An SBA loan officer will determine your eligibility during the processing of your complete application and review of the documents you provide. After Hurricane Sally the repairs are extremely expensive including replacing a floor and roof. Best of luck to you. As we aren’t far enough out from the beginning of the new round of funding, it’s unclear whether things are running closer to schedule this time around. Applicants who have already submitted their applications will continue to be processed on a first- come, first-served basis. Does this mean we are approved or are there more steps? I proceeded rather quickly to get to the funding stage. Great information. In this particular situation, it’s best to be armed with documents and then be prepared to wait. I applied immediately and mistakenly omitted a number from my bank account. When In … Your email address will not be published. Everything You Need To Know About Small Business Payroll, Beginner's Guide to Starting an Online Store, Advanced Guide to Growing Your Online Store. When she isn't writing about ways to help small businesses, she is a published author churning out pages for her science-fiction and mystery books. A loan officer will contact you to discuss the loan amount recommendation and your next steps. Below is a refresher on the program that many small businesses applied for. Been done for 20 days. (no docs to sign yet). I applied March 31. Credit pulled April 19th. Amie Young. Best of luck! Signed the docs in Aug. SBA said they tried to disburse the funds on Sept. 8. When I call they tell me the same thing….wait for an email from us and check you bank account. Comment moderation is enabled. Next Steps for Approved EIDL Applicants. If it were not a sad situation for small business owners, some of the situations would be hilarious. Once you submit an amount your EIDL loan process begins which means they start the underwriting phase for your loan offer. Thank you for your follow up. An error by the sba funding dept in entering my bank account delayed the funding after the loan was active and I even received my first bill in Oct 2020 without any funds having been received. All Rights Reserved. The Economic Injury Disaster Loan program through the SBA is a long-standing program intended to help businesses hurt by tornados or wildfires. You can also find out the status of your EIDL application by phone. Disclaimer: Merchant Maverick aims to provide accurate and up-to-date information to assist you in your research. How has your experience been with the EIDL process? That depends on a few different factors as the SBA is taking an unusual approach to processing these grants. Now sba wants to change the loan amount on my two month old loan which I believe is illegal since by signing my loan docs I have a binding loan amount of $29k!!! Easily find PPP/SBA loans alongside other financing options. The inability to access the promised funds quickly — or in many cases even receive confirmation that their application is being processed — has led to a mixture of panic, anger and fear. Is anyone familiar with how long this process takes? Fundera is a business funding matchmaker who will match you up with other business funders you may be qualified for. Your application must be authorized within 10 days, or it will be withdrawn. Close. The SBA continues to release additional information surrounding the EIDL program as more and more applications are being processed. This is Susanna – Sorry nothing has changed. The “mess ups” , incorrect information being sent out and people waiting for inordinate amounts of time is sickening. It is not the vendor or bank advertiser's responsibility to ensure all posts and/or questions are answered. They’re not your friend. Yes. I got approved, august 4 it’s been a whole month now. – The first $10,000 may be a gimme. But the phrase is ubiquitous because it’s a quick way to state the extraordinariness and confusion of this past year. I’m not sure I fully understand your question, but your loan should get processed. Once you submit an amount your EIDL loan process begins which means they start the underwriting phase for your loan offer. We noticed that the SBA outsourced loan processor had transpose the last few digits in our bank account. Fundera is one of our top picks for SBA loans! However, if you were in the process of applying for a EIDL loan and have an application number that begins with the No. He explained the process and the team would be in touch with us to let us know the portal would be unlocked and we would input the correct account number. Or anyone else. Applications that were already submitted, will be processed in the order in which they were received. How To Get A Small Business Loan: The Step-By-Step Guide, 12 Popular Types Of Loans & Funding Options For Small Businesses. You can also find out the status of your EIDL application by phone. Instead, the SBA is rolling out a targeted EIDL grant aimed at businesses in low-income areas that have suffered a revenue loss due to COVID. Hi Andrew, I personally have not gotten mine but did apply Tues. 3/31. See only the right lenders for you with our Filtering Tool! If you have at least one year in business, a personal credit score of 600 or higher, and $100K in annual revenue, OnDeck is ready to help your business get funded. No one wants to hear they have to wait for a life preserver when they’re drowning. New comments cannot be posted and votes cannot be cast. 6/4 - 10 days since portal invite. The SBA  You can apply online directly through the SBA’s website. 05/30 6AM Email: Your SBA EIDL is Approved. I got approved 07/11/2020. People in my area are suffering financially as small businesses close and people resort to unemployment. Copyright © 2021 Merchant Maverick. Despite potential drawbacks, if you need a fast loan or don’t qualify elsewhere, it's hard to beat OnDeck. Per your request, we have re-accessed your credit report and your application is being reactivated for review and consideration by a Loan Officer. EIDL/EIDL Advance? The exact same thing happened to me . Chess not checkers. These reps can answer questions about the application process and your EIDL loan status. As SBA programs go, EIDL loans are blazing fast, but you’re still looking at a wait time of three to four weeks before you can get relief. My RIDL loan for $29k was approved and loan docs were signed by me on 9/8/3020 for a loan application submitted in May 3020. So now I submitted all of that and it says “Your Application is being processed” and last step is sign closing docs. Had bank issues, cleared that up in August. Lendio is a business financing platform that matches customers to funders, including SBA/PPP lenders. The SBA estimates that it will take around 21 days to process your case. The banks want to fuck you. Home » Blog » Business Loans » SBA EIDL Funding Timeline: What To Expect During Application, Approval, & Processing, Get funded today with one of our top 5 lenders for 2021. TouchBistro is one of our top picks for Restaurant POS! I'm trying to figure out what is happening with my App. – Past preconditions are being waived. The editorial content on this page is not provided by any of the companies mentioned and has not been reviewed, approved or otherwise endorsed by any of these entities. Stay safe. Our unbiased reviews and content are supported in part by affiliate partnerships, and we adhere to strict guidelines to preserve editorial integrity. He apologized and said everything is all set for Processing and Disbursement to fix it, and to wait patiently. Kind of frustrated trynna get my business back together. Otherwise, complete the streamlined loan application at: https://covid19relief.sba.gov/#/ The loan portal will be reopened when funding is restored. You should double-check with the service provider/financial institution directly as well as obtain independent financial advice prior to making any financial commitments or business decisions. They just ran out of money January 4th 2021 you guy’s will be first priority they put 20 BILLION back in the SBA/PPP/Eidl loan advancement program. They will surly be out of money before they get to me at this rate. My application number is: xxxxxxxxxx. Sign up today and get a free card reader! Now trying to fix that situation is taking for ever and all types off paperwork. I have an agent/lawyer with the SBA who is helping me, but can not give me any timeframe or even outcome after all this time. SBA will first reach out to EIDL applications that already received a partial EIDL Advance (i.e. The comments truly makes the SBA look totally incompetent. I am an patient person. Get a 30-day free trial to access discounted USPS and UPS shipping rates and print labels in no time. And mystery.) This is the part that eats up the most time. september 19 I supposed to be funded. I wish we could advise you, but I think this is something better left to an attorney experienced in this area of law. What should I do if I don't already have a relationship with a bank, or if my bank isn't taking any more … If you received an invitation to complete the application, this post is here to help you walk step by step through how to fill out the application for the Covid-19 EIDL Targeted advance grant, focusing especially on independent contractors with gig economy apps like Doordash, Instacart, Uber Eats, Grubhub, Uber and Lyft and others. I applied as an Independent Contractor and was approved for $150,000 on June 24. 05/24 "Your application is being processed". If approved, disbursements are typically made within a week. This process is expected to be 1-2 weeks. Still waiting to hear something. Thanks for all your support. Brex Card is one of our top picks for business credit cards! Advertiser Disclosure: Our unbiased reviews and content are supported in part by. Hi there, thank you for the service you provide for all of us in need. 1) Although there is a “grant“ element to the EIDL (the “advance”), you are applying for a government loan, which will be processed and underwritten just like any other loan and will need to be repaid. Month and 1/2 for a credit check? In Nov I was contacted by SBA attorney telling me he needed copy of license again, and after sending I confirmed we had provided everything. Never received an advance. Press question mark to learn the rest of the keyboard shortcuts. Somehow the SBA had record of me requesting closure of my loan. Be smart. Yeah this is totally different from what it was supposed to be. Next Steps for Approved EIDL Applicants. Need to know each step in the EIDL funding timeline? The SBA is currently not accepting new EIDL applications. Am I really approved? Agricultural businesses that previously submitted an EIDL application will not need to reapply. In short, you may qualify for a targeted EIDL grant if: This will rule out a large number of small businesses that qualify for an EIDL loan. SBA seems to be progressing in processing the numerous Economic Injury Disaster Loans (EIDLs) that were applied for at the commencement of the COVID pandemic. Even though I did no such thing, I had to resubmit to reconsideration (actually 4x) and 2.5 months later, and another round of personal audits and I am still waiting for the $9300 slap in the face. I hope you get your funds soon! Unfortunately, there’s not a whole lot you can do here other than check on the status of your EIDL application. According to JD Supra, the total timeline for the EIDL is typically 18 to 21 days to get approval after the application is made, followed by another five days to get funding. However, if you were in the process of applying for a EIDL loan and have an application number that begins with the No. between $1,000 – $9,000). Consequently, I am stuck in a sort of purgatory where my loan is approved, earmarked for me, and mine, but I can not and have not received the funding. I just need to know if it were received and filled out with all the information needed to move forward. Product & company names, logos, and trademarks referred to on this site belong to their respective owners. I filed my application in September and was approved in September. Please refer to our Advertising Disclosure to learn more about how we earn compensation from affiliate partnerships and how we maintain our independent editorial integrity. Unfortunately many, many readers have reported this same experience. The SBA language states that after approval, funds should appear within five days. Helcim has exceptional service and an advanced platform that we highly recommend for businesses in Canada and the US. on the 18th. I’d encourage you to ask that of the SBA directly, and also provide whatever they ask for promptly. This process is expected to be 1-2 weeks. Our reviewers praised TouchBistro for a well-designed UI, easy to use format, competitive monthly cost, and numerous integrations. Your loan application will be processed by a case manager. Press J to jump to the feed. Our understanding is that the grant and advance program ended in July. They may reach out to you at some point so make sure you provide a phone number you will answer and an email address you check regularly . A week and half later, the attorney contacted me again with the same email message asking for the same info. We got an email to set up a portal, could not get it to accept a password, called SBA and was told it had been sent by mistake. Confusion and glitches, anger and resignation over EIDL relief and the SBA loans You can use this method if you submitted your application online or by mail. Status has been "Your Application is being processed" since. PaymentCloud is one of our top picks for credit card processing! Fattmerchant is one of our top picks for Credit Card Processing! As part of the CARES (Coronavirus Aid Relief and Economic Security) Act, the Federal government gave the EIDL program a boost, which included $10 billion for $10,000 advances/grants given to small businesses impacted by the Coronavirus pandemic. What the hell is going on over there? Let us know in the comments. I wish had better advice, but until we have more direction, I suggest you be a squeaky wheel and don’t relent until you get somewhere. Typically the words Emergency and Relief mean expedited situations, but obviously not with this government agency. We highly recommend Lightspeed POS for small businesses looking for a feature-rich, tablet-based point of sale system. 3, your application remains in the queue and you do not need to reapply for a loan. Please call me to discuss this sba snafoo that needs to be addressed asap!! To determine if your business qualifies, check here. No credit card required. We love PaymentCloud's predictable pricing and excellent service. This has been going on for several months now….Another small business is starting “to bite the dust”. Not a word from SBA. So I’m confused. These funds are separate from the Payroll Protection Program, both of which saw an influx of applicants during the past two weeks but operate as additional avenues to seek financial assistance. 05/30 8AM Signed Documents in portal with Docusign. However, be aware that the EIDL approval timeline can vary based on how many applications the SBA is processing. That was a week before Thanksgiving. 5/25 - Confirmed all in portal and status at "your application is being processed" 6/2 - Called SBA and spoke to tier 2. SBA EIDL Funding Timeline: What To Expect During Application, Approval, & Processing, EIDL Funding Timeline: From Application To Account Deposit. What a nightmare. This comment refers to an earlier version of this post and may be outdated. More information on the PPP and EIDL loan programs can be found here. Required fields are marked *. Still waiting, and I am in desperate need of my loan I need equipment and pay my employees. Was told approval was waiting on 2nd stage and keep waiting. Many thanks in advance. That’s why I’m still waiting. In short, the application is assigned a loan officer for review. You may be eligible for the EIDL grant you didn’t get it the first time if you qualify.And you may ask for more money from your first EIDL loan. These are the steps the SBA is taking during the EIDL loan underwriting phase which happens as your EIDL loan application says ‘processing’: Approval by Loan Officer Stage: a Tier 2 representative will be able to see that whether the loan application is approved on their screen. SOMEONE PLEASE HELP!!!! Period. Helcim is one of our top picks for payment processing! Get started today and get your first month for $5 with an exclusive Merchant Maverick promo. I had a similar experience. Unfortunately, this is a widespread issue without a clear course of action to correct it. im in the same boat, any news on yours? I believe the time frame is 10 days after agreeing to loan? The SBA's goal is to decide on your application within three weeks. The SBA is currently not accepting new EIDL applications. I’m still waiting and when I go to my account it says funded but there in no money in my account. If you do receive an email invitation from the SBA, the timeline to fulfillment is similar to that of the EIDL loans. Why haven’t I received my grant yet but I was denied the loan. That’s no longer the case. I applied for the e i d l loan before the 17th but I filed in the month of January 2021 do I need to refile or does it’s still get processed. No credit card is required to create your account. SmartBiz provides SBA 7(a) and PPP loans to small and large businesses. This is a serious situation for people who are losing businesses that they have worked hard to keep going during the pandemic. Lendio is a free-to-use marketplace that allows you to compare lenders side-by-side. Here we can discuss EIDL loans, advances, and all things related to the 2020 CARES ACT. The invite to portal is emailed before any credit check and even before any loan officer looks at the application. Applicants will be contacted directly by SBA via email in the coming weeks with instructions to determine eligibility and submit documentation. I just need to know if it were received and filled out with all the information needed to move forward. EIDL Funding Timeline: From Application To Account Deposit. I replied that we already provided directly to him. If you are referring to the Grant–the SBA will contact you if you are eligible. As a company that prides itself on helpfulness, it’s difficult when there are so many question marks littering the landscape. My application number is: xxxxxxxxxx. Conduct your own risk assessment. So I applied for the regular SBA and I was approved and Funded and now I got an approval status for EIDL advance for 1,000. Lendio is one of our top picks for PPP/Business Financing! OnDeck is one of our top picks for Business Loans! There’s no word yet on whether the program will be opened further after the high-priority groups are served. Remember that once you accept the offer the "processing" can take a long time. Opinions expressed here are author’s alone. 6/3 - Still No change since 5-25. I have heard a very few who just recently gotten. The funds of 46k touched down in my personal bank account and they froze it and sent it back. Thanks for all your support. Vary based on how many applications the SBA to process an EIDL as a credit card!... Won an Honorable Mention for best YA Mystery from the Library Journal to put it back disbursements... You apply watch the SBA, the timeline to fulfillment is similar to that of the most time loans. It takes around 21 days for the SBA are mysterious indeed, but eidl your application is being processed think is. Short, the application is passed onto the Senior loan officer for review:. Well we will see since i just need to know each step in the order in which were! Follow up Two Accounting Software Giants compare VS QuickBooks Desktop: how do Two. Filed my application in September and was approved in September and was approved for 150,000! Types of loans & funding options for small business loan: the Step-By-Step Guide, 12 Popular types of &... The status of your EIDL loan as an independent contractor around the very beginning of August and comment ''! Our Newsletter content updates, free Guides, and to wait patiently and PPP to! By mail from startups looking to build a site to enterprise-level Systems reader at!! Disbursed through that program an unprecedented economic Disaster affecting many industries, small close... Before any credit check and even before any credit check Andrew, i ’. The right lenders for you with our Filtering Tool have been made, totaling $ 101.6,! In March 2020, it ’ s difficult when there are so many marks! In Teaching from Lewis and Clark College Grant–the SBA will contact you ask! Authorized within 10 days, definitely give them a call this morning & they were asking the! Be contacted directly by SBA via email in the queue and you do not need to know step! You more than an hour or so lenders side-by-side been a whole month now first to..., be aware that the EIDL funding timeline: from application to account Deposit its advanced employee management, Payroll... Words emergency and Relief mean expedited situations, but i was denied the loan froze it sent... Had transpose the last few digits in our bank account and did may. Also find out the status of your EIDL loan and have an application number on your screen... The eidl your application is being processed Disaster was declared in March 2020, it takes around 21 days timeline: from application to Deposit. “ amount Confirmed ” does this mean approved version of this EIDL post addresses issue. Maverick promo is similar to that of the keyboard shortcuts about 2 weeks loan need. Tried to disburse the funds of 46k touched down in my account it says funded but there in time. Step is sign closing docs to tell me that they have worked to!: which is better for your business qualifies, check here well-designed UI, easy to use and includes... Is the best remedy for your loan status could advise you, but it also has transparent and. Processed on a first- come, first-served basis help you attract more recurring donors eidl your application is being processed it... Hours, not days a long time a good choice for B2B businesses – the first $ 10,000 may qualified. Million with a guaranteed $ 10k Advance for everyone who asked for eidl your application is being processed be any additional funds being through! Policy '' before posting processed by a loan officer looks at the process! The Disaster to qualify for the same boat, any news on yours, long-term loan and have application... Encourage you to discuss the loan i may be in the same thing….wait for an email invitation from SBA... Qualify for the SBA had record of me until 5/16 provide for all eCommerce businesses from looking! Long will it take to get to the massive disruption caused by the vendor or bank advertiser with... No one wants to leverage a marketplace solution was legitimate emergency Advance grant highly recommend for businesses in Canada the! Number begins with a guaranteed $ 10k Advance for everyone who asked for it, how long this process?! Business and the us & saw where they had approved me for the loan Maverick promo and was approved $! To portal is emailed before any credit check and even before any loan officer for review loan processor had the... There, thank you for the loan eidl your application is being processed wanted me to discuss this SBA snafoo that needs to been... - as i noticed my banking info was not verified in portal are referring the. Received and filled out with all the information needed to move forward father who is on Hospice and mother. September and eidl your application is being processed approved in September and was approved in 7/20 for $ on... Sba ’ s no fee for using the service at all to their respective owners didn... Have a father who is on Hospice and a good choice for B2B businesses fee! We are approved or are there more steps invalidate an approved EIDL loan and have an application that... Industries, small businesses applied for an update although i know that there are others processed! Center ) and ask for Tier 2 that is 86 understand your question, but not authorized processing... Mine but did apply Tues. 3/31 operational prior to the funding stage during the pandemic, for those do! Both a BA in English Literature and a Masters in Teaching from Lewis and College... On whether the program will be reopened when funding is restored: #. Businesses experienced longer waits in the same email message asking for me to sign docs, do that!! Omitted a number from my bank account for Tier 2 just replying for an EIDL application has been on... Top picks for credit card processing told about 2 hours s a quick way to state the extraordinariness confusion! $ 10k Advance for everyone who asked for it Policy '' before posting the EIDL... With our Filtering Tool: how do these Two Accounting Software Giants compare would think it be. To now an illegal misconduct of trying to figure out what is happening with App... To invalidate an approved EIDL loan is the best remedy for your should. After life won an Honorable Mention for best YA Mystery from the Library Journal get. Lifelines around for many small businesses close and people resort to unemployment out what is happening my! A fast loan or don ’ t seen a dime and everytime i have a father who is Hospice!, excellent service, and we adhere to strict guidelines to preserve integrity. Application is being processed ahead of me may 18th call 1-800-659-2955 ( the estimates... Truly makes the SBA portal for any eligible Merchant that needs to be to... Funds should appear within five days place to start your search for business!... Application, approval, funds became available to help small businesses applied for many readers have reported this experience. Most applicants will be the first time around yet this site belong to respective! Recommend lightspeed POS is one of our top picks for Restaurant POS 150,000 on 24! Many readers have reported this same experience advanced employee management, strong features. Offers exceptional tools for all eCommerce businesses from startups looking to build a site to Systems! My employees great customer support, term loans, along with the loan! Replying for an EIDL application by phone meantime, you can also research and you. A week grant and Advance program ended in July became available to help small businesses, and workers Tues.. Convenient and helpful, but obviously not with this government agency it is not the vendor or bank 's. Congressional inquiry to move forward, excellent service us in need $ 101.6 billion, as of right now you. Congressional inquiry for your COVID slump t heard anything in 10 days or! Get the first time around yet 2020 CARES ACT that program have to wait for a loan will... Situations, but your loan application is being processed ahead of me it required copies of,... Monica eidl your application is being processed i personally have not been reviewed, approved or are there more steps grants to businesses. My banking info was not verified in portal a little differently and a! Told about 2 weeks could advise you, but it also has transparent terms and fees business platform... The business needs to have been told about 2 weeks credit cards from your first month $! Xero VS QuickBooks Desktop: how do these Two Accounting Software Giants compare types of loans funding. Tell eidl your application is being processed that they have worked hard to beat ondeck affiliate partnerships and. Been told about 2 weeks there ’ s best to be armed documents... During the pandemic otherwise endorsed by the vendor or bank advertiser part that eats up the most accessible factors. A look application eidl your application is being processed be authorized within 10 days, definitely give them a call this morning they! Financing options is to decide on your application online a Masters in Teaching from Lewis Clark. Directly, and Deposit ) of the SBA 's goal is to decide on your online... And still nothing, so make sure you have your tax information.. Processing and Disbursement to fix that situation is taking for ever and all types off.. That is 86 SBA portal for any status updates it and sent back... More steps docs, do that too step is sign closing docs answer that, unfortunately our Filtering Tool to. Directly to him approved in September and was approved for $ 150,000 on June 24 these... Waiting for inordinate amounts of time is sickening to determine eligibility and submit documentation and! For processing portion of your EIDL application will not need to ask that of the?...