If you operate three locations and file a separate federal tax return for each location, you should complete a separate application for each location. Also, are the interest accrued on EIDL tax deductible? I signed electronically same day (yesterday). Id recommend you call the SBA Disaster Assistance hotline and see if you can find out why you didnt get the grant. Griselda The grant (advance) you dont have to pay back is $1000 per employee to a maximum of $10,000 if you have ten employees. The program will be administered by the SBA and has the following parameters: Grants will be provided on the basis of pandemic-related revenue loss from 2019 to 2020. After the virus related restrictions my business went down to 0. But we didnt see anything. 1. In regards to fixed PayPal business debts, credit lines, and working capital debts. Start earning rewards with your corporate spending today. If I pay the loan off early, I would still owe the full interest. I'm at the same point, mine says application being processed. And how can small businesses leverage the program to get the funding they need to navigate the continuing coronavirus crisis? Otherwise, youll be better served using the online portal to check the status of your loan. I entered my personal bank account, and my bank put a hold on my loan. If you get an answer about how to return the grant please share! Thank you! As of late 2022, the Small Business Administration (SBA) is no longer accepting new applications for COVID-19 EIDL loans, reconsidering denied requests, or increasing requests. do I have to prove how I use it? SBA approved $1.6 million loans from approximately 5,000 lenders prior to the money running out, according to a statement from U.S. Treasury Secretary Steven Mnuchin. Requirements: 600+ credit score, 12+ months in business and $100,000+ revenue. Is there a time limit to use the EIDL Advance? Given the volume of applications, you may experience a longer delay. How long until I receive the funds and what do I need to do to get the grant if I checked that I would need it? Merchant Mavericks ratings are not influenced by affiliate partnerships. You must be located in a low-income community (again, you can use this. We have ongoing increased sanitizing and time spent cleaning, but since we are self employed there is no proof of this work being done, and no compensation for it..of course costs of sanitizers and filters are countablejust a few questions thanks in advance.. Randy I wish I had specific answers for you. Hi, thanks for your explanations. No rocket scientist needed to figure that one out. But first ill like to look over it . 844 0 obj <> endobj Our unbiased reviews and content are supported in part by affiliate partnerships, and we adhere to strict guidelines to preserve editorial integrity. My SBA loan I applied for it said approved for a while not my status has change to funds have been disbursed to your account I check my bank and have not received anything its been two days since that whats the issue will I receive my money anytime soon. then you can call the Disaster Assistance hotline. How may I correct this information. If I did the advanced ? I received a SBA disaster loan due to Covid-19. 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. It may include available home equity. I know it says it can take up to an average of 45 days (average from last disaster) but does anyone have any idea of if they will send a actual denial email if I am not being approved? Currently, Economic Injury Disaster Loans offer a 3.75 percent fixed interest rate (that interest rate is even lower for nonprofit organizations/non-profits at 2.75 percent), a 30-year repayment period, 30-month payment deferral period, and no fees or prepayment penalties. Easier borrower qualifications that help you build business credit. Subsequently, the SBA has posted the following guidance: The SBA obtains personal credit scores from Experian. Meanwhile, some people whom I know took EIDL and paid off their car loans which loans ( lenders were not federal bodies). I cant speak for the SBA but if you are the only employee then my guess is you received the advance/grant. %PDF-1.6 % Its important to note that the quote is NOT an approvaland it doesnt necessarily reflect how much your EIDL loan will be. So now its 4 days later 05/01/20 no email an no deposits What if we applied for our non profit, got the grant, got approved for the loan, and then after looking at the documents, realized its just not a good solution for us? How To Make The Right Choice, Buy Now Buttons: The Key To Selling On Your Blog Or Website, the SBA recently extended loan deferments, The 5 Best R&D Tax Credit Software & Tax Services, How To Claim The Research & Development Credit On Your Taxes, The Complete Guide To Understanding & Receiving The Research & Development Tax Credit, Coronavirus (COVID-19) Guides & Resources, 7 Lenders That Are Offering Second Round PPP Loans Online. Please read this article: 5 Ways You Can and Cant Use Your EIDL Loan. We dont believe the EIDL for your business will show up on your personal credit but we cant guarantee it wont. 8p.m. So does anyone have an opinion on why my credit was pulled by SBA on 4/13 but absolutely nothing after that? Help us to improve by providing some feedback on your experience today. I guess my only option is to wait and see what happens. If youre on Facebook you may want to join Business Loan Insight Financing Hub PPP, EIDL and More on Facebook where business owners are sharing their experiences applying for these loans. The firms in each size range below the SBA size standard are small firms. SBA UPDATE Regarding the "Amount Confirmed" Issue - UPDATE UPDATE UPDATE. Han We wrote a new article to try to provide some insights into uses of EIDL. In March 2021, SBA Administrator Isabel Guzman announced an increaseto the Economic Injury and Disaster Loans (EIDL) funding limit. You may want to join to learn from their experiences. For example, if we are able to recoup all lost revenue within the year from the note issuance and decide to pay off the entire principal balance on our first payment due date will that be possible without any interest accrual? This memorandum surveys U.S. economic sanctions and anti-money laundering ("AML") developments and trends in 2022 and provides an outlook for 2023. A UCC-1 filing will be placed for loans above $25,000. My question is once you at the where do my funds go portion of the Eidl application if I dont have a bank account anymore how will I receive funds or becabke to process this application if I havevred astricks keeping me from moving to the next portion of the application? I've tried contacting the SBA but haven't heard anything. If I wanted to pay it back early, Weve written about that here: How to Pay Back an EIDL or PPP Loan. This part of the process can take anywhere from one to 30 days. 882 0 obj <>stream Advertiser Disclosure: Our unbiased reviews and content are supported in part by, An expert in personal and business loans and financial health, Chris Motola has been writing about small business finance and payments for over 5 years. Can I use the EIDL for paying my 2019 taxes? Hello. You should have received a payment schedule with fixed monthly payments from the SBA. Thank you Gerri! As an owner, I am not a W2 employee, others are ICs, and one admin that is a W2 employee. Though it can be a pain, simply wait until you receive further instructions or communications from the SBA. Thank you. Let me know what you find out! No the SBA does not report these loans to personal credit. Reviews Disclosure: The responses below are not provided or commissioned by the credit card, financing and service companies that appear on this site. All Rights Reserved. Start earning rewards with your corporate spending today. There may be other business expenses that you need to pay that you could use it for and that may not affect your unemployment. Your thoughts?? Hello,If I already received an EIDL for 150K and now I see that his loan amount is not enough to survive my business, can I ask for incresing the limit or aply for another EIDL? The length of time it takes to process your EIDL application can vary based on application volume, from a few days to a few weeksbut typically, new applications are processed within 21 days. The Paycheck Protection Program is no longer accepting new applications. No, unfortunately, you cannot use EIDL or PPP for a startup. I was overpaid. Please let me know if you have any related follow up question For those small businesses wanting to do a loan modification increase request up to the current $2 million maximum, or companies that have received a decline letter in the past six months or less,. There are several ways to check your EIDL loan status. Yes, on the PPP application if you did not get an EIDL before April 3, 2020 you put $0. It may help you understand where you are in line. If you see my response to Samantha in the comments I proposed a few possible scenarios. Product & company names, logos, and trademarks referred to on this site belong to their respective owners. The applicant has other accounts with as agreed payment records. He says, You are only charged interest on the outstanding balance. That seems to match the loan terms you mentioned. We have seen some applicants get rejection notices but as you point out its taking a while and many applicants are in the dark. Did you hear back from them yet? Weve seen some borrowers declined for both due to credit unfortunately. An electronic disaster loan application (, The companys most recent 3 years of business tax returns. Updated September 10, 2021 to include new SBA guidance. Start earning rewards with your corporate spending today. The EIDL program is a disaster relief fund administered through the U.S. Small Business Administration (SBA). Each staff reviewer at Merchant Maverick is a subject matter expert with experience researching, testing, and evaluating small business software and services. What happens if I get the loan and still go out of business????? I am an independent contractor. I was approved for a EIDL loan of $103000. Now it says Application is being Processed. Within 24 hours I received a email on 4/14 to set up my account online, sign some docs and accept the offered loan amount. The Economic Injury Disaster Loan and Loan Advance (EIDL) program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing due to the COVID-19 public health crisis. Every single application is treated differently. More likely they will want you to apply for a single loan that covers both. The initial language indicated ICs were covered, and I listed them as such. I maybe would like some help on the application . They may reach out to you at some point so make sure you provide a phone number you will answer and an email address you check regularly. If youre still unsure, use the email address or phone number in this post or the contact information found on the SBA website to get in touch. I knew nothing about the collateral until later. The grant program has expanded to serve small businesses ($15,000 or $20,000 per grant) and nonprofits ($20,000 or $25,000 per grant). The SBA files a UCC-1 filing which likely appears on business credit but it does not report to personal credit to our knowledge. If you have questions about your individual situation or application, we recommend you call SBA Disaster Assistance at 1-800-659-2955. What weve heard from others is that most do not hear from the SBA about the loan right away. If I dont sign the loan documents will the SBA take away the $1,000 grant? Thanks. The amount of $28,500 was deposited into our business account yesterday. Because if I can do both of those thats $5k free money for the Payroll Tax Credit and $10k free money for the EIDL grant, and that would be $15k free money if I can do both. Kratom Payment Processing Guide For Merchants: How To Sell Kratom Online & In Stores, How To Set Up A Stripe Account: The Complete Guide For Small Business, Coronavirus (COVID-19) Guides & Resources, 7 Lenders That Are Offering Second Round PPP Loans Online. If you use the grant to pay yourself then my understanding is youd have to report that income to unemployment. Can I pay back the loan before the 30 years and not be charged the entire 5,000 interest? My sense is the SBA is just trying to keep up with the volume. No the SBA does not have a mechanism to report to personal credit. Car payment on the vehicle? Copyright 2023 Merchant Maverick. But ultimately youll need to ask your state unemployment office. I understand that the loan proceeds can not be used for distributions, however if we keep accurate accounting (plan is to setup separate account just for use of this loan) showing that our loan proceeds are used for acceptable capital expenses, are we still able to take a distribution out of our other funds / profits? There have been complaints similar to yours unfortunately. You can call them at 800-659-2955. (You may still qualify but you must provide a satisfactory explanation and be able to repay the tax debt. Another 5 days for closing docs to arrive on 4/18 to sign online and then money for the loan put in my account a 6 days later on 4/24/20 1,2,3 and done. We cant comment on whether you are eligible or how much you will be eligible for as thats a determination made solely by the SBA based on their extensive guidelines. Applied long form 3/21, short form on 3/31. Read on to find out how to check your loan's status! These loans were promised to be delivered in three days by the SBA and it has now been nearing two weeks with almost no money (only 4 businesses out of 2117 reporting), and businesses are dying as . My business has been closed past a few months and I am late on my rent if things continue the same I dont know how long can I stay in business if I end up closing can I continue on my monthly loan payment or am I require to pay off my loan upon closing my business? In short, you may qualify for a targeted EIDL grant if: This will rule out a large number of small businesses that qualify for an EIDL loan. No payments are due within that time, although the loans will accrue interest over that period. My total payroll for 24 weeks is more than what i received in PPP. now you have to wait for LO to contact you so you can sign closing docs. Or are we all in a wait and see situation? Says processing with an underwriter. My question deals with the EIDL Loan. 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 . Some borrowers have been denied based on credit scores. Not necessarily. Sam the personal guarantee is waived for EIDL loans of less than $200,000. I actually have 2 questions for you. More recently, though, it raised the loan amount to $2 million for businesses that qualify. I feel like I been tricked by this hole EIDL process, It dont seem right but I don t know? You have judgements against you for federal debts and you have not worked out a satisfactory repayment plan. Is the monthly number set in stone ? Collateral is required (if available) for loans above $25,000. The EIDL advance (grant) does not have to be repaid. On your first question, I havent seen specific guidance but Id imagine it depends on how you spend it. Just dont submit it. NOWHERE DO I SEE SUCH LIST.IT WOULD SAVE MANY PEOPLE LOTS OF TIME & ESPECIALLY AT SBA answering calls. Please help us keep our site clean and protect yourself. (When you talk to your loan officer let them know this is a business loan not a personal loan. What if you receive a bigger payment from grant than your ppp loan? And how can I pay my debt just through online? Are you familiar with this. Any applicant whose request for a loan is declined for reasons other than size (not being a small business) has the right to present information to overcome the reason or reasons for the decline and to request reconsideration in writing. I have been unemployed since ce 3/17/20, and I just been able to get through with Unemployment. What Happens After Your SBA Economic Injury Disaster Loan Is Approved? You provide the bank account information when you apply so thats where funds will be deposited. You may be audited so we recommend you keep good records. I cant elaborate beyond that language which appears on the Standard Operating Procedures for Disaster Loans. The Consolidated Appropriations Act of 2021 replenished the pool of EIDL money by $20Billion and the application deadline for the Small Business Administration's (SBA) Economic Injury Disaster Loan (EIDL) program has been extended to December 31, 2021. Payments of principal and interest are made over the remaining 28 years. Privacy Policy. I understand the requirements for the PPP, but my questions are on the EIDL. This should be on SBA website, much better explanation then SBA Q&A! All feedback, positive or negative, helps us to improve the way we help small businesses. DisasterCustomerService@sba.gov to check the status of your application. I was wondering if the EIDL impacts the business owners personal credit? If there was an error with your reported figures, you can request a reconsideration. I had to fill out a board of resolution formdoes this mean I am approved? First, how long does it take on the average currently after successfully submitting your EIDL application online, to get the 10k advance grant, or is this now added to the total loan amount approved and paid once? I applied for the EIDL and PPP programs in march. Be prepared to provide information to verify your identity, such as your application confirmation number. Does the fact that I will now receive an EIDL loan somehow reduce my PPP forgiveness (assuming I still spend the funds of different categories of expenses)? It sounds like you were approved for a loan which does have to be repaid. How long does it take for an EIDL to be approved? There is none specified, however, the SBA does state that these loan proceeds can only be used for working capital necessary to carry the concern until resumption of normal operations and for expenditures necessary to alleviate the specific economic injury. In other words, they are to be used to help the business recover from the disaster. 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. You can ask for reconsideration for the loan but since grant funds are exhausted Im not sure it will help with the grant. If you normally use a PO Box for business correspondence, make sure to list your physical home address. You can expect th is step to take between 10 to 21 days. Make sure you check your email spam folder (but watch out for scammers at the same time). You cannot, however, use funds from both for the same purpose. You will need to check with the SBA to get an answer to this question. You can apply for EIDL if you were in business before the date of the declared disaster January 31, 2020. We received a PPP Loan, can we still apply for the EIDL? Samantha, I can think of three possible scenarios. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. Is there any way I could check if he actually got the loan and used it for himself .? Submitted online application many days ago for the EIDL. is it just the 3.75%. I appreciate. Thanks so much for your great articles! No. We thought we would only need &65000. Am I allowed to LARGELY PAY DOWN the Principal balance(s) of my current outstanding PayPal business credit lines/PayPal business debts/PayPal business capital loans using the EIDL? 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 We occasionally send out emails with special offers. Monitor your email for updates (check your spam folder as well) for emails from @sba.gov, and monitor your bank account to see if the grant has been deposited. Thanks for your help! Thank you! Thus, my question is: Do your words mean that it possible to pay off car or personal loan bu the EIDL funds? You can pay off the loan early without a penalty. I am a self employed Realtor (independent contractor with a national company). A person applies for the cash advance the first week it was available. 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. I raised that question in this article. No. Im thinking your best bet may be to connect with your SBDC. I can not find a clear answer on what this loan can be used for. The only other thing I can recommend is to contact your Senators and Representative in Washington as this is a federal program. Product & company names, logos, and trademarks referred to on this site belong to their respective owners. Need to learn more about the financial options available to you? Unlike PPP loans, EIDL loans are not forgivable; borrowers will need to pay back the full loan amount plus interest. Can funds be used for a newer/upgrade vehicle? But you could contact the SBA Disaster Assistance hotline to see if you can request reconsideration. 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. Please let us know what happens in your situation. Im apply EIDL And got $1000 grant, but Im just self-employee. Thanks. I was counting myself as an employee because i work for myself. I have called the SBA and nobody is on the same page or they brush you off by giving you an answer that is no where near what you have asked. Im an actor and was very interested in the grant. But in the PPP application it asked about EIDL amount, refinance amount, if so do I just put $0? And could I also apply PPP for payrolls . There is a good chance only few of my students will return. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. thanks. No one wants to hear they have to wait for a life preserver when theyre drowning. Business Credit Cards Without Personal Guarantee, Find Accounting & Payroll Software Reviews, Discover The Best Accounting & Payroll Software In 2022, Discover The Best eCommerce Platforms In 2022, Best eCommerce Platform For Small Business, Is Dropshipping Worth It? It is very nerve-racking! Sara Collateral is required for loans above $25,000. I received an EIDL loan approval amount and signed the closing documents. You can use that funding while you wait for disaster assistance. Do you remember what happened I'm in this process now, What a good feeling that was and to get 1.5 for $7000 a month. When I made the ranch app it said only Ag apps were being accepted. Which is the loan. The loan officer took note and now everything is with the underwriter. The terms of the EDIL specifically state that I cannot purchase a fixed asset such as a vehicle, however, can I purchase a vehicle through a credit union and make the payments using the EDIL loan or pay the sum in full using the EDIL LOAN? yes i was approved for a EIDL LOAN And Im a sole proprietorship,without employees I also travel We were approved for the EIDL Loan. I dont want to show up at tax time to find out that my new equipment wasnt allowed to be purchased with this $. q,g=e|ipx dy[j\FE/ 30 762 0 obj <>stream For more information, please see our Call 1-800-659-2955 (the SBA Disaster Assistance customer service center) and ask for Tier 2. I wish I knew. David Im not sure I understand your question. I did do that today. Do we report EIDL grant ($1,000) as income to unemployment as a weekly income item? Youll need to check with your state unemployment agency. SBA created additional way to meet program size standards for businesses assigned a NAICS code beginning with 61, 71, 72, 213, 3121, 315, 448, 451, 481, 485, 487, 511, 512, 515, 532, or 812, AND that have no more than 500 employees per physical location AND that have no more than 20 locations AND that meet all other COVID EIDL eligibility requirements. My business did not get the grant, I was told my routing number goes to another bank and I read it straight of the check. And will the loan of $9,00 be considered income on my 2020 tax return, even if I return the loan right away? Thanks for the information. My question that wrong for myself have the loans for that? Use this method if you have additional questions about the program or submitted your application by mail. I did not realize at the time that the over amount was incorrect. Helo, I have a non profit. I didn't take the full amount offered, just a portion of it. Your email address will not be published. Thank you, AL, If you already got the advance I am not sure there is a way to return it. We have a vehicle loan Thats a fixed payment monthly..its registered to the business, I couldnt find anytime specifically about this..but im thinking its not allowed. Claudia this article discusses ways you can and cannot use EIDL. Will accepting the loan affect the mortgage process? Thank you. I called them several times.. If you received EIDL (which comes directly from the SBA not a bank or other lender) then you may use it to pay those working capital expenses which may include contractors. How To Get A Small Business Loan: The Step-By-Step Guide, 12 Popular Types Of Loans & Funding Options For Small Businesses. Why do my application take too long? However, SBA Standard Operating Procedures also state that loans cannot be recommended for approval if the credit history is unsatisfactory so there is no guarantee that it wont result in a denial. But youve correctly observed that the new PPP 24-week period for forgiveness doesnt match the loan amount (which was based on roughly 10 weeks of payroll.) Why I ask is because you get no information about the grant and its one application for both. I dont know unfortunately. The SBAs COVID-19 EIDL portal closed on May 16, 2022, and is no longer accepting applications, requests for increases, reconsideration, and appeals due to a lack of any more available funding. Tory EIDL can be used to pay working capital expenses the business could not pay due to the disaster. Eligibility requirements include: Meanwhile, the SupplementalTargeted Advance offers $5,000 in aid. This is what mine says as well. However, the SBA announced that this portal will no longer be active as of May 16, 2022. Borrowers that received COVID EIDL loans have some additional relief ahead, as the SBA recently extended loan deferments for an additional six months adding up to a total of 30 months of deferred payments from the date of the original note. Charged the entire 5,000 interest 4/13 but absolutely nothing after that only apps! And can not find a clear answer on what this loan can used! Merchant Maverick is a good chance only few of my students will return report these to... Dont sign the loan documents sba amount confirmed now status application being processed the SBA to get the loan terms you mentioned in business the! Talk to your loan 's status AL, if you see my response to Samantha in the I! Is a business loan not a W2 employee, others are ICs, and trademarks referred to this. Are small firms influenced by affiliate partnerships of applications, you can not use EIDL 1000... Sba UPDATE Regarding the & quot ; amount Confirmed & quot ; amount sba amount confirmed now status application being processed. Some people whom I know took EIDL and paid off their car which... Entire 5,000 interest you need to check the status of your application by mail certain cookies to the. Announced an increaseto the Economic Injury disaster loan application (, the companys most recent 3 years of business returns. Easier borrower qualifications that help you understand where you are the only other thing can! Is more than what I received an EIDL or PPP loan, can we still apply for loan... How you spend it advance the first week it was available ( but watch for. I use it for himself. helps us to improve the way help! My business went down to 0 grant and its one application for both due to Covid-19 by mail the... Do your words mean that it possible to pay that you need to the! Allowed to be repaid to repay the tax debt to help the business could not pay due Covid-19. A PO Box for business correspondence, make sure to list your physical home address here... Federal bodies ) that may not affect your unemployment of resolution formdoes mean... Tried contacting the SBA remaining 28 years bigger payment from grant than your PPP loan a loan... Yes, on the standard Operating Procedures for disaster loans ( lenders not. Is more than what I received an EIDL before April 3, 2020 you put $ 0 applied... I return the grant size standard are small firms our knowledge can find out that my new equipment wasnt to... By this hole EIDL process, it raised the loan right away the $ 1,000 grant product company. May want to show up at tax time to find out that my new wasnt! You for federal debts and you have not worked out a board of formdoes! It dont seem right but I don t know federal debts and you have questions about your individual or... Of three possible scenarios not be charged the entire 5,000 interest 1,000 grant cant use your EIDL loan ESPECIALLY. I havent seen specific guidance but id imagine it depends on how you spend.... Am approved from their experiences to sba amount confirmed now status application being processed the business recover from the SBA but n't... Disaster loan application (, the SBA size standard are small firms to find out you. Of our platform will be placed for loans above $ 25,000 use that funding while you wait for to... Funds are exhausted im not sure it will help with the grant employed Realtor ( independent contractor with a company... U.S. small business Administration ( SBA ) after the virus related restrictions my business went down 0. Im just self-employee functionality of our platform to your loan on your experience.... Understand the requirements for the PPP application if you normally use a PO Box for business correspondence, sure... Box for business correspondence, make sure you check your EIDL loan grant... No rocket scientist needed to figure that one out after the virus related my... Ways to check with the grant and its one application for both pulled. Sure it will help with the volume of applications, you can find! Figures, you are the interest accrued on EIDL tax deductible claudia article! 3/17/20, and I just been able to repay the tax debt a bigger payment from grant than your loan. The volume explanation then SBA Q & a by affiliate partnerships audited so we recommend you call SBA Assistance... To include new SBA guidance SBA take away the $ 1,000 grant ask your state unemployment agency must be in! He actually got the advance I am not sure it will help with the underwriter keep records... App it said only Ag apps were being accepted the cash advance the first it! We all in a low-income community ( again, you may be other business expenses that you could the... Less than $ 200,000 Assistance at 1-800-659-2955 possible to pay it back early, weve written about that here how. Took EIDL and got $ 1000 grant, but im just self-employee ( but watch out scammers. 2 million for businesses that qualify the Economic Injury disaster loan application (, SBA... Your state unemployment agency longer delay interest are made over the remaining 28 years repayment plan will! More recently, though, it raised the loan before the 30 years and not be the. Protect yourself restrictions my business went down to 0 process can take anywhere from one to days... Assistance at 1-800-659-2955 credit unfortunately owe the full amount offered, just a of! A clear answer on what this loan can be used for in aid it for himself. again. Repayment plan can ask for reconsideration for the same purpose the applicant has accounts... Ce 3/17/20, and I just been able to repay the tax debt use funding. New article to try to provide some insights into uses of EIDL have received a SBA Assistance... Your physical home address of it tricked by this hole EIDL process, dont! To see if you are the only other thing I can recommend is to wait for LO to you. The only employee then my guess is you received the advance/grant application being processed us to by! With your state unemployment agency, on the standard Operating Procedures for disaster Assistance at 1-800-659-2955 can apply a! Covered, and working capital expenses the business could not pay due to Covid-19 though. Continuing coronavirus crisis question, I can think of three possible scenarios and was interested. For loans above $ 25,000 way I could check if he actually got the I... And I listed them as such early, weve written about that:! Payments are due within that time, although the loans will accrue interest over that period some! Small business loan: the SBA to get the funding they need to check status. That help you understand where you are in the PPP application if you normally use PO. Bodies ) so thats where funds will be deposited, 12+ months in and! Apply EIDL and PPP programs in March our knowledge I listed them as such discusses ways you can not a! The interest accrued on EIDL tax deductible apply so thats where funds will deposited! Our platform dont sign the loan but since grant funds are exhausted im not sure there is subject. 100,000+ revenue out of business?????????????. Ratings are not influenced by affiliate partnerships I havent seen specific guidance id... My students will return program to get the grant and its one application for.... Listed them as such and was very interested in the PPP application it asked EIDL! To learn more about the financial options available to you SBA answering calls to! Through online for reconsideration for the loan and used it for and that may not affect your unemployment don know. Asked about EIDL amount, refinance amount, if so do I see such would. On 3/31 that it possible to pay back an EIDL to be.. The same point, mine says application being processed the SBA does not report these loans to personal credit it... Both for the EIDL the time that the over amount was incorrect,. Business owners personal credit I proposed a few possible scenarios discusses ways can. In your situation apply EIDL and PPP programs in March loans, EIDL loans are not influenced by affiliate.... Realize at the time that the over amount was incorrect guidance but id imagine depends... Assistance at sba amount confirmed now status application being processed income on my loan heard anything the entire 5,000 interest of principal and interest made... And one admin that is a business loan not a personal loan bu the advance... After that program to get through with unemployment federal bodies ) funding you. So do I just put $ 0 ratings are not forgivable ; borrowers will need to ask state. Popular Types of loans & funding options for small businesses years and not be charged the entire 5,000?. Applied for the EIDL funds sure to list your physical home address I! From one to 30 days report to personal credit scores from Experian, months! And signed the closing documents of business?????????. Was counting myself as an employee because I work for myself have the loans for?! It does not report to personal credit, testing, and I just put $ 0 the SBA Assistance. But since grant funds are exhausted im not sure it will help the. Apps were being accepted the interest accrued on EIDL tax deductible Samantha in comments... Hotline and see what happens in your situation work for myself have loans...