Repaying obligations that cannot be repaid due to revenue losses If you only need $10,000 then no repayment period. America is watching. This loan is available 1/1-12/31/20 at it will run out of funds, so apply quickly! I applied on sunday night too. 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. Aside from loans, … If you have less than 500 employees you are eligible, and this includes Sole Proprietors and independent contractors. But the SBA has not yet said publicly how long businesses might have to wait in light of the delay. There are numerous government programs which were introduced in the massive CARES Act –the bill which sends $1,200 checks to most Americans – including various grant and loan initiates for small businesses of under 500 employees. (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. Up to 100 percent of the loan is forgivable. The SBA is currently saying that it will take two-three weeks for a Loan Officer to review the application and if complete, an advance will be issued within three business days. I started Uber in December 2019 and have done it full time. As of right now, there is not a way to check the status online or get the application back up. You do not need to submit an application. 3 days. 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. - emailed SBA again for help & credit pull on 8/27 - Experian had hard pull from SBA on 8/31 - received email from SBA asking for 2019 tax returns, 4506T for 2019 and 2018 transcripts, and 2202 on 8/31 - I returned all of SBA's requested documents as 1 PDF on 8/31 - received email from SBA asking for new 4506T on 9/25 I updated my info because I put the wrong bank name on 6/24. The Economic Injury Disaster Loan Advance Program has … I have been told that by two different customer service agents from the SBA Disaster Assistance line. We gave a run-down of the basic details in this article. Were you approved for the loan? PLEASE DO NOT CONTACT THE SBA AND ASK ABOUT THIS YET. 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. If it's the former, would I want to take out a loan right now? Period. The Paycheck Protection Program finally goes into place tomorrow. If you ARE approved the SBA website is also saying that this advance will not need to be paid back. The Small Business Administration works with different organizations to provide federal financial assistance (grants) community resources for certain small businesses. On June 15, 2020, the SBA announced that it was again opening up its Economic Injury Disaster Loan (EIDL) grant and loan program. Still haven't heard a peep. This whole process is a mess and very disheartening! Small Business Administration-10/16: Resent "correctly" filled out 4506-T-10/22: Received email from Reconsideration Team: That totally sucks, No that's not right. Is it a loan or a payment? If you take a loan of less than $200,000 there is no personal guarantee required, you are not personally liable. The SBA doesn't offer grants to small business owners. As of June 15, 2020, the SBA is accepting new applications for the EIDL advance grant and loan applications. You must self certify that you are eligible for this loan under penalty of perjury, which will probably involve just checking a box. Press question mark to learn the rest of the keyboard shortcuts. I still haven't read about anyone getting a call though so I don't really know what their doing. My favorite is theEconomic Injury Disaster Loan Grant. Due to the massive amount of fraud that was committed with this newer round of applicants, the SBA has decided to change the process. Please complete and sign the form. If you're not already aware there is a $10,000 EIDL grant available through the SBA. There have been multiple Reddit threads suggesting that people contact their senators about the EIDL emergency grant. Can you tell me how you filled out the business name and if your “business” is owned by a private entity? I received the SBA loan I requested, and immediately paid down the personal credit cards I had run up … 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. 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. Federal grant funds have run out for small businesses, farms and nonprofits trying to survive the coronavirus pandemic, officials said Sunday. The requested information can be attached to this email and returned to PDCRecons@sba.gov. Under the CARES Act passed on March 27, 2020, independent contractors, small businesses, gig workers, and freelancers are eligible to receive a government grant of up to $10,000. Another point of contention is the amount of the grant itself. I would recommend everyone to apply whether you need it or not. The SBA also capped the amount of funding at $1,000 per employee, diverging from the CARES Act's original intent of paying any sum requested by a business owner up to $10,000. Press J to jump to the feed. Mr Rivera said grants are processed in 2-3 days. That’s what they said, I’ll give you that. Hopefully they move fast, small business is hurting. I have a feeling I should have taken a screenshot of the screen after submitting, but I thought I would have gotten an email or a way to check the status. Contact your Senator now about EIDL! He said that to the Senate small business committee. Total BS. I applied Sunday night. Got the update info email June 15.. still nothing... That actually changed as of yesterday. Thanks to support from a variety of funders, LISC’s Small Business Relief Grant program has provided over 3,000 entrepreneurs with grants totaling over $48 million during the Covid-19 pandemic to help them stay in business and continue to contribute to their local economies. My applicant number 30,0XX. This SBA emergency grant is one of the temporary programs designed to offer financial relief as part of the CARES Act. Wrong information? My number is 4,0XX - and I still haven't heard anything. Apparently, there was also no email confirmations sent out. They claimed it would take a couple days to process which I seriously doubt. You are able to get a loan at 3.75% where no payment is due the first year and amortized over 30 years. I haven’t got a email but I’m sure I got denied for loan. He called them yesterday and was told they’re swamped, and to call back in a week if he hasn’t heard anything. That's crazy! I dont know what else to do or who else to contact. Will they get a $10k advance on top of that? The benefit of this grant is IF you use the funds to pay for business related expenses including but not limited to payroll, utilities, and mortgage/rent payments this grant is forgivable. ... Sergui Gatlan, US Small Business Administration … This loan is available 1/1-12/31/20 at it will run out of funds, so apply quickly! Void check for business Tax return OM WTD, New comments cannot be posted and votes cannot be cast. This has the language for the EIDL Grant (v2) in it. Also, while the SBA has been advertising a $10,000 emergency grant, the details state that the grant is “up to $10,000”, meaning that your business may receive a small grant depending on a number of factors, including the size of your business and the number of employees you have. Independent contracts and the self-employed have to wait another week (Apr. Wow, so they actually sent an email to you saying that they were not giving an advance? I have attached explanations of the leave required to be paid to employees if you qualify for those. I’m going to be applying tomorrow. If there is even money left, it might be too late since most of our states aren't accepting applications for the self-employed Pandemic Unemployment Assistance yet. Hi i have received 21000 grant for edil loan but i don’t know how to use it or how they pay? However, this is the 5th business day and no funds! The PowerPoint appeared on Reddit on April 24, posted by an “SBA Insider.” The presentation, which was reportedly circulated inside the Small Business Administration… Businesses in certain industries may have more than 500 employees if they meet the SBA’s size standards for those industries. Do you have any clarification on what that will mean for companies that are getting max loans ($150,000). Sincerely, Application Processing Department. Help from a particular business won't increase your chances of getting government contracts. This is part of a emergency business loan program. 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. I filed on April 6. 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. according to cue. Application who were denied based upon employment determination get a different type of reviewed. 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. WASHINGTON – To further meet the needs of U.S. small businesses and non-profits, the U.S. Small Business Administration reopened the Economic Injury Disaster Loan (EIDL) and EIDL Advance program portal to all eligible applicants experiencing economic impacts due to COVID-19 today. Normally for an SBA loan you need to prove you cannot get a loan anywhere else. 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. Am I eligible for this? In addition these numbers are being reported to the public saying all of us are getting money(according to our accounts) and yet thousands upon thousands of us wont be getting it now. I updated the information, called the SBA tier 2 on 6/28 and 6/28 and was told by both reps that my advance reconsideration information was received on 6/27 and I should have the funds in my account in 3-5 business days. Lol, that's funny. The CARES act specifically states that the SBA shall allow the applicant to request a loan advance "no greater than $10,000". The Small Business Administration (SBA) has a couple of different options for you. Because of the massive fraud in this newer round of applicants, they’re changing the rules. Press question mark to learn the rest of the keyboard shortcuts. We support America's small businesses. Supposedly we just wait to be called by a Loan Officer who will ask for additional information. This is waived during this crisis, and the loans go up to $2 million. Office of Disaster AssistanceU.S. I was one of the first people who applied on covid19relief.sba.gov sunday evening (conf: 3300004XXX). This isnt right. Scammers are getting sneakier all the time, but you can still outsmart them. This loan provides economic relief to small businesses and nonprofit organizations that are currently experiencing a temporary loss of revenue. If you also apply for the Paycheck Protection Program, then those funds received will be lowered by the amount you receive for this loan. For a small fee, you can obtain a government grant. Good luck. I told the man that it is blatant FRAUD on the part of the SBA because I have the letter saying I was awarded the grant-yet I am one of thousands who recieved the email last night saying they will NOT he sending the advance out because of banking issues. 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. I applied today since I work as a delivery driver for DoorDash. The Small Business Administration (SBA) has a couple of different options for you. The Paycheck Protection Program is designed to provide a direct incentive for small businesses to keep their workers on payroll by providing each small business a loan up to $10 million for payroll and certain other expenses. SMH. I’m sorry about that! The SBA has awarded you a $10,000 grant. I really hope this isn't true about them no longer funding the advance for those that got denied for the loan. If you can't find any grants that fit your profile, you can see if you qualify for any of our funding programs, or schedule to meet with a counselor to talk about financing your business. You don't have to pay to register in System for Award Management (SAM). You may however need to pledge collateral. New comments cannot be posted and votes cannot be cast, More posts from the uberdrivers community. On Reddit, u/kitehigh911 said they applied on March 16 and received their full EIDL funding yesterday. What “banking issues” was the SBA rep referring to? I wonder would I still get it? The SBA connects entrepreneurs with lenders and funding to help them plan, start and grow their business. My favorite is theEconomic Injury Disaster Loan Grant. Most people who got the advance never received an approval letter either. “Banking issues” is a pretty vague term. If anyone gets their EIDL Advance please let us know and for how much. Sadly, the Small Business Administration is being extremely slow to implement the EIDL Advance. By Richard Harroch. Here we can discuss EIDL loans, advances, and all things related to the 2020 CARES ACT. In direct opposite of the spirit of law, which is to get liquid assistance to small business as soon as possible. How to Apply for and Receive an EIDL Grant. Businesses – including eligible non-profits, Veterans organizations, Tribal concerns, sole proprietorships, self-employed individuals, and independent contractors described in the Small Business Act – with 500 or fewer employees may apply. The CARES Act specifically states that we are supposed to be allowed to request a specific advance amount "not greater than $10,000". Probably only focusing on big industry/wall st and not main st. My buddy applied Tuesday morning and his application hasn’t even been processed yet. You apply at www.sba.gov and there is a banner on their home page. However this email covers help to employers. This is bullshit. 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. Learn about available SBA grants and cooperative agreements to find out if you meet the requirements to apply. 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. For small business owners who apply for an EIDL advance grant, you will be eligible for up to $10,000. That's why in the CARES act it mandates that the SBA must transfer the requested advance within three days of application submission. Applied on 03/16/20, contacted by SBA loan officer on 03/20/20, approved by 03/24/20. The man said they have no plans to address the issue. The SBA is not following the law at all. 10th). Username * Enter your SBA.gov username. I received an approval notice three days ago after applying on May 8th. I am told that once banking information fails they are NOT processing any advances for those people, me included. I honestly believe the root cause of this issue goes back to legislature (like always), Congress did not allocate enough funding for the EIDL Advance Grants. “A. This subreddit has zero corporate influence from any outside entity. Cookies help us deliver our Services. SBA’s action is a reversal of fortune for many segments of agriculture that were ineligible for the program when Congress appropriated COVID-19 … All users of this system must read and agree to the U.S. Small Business Administration's SBA.gov Rules of Behavior document prior to accessing the system. I applied last week, how do I find out what number I am? ... help Reddit App Reddit coins Reddit premium Reddit gifts. So people don’t get advances unless you get approved for the loan, since yesterday(?) 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. Can someone explain this to me a little better? Press J to jump to the feed. On Saturday, the SBA said it had concluded the EIDL grant program, having distributed all of the $20 billion Congress authorized. I just called again and their systems are down and they can't lookup status information. Jeff Grant. 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. This loan can be approved solely on credit score and you don’t have to submit proof of income such as tax returns. Update on the SBA advance grant for those who selected the independent contractors section. Moving on to the Paycheck Protection Program. Lmao. Congress fucked up making people wait weeks for assistance. SBA announced last week that it had received only 96,000 loan applications — less than 2 percent of the total number of loans — and has not processed any applications so far. According to SBA rules you can use this money for: Paid sick leave for employees, Maintaining employees during closings or slow downs, Increased costs of business due to the crisis, Rent or mortgage payments paid by the business. However, that is only for standard business. Not a deposit, email or phone call. This is directly from the SBA website , which is also where you apply for this loan. If you need more explanation of help on those please let me know. I applied on 6/20 and was denied for the loan and received the "update your information" email on the night of 6/20, however I didn't see the email until 6/25 because I had so many other emails that pushed it down. These programs are available for a sole-proprietorship or gig worker as well; think: an Uber driver, Amazon reseller, contractor, etc. Just got off the phone with SBA-2 calls this morning. 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. If there had been at least 10x more funding ($100bn instead of $10bn) and provided much more clear and strict policy - we would be in a much different place right now. If you have less than 500 employees you are eligible, and this includes Sole Proprietors and independent contractors. Federal small-business program that is supposed to quickly provide $10,000 grants is overwhelmed, running weeks behind ... Share on Reddit. Pay now, verify later. Unlike PPP loans that go up to $10 million, small business owners can apply for disaster assistance of up to $2 million directly through the SBA, with … What exactly did this email that thousands of people received say about not getting the advance? I haven't received the email that you received yet, but doesn't mean I'm not going to receive it. But there is a twist. By using our Services or clicking I agree, you agree to our use of cookies. It also appears that this program was not functioning at well at all in March/April as it has been since re-opening in June! 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On what that will mean for companies that are getting sneakier all the time, does. Explain this to me a little better get liquid assistance to small business (! How much Saturday, the SBA connects entrepreneurs with lenders and funding to help them,. Loan you need it or how they pay was one of the keyboard shortcuts just checking a box tomorrow. Not already aware there is a pretty vague term once banking information fails they sba grant reddit not any! No email confirmations sent out proprietor/independent contractors to apply for this loan is forgivable have been told that once information. Changed as of right now for the EIDL emergency grant is one of the keyboard shortcuts don ’ got.

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