "past due since 8/17/2023". I requested the same amount again to keep me at 23,000. Hello Folks! I just received an email from SBA instructing me that my loan increase status had 'updated' and to sign in and 'continue with the next step' The loan amount had CHANGED and instead of the increase I requested on April 27 with the BB of $24,600 it changed it to $84,200 as you can see and now asks me to accept the amount as a result of 'new information'. They're never going to get through these loan application by 12/31 if they ask for a A source for information on applying for LOANS from the SBA's Covid-19 EIDL, reconsideration issues for declined loan applicants, and EIDL increase requests. gov, also known as the "RAPID portal") is closed. Thank you for contacting the SBA COVID EIDL Servicing Center. Additionally, any advice found here IS NOT legal advice. com/eidl-forgiveness-update-june-26-2023-60-day-letters-are-going-out/). I happen to get an alert showing that there was a fail to transaction to my bank account, so I quickly logged in and updated my bank account information within a few minutes. The SBA should pursue fraudulent PPP and EIDL loan borrowers. Chemical-Conflict-80 Urgent Update: You Must Re-Apply In your shoes, in order, I would: 0) talk to a lawyer and/or accountant with EIDL/SBA experience, 1) use any corporate funds to pay down any business debts that were tied to your father in a way that allows the debt holder to chase after your father's personal assets/estate (NOT the EIDL), 2) use any corporate funds to pay down the EIDL, 3) dissolve the Corp, 4) send the SBA notice From what I read from the IG the SBA is not going to pursue collections on EIDL loans under $100K. Or check it out in the app stores     TOPICS. Open comment sort options. S. I ended up calling then that I expected this letter help many others under my circumstances. Hello! 8/2/20 - started recon 7/30/21 - transcripts received 8/16/21 - verbal approval 8/27/21 - signed docs and Caweb changed immediately to "active disbursed" with full amount. Has anyone applied for the loan increase AFTER 4/6/21 and receiving the email received their funds?? My EIDL loan was approved today. I figure I'll use it for a month so I can have access to daily reports and alerts. gov (and include “Hardship Accommodation Plan” in the subject line). reReddit: Top posts of May 14, 2021. Receive my The only way these the EIDL loans will be forgiven is If the house passes a bill. How it is structured is outlined in an overall SBA Disaster Loan S. A source for information on applying for LOANS from the SBA's Covid-19 EIDL, Either the SBA is currently working on updating your portal (generally to request documents), or you’ve been denied. A source for information on applying for LOANS from the SBA's Covid-19 EIDL, The home of Avatar on Reddit! Your source for news, art, comments, insights and more on the beautiful and dangerous world of Pandora. Or check it out in the app stores   A source for information on applying for LOANS from the SBA's Covid-19 EIDL, reconsideration issues for declined loan applicants, and EIDL increase requests. This is not for the PPP program, but for EIDL without PPP. They said that they were going to update my next due date to 05/25/24 which really doesn't make much sense. Members Online • hiimcliff. My father received an initial By now, most employers are familiar with the Economic Injury Disaster Loan (EIDL) program. Will keep you guys updated on I have an LLC in the state PA and i took out an EIDL of $133k and Its personally guaranteed. So not only do they already have the tax transcript for 2019 one of the 5 docs they requested for EIDL 2. how long before funds come to my bank? This thread is archived New comments cannot be posted and votes cannot be cast comments sorted by Best Top New Controversial Q&A [deleted] • Additional comment actions. That post/comment was from over a year ago - that moderator left this subreddit (and all reddit actually) a very long time ago. I’ve seen many businesses A source for information on applying for LOANS from the SBA's Covid-19 EIDL, reconsideration issues for declined loan applicants, and EIDL increase requests. Called and they told me this 50% BS. com Open. Date is current past 2 months but I-485 application status still says "has begun working on your case again" upvote A source for information on applying for LOANS from the SBA's Covid-19 EIDL, Reddit's home for tax geeks and taxpayers! News, discussion, policy, and law relating to any tax Stay ahead of the curve with news and updates. Logging out and back in again will sometimes refresh the status. Closing A source for information on applying for LOANS from the SBA's Covid-19 EIDL, reconsideration issues for declined loan applicants, and EIDL increase requests. Hello everyone, I am a small business owner, and I got an EIDL SBA loan 23 votes, 71 comments. The SBA has changed how they are processing/approving/updating info for this program along the way in the past year and a half - one person with an “in” who works for the SBA really can’t do much but maybe look at an A source for information on applying for LOANS from the SBA's Covid-19 EIDL, reconsideration issues for declined loan applicants, and EIDL increase requests. After numerous calls to Tier 2 and emails to RECONS dept for status updates I felt like I was getting nowhere. This is not how it will go for 99% of borrowers. Updating applications so a lot of people are having to do a 2nd application. I have no idea what going on. I’m not sure what worked but I got my APPROVAL EMAIL today 8/6 at 6:55pm FINALLY! I did notice that one of the 15 people that I emailed today signed off on my loan There wasn’t an amendment when they put caps on the EIDL loan amounts. Long story short. 75% for nonprofits to 1% for both groups. Yesterday I was notified that application was sent to the modification re-work team. I'm hoping if things do not get better I can settle with a liquor license and business sell. Idk it seems chaotic at the SBA. I predicted that the SBA would likely announce this in September as they're nearly done with the initial EIDL increase backlog — and going through reconsideration requests as we speak. Has anyone consulted with an attorney about the EIDL agreement who can offer some elucidation to the below paragraph? From my reading, this clause seems to suggest that after taking an EIDL loan, a business cannot pay dividends to owners or bonuses to employees for the next 30 years(!), unless of course you were to pay off the loan first. The SBA, denied my loan saying “I was not a revenue reporting business prior to the disaster” I filed my lawsuit based on that. Controversial. 36K subscribers in the EIDL community. They did extend the deferral to 30 months (with EIDL Treasury Update . Please allow 7 -10 business days to process your request. Although, word on the street is the 4506T will be discontinued requirement or same ruling as 7a and 504 this week “supposedly”. 75% for businesses and 2. All I need them to do was redeposit the funds into the new account. Gaming would lower rates on Economic Injury Disaster Loans, or EIDL, from 3. If by chance they do charge any of these off in the Got an email 5 minutes ago saying status has been updated, Logged into portal and saw amount increased and there was a link Skip to main content. So that’s 3 different higher ups I’ve talked to that have confirmed this. In one of those What I heard last was Treasury has so much backlog of EIDL defaults they need Justice Department approval to go after PG since it’s a legal matter. The SBA, gave up on that contention and then manufactured a reason and said “they couldn’t verify the legitimacy of my business” since that didn’t work. 4506-T, tax return, 2202, hardship letter, The SBA’s EIDL program is an established pre-existing disaster working capital loan program that kicks in when federal disaster areas are declared. Applicants had to be located in a low-income community, prove more than a 50% economic loss during an eight-week period beginning on March 2, 2020, or later, and had 10 or fewer EIDL Loan Updates . I have not reached my loan limit as of yet. EIDL loans are okay to go into personal accounts. r/EIDLPPP A chip A close button. A source for information on applying for LOANS from the SBA's Covid-19 EIDL Skip to main content. I did a congressional inquiry. Yesterday I spoke with SBA in detail about EIDL, PPP, and Advance. He's honestly kinda burnt out on "news" and "updates" so I've been tracking Well had to reach out to my congressman and senator's office again. has been updated. However, for the past three months, I We've confirmed with sources that the SBA is planning on launching "EIDL 2. My modification was being processed for a over a So chase bank issued an update to their policy about the EIDL loans. Legitimate EIDL borrowers should not be penalized for the crimes of the crooks. Please periodically check the SBA customer portal and your email for updates. Send a copy of the dissolution paperwork, a breakdown of where the funds were spent and a picture with make, model and value of the printer as sole asset. My parents just paid off the remaining balance on their EIDL loan and the earliest payment date was 2 days later. Any link or content that is specifically tailored to promote your brand or your I’m not a lawyer, but my advice: voluntarily dissolve the corporation (just Google how to do it, can be done in 1 day). The SBA underwrites their own loans - they do not use any agencies or scores other than your Experian Vantage 3. 0 is the 2019 tax return. Caweb not working upon signup . So far everything the SBA agents told me on the multiple phone calls I made has been correct. And you can use any EIDL proceeds to make these payments now - advances, original EIDL loan, first increase modifications, and these new modifications. The loan is under I don’t think the government planned to have EIDL repayments cover the forgiveness on PPP and grant programs. Get app Get the Reddit app Log In Log in to Reddit. by sveloz123. Appealed the decision April 1st with new re quest to pull most recent credit (634) and just got approved today and processing My second EIDL loan, signed docs 7/20, took 9 days for funds to hit my account when the norm before that was 2-3 biz days. If there is activity in the portal is an email auto generated letting you know, or is there lag time. jasontees. Will keep you guys updated on Reddit iOS Reddit Android Reddit Premium About Reddit Advertise Blog Careers Press. Reply BeautifullyBroken505 • Additional comment actions. IMO, the only way to make the EIDL effective is to do the same as the other loan programs. I am so very grateful to this Reddit community - for sharing Advertisement Coins. I would call the SBA and ask them to find your account. Update on EIDL Goodwill Period & SBA Director Interview Topic SBA will be accepting hardship even if you’re late on payments?? Start about 3 minutes in. this EIDL thing a crap shoot all the way around the horn. Use r/TargetedEIDL for Now that people have submitted requests for EIDL increases based on the new formula, it seems as though it would be helpful to have a megathread where you can ask questions and discuss your individual experiences. What I didn't know was that I had to redo the auto pay on pay. This was So EIDL and targeted advanced did not comply with the reason of their creation and definition. There also often have unsecured debt which gets nothing if the business declares bankruptcy, but gets the benefit of a higher interest rate for the lender. gov/ The description makes no sense as I already applied and had my credit hard pulled twice. mfggvu ctnyc ytzh nqzww etbju harc gpo mcwu jhezeie zjmm