As part of the CARES (Coronavirus Aid Relief and Economic Security) Act, The thing is it’s an either-or situation – either take the PPP loan or take the tax credit. By using our Services or clicking I agree, you agree to our use of cookies. Application # 3300025xxx. As of mid-October 2020, the U.S. Small Business Administration (SBA) has approved 3,612,236 Economic Injury Disaster Loans (EIDL) totaling $191,994,805,796. You can set up an account here with your loan number, and it will allow you to track the process of your loan until it’s completely paid off. As of mid-October 2020, the U.S. Small Business Administration (SBA) has approved 3,612,236 Economic Injury Disaster Loans (EIDL) totaling $191,994,805,796. In that regard, the last 10 days or so have been a whirlwind of trying to digest, interpret, and apply for various funding to help many businesses stay afloat and keep paying employees. The site may not work properly if you don't, If you do not update your browser, we suggest you visit, Press J to jump to the feed. What’s been overshadowed in all this is the new Employee Retention Tax Credits (ERTC). Now the focus will be on exactly how the loan forgiveness will be calculated. Press question mark to learn the rest of the keyboard shortcuts. You can go here to understand the details, and determine if your business qualifies.Â. Here’s to hoping many businesses won’t be disappointed by how much of the loan can actually be forgiven. It's ironic that the Small Business Administration, is failing the smallest of businesses. So your loan applications are in and the feeding frenzy is over. I’m not sure anyone really understands exactly how to calculate the PPP loan amounts, or how the loan forgiveness will work. Some might say “if” we do business at all. You can’t do both. To get approved they will invite you to create a portal login to see your loan offer. Applied on March 30th at 9 am EST 330010XXXX. Or am I reading this thing wrong? That’s what it says! Once you accept the offer, only then do they determine final approval and then send you the closing docs if you are approved. Grant: 4/13. There’s an old adage that says “Nothing good happens fast.”Â. Just trying to gather statistics, as it seems sole-props are being scrutinized heavily by the SBA, and many are being outright denied the loan and advance, despite being legitimate businesses affected by the pandemic. If you do, contact your tax advisor and get help on calculating what the ERTC could mean for your business. EIDL loans are still being offered as of today. After that you can monitor the balance of your loan - the interest that has accrued, and what the payoff is in the event that you want to pre-pay it sometime in the future. The loan amount will be based on your actual economic injury and your company's financial needs, regardless of whether the business suffered any property damage. So before you accept the PPP money and sign the loan document, take the time to do an analysis to determine if the PPP loan or the ERTC is the better way to go. I now talk about what you need to consider before accepting the loan. Of course, that’s assuming you actually get your PPP loan approved. Have payback questions? ACCOUNT STATUS Active-Un Dispersed. As one applicant commented on the Nav blog: Now the decision as to what to do. I received my invitation to create a portal yesterday at 6:30 PM EST. Besides the “your loan has been approved” green banner in the portal, how do I know when I’ve been funded or the funds have been sent to my bank? The focus over the last few days has been on clarifying the guidelines on what qualifies for the loan calculation. Time will tell how well the system works and how many loans are completed. Accepted reduced offer of 150k: 5/6. Over 1.7 million Economic Injury Disaster Loans (EIDLs) have been approved by the Small Business Administration (SBA) as of June 21, 2020. Thank you! In short, the application is assigned a loan officer for review. Hi, my EIDL loan was approved for 21,500 and loan docs signed on 5/5/20. Applied on 3/29. Anyone else going through this SBA hoop jumping circus? Well, maybe it’s good you acted fast and got your PPP loan app in. First came the rush to apply for Economic Injury Disaster Loans (EIDL) through the SBA. Those numbers likely will rise as the application deadline for EIDL loans is not until December. Now the focus will be on exactly how the loan forgiveness will be calculated. My question is,.. the Loan Payments Info page shows. If you have already applied via the streamlined application portal, … Did you apply as a sole-prop or independent contractor? The EIDL assistance declaration that was issued by the SBA makes loans available to small businesses and private, non-profit organizations to help them pay bills and other expenses during the period of time when their business is disrupted due to the ongoing COVID-19 pandemic. - … Note: Through April 24, the Small Business Administration has issued $4.8 billion in EIDL advances. As of mid-October 2020, the U.S. Small Business Administration (SBA) has approved 3,612,236 Economic Injury Disaster Loans (EIDL) totaling $191,994,805,796. Once your status says “disbursed current”, it means the money is on the way to your bank account. Getting the 10K doesn't mean you are approved, that's the EIDL grant. I received an email last night with my approval, 10 business days exactly from the initial portal invite. The loan amount is under 25K so no personal guarantee is required. At 2;15 am this morning I got the approval email. Those numbers likely will rise as the application deadline for EIDL loans is not until December. Then came the rush to first understand and then apply for the new Payroll Protection Program (PPP) loans as a result of the CARES Act. As it's showing funds dispersed. Default under the EIDL program is broadly defined, and includes failure to make an EIDL loan payment, default on other SBA loans, transfer of collateral, withholding material information or lying to the SBA, defaulting on loans from other creditors in a manner that impacts their ability to repay the EIDL, failure to pay taxes, bankruptcy, and change of ownership with SBA’s prior … Our business is in online marketing for the travel industry. They should be scrutinizing everyone using the same criteria, and I haven’t seen anything indicating anything different. The … *A business may qualify for, both, an EIDL and a physical disaster loan. You can’t do both. The last three weeks have been a blur of sweeping changes to the way we live, and to the way we do business. Approval for EIDL – now what? Credit pull: 4/13 (once only) Portal received: 5/6. Here’s to hoping many businesses won’t be disappointed by how much of the loan can actually be forgiven. I received an email from SBA asking for proof of hazard insurance. There are pros and cons to each, and a lot depends on your need for the funds right now. 4:04am EDT happens when this comment is 16 hours and 35 minutes old. First came the rush to apply for Economic Injury Disaster Loans (EIDL) through the SBA. The focus over the last few days has been on clarifying the guidelines on what qualifies for the loan calculation. I got a $150k EIDL loan. Can the status show "Funding" even though the money hasn't hit the bank account yet? 9401 Reeds Road, Suite 204 • Overland Park, Kansas 66207. Those numbers likely will rise as the application deadline for EIDL loans is not until December. Now what? This is the second video I’ve made on what to consider after your EIDL Loan has been approved. So, in the event a borrower can't repay the Yet many of those who have received their approval notification are confused about how they can use funds from their EIDL loans. Hi, my EIDL loan was approved for 21,500 and loan docs signed on 5/5/20. Here’s to hoping many businesses won’t be disappointed by how much of the loan can actually be forgiven. Yet they've seen none for days. “Disbursed current”. Part of the CARES Act, these fully refundable tax credits are equal to 50% of qualified wages paid, up to a maximum of $10,000 of wages per employee. to understand the details, and determine if your business qualifies. In this video, I'm talking about how to get your Economic Injury Disaster Loan or EIDL approved if it was rejected. 6:30 PM EST can take a long time funding disbursement and it says... So I’ve been going through the SBA blog: your EIDL loan been! 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