Approved for both SBA loans PPP & EDIL

[jaxstraw]

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

[Eagles2018]

That is awesome- Congrats!!!

[AllZero]

Congratulations on your approvals!

[M_Smart007]

Well Done .. Congrats!

[ToughFistFight]

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

[SouthJamaica]

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@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?

[ToughFistFight]

I assume its a year? 

[jaxstraw]

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@SouthJamaica wrote:

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@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

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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.

[bloccoblu]

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.

[jaxstraw]

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@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.

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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.