Credit score is largest factor for approval for this loan and no exceptions are made for under 570. Obligated: A loan number from E-Tran has been obtained and now closing documents can be drafted and sent to the borrower. -Minimum Credit Score of 570. Financial commitment ID is your Loan # - 10 digits. Establishments primarily engaged in subdividing real property into lots and developing it for resale on their own account. I work in ODA at SBA. I received a denial letter for the reason "ECONOMIC INJURY NOT SUSTAINED". Credit scores did you guys have when declined? ANSWER: In many cases no documentation is required and everything is self certified. If your only revenue was earned after that date as a newer business you may not qualify, but it is possible to use a 12 month projection which you can submit to reconsideration. If we have received both the PPP and EIDL does anyone know if we can hold the EIDL in a high yield savings account until we are ready to use them? What does this mean and what can I do? If the EIDL was not used for payroll costs, it doesn’t have any impact on your PPP loan. However, you cannot use your EIDL for the same purpose as your PPP loan. Is it too late? -All owners on application must be either US citizens or Permanent Residents. The CANs.. You can use the money to pay yourself reasonable compensation based on services you’re currently rendering to your business. ANSWER: As of last update it is currently 150K cap. I received a decline letter for “Business activity not eligible”. EIDL funds may be used in at least three categories and PPP loans, the most restrictive, may only be used for one (daily expenses). QUESTION: What is the maximum loan amount? Thank you so much. Businesses whose purpose for being is gambling (such as casinos, racetracks, poker parlors, etc.) QUESTION: I received a decline letter for “Business activity not eligible”. ANSWER: The highest level of official customer service is known as "tier 2" and can be reached by calling 1-800-659-2955 and asking for Tier 2. Okay, so let’s first break down what you CAN use the EIDL Loan money for: What You Can Use For: Business Operating Expenses a. You can also see approved but not have docs available. Write your exact ID & password down somewhere - if you ever get locked out and call the SBA for help, they are going to tell you that Borrowers are not supposed to be able to access CAFS CAWeb. What can be done? This is normal. •These are working capital loans that may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred. How can I request a specific amount? Plus the latest on the PPP, EIDL, and Main Street Lending Programs. He or she is amazing. Your EIDL will show up as "Disbursed Current" if funds are on their way. This means the Loan Officer has approved the deal and it is now going to the Senior Loan Officer. 6. Press question mark to learn the rest of the keyboard shortcuts. Please note, rules regarding forgiveness are still in development, so stay tuned for guidance as it becomes available. You can use the Capital Access Finance System ( CAWeb.sba.gov ) to track your EIDL after your documents have been signed and submitted through funding. -If economic injury was sustained based on formula described in QUESTION 4. It will be processed as a 20xx series loan in the old system/portal. On the home page click on "Not Enrolled?" Close. The important thing to understand is that notes left by T2 do not actually notify a loan officer or anyone, they are simply waiting to be read if someone happens to open your file and takes the time to review the case notes. QUESTION: Does contacting my congressmen or senator actually work? in the top left. Otherwise you may have to provide documents to prove it's a legit business. I was declined for "unsatisfactory credit". 2. Will a loan officer contact me? For farmers who have received PPP and EIDL funds through the CARES Act, knowing how to use them in tandem is important. If you need to change your COGS or revenue on your application to adjusting loan size. EIDL GRANTS. They do NOT use FICO. If they can find it on google it will suffice. Consumer and Marketing Cooperatives. Some are seeing immediate automated approvals same day, this only happens in around 30% of cases. This should take you to your "Loan List" showing the loan #, borrower name, loan type, amount, and loan status. 19. This takes you to a screen to enter info. For the Account, select the bank account the grant was deposited into. 18. While I do not ask for donations, another volunteer decided to setup a tip jar in case people want to show their support. There's even a box at the bottom to check if you want electronic account statements only, but if you check that, a warning pops up about "all attached to this loan will be affected by this change", so we recommend not selecting that option just yet. If any member, partner, or shareholder, owning 20 percent or more of the applicant business is in the USA they must be a qualified alien. How can I request a specific amount? You may also see a status that says, "On-Hold" Amount $0: This status typically is when your loan was temporarily declined and is still in the reconsideration department pending possible reconsideration approval. Been trying to reach you but unable to send pm. Rent & mortgage payments (Not early payments) b. At this point you can track the disbursement with your loan number from the docs using CAWEB to see if the ACH has been sent. With abiding respect to all. Approved: T2 Rep can now see your loan is approved on their screen. I signed up for NAV.com the day after I applied and my score was 561, but all my cards were maxed out. I made a mistake with my COGS or revenue and I am not happy with the amount. Tax returns are preferred if available but not required if the offer is showing as eligible in the portal. QUESTION: How do I get in touch with customer service phone support? 580 FICO so I would assume like 520 Vantage? Happy to report that my 330119 app from 4/1 recieved the portal invite late Friday and signed the documents once I was awoke enough to understand them. Does contacting my congressmen or senator actually work? 15. My second loan app # is similar to yours and I am awaiting portal invite. How do I get in touch with customer service phone support? EIDL restrictions around collateral, business structure and use of funds may surprise some business owners. Loan packagers who derives more than one-third of their annual volume from the preparation of applications seeking financial assistance from SBA, Pawn shops, when 50 percent or more of previous year’s income was derived 50 30 9 71 Effective Date: May 31, 2018 from interest. Please post any questions not covered and I will respond and add them here. ANSWER: I am a small business owner sharing the information, strategies, and general knowledge I have gained over the course of 4 months and helping in almost 1000 cases. Thanks. Pay any penalty resulting from noncompliance with a law, regulation or order of a Federal, state, regional, or local agency. Do to an extreme flood of requests for help, I will not be able to answer PM's or chat requests. Yes I agree and I will. Can I still get a grant? I just received an offer for approximately $20,000 in EIDL. Please note that the SBA is only taking into account revenue earned prior to the disaster date of 1/31/20 to calculate your economic injury. Often times loan officers never are needed, never reach out or even read these notes. 3. See CAWEB question. You have documentation to backup the changes such as Federal Tax Returns 2018 or 2019 or P&L Statements. How to save your business through the art and science of downturn management. ANSWER: As of 6/12 loan modifications are now being allowed. 20. It will be updated on an ongoing basis and will always contain the most current information. Now head to the Transactions page. EIDL vs. PPP: What’s the difference? The SBA itself is handling EIDL applications, whereas PPP requests have to go through banks like Wells Fargo or Bank of America. Do NOT panic if it seems "stuck" with no communication from anyone. They can be reached here: Scorpio14534@protonmail.com. -Your business must pass verification in some way that it is a valid operation. Enter a name that you'll easily recognize, like "EIDL grant." If you wish to show support to our community moderators, you may reach out to them direct at u/tahoechick36 and u/Scorpio14534to ask how you can show your appreciation for their time and efforts. *As of July 20th the SBA is no longer allowing the use of a Co-Borrower for reconsideration of an insufficient credit denial. The exact process is as follows (hat tip u/sbaleaky and u/LOL_Face_69) with the actual stages from start to finish. This article was written by u/tahoechick36, a small business supporter and user of Reddit.. You can use the Capital Access Finance System (CAWeb.sba.gov) to track your EIDL after your documents have been signed and submitted through funding.It allows you to see … Funding: Docs are signed and the loan is automatically moved to funding stage to have treasury issue an ACH. ANSWER: EIDL has a list of restricted business categories, if your type is NOT on this list and you still received this letter you may have been improperly classified. I just prefer to stay an anonymous helper. I hope you run for office. Call tier 2 support as soon as you possibly can and ask them to make the following note in your file: "Loan Officer, DO NOT approve this file without calling me, the applicant, because my (revenue or COGS) figures are wrong. QUESTION: I now understand that processing really means "underwriting", but how long will it actually take? I received my portal link, but when I go to create an account it just takes me to the login page. Find your exact Sample Letter to SBA for EIDL Loan Reconsideration under CARES Act - iDispute.org form online in the best fillable PDF forms library SellMyForms now! For older applications please see this post for more information: https://www.reddit.com/r/EIDL/comments/hr3l41/eidl_news_714_update_regarding_the_current_status/. UPDATE: As of 7/20 the current queue/wait time to be assigned a loan officer, get approved, and have closing docs drafted is 14-18 days. Unbelievable amount of work went into this info. ANSWER: This occurs when the numbers entered on your application for COGS are greater than your revenue. What can I use EIDL funds for? If the alien resides outside the USA an exception may be made. I have supporting docs to make the changes. But I will tip him anyway. Once you see a loan amount in your portal, this is NOT a "pre-approved offer". In about 1/3 cases you will receive no communication from a loan officer and approvals are automated. Closed signs hang on a fast food restaurant amid the … On the caweb homepage, login (if you aren't already), it will be personalized and show your name. If you don't have a landline, it has been reported that just entering your mobile number in both fields works. What are the eligible uses of EIDL funds? 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