Typically, the SBA will make a decision within 21 days, and if approved, loans can be funded in approximately five business days. We received our PPP fund first and have been using them for payroll and utilities. Ramp offers a free corporate card and finance management system for small businesses. applications and processing is being done . In addition to the technology platform, the SBA is standing up a PPP customer service team to answer questions and directly assist borrowers with their forgiveness applications. An electronic disaster loan application (, The companys most recent 3 years of business tax returns. so I contacted SBA and updated my new email address do you think I will be able to still get the grant? Im loosing money like everybody else. I now have buyers who are interested in buying this business. Read on to find out how to check your loan's status! PPP is for payroll March/April, so can EIDL be used to fund payroll after that period (I know they cant be used for the same)? How To Get A Small Business Loan: The Step-By-Step Guide, 12 Popular Types Of Loans & Funding Options For Small Businesses. Original, on-the-ground reports from Santa Monica in your . Help us to improve by providing some feedback on your experience today. How can the grant be spent im seeing a lot about the loan but what about the grant ? Hello: I made a mistake on calculating my PPP. yes i was approved for a EIDL LOAN And Im a sole proprietorship,without employees I also travel OK yes I called SBAwaited over 30min only to be transferred to a line that was horrible reception. I have questions on what the EIDL loan can be used for. In 2020, it was possible to get a portion of your EIDL loan as an emergency advance grant. She is a graduate of Limestone College. Yes there is a UCC-1 filing for loans above 25,000. I am now sitting on a large amount of unsold inventory I purchased using A previous PayPal based capital loan through my PayPal business merchant account last year. (Easier said than done I know.). Easier borrower qualifications that help you build business credit. where can I find information on repayment? Im not suggesting you need to reconsider it just may help you understand how these loans are to be used. I received a grant of $1,000 since I am a sole proprietorship. also, i am using a portion of my home for business, can i use the EIDL to pay to for part of my utilities? I cant imagine it will. Well the EIDLs are gone What to do now since the EIDL is gone?!?!?! Is there anyway you can assist me? One beneficial change to the program is that the deferment window has been raised to 30 months. The Appeal Court of Serious Crimes reviewed and confirmed decisions in THB cases concerning 13 men and one woman in 2015, 14 men in 2016, 5 men in 2017, and five men in 2018. Please refer to our Advertising Disclosure to learn more about how we earn compensation from affiliate partnerships and how we maintain our independent editorial integrity. No confirmation email will be sent as a follow-up confirmation of receipt of application. (2) A party seeking an award of fees and other expenses shall, within thirty days of a final disposition in the adversary adjudication, submit to the agency an application which shows that the party is a prevailing party and is eligible to receive an award under this section, and the amount sought, including an itemized statement from any . Resource partners such as SBDCs, SCORE and Womens Business Centers can help as well. Gerri, If one method doesnt work for you, try another. Updates Maximum loan cap increased from $500,000 to $2 million You can pay off the loan early without a penalty. Both said it would be the the same as if I paid it off over 30 years. The SBA is not accepting new applications and is no longer processing requests for loan increases or appeals. %PDF-1.6 % But we didnt see anything. A colleague of mine is having this issue. These steps are necessary to continue to process your application. I am unable to add the expense of the vehicle to my current load. Hi Gerri, I am self employed with 1099 form, I successfully applied and received $1000 grants last week, I am not sure the SBA free grant count as a grant or income? It could be a typo in the routing number or account number that caused the problem. i guess i am ultimately asking if i can use EIDL for all expenses that i can deduct on my schedule C or are there exceptions? Don't forget the "s" on "requests there. Id recommend you contact the Disaster Assistance hotline at 1-800-659-2955 to get an answer to your question. Thank you! I just received an email from SBA to enter a loan amount up to an amount quoted and verified our personal information and status now shows Your application is being processed Our boxes. Does accepting the loan affect my personal credit? Great question Chris. Which is the loan. Information is collected in accordance with our, Copyright 2022 Nav Technologies, Inc. All Rights Reserved, California loans arranged pursuant to Department of Financial Protection & Innovation Lenders License 60DBO-98588. But luckily, there are a few different ways you can check the status of your application: Online: https://disasterloanassistance.sba.gov or via the SBA portal I was shut down by New York State on March 15th and may not be able to reopen till September. Also, are the interest accrued on EIDL tax deductible? If not, then it may not matter. My sense is a business should be taking the loan in good faith and then able to document they spent the money for approved purposes. Im wondering, did you receive the funds? Or just the person who signed for it? If the SBA employees are saying otherwise thats concerning. If you get an EIDL loan it must be repaid. Seems Like The SBA is Taking Advantage Of A Plague To Make Profit. It had been replenished in December 2020 when the Economic Aid Act was passed, enabling PPP lenders to grant new loans to borrowersincluding borrowers who already received a PPP loan (known as Second Draw Loans). Can I also apply for an EIDL and receive the $10K grant, therefore in essence I get $60K in forgivable loan/grants? We have the PPP and the EIDL foregiveness grant and a loan. There is no penalty for prepayment. So now I submitted all of that and it says Your Application is being processed and last step is sign closing docs. I have a question please advise if possible. You do not have to accept the loan. (2010) provides more complete and clearer definition of C&D waste "waste material generated from the process of . I still have not received an unemployment check. But in the PPP application it asked about EIDL amount, refinance amount, if so do I just put $0? As of May 6, 2022, the SBA has also stopped processing loan increase requests and requests for reconsiderations for previously declined loans. If you previously received a loan when the cap was lower, the SBA may have reached out to your business via email with instructions on how to request additional funds. Youll need to talk to the SBA. EIDL Funding Timeline: From Application To Account Deposit. I hope this means the money is allocated to me. Have you seen any clarifications or guidance on this. Let us know how well the content on this page solved your problem today. They simply have too many applications to call each borrower directly. I do not have an EIN it was all done as a sole proprietor. PPP is an exception there.). Will that loan show up on my personal credit report? I have a business that we contract with many independent contractors. Bank told us no we dont and since we dont pay ourselves, we dont qualify! Since its for my business ? Yes you can request more funds. I was planning on buying a used business vehicle this year but since sales are down I cant afford to pay cash for one but desperately need to replace the old vehicle soon. After the virus related restrictions my business went down to 0. Whenever theres money involved, you can be sure that theres a scammer out there looking to take it, and EIDL funding is no exception. Paul They should be able to get it with a personal checking account. Can I use this loan money to pay off my businesses line of credit through a different bank? Id suggest you contact your local SBA office and see if they are able to answer questions and/or contact your Small Business Development Center (SBDC) or SCORE office. I read your other article which was informative but at the time didnt provide definite answers on what is and isnt proper usage of funds. Thats not our understanding. I recived an email tht my SBA EIDL is still processing. I can say with certainty that you should not use the funds for personal home improvements. Youll need to ask the SBA by contacting the SBA Disaster Assistance hotline. Good news the grant is not subtracted from the loan. (Additional requirements regarding the payment of federal debt start on page 75 of the SOP.). Can I simply transfer funds to my other account and call it payroll or do I need to break it down to specific items (vehicle payment, house payment, electric, etc..). I applied for and received the EIDL loan for a business I own. Thank you. More information here. When it comes time to pay in a year will my payment amount stay the same regardless of the amount of interest built up between now and then? I applied for a EIDL Loan and got approved. Youll need to check with your state unemployment agency. The SBA offers disaster assistance in the form of low interest loans to businesses, nonprofit organizations, homeowners, and renters located in regions affected by declared disasters. No one wants to hear they have to wait for a life preserver when theyre drowning. Here's update on EIDL increase Random 7.22K subscribers Subscribe 3.7K views 1 year ago If you applied for SBA EIDL increase, but you're stuck in status "Your loan modification is being. I have begun the finalizing of loan documents but now the SBA has asked for my tax transcripts but I havent filed business taxes in a couple years .. WHAT will happen if they (IRS) find out I havent filed? Received $40k EIDL.work is slow which is why we applied. I only got $1000 loan approval and no grant for my 3 employees.Not sure what to do. I own a small business and just received my approval for a $6,000 Disaster loan. Do I have to claim the the $1000 SBA EIDL grant if Im collecting unemployment insurance? My loan for $2,900 was approved. By accepting all cookies, you agree to our use of cookies to deliver and maintain our services and site, improve the quality of Reddit, personalize Reddit content and advertising, and measure the effectiveness of advertising. Masen You may still be offered an EIDL loan. You may want to discuss it with your loan officer. That's why the SBA . 7. Please let us know what you learned! 866 0 obj <>/Filter/FlateDecode/ID[]/Index[844 39]/Info 843 0 R/Length 109/Prev 275823/Root 845 0 R/Size 883/Type/XRef/W[1 3 1]>>stream In other words, can I purchase a vehicle with EIDL loan money? Do they look at history or just current credit scores? Here's an overview of the SBA loan process and how long each stage takes: Borrower gathers documentation, and applies for loan (one to 30 days) Lender underwrites the loan (10 to 14 days) Lender approves the loan, and sends a commitment letter (10 to 21 days) Lender closes on the loan (seven to 14 days) Thank you. I lay 2800 for those a Leaving 4200 Its saying take 1000 less in Salary and here is 1.5. EIDL is under the Disaster Loan program and PPP is under the 7(a) program. I was hopeful things were moving when I received an experian notification on 4/11 but there has been zero movement since. But you may want to check with the Disaster Loan hotline. If funds were already disbursed you have to talk to them about paying it back. I'm at the same point, mine says application being processed. It now says "your loan modification is now being processed"! Same here. Unfortunately, the only part of the process you really have any control over is the application, which you can accelerate by having documents and information handy when youre filling it out. If your loan is on hold, contact your bank or financial institution to determine the next steps you need to take to access your money. Janell Weve been told you can apply separately for multiple businesses. Borrowers that need assistance or have questions should call (877) 552-2692, Monday - Friday, 8 a.m. - 8 p.m. EST. Loan proceeds can be used to cover working capital and normal operating expenses, including payroll, purchasing equipment and all forms of debt, with a maximum loan amount of $2 million. Thanks for the info! These are separate programs with separate requirements. Can I payoff my short term loan with my EIDL funds? Economic Injury Disaster (EIDL) Loans VS Paycheck Protection Program (PPP) Loans: Whats The Difference? Thank you, AL, If you already got the advance I am not sure there is a way to return it. Product & company names, logos, and trademarks referred to on this site belong to their respective owners. But simply put, SBA loans are meant to save your business, not your lifestyle. No. you write: Am I allowed to make ANY minimum monthly to my PAYPAL capital loan / credit lines using the EIDL to avoid accumulation of interest? She said the EIDL can only be used for things that I wouldnt qualify for. According to the SBA, you should send your application number and information required to overcome the reason for decline via email to [email protected] mail to the U.S. Small Business Administration Disaster Assistance Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, Texas, 76155. Create an account to follow your favorite communities and start taking part in conversations. Im keeping my fingers crossed. If approved, disbursements are typically made within a week. I dont want to show up at tax time to find out that my new equipment wasnt allowed to be purchased with this $. I am a dog walker. Can anyone help me get an answer? Now where and who should I return this check to? And how can small businesses leverage the program to get the funding they need to navigate the continuing coronavirus crisis? What should I do in this case? Thats a great question Cee! However, be aware that the EIDL approval timeline can vary based on how many applications the SBA is processing. Ask for FREE. Many of these offices are hosting webinars, office hours, and other events to help answer questions. Why did your bank reject the SBA direct deposit? If not, maybe youll have to check with your state unemployment agency. If you plan to get both, though, please discuss this with your SBA case manager and your tax professional. I recieved a acceptance offer and I accepted it was 2weeks ago how long do it take to get approved? Considering my renters are experiencing a hard. Whats next? We have not received an advance or the PPP. Collateral is required (if available) for loans above $25,000. Unlike PPP loans, EIDL loans are not forgivable; borrowers will need to pay back the full loan amount plus interest. Not sure what to expect. You may want to meet with your accountant, an SBDC advisor or SCORE mentor to get some advice before you decide how to proceed. Chris is a graduate of the University of Central Florida. I had to fill out a board of resolution formdoes this mean I am approved? All SBA EIDL loan increase requests,. You can accept less than the amount for which you are approved so if sounds like they are confirming the amount you want to accept. But my question is how long is the process before I hear from sba about my grant after I emailed them like 3 weeks ago but have not heard any thing from them. If you learn something new please let us know. However, the SBA announced that this portal will no longer be active as of May 16, 2022. Seems to easy almost free. Note: The maximum loan amount increased from $500,000 to $2 million on Sept. 8, 2021, however businesses will need to wait until after Oct. 8 to hear back on whether they're approved for anything above $500,000. You will need to check with the SBA to get an answer to this question. I was overpaid. He then updated me on my loan request What I mean to ask is, would SBA deduct the $1000 grant that they have already deposited in my account from the total approved loan amount? There are three ways to check your EIDL loan application status, and all are directly through the SBA. I put the net amount instead of gross amount appears on my income tax. If your business has already received a loan via COVIDEIDL, you're likely eligible for an increase and can request one via the SBA portal. Submitted online application many days ago for the EIDL. I sweat in the sun and have essential duties. Can this loan be used to pay off credit card debt? So what is happening? After your SBA loan is approved, you may experience an extended window of processing time, usually somewhere around 21 days. The Small Business Association (SBA) has increased availability of EIDL Loans from $500k to $2M and streamlined the process. For purposes of disaster lending, medical collections are not considered adverse information. What Is A POS System & Choosing The Best For Your Business, Discover The Best Business Credit Cards In 2022, Best Business Credit Cards For Your Nonprofit Organization, Explore Business Credit & Banking Resources, How Signing a Personal Gurantee Affects You. No the SBA does not report these loans to personal credit. I did talk to someone last week from the SBA who called asking for my business . If you have questions about your individual situation or application, we recommend you call SBA Disaster Assistance at 1-800-659-2955. SBA is processing loan applications on a first-come, first served basis. Thanks for the update and I definitely will keep you posted! 7 Questions About PPP and EIDL the SBA and Treasury Need to Answer ASAP. Danny Weve been told it will not be reported to personal credit but we havent confirmed that with the SBA. My score is now in mid 500s back in October was 740. I don't have an application number. Keep good track of how you spend it. Be prepared to provide information to verify your identity, such as your application confirmation number. I know you cant do both PPP and the Tax Credit, but not sure on doing both EIDL $10k grant and also 50% payroll tax credit. See this guidance from the IRS as one example. A patent for any land claimed and located for valuable deposits may be obtained in the following manner: Any person, association, or corporation authorized to locate a claim under sections 21, 22 to 24, 26 to 28, 29, 30, 33 to 48, 50 to 52, 71 to 76 of this title and section 661 of title 43, having claimed and located a piece of land for such . Approval time, however, can take anywhere from one to six months.Because the 504 lending program is a dual-approval loan involving both a Certified Development Company (CDC) and the SBA, there are more variables to consider. How do I know if this is a loan or grant? Hi I have taken out the loan for 1K will that show on my credit report to the 3 credit reporting agencies? If we accept the $150,000 loan, are we eligible for additional funds if congress provides more money for this program? Car payment on the vehicle? I need to plan about employees, healthcare and more on if I can afford to continue paying for these things, if I dont get the other loans I have to reconsider how to move forward. (There is no personal guarantee for loans below $200,000.) Will it go against my debt to income ratio? Please read this article: 5 Ways You Can and Cant Use Your EIDL Loan. One last question, im just worried about the amount that we would be taking, it basically States that this money is to temporarily help due to the disasters impact, what if we dont use it all in the next few months, or year And we have leftover loan money, are we still able to use it in the future for those times if technically we are not being impacted by the disaster any longer?? Id suggest you call the Disaster Assistance hotline to ask how to do that. No it does not report to personal credit. Do you have to accept the loan to get the grant. Let us know if you can. You can always reach out to your regional SBA office or talk to someone at your Small Business Development Center (SBDC) for more help. I understand the PPP and EIDL cant be used for the same things, so should I just use EIDL for expenses and PPP for payroll when I get it?? 0Qn58XwAAAAArHvSEIYxSRJoqFLKC8Oe9TUlBRURHRTIyMTEAN2M0NTQ0NjEtNjE3NS00YjM1LWJmZDYtN2Y0NjM4YTNlYzdm which is pretty concerning now, since I cant even check to see that its still processing or will finally ask for me to sign docs. If you receive the PPP grant and the $10k advance can you take the EIDL if it is available? Please advise. Hello so under the How Do I Get the $10,000 Grant? section it seems to limit what can be forgiven/granted/free-money to ONLY sick leave pay, payroll, increased costs of materials, rent/mortgage, obligations that cant be met due to covid-19. Being a home-based business does not disqualify you. Nowhere am I asked for a lender or an amount. But I dont want the extra $9,000. I cant speak to the mortgage process you will need to ask your loan officer. One of the most challenging parts of applying for an SBA disaster loan is waiting for your application to be processed. [email protected] to check the status of your application. Available. If you have questions, our best advice is that you try to get answers from SBA Disaster Assistance or an SBA resource partner such as your SBDC, Womens Business Center or SCORE chapter. After getting the loan. Small business owners impacted by the coronavirus crisis may want to consider an SBA Economic Injury Disaster Loan (EIDL). I have a full time job but use coaching soccer as a part time job. Will they deny a person for a repossession on their credit? Please let me know. If you have questions we recommend you ask the SBA or one of the resource partners in the article. (I dont know the answer to your other questions. My question that wrong for myself have the loans for that? The SBA estimates that it will take around 21 days to process your case. SBA Loans made through nearly 5,500 lenders across the country . All of my friends have businesses, and they applied for it received after just 3 days or 2 weeks later. All remaining principal and accrued interest is due and payable 30 years from the date of the Note. But now that you have a better understanding of the Economic Injury Disaster Loan program (including how to apply for a low-interst loan and check your application status) youre armed with the information you need to submit an applicationand, hopefully, secure the funding you need to keep your business moving forward through the pandemic. If not, Hi Jon Ive attempted to tackle some of these questions in our new article. Step 2: The loan officer will review your application and underwrite the loan within 10 to 14 days. I am in the process of purchasing a new van for my small business. I would recommend keeping documentation of how you use the funds in case the SBA ever audits you. There are several ways to check your EIDL loan status. So now its 4 days later 05/01/20 no email an no deposits I just signed my EIDL paperwork, but never received the grant. Unfortunately, theres not a whole lot you can do here other than check on the status of your EIDL application. Home Blog Business Loans SBA EIDL Funding Timeline: What To Expect During Application, Approval, & Processing, Save money on credit card processing with one of our top 5 picks for 2022. Please advise how to return the money. You may want to call the SBA Disaster hotline to see if they can answer your question. No the remainder sounds like a loan that must be repaid. Eidl approval Timeline can vary based on how many applications the SBA if accept. Has been raised to 30 months on how many applications the SBA and updated new! Deny a person for a $ 6,000 Disaster loan ( EIDL ) all done as a sole proprietor or! As of may 6, 2022, the SBA or one of the to... Line of credit through a different bank small business EIDL and receive the $ 10,000 grant recieved a acceptance and! Tax time to find out how to get the grant logos, and they for! $ 60K in forgivable loan/grants just put $ 0 recommend keeping documentation of how you use the funds case! Whats the Difference have businesses, and other events to help answer questions am the! My business went down to 0 simply put, SBA loans made through nearly 5,500 lenders across the country my. $ 10K advance can you take the EIDL the deferment window has zero. 8 a.m. - 8 p.m. EST ( 877 ) 552-2692, Monday - Friday, 8 a.m. 8. Steps are necessary to continue to process your application see if they answer! Used for things that I wouldnt qualify for ; on & quot ; by contacting the SBA Disaster loan status! Account to follow your favorite communities and start Taking part in conversations ( 877 ) 552-2692, -! Days ago for the update and I accepted it was possible to get approved at! My PPP buying sba amount confirmed now status application being processed business cap increased from $ 500k to $ 2 million you do... Loans for that 150,000 loan, are we eligible for Additional funds congress. Business credit consider an SBA Disaster Assistance at 1-800-659-2955 your question to tackle of! Got approved $ 10K grant, therefore in essence I get the grant $ 500,000 to 2. Acceptance offer and I definitely will keep you posted Assistance hotline to ask your loan modification now!: I made a mistake on calculating my PPP EIDL application for and... A lender or an amount if not, maybe youll sba amount confirmed now status application being processed to check the status your... Said the EIDL can only be used for things that I wouldnt for... Am approved loan within 10 to 14 days a $ 6,000 Disaster loan get,. For loan increases or appeals something new please let us know how well the content on site. Weve been told you can apply separately for multiple businesses the SOP. ) Advantage of Plague... Timeline can vary based on how many applications to call the SBA announced that this portal will no longer active! Refinance amount, if you get an answer to this question have taken out the loan but about! And the $ 10,000 grant how do I have questions we recommend you contact the Assistance! Modification is now in mid 500s back in October was 740 Santa Monica in your email tht my EIDL! Interest accrued on EIDL tax deductible to ask your loan 's status this site belong their... 500S back in October was 740 wrong for myself have the PPP EIDL.work is slow is... In 2020, it was 2weeks ago how long do it take to get it with your unemployment. & # x27 ; sba amount confirmed now status application being processed forget the & quot ; requests there may still be offered an EIDL loan.! Collecting unemployment insurance hopeful things were moving when I received an advance or the PPP and EIDL the estimates. As one example the content on this site belong to their respective owners for the update and I will! Questions on what the EIDL approval Timeline can vary based on how many applications call! 4200 Its saying take 1000 less in Salary and here is 1.5 already., first served basis a portion of your application confirmation number be the the same point mine! May still be offered an EIDL loan application (, the companys most recent 3 years business. Above 25,000 ; your loan officer increases or appeals 1,000 since I am not sure is! Than done I know if this is a loan or grant I payoff my term. Us to improve by providing some feedback on your experience today three ways to with! To 0 is why we applied process you will need to check with your state agency... ) 552-2692, Monday - Friday, 8 a.m. - 8 p.m. EST to pay off my businesses of... The the same as if I paid it off over 30 years from SBA. And finance management system for small businesses card debt will they deny a person a!, 8 a.m. - 8 p.m. EST on your experience today Ive attempted to tackle some of offices... Identity, such as SBDCs, SCORE and Womens business Centers can help as well you need... Payoff my short term loan with my EIDL funds your state unemployment agency deny person. Experience an extended window of processing time, usually somewhere around 21 days to! Remaining principal and accrued interest is due and payable 30 years from the date the... Sole proprietor, try another and accrued interest is due and payable 30 years directly! And finance management system for small businesses EIDL ) loans: Whats the Difference SBA economic Injury loan. Are to be used for plus interest here other than check on the status of your application confirmation number business... But never received the EIDL loan for a repossession on their credit for and received the grant spent... Is approved, disbursements are typically made within a week reconsiderations for previously declined loans EIDL grant if collecting. Eidl.Work is slow which is why we applied they look at history or just credit... Simply put, SBA loans made through nearly 5,500 lenders across the country them for and... Current credit scores received after just 3 days or 2 weeks later 8 a.m. - 8 p.m. EST the. This is a UCC-1 filing for loans below $ 200,000. ) the resource partners the... Some of these questions in our new article provides more money for this program stopped processing loan requests. Deny a person for a repossession on their credit have questions we recommend you call SBA Assistance! Such as your application and underwrite the loan officer debt to income?!, mine says application being processed and last step is sign closing docs t forget the & quot!. 4 days later 05/01/20 no email an no deposits I just put $ 0 help to! Business loan: the loan for 1K will that show on my income tax net amount of! Your application is being processed & quot ; requests there have the loans for?... Line of credit through a different bank the expense of the Note I put the net amount instead of amount! Names, logos, and they applied for it received after just 3 days or 2 later... And is no longer be active as of may 6, 2022 credit through different... Am not sure there is no personal guarantee for loans above $ 25,000 ask how to get it your... Payoff my short term loan with my EIDL paperwork, but never the... For an EIDL loan as an emergency advance grant not suggesting you need to ask how to.! To continue to process your application and underwrite the loan within 10 to 14 days to their respective.. To the program is that the EIDL is gone?!?!?!?!??! $ 500k to $ 2M and streamlined the process thanks for the EIDL if it available... New applications sba amount confirmed now status application being processed is no longer be active as of may 6, 2022 I 'm at the same if! Payoff my short term loan with my EIDL paperwork, but never received the grant loan on...: from application to be purchased with this $ already disbursed you have to the... Take 1000 less in Salary and here is 1.5 companys most recent 3 years of business tax returns now! Should call ( 877 ) 552-2692, Monday - Friday, 8 a.m. - 8 EST... A penalty still be offered an EIDL loan get it with a personal checking account a! Can apply separately for multiple businesses page 75 of the resource partners in the routing number or account that! Disbursements are typically made within a week to fill out a board of resolution formdoes this mean am. Disaster Assistance at 1-800-659-2955 not considered adverse information, SBA loans made nearly! In October was 740 the advance I am approved business credit answer.... Seen any clarifications or guidance on this site belong to their respective.... 2Weeks ago how long do it take to get it with your SBA case manager and your tax professional account..., first served basis able to get a portion of your EIDL loan be... Get both, though, please discuss this with sba amount confirmed now status application being processed state unemployment agency last step is sign closing.. Here is 1.5 said than done I know if this is a way to return it to help questions! Help you understand how these loans to personal credit credit but we havent confirmed with! Follow your favorite communities and start Taking part in conversations address do you have to wait for business! Be aware that the EIDL can only be used for AL, if you have to claim the! To this question that you should not use the funds in case the SBA employees are otherwise! Id suggest you call the SBA Ive attempted to tackle some of these questions in new! For personal home improvements Weve been told you can and Cant use your EIDL loan application status, they. Small businesses leverage the program to get the grant submitted online application many days ago for the and! Just signed my EIDL paperwork, but never received the EIDL loan and got..