topic Re: $445k EIDL Accepted .....What now?? in Business Credit

$445k EIDL Accepted .....What now??

Jolo0801 — Sat, 18 Apr 2020 10:06:41 GMT

This morning I finally received an email saying I was quailified for up to $445k under the EIDL loan.

I accepted the full amount and now my account says processing.

Has anyone else had a similar experiene? If so, what's next after this process? Does this mean that I'm automaticly approved?

How long after this does it take to receive the acutal loan docs?

Re: $445k EIDL Accepted .....What now??

daveg38 — Sat, 18 Apr 2020 13:39:07 GMT

Your process seems to be working different than most others, unless I am reading wrong.

People were getting up to $10k advances in lieu of the email you received, then received that email shortly thereafter.

I was told I would get my portal setup link soon, which I called Wednesday to confirm.

So I am assuming that you should get an advance at some point, finalize loan docs then get the remainder of your EIDL.

Re: $445k EIDL Accepted .....What now??

WayneSki — Sat, 18 Apr 2020 15:05:45 GMT

@daveg38 wrote:
Your process seems to be working different than most others, unless I am reading wrong.

People were getting up to $10k advances in lieu of the email you received, then received that email shortly thereafter.

I was told I would get my portal setup link soon, which I called Wednesday to confirm.

So I am assuming that you should get an advance at some point, finalize loan docs then get the remainder of your EIDL.

Don't quote me,but I think the up to $10k is for the grant. And you can still receive that if you dont qualify for the loan. That's what I read when I applied.

Re: $445k EIDL Accepted .....What now??

Jolo0801 — Sat, 18 Apr 2020 18:05:34 GMT

@daveg38 wrote:
Your process seems to be working different than most others, unless I am reading wrong.

People were getting up to $10k advances in lieu of the email you received, then received that email shortly thereafter.

I was told I would get my portal setup link soon, which I called Wednesday to confirm.

So I am assuming that you should get an advance at some point, finalize loan docs then get the remainder of your EIDL.

Yea I actually got the $10k grant/advance prior to the offer link. I got the advance on 4-14 and the offer came at 4am this morning.

Re: $445k EIDL Accepted .....What now??

jaxstraw — Sat, 18 Apr 2020 18:31:29 GMT

@Jolo0801 wrote:
This morning I finally received an email saying I was quailified for up to $445k under the EIDL loan.
I accepted the full amount and now my account says processing.
Has anyone else had a similar experiene? If so, what's next after this process? Does this mean that I'm automaticly approved?
How long after this does it take to receive the acutal loan docs?

There are reports of people who are getting denial emails after seeing these large qualifications.

They just started seeing the emails after the funding was confirmed to have run out and the EIDL loan application not accessible anymore.

No answer from SBA as to why they are getting denial emails after being approved but the guess is the SBA is looking at spreading the initial approved loan amounts around to be able to help more applicants.

This guy had a 173k offer rescinded this morning. But a post from a few days ago might explain...

Good luck.

Re: $445k EIDL Accepted .....What now??

Jolo0801 — Sat, 18 Apr 2020 18:09:38 GMT

@jaxstraw wrote:
@Jolo0801 wrote:
This morning I finally received an email saying I was quailified for up to $445k under the EIDL loan.
I accepted the full amount and now my account says processing.
Has anyone else had a similar experiene? If so, what's next after this process? Does this mean that I'm automaticly approved?
How long after this does it take to receive the acutal loan docs?
There are reports of people who are getting denial emails after seeing these large qualifications.
They just started seeing the emails after the funding was confirmed to have run out and the EIDL loan application not accessible anymore.
No answer from SBA as to why they are getting denial emails after being approved but the guess is the SBA is looking at spreading the initial approved loan amounts around to be able to help more applicants.
Good luck.

Yes this sucks big time. I really hope they get it together and earmark more funds.

Re: $445k EIDL Accepted .....What now??

jaxstraw — Sat, 18 Apr 2020 18:09:39 GMT

@Jolo0801 wrote:
This morning I finally received an email saying I was quailified for up to $445k under the EIDL loan.
I accepted the full amount and now my account says processing.
Has anyone else had a similar experiene? If so, what's next after this process? Does this mean that I'm automaticly approved?
How long after this does it take to receive the acutal loan docs?

And from what has been gleaned from some people who have called in a loan of that size would be done in disbursements over months with an SBA loan officer assigned to review monthly.

It wouldn't be a one time approval and all funding released.

Once again....this is just second hand information so the veracity is wide open.

Re: $445k EIDL Accepted .....What now??

Jolo0801 — Sat, 25 Apr 2020 12:09:21 GMT

Update to all.. Stay the course..

I have been 100% funded.

Between PPP and EIDL I have received a little over 1/2 million.

Re: $445k EIDL Accepted .....What now??

Anonymous — Mon, 18 May 2020 04:58:48 GMT

Hey what day did they funyld you i got accepted and signed documents today- based off ur timelines looks like u signed and approved on 18th of april and finded the fallowing fridy the 25th.. congrats by the way!

Re: $445k EIDL Accepted .....What now??

jaxstraw — Mon, 18 May 2020 20:10:44 GMT

@Jolo0801 wrote:
Update to all.. Stay the course..
I have been 100% funded.
Between PPP and EIDL I have received a little over 1/2 million.

Great news.

Be thankful you got in before the 150k ceiling.

Good luck.

Re: $445k EIDL Accepted .....What now??

sccredit — Tue, 19 May 2020 17:58:09 GMT

@Jolo0801 wrote:
Update to all.. Stay the course..
I have been 100% funded.
Between PPP and EIDL I have received a little over 1/2 million.

I thought it was one or the other. If you did the EIDL loan (not the advance) you could not do PPP and the same with doing PPP you could not do EIDL.

Re: $445k EIDL Accepted .....What now??

WayneSki — Tue, 19 May 2020 19:32:40 GMT

@sccredit wrote:
@Jolo0801 wrote:
Update to all.. Stay the course..
I have been 100% funded.
Between PPP and EIDL I have received a little over 1/2 million.
I thought it was one or the other. If you did the EIDL loan (not the advance) you could not do PPP and the same with doing PPP you could not do EIDL.

I received the SBA grant,PPP and EIDL loan also.

Re: $445k EIDL Accepted .....What now??

sccredit — Tue, 19 May 2020 19:43:43 GMT

@WayneSki wrote:
@sccredit wrote:
@Jolo0801 wrote:
Update to all.. Stay the course..
I have been 100% funded.
Between PPP and EIDL I have received a little over 1/2 million.
I thought it was one or the other. If you did the EIDL loan (not the advance) you could not do PPP and the same with doing PPP you could not do EIDL.
I received the SBA grant,PPP and EIDL loan also.

Crazy..I have learned something new.