Eidl loan timeline reddit. Subpart D—Economic Injury Disaster Loans § 123.

Eidl loan timeline reddit. Not exactly sure what was the discrepancy but the letter cited the following: Not eligible due to policy reasons (COVID Loan). 300 Is my business eligible to apply for an economic injury disaster loan? (a) If your business is located in a declared disaster area, and suffered substantial economic injury as a direct result of a declared disaster, you are eligible to apply for an economic injury disaster loan. A source for information on applying for LOANS from the SBA's Covid-19 EIDL… That’s what I am afraid of. It did not include a personal guarantee. Learn about the EIDL Advance, Hardship Accommodation Plan, Offer in Compromise, and more. From that point on my portal was showing processing with the new amount. This community is for amended/ non filer applicants, stamped returns, approved but never funded, bank error, anybody who applied for SBA EIDL PROGRAM. Business has not fully recovered after Covid and no longer produces what I need to survive on as well as pay back the EIDL. A source for information on applying for LOANS from the SBA's Covid-19 EIDL, reconsideration issues for… Eidl Loan timeline Has anyone actually been funded with the loan yet? We finally got the portal email this morning to accept the loan. I wanted to create a thread with experiences regarding the Hardship Accommodation Plan to help each other out. The EIDL is a decades-old program, and if they forgive loans for this particular disaster, then borrowers for every other EIDL program are going to expect forgiveness on their loans as well. Well, here's the big one. distressed Loan Advisors are SBA loan default experts, and assist borrowers with offer in compromise and modifications. 4/20 - requested increase to $500,000 (additional $350,000) and signed tax transcript request form. Our lender is prepared to close but told us that they'd prefer to have the EIDL subordinate rather than retire it at close. To keep this simple and clean, I'll be updating this post with the latest timelines post so we can all be on the same page. After numerous calls to Tier 2 and emails to RECONS dept for status Eidl Loan timeline Has anyone actually been funded with the loan yet? We finally got the portal email this morning to accept the loan. Apr 2, 2025 · The SBA has officially ended the EIDL Hardship Accommodation Plan. 36K subscribers in the EIDL community. Here's what you need to know. 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. So I submitted my app 8 days ago and have yet to hear anything just wondering what the next step in the process is? And how long it all takes roughly? Share Sort by: Best Open comment sort options Best Top New Controversial Old Q&A Add a Comment 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. From start to finish how long did it take you to get your EIDL loan after April 6th 2021 (NOT Recon)? I’m on day 11 still says ‘application is being processed’. July 7th- portal reverted back to original loan amount. With a new administration in place, many borrowers are wondering if EIDL loans will be forgiven. Got denied for SBA Disaster Loan due to EIDL Loan. Latest Update: May 18 1:48 (EST**)** Summary: Most posts at this time submitted Blue Button between 22-24 April and are now being contacted by LO (Loan Officers) Learn about SBA EIDL loans, debt relief options, Hardship Accommodation Plans & legal strategies for small business financial recovery. My loan came through and was funded but I mistakenly claimed my Jan & Feb 2020 gross income only for 2020 instead of my annual 2019 gross income. 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. Interestingly, the bank is protected up to 80% of that loan but we are PERSONALLY responsible to pay it back regardless of the economy failing around us. Happy chatting 😊 ETA: The new loan formula is (2019 revenue - COGS) x 2 Does anyone have a rough estimate on the time to get an eidl loan. By law, EIDL loans don't require a personal guarantee until they are over $200,000. App #330161xxxx March 23 - long form app March 25 - hard pull April 2 - short form app As the EIDL loan workflow has been inconsistent from Day 1, I am just wondering the usual timeline of processing loan applications after receiving the portal invite. Subpart D—Economic Injury Disaster Loans § 123. Edit 2: I appreciate all the DMs asking for advice, but I'm a one-man shop, so if you would like some advice , please schedule a Case Evaluation through my online calendar. I was stuck obligating for 3+ weeks due to a glitch in the system and would have been stuck likely a lot longer if I did not take matters into my hands. How long does SBA EIDL Loan Modification take? Has anyone gotten a loan and increased the amount? Once processed how long does it take to be funded? Thanks 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. A source for information on applying for LOANS from the SBA's Covid-19 EIDL, reconsideration issues for… Timeline Update 10/28 - submitted emended return 11/1 - applied for Advance & EIDL 11/10 - EIDL denied “The applicant business is not eligible… 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. Struggling with a COVID EIDL loan? Learn how the SBA's Offer in Compromise works in 2025, eligibility rules, and settlement options before policies change. 4/22 - notified that loan was in processing. Additionally, I've encountered Had same issue for my husband- finally got loan docs but now stuck again- nothing else due Loan was approved and Docs signed- almost one week and sba says they have no timeline for funding just keep checking! Unbelievable- anyone else signed docs and still crickets! Timeline 2/27 Targeted app 4/07 Emailed Increase Request 4/22 Blue Button Increase Request 4/23 4506t and Submit button for TA 6/01 LO call and email, submitted Hazard, Verbal Approval 6/02 Targeted Approval & STA App email 6/03 TA Funded / STA Approved 6/04 TA bank deposit 6/07 STA Funded 6/08 STA bank deposit 6/17 confirmed same amount again then APPROVED & signed loan docs Zero calls or 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. I have a letter from the IRS stating my taxes were "timely filed," that I had sent to the SBA. However, for someone with a partner or husband/wife with additional income it That’s what I am afraid of. 15 votes, 61 comments. Thanks! 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. Everything the sba says is unclear and very contradictory The EIDL is a decades-old program, and if they forgive loans for this particular disaster, then borrowers for every other EIDL program are going to expect forgiveness on their loans as well. I contacted the SBA at 1-833-853-5638 regarding the status of my SBA loan, which appears as "charged off. Use r/TargetedEIDL for advance/grant issues. Everything the sba says is unclear and very contradictory 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 received the EIDL loan a few months back and, fortunately, our business has rebounded quite quickly, to the point where we're going to require a working capital facility to fund growth. 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. Small Business Administration (SBA) announced updated guidance for COVID Economic Injury Disaster Loan (EIDL) program applicants to better serve small business owners in need, while funding remains available. Is that even possible? Here is my timeline: 2/7 sent initial hardship request to DisasterCustomerService@sba. To preface this, I have not received money in my bank yet but I am hopeful that wonderful day will be soon. Timeline For Loan Increase? I made a mistake in my gross income when filing my initial EIDL application. A source for information on applying for LOANS from the SBA's Covid-19 EIDL, reconsideration issues for… 64 votes, 137 comments. Here is my timeline; April 8th- Replied to the email for the EIDL loan increase May 4th - Received an email from SBA asking me to log into my portal and submit required docs & request more funds. I was very lucky and was able to apply for the California EIDL within hours of it becoming available to businesses in California on March 16. The first round of EIDL was capped at $150,000. Large businesses were being offered 4th and 5th loan installments as my 11 year old 2 employee business was denied because the loan officer couldn’t verify that my business was real! 11 years of bank statements and invoices! 2 of my customers were cabinet buildings in dc- transportation and health and human services for 10 years! For business owners who received EIDL loans and enrolled once in this temporary payment reduction of up to 90%, it's confirmed you have the option of re-enrolling in it. ) Small business owner. $120,000 Covid EIDL - S Corp, obviously without personal guarantee. Received EIDL loan for $150,000 in May 2020 (eligible for $1M) 4/7 - sent SBA email requesting EIDL increase. Apr 4, 2025 · This is your April 2025 SBA EIDL Loan Update. It’s nice to know we have valuable resources and advocates IF a problem were to occur. Just wondering after accepting and it going to processing what the time-frame was to get actual funding. My business was debt free before taking out EIDL. I was told to expect to receive loan docs within a few weeks, if that. Here is my timeline: 2/7 sent initial hardship request to DisasterCustomerService@sba. Had same issue for my husband- finally got loan docs but now stuck again- nothing else due Loan was approved and Docs signed- almost one week and sba says they have no timeline for funding just keep checking! Unbelievable- anyone else signed docs and still crickets! Loan officer called…. However, I’ve talked to a lot of people that say they’ve been waiting 2-3 months. Although in the SBA’s last released statement they said that sole proprietors with loans under 100k would be treated the same as LLC’s which do not have a pg. I applied for reconsideration in March of this year and was finally "pre-approved" on July 27th when I was contacted via email by my assigned loan officer who recommended $186,200 for my loan amount and sent it over to her supervisor for a "final approval". The application was submitted Business Journals: SBA's Economic Injury Disaster Loan program to see big changes. Haven't made money in the last few years and have taken on additional debt I plan to close the business and provide an offer to compromise for the cost of the remaining assets. I am also including some tips which may help others who are "stuck" like I was in the obligating/processing phase. I completely agree these EIDL loans should be forgiven. S Corp with $150k EIDL in payment hardship but current with payments, haven't defaulted and no PG. As you stated though, SPs are likely personally on the hook regardless, once the loan is over $25,000, as the business assets and personal assets are not separate from each The reality is that PPP and EIDL loans we’re gerrymandered based on which district voted for what political party. (I thought SBA allowed for projected income. I read the link on here about a month ago. I have checked several posts and it seems like the most repeatable inquiry is about "timeline". I'll go first: Application Submission: 4/09/2023 Business Still Open Current Payments: Up To Date P&L YTD Showed: ~76k in Revenue ~ Loss of 15k so far 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 would like to show you a description here but the site won’t allow us. The . A source for information on applying for LOANS from the SBA's Covid-19 EIDL… We would like to show you a description here but the site won’t allow us. Archived post. With no further ado I would like to know if anyone has actually defaulted on an eidl under 100K and what were the consequences? Also are you still in business? I am barely hanging on making hardship payments. I’ll walk you through what’s changed since March, and then hit you with a bunch of reminders—especially useful if you’re new to my content. " According to the SBA, I am 13 months behind on payments, and they've transferred my loan to the Treasury. So I wanted to let everyone know how my process has been to get an Economic Injury Loan has been since I started. A source for information on applying for LOANS from the SBA's Covid-19 EIDL, reconsideration issues for… Loan Approved - Docs Signed (with timeline)! I really appreciate all the positive energy I’ve gotten from this place while I’ve been lurking (mostly). Was that only for the 10k grant or also the loan process? When I go back through the SBA site to apply for the regular loan for more money it kicks me back to the same streamlined app. Timeline so far: 4/7: Requested increase 4/21: Email from an SBA case manager requesting LLC Certificate and Hazard Insurance on ORIGINAL EIDL 4/22… 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. Question? Applied for an SBA Disaster Loan due to a recent storm. trueHey guys, I know a lot of us are struggling, and still trying to recover from the effects of the pandemic. I explained that I had filed my taxes on time, but there was a problem with my K1. While widespread forgiveness seems unlikely, it’s possible that the new SBA leadership may implement limited Offer in Compromise options for extreme hardship cases. Learn about SBA EIDL loans, debt relief options, Hardship Accommodation Plans & legal strategies for small business financial recovery. I remember trying to apply and in certain red districts, you weren’t even allowed to apply. Learn what this means for borrowers and how to apply for one-time payment relief. There’s multiple moderators in here and many people who are watching. loan increase timeline Under 200k loan modification Increase availability email 3/3 Applied same day Loan officer requested ID and voided check3/14 Amount approved and confirmed same day Amount on caweb show disbursed 3/18 Funded in account 3/21 Best of luck for those still waiting 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. Signed loan docs on April 25th; had an Internal Funding Error on April 28th; heard nothing until the call today. Hey y'all does anyone have insight on what the timeline on the EIDL loan is? I’ve read everywhere it’s 7-28 days from application to funding. The economic injury disaster loan (EIDL) is a huge handout to the wealthy about to happen. How many corporations get bailed out on a regular basis? We are also struggling with the EIDL not to mention the massive interest rate attached to our variable interest SBA 7a loan. It showed EIDL Loan, no amount and Denied; EIDL Advance $1000 - Funded; and Targeted EIDL Advance - Submitted. If you were approved, obligated, and didn’t get your funding, I strongly suggest you make a post and let’s discuss this. Finally received closing docs via usps, has anyone been finder after sending this back? If so what was your timeline. gov and received a reply within a couple hours to send in P&L along with a completed application that they provided. Any info is helpful please! 4 days ago · EIDL loans are not forgivable, but relief options exist. Thanks! 36K subscribers in the EIDL community. Friday, I received another email stating that I needed to resubmit my banking information, so I did. Everything seems in order said he was sending out to his supervisor to review then it goes to funding I wonder how much time I am actually going to wait now anyone have their timeline from the contact from the loan officer? Timeline 2/27 Targeted app 4/07 Emailed Increase Request 4/22 Blue Button Increase Request 4/23 4506t and Submit button for TA 6/01 LO call and email, submitted Hazard, Verbal Approval 6/02 Targeted Approval & STA App email 6/03 TA Funded / STA Approved 6/04 TA bank deposit 6/07 STA Funded 6/08 STA bank deposit 6/17 confirmed same amount again then APPROVED & signed loan docs Zero calls or 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. 2/24/2021 - Applied for the Targeted Advance 4/6/2021 - Received invitation for the EIDL Loan Increase 4/6/2021 - Sent email with requested information to begin the loan modification process 4/12/2021 - Received email requesting 4506-T and 2019 Tax Returns 4/12/-2021 - Responded with the requested documents 4/20/2021 - Received Confirmation that documents were received 4/20/2021 - Updated Nov 19, 2021 · WASHINGTON – Today, the U. The explanation I'd like to see is WHY EIDL loans in particular need a change in the law, when the program ALREADY exists for disaster loans. S. May 20, 2022 · What happens after your SBA EIDL loan is approved? Find out what to expect after applying for an Economic Injury Disaster loan & how long you can defer. I've searched through reddit but only seem to find stuff from last year. ) Large businesses were being offered 4th and 5th loan installments as my 11 year old 2 employee business was denied because the loan officer couldn’t verify that my business was real! 11 years of bank statements and invoices! 2 of my customers were cabinet buildings in dc- transportation and health and human services for 10 years! 36K subscribers in the EIDL community. This got me a little excited. Thanks : r/EIDLPPP     Go to EIDLPPP r/EIDLPPP r/EIDLPPP 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. Contact your congressman 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. I just used the above link for the streamlined process. I’m a single dad and my business was my only income for the last 13 years. Despite having applied for and received approval for two hardship considerations, the SBA still maintains that I am behind by 13 months in payments. Here is my timeline for EIDL funding. Took probably less than 10 minutes. Any comments relating to anything other than the increase as a result of the new formula will be removed. Anyone here perhaps know more of these details? 13 votes, 13 comments. hw3m 6i72 oeqkqt pvz 3a2yvjnu 84ghk g7j tdmana or fmv

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