Why not take advantage? If I decline it, would they reconsider a larger amount or should I just accept it and possibly request a higher amount at that time? Is this SBA disaster loan application same as the 7(a) loan Care Act for small business regarding the “forgiveness”? Applied on 03/16/20, contacted by SBA loan officer on 03/20/20, approved by 03/24/20. If you submitted your application online, you can check the status of your loan through the SBA website. When completing your loan application, be sure to check the box to indicate you want to … Fraud has already been happening in droves since COVID has pushed many Americans to work from home, with reports of increased phishing scams, fraud-focused phone calls and even app stores flooded with data-leaking apps. Is there a way I can request more than that? I'll update you on this as soon as I hear back. Then I applied for reconsideration on july 2nd now am fully funded. Hoping someone could clarify this as I could be wrong. Is there a penalty to pay off early? I emailed the SBA loan officer about that this morning as it was just approved yesterday. Is it collateralized? Press question mark to learn the rest of the keyboard shortcuts. SBA Method (25k every 2 days) (Remember to ALWAYS use a 911.re proxy when carrying out ANY method!) The SBA disaster loan application process currently requires both a personal and business credit check. I would recommend everyone to apply whether you need it or not. It was due the 19th, but I just spaced it due to the whole "state shutdown (again), homeschooling, holiday season, trying to stay out of complete poverty and pandemic" crap that has been going on. Can Humans Stop Natural Disasters. Access your SBA Economic Injury Disaster Loan Portal Account to review your application and track your loan status. Small businesses reeling from disruptions caused by COVID-19 have turned to SBA’s economic disaster loan program, which offers up to $2 million in lending per business. I heard they may need it for loans over $25k but I’ve put everything I own into my business and don’t have much collateral-wise personally. 4 percent, zero loan fees, zero prepayment fee (SBA will establish application fees caps for lenders that charge). Press question mark to learn the rest of the keyboard shortcuts. The minimum credit score is 650. Did they require you to put up any collateral? The SBA approved 1,661,397 loans from 4,975 lenders before it was exhausted. It is one of multiple programs the Trump administration is using to try to blunt the economic fallout from a pandemic that has already shuttered businesses across the country. Looks like you're using new Reddit on an old browser. Is it simpler to say they give you a loan for half of your profit from last year? These files are maintained in chronological order and assigned in accordance with the current workload. Sba S Economic Injury Disaster Loan Program. It looks like they've changed the way they collect documents recently but the overall process is the same. Or am I misunderstanding the numbers? What's the deal with the forgiveness? What kind of credit score do you need to have? The formula I provided was given to me from the SBA loan officer. Good luck to all of you small business owners! Questions? No penalty to pay it off early however at that interest rate, I'd keep it for as long as possible unless that loan is the only loan you have to pay off and you don't need the cash for anything else. OFFICIAL FREQUENTLY ASKED QUESTIONS AND ANSWERS FOR r/EIDL. You are able to get a loan at 3.75% where no payment is due the first year and amortized over 30 years. RPA software can perform data entry with greater speed and accuracy than humans. When I did the steps by hand, the (gross profit % x Gross revenue) gave me the same amount as gross profit. Based on our review, we have determined that your file should be reactivated for further consideration. Edit 2: Hi all, I'm glad this post was able to help many of you. I received the SBA loan I requested, and immediately paid down the personal credit cards I had run up while waiting for the SBA money. Call 1-800-659-2955 (the SBA Disaster Assistance customer service center) about the application process, the status of your loan, or with any other questions you may have. Last week, the U.S. Small Business Administration (SBA) approved requests from both Missouri and Illinois for assistance through the federal agency’s disaster loan program. Lol you are right. Thanks for pointing that out. (Accessed 06/23/2020) — Reddit; I applied in APRIL and had to verify info last week and NEED HELP and a tad frustrated. My loan was for $210k, all SBA loans have a PG, and they no longer are requiring real estate for secured loans; they are taking a general security interest in business assets and insurance would be required with SBA as loss payee. from smallbusiness Just wondering if that requirement has been waived given the circumstances. Sorry, this stuff confuses me. ... Love Parade Disaster Reddit. 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. I have received this after 6 months, what does this mean?!! Did you personally guarantee it? 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