Sba eidl reddit sba. As a business owner you pay huge taxes over time for employees, sales, property, state, federal, local etc. Lenders play no role in this program. There’s multiple moderators in here and many people who are watching. It showed EIDL Loan, no amount and Denied; EIDL Advance $1000 - Funded; and Targeted EIDL A source for information on applying for LOANS from the SBA's Covid-19 EIDL, reconsideration issues for declined loan applicants, and EIDL increase requests. Also received EIDL, albeit at a lower amount. Today, I logged into the SBA portal to make a payment, but my loan status now shows as "Charged off. Not even the SBA. His lawyer is who I met with. I feel sorry for all the people who got coerced into making unnecesary decisions based on conversations with collection agencies/treasury. Spoke with someone from Senator's office an hour ago who called me back responding to an email I sent into her office about the EIDL emergency grant status. It stated to make payment or call the SBA Customer Service Center about repayment within 15 days from the date of the letter. When the Covid EIDL program began, and the SBA needed to request transcripts for anyone who went through reconsideration for their original loan (long before the increase was in effect), The SBA and IRS agreed that the IRS would continue to accept the March 2019 disaster version of the 4506T for this program only. gov, or send a message through the MySBA Loan Portal. View community ranking In the Top 1% of largest communities on Reddit. I have two more weeks left until closing on an FHA loan. Reddit is a great source of information, but when it comes to EIDL forgiveness, it's a cesspool of half-truths and misinformation. In the interest of full disclosure, I am the founder of a consulting firm called Distressed Loan Advisors that Sorry what’s the cap? I am wondering whether to do this or not, I’m fine closing the business. If your loan amount exceeds $200,000: To apply, contact the COVID-19 EIDL Servicing Center at 833-853-5638 or disastercustomerservice@sba. As an official Fidelity customer care channel, our community is the best way to get help on Reddit with your questions about investing with I submitted 165 SBA EIDL applications for my clients. It has a personal guarantee. Get AQRUing. r/EIDL: A source for information on applying for LOANS from the SBA's Covid-19 EIDL, reconsideration issues for declined loan applicants, and EIDL SBA charged off a bulk of EIDL, even before the 30-month deferment was over. We are reaching out to inform you that the SBA's new increased loan limits for the COVID-19 EIDL program are now in effect and you may be eligible to receive additional loan funds. You are eligible for a reduced monthly payment for a 6-month period in the amount of 10% of the monthly payment amount stated in your Note (or your latest modified Note as the case may be). Please let someone know or reach out to the wonderful people on this Reddit forum r/EIDL if you feel hopeless. Need 1-on-1 advice? Schedule some time with me, or request If the SBA treats EIDL loans, like they treat every other type of loan, they should have an process to consider forgiveness via the SBA Offer in Compromise. Don - Congressman's office submitted an inquiry on my behalf to SBA on Sept 17th - Within two hours, I received an email from a "loan specialist" at SBA "requesting additional information and documents in order to proceed with the application process" (mind you, this is information and docs I've already submitted to SBA SEVERAL TIMES!!!) A source for information on applying for LOANS from the SBA's Covid-19 EIDL, reconsideration issues for declined loan applicants, and EIDL increase requests. EIDL Bailout). Here’s a screenshot that explains The trouble centers on the Covid-19 Economic Injury Disaster Loan, known as EIDL, which floated generous aid to cash-starved firms. ,to avoid delay. Reddit's hub for advice, articles, and general discussion about getting and repaying student loans. If you took out an SBA EIDL loan in 2020 under your LLC and havent been making payments since 01/2023 this will put you on the CAIVRS default report as not eligible for any federal home loans. SBA has something called an Offer In Compromise but generally, they want 80% of your loan balance. It was real quick. Reddit's home for tax geeks and taxpayers! News, discussion, policy, and law relating to any tax - U. The title of the thread is, "SBA EIDL Loan No Payments Applied to Principle". 00. The IRS created a special summary transcript specifically for the SBA for purposes of processing the Covid EIDL loans. Use r/TargetedEIDL for advance/grant issues. SBA EIDL LOAN INCREASE RECONSIDERATION -does anyone know how much longer it will be before we know if it’s approved and when it will get funded? Had to get a letter from accountant and I also wrote a response stating that return was only efiled after sba instructed me to do so since the transcript kept coming back blank, so it’s now I got in contact with someone at SBA office on May 25 who wrote a detailed email that they (SBA) were at fault for charging off my loan. Bankruptcy laws vary by state. After paid, the charge off status will go away within 48 hours. But I may need student loans in the near future so if I can’t get those funded or blocked due to a default on SBA loan it’s not worth it AFAIK you can’t lend from SBA again if you do this and also other federal lenders like for student loans Get the Reddit app Scan this QR code to download the app now. Have you tried sending an email to CLS@sba. Ive called the EIDL Service Center daily begging for help. Signing up Scorpio doesn't work for the SBA and was helping others in the EIDL sub throughout some difficult times. I contacted the SBA to ask for an loan amortization schedule, they said they didn't have one. Your request to return to regular servicing is in process. Have not missed payments. Got approved for a 17k EIDL loan in May. The EIDL program is a long-standing program generally designed to help people involved with natural disasters in a confined geographic location. It's now July and I have not heard a thing, after being told I would get a response in 2 weeks. and EIDL increase requests. government grant. The loan was not secured with any assets. My SBA changed to current with 10% next payment (HAP). You will be contacted by a loan specialist regarding requirements. For business owners who received EIDL loans and enrolled once in this temporary payment reduction of up to 90%, it's confirmed you have the option of re No they’re not. That was all the data the SBA needed to process loans in the early part of the program. The SBA 7a, 504, Express, PPP etc are the programs which involve 3rd party lending institutions such as banks, SBLCs, CDCs, CDFIs etc. So dear Reddit r/EIDL Megathread readers: if you're in same situation as mine, call SBA and let them hear our voices/concerns. It asked for a written explanation of the hardship. 00 in interest. Also all SBA borrowers pay into the system a percentage that helps cover defaults (kind of like insurance). I don’t yet know how the SBA will ask me to prove this. The SBA has never, even once, tried to collect from a business owner personally after the business failed and closed I've been battling this for 3 weeks. Use r/TargetedEIDL for advance/grant A source for information on applying for LOANS from the SBA's Covid-19 EIDL, reconsideration issues for declined loan applicants, and EIDL increase requests. If you were approved, obligated, and didn’t get your funding, I strongly suggest you make a post and let’s discuss this. I called within the 15 days “about repayment. Thank you for contacting the SBA COVID EIDL Servicing Center. Not sure what will happen but I'm trying. Internet Culture (Viral) Amazing Only if its an Covid EIDL loan, all other SBA disaster loans require personal guarantees at any amount. 89 votes, 115 comments. If you have been approved and sent the funds to your personal account 9 times out of 10 the bank will send the funds back to SBA. Do you have that link handy? I know there was a discussion about loans $100,000 or Go after collections or file sent to TOP? I have recently seen generic letters going out at 60 day eidl delinquent so my $1 bet would be they will wait till 120days delinquent before sending files to TOP. this is where T in 4506T cones in T for transcript. This On March 29, 2020, following the passage of the CARES Act, the SBA provided small business owners and non-profits impacted by COVID-19 with the opportunity to obtain up to a $10,000 Advance on their Economic Injury A source for information on applying for LOANS from the SBA's Covid-19 EIDL, reconsideration issues for declined loan applicants, and EIDL increase requests. Due to that, rather than making monthly payments, I make weekly payments now Obviously we're all hopeful that given the circumstances around the EIDL loans, that the SBA will be flexible and reasonable. Was told by lawyers to liquidate all assets, send remaining money to SBA, and give them notice. Feel a bit more hopeful. They finally settled A source for information on applying for LOANS from the SBA's Covid-19 EIDL, reconsideration issues for declined loan applicants, and EIDL increase requests. Use r/TargetedEIDL for advance A source for information on applying for LOANS from the SBA's Covid-19 EIDL, reconsideration issues for declined loan applicants, and EIDL increase requests. and International, Federal, State, or local. gov) like someone on Reddit suggested, as that was suggested to them by a SBA rep. Haven’t spent a dime cause I’m worried about a few specific clauses in the loan documents: “Borrower will furnish to SBA, not later than 3 months following the expiration of Borrower's fiscal year and in such form as SBA may require, Borrower's financial statements. Auto respond was fast. SBA loans aren't special in that regard. Loan is w the treasury I’m able to make Payments online but when I contacted SBA they said the file is w treasury and they don’t serve it anymore I’ve escalated to the servicing dept and sent them an email to consider recalling to SBA as I brought loan current but they said they don’t service it anymore and I have to Contact the treasury. When you signed the loan doc, did you list your property as collateral? Because if so, you did more than just a personal guarantee. The SBA threatens to send the under 200k eidl covid loans to the Treasury when you say you are closing. But I got "itchy" about owing it and sent it back. he does all things SBA to include EIDL. Here's a brief article. Members Online. I've never carried debt before other than a car loan let alone defaulted on one. I can and you should consider it Those alternative acceptable documentation guidelines apply only to the programs that fall under section 7(a) description and work through outside lenders but are backed by the SBA. (really has to be similar). In case you hadn’t heard the news, the SBA is not currently considering offer in compromise, so the best you can hope for in terms of assistance is getting a reduced payment for a period of 6 months. Presumably, this would be due to my payment being less A source for information on applying for LOANS from the SBA's Covid-19 EIDL, reconsideration issues for declined loan applicants, and EIDL increase requests. I must say I’ve learned alot from being on Reddit and I can say that I’m the only person well maybe a handful of others who really went about their file in the way they did. My husband took a 1. To ensure we adhere to reddit's strict rules and since sex, drugs, violence and profanity and other topics are regulary discussed on this sub we are now NSFW Members Online. 6- you will then get an approval letter withing a day or two and your sba portal should be updated by that time but not until that time. and ask for the application. They typically only do this for disasters more along the lines of hurricanes and floods. . there was a run back in 2020 where people were posting on reddit sections of the underlying code to show how easy it was to access and how poorly designed it was. We received $50,000 in EIDL money. At somepoint, SBA will be notified by the bank who wrote the loan that you've defaulted. Can’t tell you how I feel now. Dear State Representative: I would like to request that the EIDL loans be deferred without interest and the 6 months of 10% payments remain intact indefinitely, for small businesses who have received the loan from the SBA. If you're interested in scheduling a case evaluation, I The family is working with a lawyer who is trying their best, but admittedly has not dealt with this type of loan before. Covid-19 Economic Injury Disaster Loans (EIDL) - Negative surprises: change in interest rate calculation (and the equivalent interest rate), surprise A source for information on applying for LOANS from the SBA's Covid-19 EIDL, reconsideration issues for declined loan applicants, and EIDL increase requests. So there isn’t much except be prepared to be sued by the SBA or your lender. However, for the past three months, I missed making any payments. Question? Has anyone received a Notice of Default (75 days) and been able to reach an agreement with the SBA to bring the loan current and the SBA recall the default and reinstate into regular I am 100% positive. And they said Do NOT default or it can do straight to treasury. Please note that every time I post an update my reddit inbox gets destroyed, and I just don't have the capacity to respond to everyone since I'm a one-man show. Scorpio also was very resourceful in bringing and supporting those that did work for the SBA and were in a position to provide help and assistance through setting up AMAs and chat sessions, talking with people and pre-screening them for The SBA recently announced a policy change that significantly increases loan limits up to 24 months of economic injury with a maximum loan amount of $500,000. gov (and include “Hardship Accommodation Plan” in the subject line). 6 mil eidl loan and the payment is about $8500 a month. Everyone and their cousin, including SBA and Treasury, is hoping some legislative or political act resolves it for them so they don’t have to deal with these dead ends. Not too sure why SBA charged off the loans in 2022 & were still sending repayment A source for information on applying for LOANS from the SBA's Covid-19 EIDL, reconsideration issues for declined loan applicants, and EIDL increase requests. There were two types of COVID-19 A source for information on applying for LOANS from the SBA's Covid-19 EIDL, reconsideration issues for declined loan applicants, and EIDL increase requests. He said due to hearing from numerous small business people expressing the same concern about the 3 day grant not coming he contacted the state SBA. Can I pay off a siblings defaulted loan for less than its principal? Thank you for contacting the SBA COVID EIDL Servicing Center. Millions of small business owners who received a loan through the Economic Injury Disaster Loan (EIDL) program were relieved to get approved for one of these low-rate loans through the Everything the sba says is unclear and very contradictory. Or check it out in the app stores somewhere down the line I'm going to start getting the annoying robocalls from the SBA telling me my payment is past due along with the red "past due payment" notice in the portal. I would call the SBA and ask them to find your account. I sent the email this week detailing my issue and I got a SLO and a LO contact me this week to resolve my issue. Has anyone been successful? The lender is a bank who has an SBA guarantee. A substantial number of businesses are having to jump through hoops to try to keep out of financial ruin due to the completely incompetent SBA management of these EIDL loans. Legitimate EIDL applicants had no choice but to borrow through the SBA EIDL program either: (a) because the PPP loan requirements resulted in inadequate loan size eligibility for truly small businesses (as opposed to medium to large size businesses masquerading as “small” businesses); and (b) because, despite timely applying, they were A source for information on applying for LOANS from the SBA's Covid-19 EIDL, reconsideration issues for declined loan applicants, and EIDL increase requests. Good Luck all! I hope I A source for information on applying for LOANS from the SBA's Covid-19 EIDL, reconsideration issues for declined loan applicants, and EIDL increase requests. I know they are offering assistance and more EIDL loans. (2) SBA will take a long time to send files to Treasury. there's not a thing the Treasury can do because it's not personally gauranteed. ET Get the Reddit app Scan this QR code to download the app now. Applicants for the COVID-19 Economic Injury Disaster Loan (EIDL) may have been eligible to receive up to $15,000 in funding from SBA that did not need to be repaid. This group deals with the EIDL related to the coronavirus pandemic, not for any natural disasters. COVID-19 EIDL Customer Service is open from 8:00 a. I thought with a deferment our payments were $0 but apparently she said they were 10% of the regular payment. Use r/TargetedEIDL for I'm not a business who received an SBA loan, but I am a loan packager (not associated with the SBA). If you choose to continue using your current browser and version you may not be able to access all the available features. All attorneys in the area that we contacted were hesitant to take on anything related to the SBA/EIDL. Just starting paying back a $150k EIDL loan (obtained 2 years ago). Then, last week, I received an invitation to the SBA Portal where I could actually see some progress, at least. EIDL loans are administered directly by the SBA. latamatadata • I assume you don’t have a personal guarantee for your SBA loan. I log directly into the website, and all withdrawls from my account say SBA on them. So, no, in this instance, the borrower is the business and there are no additional guarantors. There is an option for Offer in Compromise. SBA Lending Portal. A source for information on applying for LOANS from the SBA's Covid-19 EIDL Similar position we just spoke with an attorney today half hour free. We mailed it in almost one SBA sent me an email 2 days after receiving the wait for 3-10 day’s email. If they send our loans to Treasury, the SBA gets their money (Treasury paid the debt for us) and we’re up a creak. Thank you Reddit 🙏 Share Add a Comment. Or check it out in the app stores A source for information on applying for LOANS from the SBA's Covid-19 EIDL, reconsideration issues for declined loan applicants, and EIDL increase requests. No, there would have to be another piece of legislation for the loans to be forgiven (e. Same SBA, same treasury, just not an EIDL. Essentially, what most of us already know, send an email to: DisasterCustomerService@sba. I have approximately 50 current applications, each one of them facing different issues. ” Closed my business recently. EIDL loans are unique in that the government issued them directly. The SBA pushed these loans hard and in many cases offered more than most were able to afford. In February 2024, SBA expanded the eligibility for our Hardship Accommodation Plan (HAP) for borrowers who are struggling with loan payments. Or check it out in the app stores is 6 months of lower payments on you EIDL loan if you loan is not delinquent and not further than 60 days to first payment you can apply, under 200k eligible will have a button on CAFS But they had $200k+ Eidl. I was told that my 4506t was in the works and they were waiting for my taxes to come back from the IRS. They admittedly weren’t easy to reach for questions or the best about direct communication about your account, but information about extensions, payments, etc. ” “I am the SBA Loan Specialist assigned to your Hardship Accommodation request. My business can always use more funding. Both payments went only to interest. I received a call today from the SBA wanting to collect on our 'defaulted' account. I did talk with someone at the SBA, and they said that there is not a standard amortization schedule they use (like a mortgage would have). They will send it to the treasury department. Here is my timeline: 2/7 sent initial hardship request to DisasterCustomerService@sba. Reply reply We took out $97k from the SBA EIDL program. Scaring people from finding co-signers. The COVID-19 Economic Injury Disaster Loan (EIDL) and EIDL Advance programs provided funding to help small businesses recover from the economic impacts of the COVID-19 pandemic. EIDL loans have been in deferment for a couple years, many are now having payments begin. Justice will take a very, very long time, so long story short, the fix is forgiveness of some kind or OIC option as a policy matter. I had two different loans one was recalled back to SBA and the other didn't. The application is general info, however, they require you to submit a YTD P&L Report alongside the application. But the LLC has no income, no assets, and is closed as per state filings. Close the business and notify sba in writing. The guy I spoke with last week said: “if you can still make payments in the portal, your EIDL loan can be recovered, if you can’t make payments in the portal, that means your loan is now under the control of the Treasury, and we can no longer help you. SBA continues to offer other funding options for small businesses, including traditional SBA loans. Sort by: Best. A real scumbag move from some 20 year old reading off a script. We are past the inital interest repayment, portal data and statements are not accurate. to 8:00 p. On hold with SBA for 45 minutes, really SBA this was your solution for loans over $200K, have your call center slammed with people calling to apply for economic hardship, just roll out the button for everyone! " The SBA has confirmed that it's possible to re-enroll in the Hardship Accommodation Plan for an additional 6 months. m. The business unfortunately folded over a year later. EIDL assistance is available only to small businesses when SBA determines they are unable to obtain credit elsewhere Businesses must meet the following criteria to qualify for economic injury: The business was directly impacted by the disaster My total balance of EIDL loan is $150,000. g. I feel this 12-18 month payment seasoning before submitting eidl oic is In 2021, I took out an SBA COVID EIDL ($24K) loan directly with SBA under/through my sole proprietor business. But that guarantee only kicks in after the bank has basically turned you upside down and shaken out all the coins from your pockets, then they are guaranteed 85% of the loan balance. ” The rep told me it would be delinquent until 90 days. It is forcing companies into chapter 7 and a lose / lose situation for business owners and the SBA. Invest, earn and exchange, safely and securely with AQRU. Then the EIDL suddenly becomes a grant program, and the whole program falls apart. I've reached out to Congressional Assistance teams, I've reached out to the local offices for SBA in my city, I've followed all the steps, but it still says charged off. Please be advised that when your account is being reviewed, all payments need to be posted on your MySBA Loan Portal. However, given the fact there was significant amount of fraud for a lot of these loans; I really doubt they will be forgiven. But I think once the regular payments start, it’s supposed to be based on a 28-year amortization schedule that folds in the accrued interest from the first 24 months of payment deferral. To give you an idea, one client never did PPP forgiveness for round 1. Chase moved it back to SBA. You will need to email SBA and call them to put correct business banking. Every month I make about $1000+ in payments and they have been credited to interest paid. Program summary. April 16 - called sba eidl hotline and spoke to rep to inquire about my application. Is this normal? On the SBA payment website I see the current principal balance of $150k, outstanding interest of $9,526 and payoff balance of $150,618. Or check it out in the app stores I've seen at least 5 people who have discharged their EIDL through bankruptcy. I also heard on another thread there is a letter that you can send to treasury requesting they return to loan to SBA but you have to be current. Then I got an email from. This is the first time SBA is offering hardship without having to catch up the past due amount. The sole proprietors I have submitted have not been denied yet, but I've seen on Reddit where the SBA has searched for the applicant in the state government's website but been My SBA Economic Impact Disaster Loan (EIDL) Targeted Advance was offset and intercepted for a state debt. The SBA has completely botched servicing these loans, communicating with loan holders, and applying payments made to the loans. Internet Culture (Viral) A source for information on applying for LOANS from the SBA's Covid-19 EIDL, reconsideration issues for declined loan applicants, and EIDL increase requests. The EIDL Hardship Accommodation plan was first announced in November 2022. My brother just ended a 9 year court battle with an SBA loan that was turned over to treasury 3 years after default. I was actually awarded the 2 eidl grants totaling $15,000 but had a failure to disperse because I initially gave the SBA a personal account # but had this pointed out to me before they tried to disperse my funds by my LO so I was able to change my info and correct it to a business bank acct well before they attempted to deposit my funds but She transferred me to EIDL Support (who was also great) and told me what I need to do. Tell them you are still paying and would like to recall the loan back to SBA. I began making payments in December 2022. Or check it out in the app stores I took out a $500k EIDL loan, but unfortunately, a series of health crises, including two bouts of COVID that affected me and my family, unsuccessful business investments, and mismanagement due to lack of experience handling such a large Unfortunately, eidl loans are not being forgiven. 42 votes, 27 comments. Our EIDL was over $100k We had been in a deferment; I literally forgot about it with other stressful things happening in my life/business. Never heard from SBA at all until today, by auto email, the loan now shows a status of “charged off” and noted as “referred to Treasury Offset Program”. This process usually takes at least 2-4 Week. I want to help people on another EIDL advice forum on FB. reReddit: Top posts of April 11, 2022. I called SBA to apply for forgiveness and they said it'll take a few weeks to let us apply since chase said its in default. You can think he owned a job or a giraffe or McLaren but at the end of the day, legally, he personally owes nothing for this loan. The IRS is experiencing significant and extended delays in processing - everything. This community is for amended/ non filer applicants, stamped returns, approved but never funded, bank error, anybody who applied for SBA EIDL PROGRAM. What is sba going to do? EIDL loans under $200k, in a departure from normal SBA policies, did not require personal guarantees. Get crypto-smart. The EIDL is a 7(b) program coming direct from the SBA and is not bound by that notice. So yes, I was there for the hearings. Because I sent them my remaining cash (about 2k), I'm still "current" on the loan so we'll see. Any payments made early are applied 100% to accrued interest. A dangerous myth is the belief, spread here on reddit for some odd reason, that the SBA won't bother going after X because their loan is below a certain amount. No collateral for EIDL means the loan is probably under $25K. Next Steps for Loan Increase Request for COVID-19 EIDL Program SBA:0800009 Dear SBA Borrower: We received your request to increase your COVID-19 Economic Injury Disaster Loan (EIDL). Or check it out in the app stores SBA EIDL Notice of Default and Acceleration . It's an absolute mess with almost all government agencies. SBA leadership has reached out to complain about people doing this from reddit and facebook. In the end both balances will be zero. It is hard to believe that other SBA loans have an OIC and EIDL loans do not. all were communicated in broad terms from (SBA-ODA @ updates . may be a better investment. I know they do reduce the amount of a physical property damage EIDL by any insurance proceeds you receive. Maybe your credit is a stitch low. These "advances" are similar to a grant, but without the typical requirements that come with a U. Or check it out in the app stores TOPICS. The IRS is experiencing significant Thought nothing of it. That transcript contains very few items – name, address, SSN or EIN, revenue, COGS, and the tax return filing date. Only 5 received grants, but starting yesterday some of them started receiving loan offers in the SBA portal. Disaster loans directly through the SBA are not the same, and eidl are disaster loans on steroids. If they forgive all of the coronavirus EIDL loans, they also have to forgive loans for other disasters. My original loan I took out with the SBA was in my name. gov with the subject: "Hardship accommodation extension - EIDL #5567xxxxxx" . But yes the SBA will negotiate settlements where it's appropriate. Took out an EIDL < $120,000. When SBA learns of your inability to pay, they will refer the default to the Department of the Treasury. Also, people on reddit shouldn't be held a the absolute truth. We’ve paid back $5k so far. When you hear about an SBA loan guarantee what that means is a percentage of the loan (typically 85% on loans under 150k) is guaranteed to be returned to the bank. " As of May 16, 2022, the COVID-19 EIDL portal (covid19relief1. This did start out as an EIDL loan, and I got it refinanced through the SBA. They are being told that the co-signer will be on the hook too for the SBA loan, not just have their credit pulled. Open comment sort options Congress is listening and knows about the servicing issues as well as the complete mess the EIDL program is. 100k EIDL. We’ve had that come up here many times in the past 2 years. Nothing else to do. A source for information on applying for LOANS from the SBA's Covid-19 EIDL, reconsideration issues for declined loan applicants, and EIDL increase requests. You are misinformed. $731 was debited on 5/1 and 6/1. I was just a self employed contractor. They said that the interest is recalculated after each payment. Before we can consider your request, you must first complete and submit the attached Application for The EIDL funds came from the US Treasury which is funded by tax payer (aka us). To continue processing your request, please complete the following steps: Get the Reddit app Scan this QR code to download the app now. I'm still trying to recall it. I have a screenshot of the process directly from the SBA but do not see how to copy & paste to Reddit. My father received an initial Notice: The COVID-19 EIDL program is NOT accepting new applications, increase requests, or reconsiderations. You can attach screen shots or copies of any payments or emails with SBA. After initial review, we have determined that you are currently 11 days past due on your SBA EIDL loan payment and unfortunately, I am unable to assist you any further if your loan is past due when requesting a third hardship accommodation. But nobody knows how long the transition period is. Don't even get me started on the IRS. Scroll to the section What Type of Solutions Might I Have Self-Employed Sba EIDL Loan --Approved-- Hello guys i have a couple questions about my EIDL loan. SBA EIDL payments not being applied to first paymnt due in on December 5. One called owing 30k to the SBA and they said keep making payments you have a PG but they didn't know anything on the phone. 36K subscribers in the EIDL community. COVID-19 EIDL Assistance: Please contact COVID-19 EIDL Customer Service at 833-853-5638 (TTY:711), email COVIDEIDLServicing@sba. Normal SBA loans are financed through actual banks, and they definitely have more structure in place to collect after a default. Third, you must not be able to access credit from anywhere else to qualify for an SBA loan. I'm a former workout office for the largest SBA lender in the US, and we'd see people file for BK all the time. The terms were pretty clear when you applied for the loan. S. gov. 1-) As a self-employed how are you using your loan? 2-) In order to cover the income gap between pre-covid and after-covid(still) are you able to pay to yourself? Reddit . Are you going to file a business bankruptcy or personal? If business, will this A source for information on applying for LOANS from the SBA's Covid-19 EIDL, reconsideration issues for declined loan applicants, and EIDL increase requests. Been paying on this loan for awhile. Your request to return to regular servicing has been received. gov and received a reply within a couple hours to send in P&L along with a completed application that they provided. In order to get off this report you'll have to catch up your payments and request that your loan be returned to service. The purpose of this sub will be to share information about potential forgiveness of EIDL (Economic Injury Disaster Loans) that were granted during COVID. I have been scouring google and Reddit and it sounds like we are not personally guaranteed with it under 100k, I’ve read OIC has been unsuccessful for many with SBA, some say lawyer up with a bankruptcy attorney, others are just closing up 58 votes, 100 comments. I do have another question I am in the northeast and where I live is within a “disaster area” due to the Francis Scott key bridge collapse. A loan is still a loan and it can be litigated. 2/15 received an email letting me know I had been accepted into the program - they have you Same thing happened to me. At 90 days it is in default and sent to collections. Because the SBA is not providing accurate statements, principal/interest application amoutns or correct interest calculation information via the portal or pdf statements, that's why. Get the Reddit app Scan this QR code to download the app now. To discuss your HAP eligibility, contact SBA's COVID-19 EIDL Assistance by phone or email. They can garnish your Social Security, your wages, and go right into your bank account and take it out! your kids cannot get any student loans, can mess the hell out of your credit. More posts you may like (1) Even Treasury isn’t staffed to handle defaults in hundreds of billions for these Covid loans. Many of us are in the exact same situation, we are all going through this A source for information on applying for LOANS from the SBA's Covid-19 EIDL, reconsideration issues for declined loan applicants, and EIDL increase requests. If you are under 200k, soent the money correctly, dissolved the LLC. Reply reply More replies. I had worst 4 I called the SBA to get clarification on a delinquency notice. SBA to go in and apply. SBA EIDL . EIDL loans can be included in a BK filing along with other types of debt. Just the same we owe $1029. Thursday 10/21 - emailed (PDCRecons@sba. Maybe your local credit unions are hoarding cash. My recommendation is that you contact your local SBA office and ask if they know the answer (or can direct you to someone who knows). I deal exclusively with the SBA when I have questions. Let your congressman know that you couldn’t imagine the SBA doing that to us while the OIC is still an unexplored option. Using the SBA portal I sent a message requesting "Hardship Accomodation Plan" and they sent me back the application to fill out the same day. gov A source for information on applying for LOANS from the SBA's Covid-19 EIDL, reconsideration issues for declined loan applicants, and EIDL increase requests. Any business that applied for a Coronavirus (COVID-19) SBA Economic Injury Disaster Loan (EIDL) prior to the release of SBA’s new streamlined application the week ending March 29, must reapply using SBA’s streamlined online application (in SBA’s new loan processing system) available at www. Obviously COVID became the exception to that. Top 1% Rank by size . We would like to show you a description here but the site won’t allow us. Or check it out in the app stores I notified the SBA that the business closed, was an LLC, and had very few assets left, and asked for guidance on the next Thank you for the inquiry about your COVID-19 Economic Injury Disaster Loan (COVID EIDL). Nelnet Refund Timeline as This is my understanding, too. I don't expect any legal advice on Reddit, but maybe some reassurances or perspective on the best way The home of AQRU on Reddit! Supercharge your crypto portfolio. SBA said MAKE SURE to get a green check mark after payment. And then you get taxed on your profits. Let SBA know we want the OIC BEFORE they send the loan to Treasury (where an extra 30% is applied). Send the email asap. Put your name, adress, loan#, trasury file #. Reply reply My take is , when you're first applying for any eidl assistance the SBA will ask for your 2019 federal tax return and then they will have you sign a 4506t form (at the portal) to make their own transcript pull of your 2019 federal tax return from the I R S, to see if Both matches up. . gov, also known as the "RAPID portal") is closed. I received a phone call from an SBA robocall. That would be good news for a lot of people. In my case it was take the offer or nothing; my thought After that, regular payment/total amount still due. They are super helpful. That's what I did. Side note: disaster loans have been around for a long time. What I heard last was Treasury has so much backlog of EIDL defaults they need Justice Department approval to go after PG since it’s a legal matter. They asked to fill out a 1 page form and send it back with current P & L. Ultimately, I would like to see the EIDL loans forgiven, and the burdens lifted from the small businesses that were Is this an EIDL loan or PPP? They are not the same thing. gov and Clainquiry@sba. hbhd krwdf ikpkma nqvubh zyl uerfwgf zezh aayj psaeo fiyggy