Third, yesterday LALATE reported that EIDL payments are being processed currently in a first-come-first-serve manner. Yes, you can submit one application per eligible business. Just make sure you're checking any emails associated with your application so if they have a question you can answer it right away. The first level review is complete and is being reviewed by a second set of eyes. Got my papers to sign today. Otherwise, complete ... be a balance due if they accepted the full amount of the EIDL loan. Thanks! The SBA You can apply online directly through the SBA’s website. Check your account, mine moved on to approved! Did you get approval yet? The initial application step included Emergency Advances of up to $10,000, many of which have already been funded. I called & asked what happened to my advance, when should I receive, how long does approval take? Ours says "your application is being processed". EIDL loans are limited to a maximum amount of $2 million, carry an interest rate of 3.75% and have a maximum term of 30 years. Did you get a call or email? The SBA has been completely silent about this program since Monday 3/30/2020 when they released a new application and promised $10k advances to anyone who applied. So I called the number yesterday to find out that I was awaiting approval on the second stage. Fingers crossed. I got to the "your application is being processed" status late Wednesday afternoon. Press question mark to learn the rest of the keyboard shortcuts. Hope they have funds available! A new $484 billion spending plan that was approved this week includes $310 billion for the PPP and another $60 billion for EIDL, among other things. No answer from SBA as to why they are getting denial emails after being approved but the guess is the SBA is looking at spreading the initial approved loan amounts around to be able to help more applicants. 06/12 - Got an update on my loan application, went through the reconsideration process. (See screenshot here https://imgur.com/a/Iq7dZ9z ). You can also find out the status of your EIDL application by phone. I applied on March 21 using the ‘old’ application portal. Then it took me to a page saying your application is being processed. The allegations claimed that upon receipt from banks of applications the process was coming to a standstill because the computers that operate the myriad of networks between SBA, Treasury and the Fed were technically getting bogged down and unable to process the amount of computer applications. Although the CARES Act indicated these grants should be made within three days of application, initial grants have taken more than a couple of weeks to be processed. Press J to jump to the feed. I'll update with my results when I find out. I made multiple errors throughout the reconsideration process. EIDL loan applications will still be processed even though the Advance is no longer available. With the second round of stimulus, additional funding was added to the EIDL grant program. Applicants previously could accept an “advance” of … Your EIDL advance no longer affects your PPP loan forgiveness amount. Any suggestions or ideas on whats happening? Next Steps for Approved EIDL Applicants. link from the page. I don't know if this is a good sign or if I may still be rejected. (I assume it was for the EIDL) (My Dun&Brad was also pulled on 3/22, but I’m not sure if the SBA did that. Any more paperwork? If you haven’t applied yet, you’ll need to submit your applications directly to the SBA. The application consists of a screening page, a business information page, a business owner page, a page for additional information, and a summary. The grant, now called the “targeted EIDL advance”, is available only to small businesses located in low-income communities. I am an patient person. An EIDL is a loan of up to $2 million (though the New York Times reported that the SBA is unofficially capping the amount at $150,000 due to the high volume of applications it has received). $2.5mm in gross sales last year. I applied for an EIDL loan. Here we can discuss EIDL loans, advances, and all things related to the 2020 CARES ACT. What is the targeted EIDL advance? However, at least 81% ownership needs to be accounted for on the application. Thanks for posting, this was the most detailed information I've found yet. Just replying for an update although I know that there are others being processed ahead of me. My app number was #20001#####. Loan forgiveness applications are just starting to be processed, so we are unsure how long the process will actually take. NOTE: If you see an amount in your EIDL loan portal it does not mean your loan offer is approved it simply means that you qualified for that amount if you pass underwriting phase. I applied in early April (don't have exact date right here), received the advance April 21, and received the email to create the account on May 17. Your application is under final review. I have been in "processing" since Tuesday, but a rep on the phone said I have already been approved and it should switch over to reflect that on the portal soon. Any idea what the ‘processing’ looks like? My LO might just work a few hours a day on this. You may lower the amount you want your loan to be , with the maximum being the loan amount … That will keep me in good stead. Subscribe to LALATE on YouTube. To authorize the application, the highest ranking official identified in your application must open the "SBA-Notice from the U.S. Small Business Administration" email, review and authorize the Status has been "Your Application is being processed" since. EIDL Application. Thanks for all your support. Hopefully it's only a few days. I have heard of people who were manually pushed along by a teir 2 representative, how to get number ofr teir 2 representative. It's the 20th with still nothing? Will they need more documentation? Economic Injury Disaster Loans Hunt said a recurring issue by many applicants is not knowing their status. My business is an S-Corp. 5x employees. 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