UPDATE: As of 6/15 there is now a way to fix this. The important thing here is DO NOT accept the offer in the portal if you need to revise your numbers. How do I show support for the volunteers and moderators for r/EIDL. 13. If your offer is lower than expected you may have been wrongly classified into this formula. I finally got a portal invite and accepted and submitted an amount. While I do not ask for donations, another volunteer decided to setup a tip jar in case people want to show their support. ANSWER: Yes, the SBA treats congressional inquiry very carefully and will flag and sometimes white glove your application. If your banking info didn't verify, the transaction will fail to go through, and the status will revert. I need to change my Rev or COGS and I already accepted an amount in the portal, Tier 2 told me to do it! What are my options? If you need to change your COGS or revenue on your application to adjusting loan size. Email? Can I still get a grant? Credit score is largest factor for approval for this loan and no exceptions are made for under 570. Congrats. Press J to jump to the feed. Based on a personal experience, best advice is for anyone that got an EIDL is to clean the account that the fund was deposited in and close the account. 580 FICO so I would assume like 520 Vantage? Establishments primarily engaged in subdividing real property into lots and developing it for resale on their own account. So there you have it guys, hope this video helps with understanding what you can and cannot use the EIDL loan money for! Normal expenses incurred to run your business are fine. This thread has been locked by the moderators of r/EIDL. Good Luck to everyone. What documents are required? Please contact me ASAP. It is simply a potential amount you are eligible for based on the stated formula if you pass underwriting. I am very grateful that my business as an independent contractor is back to doing well again. It takes a great deal work run the community and they are putting in a near full time effort outside their normal occupations. ANSWER: The amount of time it is normal for your portal to say "processing" is highly variable as a hundred different factors are involved behind the scenes. Simply unbelievable! -Your business type must not be on the list for ineligible business activity. One section of the EIDL agreement, “Books and Records”, outlines your bookkeeping and recordkeeping responsibilities, such as maintaining accurate books … Click Add income to create a transaction. QUESTION: What is the status of the Advance/Grant program? What can be done? DO NOT ACCEPT THE OFFER as per advice given by Tier 2. This should take you to your "Loan List" showing the loan #, borrower name, loan type, amount, and loan status. Can I know in advance? This means the Loan Officer has approved the deal and it is now going to the Senior Loan Officer. Enter a name that you'll easily recognize, like "EIDL grant." The exact process is as follows (hat tip u/sbaleaky and u/LOL_Face_69) with the actual stages from start to finish. This traditional SBA loan is specifically reserved for disaster relief, but the requirements got an extensio… Closed OK. -Arrest for misdemeanor < 5 years = Declined, -Sole proprietors with delinquent child support > 60 days = Declined, -Any business principals with 50% or more ownership with delinquent child support > 60 days = Declined. Capital one froze my account couple weeks … Thanks. Also, you can sign, fax and print it from PC, iPad, tablet or mobile! 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/. The EIDL working capital loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred. It will be processed as a 20xx series loan in the old system/portal. ANSWER: In many cases no documentation is required and everything is self certified. Use one for the expenses that are eligible under the EIDL loan program and the other for ineligible expenses. It can be used to pay business fixed debts, so if you use your personal car for Uber, you wouldn’t be able to make your car payment with that. Once you submit for processing you are in queue to be assigned a loan officer**. What can be done? If this is a negative number you will be auto declined. Answer: Unfortunately tier 2 is currently giving absolutely terrible advice in this situation. Click Save. This is valuable and accurate information that I’m glad you shared. ANSWER: As of last update it is currently 150K cap. For denials you lose self certification ability and you will be required to furnish full documentation. If it didn't like the info you have entered, it will give you an error message for what part it didn't like, and you will have to try again, which requires re-entering quite a bit of the information. *As of July 20th the SBA is no longer allowing the use of a Co-Borrower for reconsideration of an insufficient credit denial. 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. The SBA calculates economic injury based on the formula in question number 4. Thank you so much. I paid business expenses with the loan, all 100% legit, back in August. Your EIDL will show up as "Disbursed Current" if funds are on their way. -open bankruptcies = Declined. I'm glad it checks out. For more details email me. I signed up for NAV.com the day after I applied and my score was 561, but all my cards were maxed out. If you already accepted you may have time but would need to work quickly from date of submit. 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