topic Re: Approved for both SBA loans PPP & EDIL in Business Credit

Approved for both SBA loans PPP & EDIL

jaxstraw — Mon, 11 May 2020 14:52:28 GMT

Well to all the naysayers who were claiming small businesses weren't going to ever get an SBA disaster loan .....well it looks like they were wrong.

Was approved for the PPP within the first week of funding.....had to find a different CU because NFCU Biz botched it.....but got those funds within days of opening account and submitting paperwork ( thank you USAlliance CU for reaching out to a request for info and moving on it ASAP)

And for the EDIL I applied very early in the short form process (3/30...second day it was available) and just got approved/signed loan docs yesterday. Should be funded within the next few days according to loan officer.

That was based on Gross Income minus Cost of Goods divided by 2.....and they actually granted me a few thousand more than that.

Been a good couple of weeks

Re: Approved for both SBA loans PPP & EDIL

Eagles2018 — Mon, 11 May 2020 14:42:52 GMT

That is awesome- Congrats!!!

Re: Approved for both SBA loans PPP & EDIL

AllZero — Mon, 11 May 2020 14:58:15 GMT

Congratulations on your approvals!

Re: Approved for both SBA loans PPP & EDIL

M_Smart007 — Tue, 12 May 2020 02:45:01 GMT

Well Done .. Congrats!

Re: Approved for both SBA loans PPP & EDIL

ToughFistFight — Wed, 13 May 2020 02:10:32 GMT

Awesome! Thanks for the ray of sunshine and what the amount they loaned you. I still have hope!

Re: Approved for both SBA loans PPP & EDIL

SouthJamaica — Wed, 13 May 2020 17:41:06 GMT

@jaxstraw wrote:
Well to all the naysayers who were claiming small businesses weren't going to ever get an SBA disaster loan .....well it looks like they were wrong.

Was approved for the PPP within the first week of funding.....had to find a different CU because NFCU Biz botched it.....but got those funds within days of opening account and submitting paperwork ( thank you USAlliance CU for reaching out to a request for info and moving on it ASAP)

And for the EDIL I applied very early in the short form process (3/30...second day it was available) and just got approved/signed loan docs yesterday. Should be funded within the next few days according to loan officer.

That was based on Gross Income minus Cost of Goods divided by 2.....and they actually granted me a few thousand more than that.

Been a good couple of weeks

Gross income minus cost of goods divided by 2 .... x what time period?

Re: Approved for both SBA loans PPP & EDIL

ToughFistFight — Wed, 13 May 2020 18:44:40 GMT

I assume its a year?

Re: Approved for both SBA loans PPP & EDIL

jaxstraw — Thu, 14 May 2020 12:06:27 GMT

@SouthJamaica wrote:
@jaxstraw wrote:
Well to all the naysayers who were claiming small businesses weren't going to ever get an SBA disaster loan .....well it looks like they were wrong.

Was approved for the PPP within the first week of funding.....had to find a different CU because NFCU Biz botched it.....but got those funds within days of opening account and submitting paperwork ( thank you USAlliance CU for reaching out to a request for info and moving on it ASAP)

And for the EDIL I applied very early in the short form process (3/30...second day it was available) and just got approved/signed loan docs yesterday. Should be funded within the next few days according to loan officer.

That was based on Gross Income minus Cost of Goods divided by 2.....and they actually granted me a few thousand more than that.

Been a good couple of weeks
Gross income minus cost of goods divided by 2 .... x what time period?

Based on 2019 or 2018 tax return depending on if you filed this year yet.

And for the short form you actually didn't have to upload proof.....you stated your gross revenue only.....and they pulled your credit.

Re: Approved for both SBA loans PPP & EDIL

bloccoblu — Fri, 15 May 2020 07:13:51 GMT

I received my portal a few hours ago for EIDL. Streamlined App submitted 03/30. Never received grant /advance. Credit pulled 4/14. Had issues with validating my banking information which is why it was held up. No clue why had account for years. Submitted through portal with processing with other business banking info. Hopefully all goes through well since I edited the info. Now waiting for loan docs. Will update later.

Re: Approved for both SBA loans PPP & EDIL

jaxstraw — Fri, 15 May 2020 22:05:23 GMT

@bloccoblu wrote:
I received my portal a few hours ago for EIDL. Streamlined App submitted 03/30. Never received grant /advance. Credit pulled 4/14. Had issues with validating my banking information which is why it was held up. No clue why had account for years. Submitted through portal with processing with other business banking info. Hopefully all goes through well since I edited the info. Now waiting for loan docs. Will update later.

There was a glitch with the electronic readers that bypassed the checked box for the advance.

Many people have reported never receiving it.

Unfortunately there is no way to g9 back in the system and have it ready right.

The best they can do is put a note in your file and the loan officer would see it.

As far as I know though that still hasn't corrected the issue and people who had this happen just aren't getting an advance.

Re: Approved for both SBA loans PPP & EDIL

Eagles2018 — Sat, 16 May 2020 14:07:01 GMT

I received the advance, just got Denial email from SBA for EIDL loan.

Reason:

1:The information you submitted does not indicate an economic injury.

(so much for filling it out honestly)

Re: Approved for both SBA loans PPP & EDIL

bloccoblu — Sat, 16 May 2020 16:02:13 GMT

I just logged into the portal and my loan shows declined and that the decision details will be communicated by email. I’m assuming it may say the same as yours but I’m not sure how they would make that determination if you only provide sales information from last year. I suppose I’ll just appeal because my sales dropped more than 60%.

Re: Approved for both SBA loans PPP & EDIL

bloccoblu — Sat, 16 May 2020 23:42:42 GMT

Well I was wrong. I just received an email stating that my loan was approved and to sign my loan documents. I have no idea why it said declined earlier today. So please note just wait for further instruction or second email.

Re: Approved for both SBA loans PPP & EDIL

Snoopy916 — Sun, 17 May 2020 21:52:14 GMT

I received my approval and signed today as well. EIDL sole-proprietor. Since they ran my credit a month ago, is it safe to assume that this loan will show up on my personal credit report? Will it count as an installment loan?

Re: Approved for both SBA loans PPP & EDIL

jaxstraw — Sun, 17 May 2020 22:31:17 GMT

@Snoopy916 wrote:
I received my approval and signed today as well. EIDL sole-proprietor. Since they ran my credit a month ago, is it safe to assume that this loan will show up on my personal credit report? Will it count as an installment loan?

Congrats.

SBA loans don't report to personal. It's a business loan.

Re: Approved for both SBA loans PPP & EDIL

Snoopy916 — Sun, 17 May 2020 22:50:09 GMT

Thank you for the response. So the only impact this loan has on my personal credit, was the original hard pull?

i'm just asking because i was in the process of getting a mortgage when all this went down and my broker called me because the hard pull (that i didnt realize was going to happen when i applied) for this loan showed up in underwriting. The hp knocked my score down 2 points, which isnt a big deal, but a new installment loan right now could derail things.

Re: Approved for both SBA loans PPP & EDIL

Anonymous — Mon, 18 May 2020 00:39:10 GMT

Has anyone received the funding for the EIDL yet? I applied, credit was pulled, got the orignial $1000 advance on the 22nd. Got my portal information on Thursday, approval this morning. Signed the loan docs this afternoon. How long should it be before I can expect the deposit?

Re: Approved for both SBA loans PPP & EDIL

Snoopy916 — Mon, 18 May 2020 01:01:08 GMT

I heard after signing 1-2 days

Re: Approved for both SBA loans PPP & EDIL

jaxstraw — Mon, 18 May 2020 01:19:22 GMT

@Anonymous wrote:
Has anyone received the funding for the EIDL yet? I applied, credit was pulled, got the orignial $1000 advance on the 22nd. Got my portal information on Thursday, approval this morning. Signed the loan docs this afternoon. How long should it be before I can expect the deposit?

Took 36 hrs for me.

Portal came on Sunday at noon.. accepted and approved immediately.

20 minutes after midnight Tuesday morning funds were deposited in my account.

Re: Approved for both SBA loans PPP & EDIL

jaxstraw — Mon, 18 May 2020 01:22:45 GMT

@Snoopy916 wrote:
Thank you for the response. So the only impact this loan has on my personal credit, was the original hard pull?

i'm just asking because i was in the process of getting a mortgage when all this went down and my broker called me because the hard pull (that i didnt realize was going to happen when i applied) for this loan showed up in underwriting. The hp knocked my score down 2 points, which isnt a big deal, but a new installment loan right now could derail things.

From everything I have been told....and the replies I have seen from others who have either inquired like me or have received an SBA loan before it is business only.

They don't put a UCC filing on personal ...the do it on business.