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EIDL loan approved -2019 taxes filed in 2022??

Varys
New Member

EIDL loan approved -2019 taxes filed in 2022??

Hi, i was approved in for 48k EIDL back in October 2020 i got approved right away but I used a cash app account instead of the business checking account (didn’t know cashapp max is about 20k for incoming transfers)

 

Obviously to fix it, i got into recon. I sent the  id, voided check and form 4506 (my personal 2020 tax return) back and forth email they would say i was in line but didn’t had a date for funding, months past by and now i decide to give it another try after just giving up.

 

They said they need the business tax return of 2019(which im going to file now), ID and voided check of biz account. I have seen the answers from people saying they were denied because 2019 taxes were filed late and seems they just did it for the EIDL loan.

 

All that being said, my question is; are those being denied are because they just applied now first time ? Or has anyone who was approved since back in October 2020 sent their 2019 taxes now, and have gotten funded? 

3 REPLIES 3
fm92555
Contributor

Re: EIDL loan approved -2019 taxes filed in 2022??

I don't know about the denials. But, if you file that 2019 eturn now it will most likely take 90 days or more to be accepted and processed.

Message 2 of 4
ocheosa
Valued Contributor

Re: EIDL loan approved -2019 taxes filed in 2022??

Hi @Varys , 

 

Unfortunately from more recent feedback they are no longer accepting late or stamped 2019 filed returns. I'm a bit confused by your post. You were approved using a 2019 1040 return or 2020 1040 return? Are you a Sole Prop reporting business income on a Schedule C? You should be able to use the same return they approved your loan for initially.  When asked for the business return, I just sent the full 1040 with all signed pages including Schedule C. If not a Sole Prop with a 1040 return, including Schedule C, you will need to reach out for assistance from your Congressional Rep or Senator. Time to file a 2019 return, if they would even accept it now, is not on your side.

 

Regardless, I would advise you contact your Congressperson or Senator's office to request they open a Congressional Inquiry with the SBA on your behalf. By doing so, they're able to get your file to a high priority team who can hopefully get this problem resolved and your funds redistributed. In my opinion, this is the best method for a positive solution in this case. The EIDL program is dialing down so you may want to get on this immediately.

 

Check the EIDL reddit forum to get more info on the subject. Wishing you the best!

[7/22] Scores 8/9: 700-800s. Util: 1%. Inq/12: EQ 2, EX 5, TU 3. AAoA=5y, AoOA=35y, AoYA=3m.
TCL $503.8K: Personal $412.8K, Business $91K.
Message 3 of 4
Nelsoul
Valued Member

Re: EIDL loan approved -2019 taxes filed in 2022??

As of September 2021 SBA is no longer accepting new filings for 2019 taxes and trying to do so will flag your application; at least that's what I've been reading. Since you were already approved maybe they'll accept 2019 if the numbers match from your original application..In the absence of 2019 taxes,  send in SBA form 1368 with bank statements, along with an affidavit letter, both in PDF. Better then waiting for transcripts and possible red flags for late filing.. Also try calling your local SBA office after Congress/ Senator. Good luck

Message 4 of 4
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