This federal small business loan program supports small businesses' recovery from the COVID-19 disaster's economic impacts by providing accessible and borrower-friendly capital. r/EIDL - Hello, How long did it take for funding after "YOUR I applied 1/20 with BlueVine and the literally just submitted my application to the SBA on 2/2. If you have already received a Florida EIDL loan from the Small . Your Application Is Being Processed Sba Loan =H@B121ff| I'm in recon due to credit since 7/22, this is from an original application back in May 2020. Credit has shot up considerably. Hello, I need some help. I'm in recon due to credit since 7/22, this is from an original application back in May 2020. I would encourage you to try to reach out to the SBA to make sure your application is still being considered for the increase. Cookie Notice By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. February 23, 2022 SBA Disaster Loan Advisors Leave a comment. Sign up for and complete application via SBA portal 4. Help With a Federal Agency Log onto your Account on the SBA Portal to submit a loan modification request to your existing EIDL loan. Receive decision within three weeks 5. Can people give their experience of timeline when they received any approval (loan doc signing) to denials after they've confirmed their loan amount, uploaded all docs, and hit that "submit" button to get "Your Application is being Processed". Hello everyone please I need help and needed to be sure if my loan is still processing and will hopefully get an approval email, I applied for the SBA EIDL loan 30/ July and got portal email same day, I registered my account and was eligible for $150k I accepted full amount and my credit score was pulled same day, my credit score was formerly 630 and was pulled then I got credit report and I dropped to 613 on my credit report, showing on my portal link my application has been received and processing, my identity confirmed and verified and still havent gotten any email from the SBA for an approval or denied letter, I still dont know what my chances are for the loan but hopefully will I be approved and have to wait until I get the next letter, Scan this QR code to download the app now. 0 Called SBA yesterday and found out that there has in fact been a hold placed that is delaying my 2nd draw application from actually being processed . Part of me really wants to believe that they're going in "somewhat" order of original EIDL loan date. You will receive an email notification of the application status in the coming weeks. Visit www.sba.gov/eidl to learn more about eligibility and application. Also I havent even filed 2020 yet. Can people give their experience of timeline when they received any approval (loan doc signing) to denials after they've confirmed their loan amount, uploaded all docs, and hit that "submit" button to get "Your Application is being Processed". You can contact SBA's Customer Service Center at 1-800-659-2955. UPDATE: LO contacted me today (5/5) requesting transcripts for tax returns for 2019 and 2020. Use r/TargetedEIDL for advance/grant issues. I applied on April 22-2021 for my increase and states the loan modification is being processed and I know may of you will tell me its only being a few days ago, but I was curious to call and speak with someoone who can give me real info, so after waiting 15 minutes on the phone a lady pick up the phone and told me "we are having some technical issues with our portal and a lot of glitches, please check thursday or friday, if your status didn't change please call us back" and I asked her why thursday or friday, and she said to me "many updates are coming on thursday and friday." and I said ok.but I feel she was trying just to finish the call like she didn't care so I'm calling back to see what other agent tells me.I will keep you in the loop to everybody. By accepting all cookies, you agree to our use of cookies to deliver and maintain our services and site, improve the quality of Reddit, personalize Reddit content and advertising, and measure the effectiveness of advertising. Borrowers who need copies of their loan documents will need to create a new account with the SBA . and our She confirmed that I was completely approved and that it would take a matter of days to push through my new application Completed the new application first week of September 2021 Received confirmation that all documents had been received Current Status Since confirmation, I have called multiple times (essentially once/twice each week). Any help would be appreciated. She confirmed that I was completely approved and that it would take a matter of days to push through my new application, Completed the new application first week of September 2021, Received confirmation that all documents had been received. This is a little weird as Ive turned in 2019 many times and singed a 4506-T. Economic Injury Disaster Loans & Grants (EIDL) - COVID Chai+1 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. Paycheck Protection Program & Economic Injury Disaster Loan Discussion for the 2020-2022 COVID-19 disaster. This is the quickest and easiest way to verify the status of your EIDL. Ive been on this status since 4/19 and it says everything is completed. Everythings signed. 1y You're only a week into the process. With screenshots (PII redacted), my SBA EIDL Journey. Im getting mixed signals about bluevine but I also kept my options open. So whats the delay? SBA Administrator Guzman Enhances COVID Economic Injury Disaster Loan 04/19/2020: Initial SBA EIDL Loan funded, Terms, Payments to start in 12 months, 3.75% for 30 years, 04/07/2021 at 6.47 am CDT: SBA sends me an 'Increased Loan Limits' email (Image #1). About COVID-19 EIDL The agency has previously said it was . I know others have been waiting longer and it sucks for us. Your application is being processed by the SBA (What's next) Key changes announced by the SBA. It may take several weeks before all emails are sent to businesses in the first priority group so please do not be alarmed if you do not receive your email invite right . Beginning Feb. 1, 2021, SBA first reached out to EIDL applicants who already received a partial EIDL Advance (between $1,000 - $9,000). The Administration is . I have received Loan offer on 07/02/2020, I applied the same day. Anyone else had to submit 2020 returns? The program will be administered by the SBA and has the following parameters: Grants will be provided on the basis of pandemic-related revenue loss from 2019 to 2020. Stay strong out there. There are staff members that now know me by name (Michael from West Africa is my favorite help desk person). "You have been approved, it's now up to the SBA office" (Oct, Nov, Dec), tier 2: "you're good; expect an email this week", "I see a confirmation that your account has been opened and they are working on funding. Find out what to expect after applying for an Economic Injury Disaster loan & how long you can defer. To be considered for the $5K Supplemental Advance, you must apply for the EIDL program by the end of today. What happens after your SBA EIDL loan is approved? . Please make sure to read and understand the below steps before you start your registration. 6 The investigation has revealed that at least one other EIDL application was submitted from the Nunez IP Address registered to SUBJECT PREMISES-2 by Individual-2, an individual whose identity is known to your affiant and who does not reside at SUBJECT PREMISES-2. Mostly typical timeline until now. Got another email Your application is being processed by the SBA Can you get denied from here? COVID-19 EIDLs are designed to provide economic relief if your business is currently experiencing a loss of revenue due to the pandemic. It's fixed! and our SBA EIDL Deadline 12/31: What it Means for Businesses in 2022 I know others have been waiting longer and it sucks for us. 2. Business Business, Economics, and Finance. Hopefully this isnt an issue. Privacy Policy. 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. Step 3: The lender will hopefully approve your loan and send you a commitment letter. Bluevine - "Your application is being processed by the SBA" But luckily, there are a few different ways you can check the status of your application: Online: https://disasterloanassistance.sba.gov or via the SBA portal. The SBA also launched the SBA Economic Injury Disaster Loan Portal to simplify the process of checking loan statuses. This EIDL application was ultimately denied by the SBA. If your EIDL application is denied, you have six months from the date of denial to request a reconsideration. I received an email following day Tue 9/2 by LO requesting more docs which I did so immediately in portal and responded via email for basic info requested. Your file number (CP-12), found on documents received from the Ministre, like a deposit notice or a or a notice to appear; The last three numbers of your social insurance number (SIN) If you don't have a file with the Ministre, you must have a Revenu Qubec notice of assessment from one of the last two years. I got my original EIDL loan March 2021. Use r/TargetedEIDL for advance/grant issues. Within hours, I was able to confirm amount and hit the "process" button which now says "Your application is being processed" just very curious on average how long it takes to get to the next step of an approval or decline? endstream endobj startxref This page provides you with the information you need to register for My Service Canada Account (MSCA) with your bank. Your application is being processed. For more information, please see 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. Cookie Notice It took about six weeks total from application to funding. For applications for COVID-19 Economic Injury Disaster (COVID EIDL) loans, in this rule SBA is changing the definition of affiliation, the eligible uses of loan proceeds, and application of the size standard to certain hard-hit eligible entities, and is establishing a maximum loan limit for borrowers in a single corporate group.
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