Due to the massive amount of fraud that was committed with this newer round of applicants, the SBA has decided to change the process. However this email covers help to employers. 3 days. Pay now, verify later. Another point of contention is the amount of the grant itself. SBA’s action is a reversal of fortune for many segments of agriculture that were ineligible for the program when Congress appropriated COVID-19 … What “banking issues” was the SBA rep referring to? There is no guidance, no materials, and no way for anyone to tell you how to get the grant or what qualifies/what does not. If you also apply for the Paycheck Protection Program, then those funds received will be lowered by the amount you receive for this loan. We are still hoping for greater clarification, but the information available now indicates that no one will receive a grant unless they are also approved for the loan... Yeah well I’m approved and still don’t have since 3/31. Not a deposit, email or phone call. Here is the wonderful part if the loan is denied, you can still get $10,000 advanced to you within three days of applying and do not have to pay it back. They claimed it would take a couple days to process which I seriously doubt. The Small Business Administration (SBA) has a couple of different options for you. Cookies help us deliver our Services. The new guidance from an unofficial source on Reddit mentioned that a SBA representative stated 7-10 business days for funding instead of the quoted 3 days on the SBA website. By Richard Harroch. This is directly from the SBA website , which is also where you apply for this loan. Sadly, the Small Business Administration is being extremely slow to implement the EIDL Advance. This has the language for the EIDL Grant (v2) in it. If you take a loan of less than $200,000 there is no personal guarantee required, you are not personally liable. However, that is only for standard business. I dont know what else to do or who else to contact. If it's the former, would I want to take out a loan right now? Is it a loan or a payment? I have been told that by two different customer service agents from the SBA Disaster Assistance line. I just got off the phone with the SBA office for the third time today and they all said it will take 7-10 days before most applicants see an advance. Being one of the first 5,000 sole proprietor/independent contractors to apply for the up to $10,000 advance - I still have received nothing. The SBA is not following the law at all. The Paycheck Protection Program finally goes into place tomorrow. Hi i have received 21000 grant for edil loan but i don’t know how to use it or how they pay? Period. You apply at www.sba.gov and there is a banner on their home page. Will they get a $10k advance on top of that? You may however need to pledge collateral. I just called again and their systems are down and they can't lookup status information. I would recommend everyone to apply whether you need it or not. Here we can discuss EIDL loans, advances, and all things related to the 2020 CARES ACT. You do not need to submit an application. Application who were denied based upon employment determination get a different type of reviewed. The Economic Injury Disaster Loan Advance Program has … This subreddit provides a place for Uber drivers to discuss their experiences and for riders to ask about what it's like to drive for Uber. SMH. Void check for business Tax return OM WTD, New comments cannot be posted and votes cannot be cast. I haven't received the email that you received yet, but doesn't mean I'm not going to receive it. This loan can be approved solely on credit score and you don’t have to submit proof of income such as tax returns. Press J to jump to the feed. Still haven't heard a peep. They have massive fraud going on with non legitimate people applying now getting money in 48 hours and yet those of us who have been waiting since March are now receiving emails telling us they will NOT be processing our advances due to banking issues. If anyone gets their EIDL Advance please let us know and for how much. I applied on sunday night too. I applied last week, how do I find out what number I am? I’m sorry about that! What exactly did this email that thousands of people received say about not getting the advance? The CARES Act specifically states that we are supposed to be allowed to request a specific advance amount "not greater than $10,000". This whole process is a mess and very disheartening! These programs are available for a sole-proprietorship or gig worker as well; think: an Uber driver, Amazon reseller, contractor, etc. The SBA has awarded you a $10,000 grant. You are able to get a loan at 3.75% where no payment is due the first year and amortized over 30 years. The SBA connects entrepreneurs with lenders and funding to help them plan, start and grow their business. That’s what they said, I’ll give you that. ... help Reddit App Reddit coins Reddit premium Reddit gifts. (1) In general: During the covered period, an entity included for eligibility in subsection (b), including small business concerns, private nonprofit organizations, and small agricultural cooperatives, that applies for a loan under section 7(b)(2) of the Small Business Act (15 U.S.C. Press question mark to learn the rest of the keyboard shortcuts. I am told that once banking information fails they are NOT processing any advances for those people, me included. If all employees are kept on payroll for eight weeks, SBA will forgive the portion of the loans used for payroll, rent, mortgage interest, or utilities. Federal grant funds have run out for small businesses, farms and nonprofits trying to survive the coronavirus pandemic, officials said Sunday. I’m going to be applying tomorrow. If they are having loan officers call people, and they haven't yet managed to get to #221 yet, then clearly they are just tossing the money away in defiance of the CARES act. I urge all Uber drivers and other self employed people to immediately file online at covid19relief.sba.gov However, it's not clear right now when these advances will be issued and who will receive them. You must self certify that you are eligible for this loan under penalty of perjury, which will probably involve just checking a box. For some reason, the SBA is choosing to interpret this as being able to arbitrarily and manually decide how much each applicant is going to get. On Saturday, the SBA said it had concluded the EIDL grant program, having distributed all of the $20 billion Congress authorized. ... Sergui Gatlan, US Small Business Administration … If you're not already aware there is a $10,000 EIDL grant available through the SBA. I received the SBA loan I requested, and immediately paid down the personal credit cards I had run up … If you need more explanation of help on those please let me know. Businesses in certain industries may have more than 500 employees if they meet the SBA’s size standards for those industries. I still haven't read about anyone getting a call though so I don't really know what their doing. I don’t know what that means for those people in the earlier round of applicants who still haven’t received the advance, and hopefully we’ll have some clarification to be able to pass along soon, Well shoot, I hope we get grandfathered in. The PowerPoint appeared on Reddit on April 24, posted by an “SBA Insider.” The presentation, which was reportedly circulated inside the Small Business Administration… Wow, so they actually sent an email to you saying that they were not giving an advance? Lmao. On Reddit, u/kitehigh911 said they applied on March 16 and received their full EIDL funding yesterday. So people don’t get advances unless you get approved for the loan, since yesterday(?) On June 15, 2020, the SBA announced that it was again opening up its Economic Injury Disaster Loan (EIDL) grant and loan program. This loan is available 1/1-12/31/20 at it will run out of funds, so apply quickly! Since any company that’s eligible to receive an EIDL loan is eligible for a grant, the process of getting the up to $10,000 advance for your business was relatively straightforward. Wrong information? “Banking issues” is a pretty vague term. He said that to the Senate small business committee. Hes a straight up liar, That was my understanding as well Advance/grant process 2 ~ 3 days but people have been waiting weeks and months and still waiting, Other within 24hrs ~ 3days it doesnt make sense, This appears to be true. Help from a particular business won't increase your chances of getting government contracts. 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