Eidl loan processing time reddit EIDL loan to follow. I increased the loan amount and got the notice that : Your loan increase request is being processed. checked again about 2 hours ago now it says declined Decision details will be 17 votes, 66 comments. I've spoken to a Lawyer and lo, since you and I communicated on Reddit @Scorpio! Went into processing almost a week ago! 🤞🏼. 1/27 finally sent back to processing. When I called they told me it started processing on 1/18 and that they don't need any further documents from me. 40 votes, 160 comments. A good friend of mine applied after me every step of the way. We're told to check the website every few days until the docs are sent. Would of been 10, but I took my time and double checked everything. 2. It's his EIDL loan. We are in receipt of your documents and will order your transcripts from the Internal Revenue Service which are required to process your request for an EIDL increase. A 2nd credit pull yesterday. I logged into the portal and the green button had changed from "your application is processing" to "your application has been approved" and there was an orange button there also prompting me to sign the loan docs. NO business can float 6 months, when they needed this money NOW, yesterday, day before yesterday. I immediately received something to sign that stated I agreed to the increase from my original EIDL loan. That transcript contains very few items – name, address, SSN or EIN, revenue, COGS, and the tax return filing date. Thank you!! I did receive an email from SBA indicating my application was approved and to check the portal for an update; nothing verbal. gov. ROFL. Posted by u/Jeremy_G085 - 9 votes and 17 comments From what I am seeing on Reddit when applications for an increase in EIDL loan have a status of Your loan modification is being processed the application is either declined or this is the status for several months. A source for information on applying for LOANS from the SBA's Covid-19 EIDL… I appreciate guidance: I applied for my EIDL increase on May 3rd. But i haven’t gotten loan docs yet and my portal still says amount confirmed but the other green box says processing still. The issue is that they were never equipped to handle the volume of applications that they have received due to Covid-19. However, be aware that the EIDL approval timeline can vary based on how many applications the SBA is processing. But USCIS actually posts the official median timeline for DACA renewals on their website by year here: Historic Processing Times (uscis. Resolution of Board of Directors/ Declaration of agreement to the SBA loan. I now see a loan # under where it says application # so I hope that's a good sign of approval. I checked this morning and couple more times this afternoon status was still processing. all 536K of it. Some plans may allow more than one loan at a time or have no cooldown period between 401(k) loans. I woke up this morning and checked the status of my eidl increase application reverted back to the original loan amnt with "Funds have been… N26 bank Europe /r/number26bank has gone dark indefinitely in protest of reddit's recently announced API policy change. A source for information on applying for LOANS from the SBA's Covid-19 EIDL… N26 bank Europe /r/number26bank has gone dark indefinitely in protest of reddit's recently announced API policy change. You don't want your loan sent to the Treasury, that's bad news (they can garnish wages, seize assets, withhold tax refunds, etc. 5… 36K subscribers in the EIDL community. It's because the SBA delegated the EIDL processing in November of last year to the CAFS department and said that they can change the processing requirements and that ANY SBA employee that was delegated to act as the administrator (loan officer) could have the final word on whether businesses get rejected or not and that only Isabelle Guzman could remove that employee from that position and it 140 votes, 180 comments. Updated 12/27. should be in place now 24 months from issuance of note? I put in my EIDL Loan Modification request 2 months ago and it has been stuck on Processing in the Status. Wow, Congrats! But April 1st to almost Sept 1st. We have reviewed your request for reconsideration for an EIDL loan increase and we are in receipt of your requested documentation. 30 votes, 104 comments. Last week, I spoke with CS, and they said my loan was approved on August 9, 2021, but my portal still says “Modification Loan Processing. 55 votes, 215 comments. See full list on sba. Am I… I have called multiple times. 8-23 we call sba for the first time and they tell us that we're approved and just waiting on loan docs to be generated. ” Customer Service noted that on August 10, 2021, there was an IT glitch. . They also had too much sales volume to apply for the EIDL loan. 10-22-21 Received an email CovidEIDLIncreaseRequests@sba. Hopefully I get a loan soon Wondering how my personal income taxes will be affected if I take a tax distribution for 2020 and 2021 this year (2022), from the EIDL loan. If it’s for an increase, it’s taking between 4 and 8 weeks (providing there’s not some issue with documentation, such as the inability to receive your transcripts from the IRS) Thank you! 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 keep up with this subreddit and see the timelines people post of their DACA renewals, you would guess that the average time from receipt notice to approval is somewhere between 4-6 months. The money he "found" was the entire loan. Supposed to be EIDL Loan (Economic Injury Disaster Loan), not a going bankrupt waiting for the loan lol. Weird thing is, I got the e-mail from the loan officer AFTER i fixed the portal bank info thing. Got his advance last week and his EIDL loan was funded today! Happy for everyone receiving it for sure. I just called, was on hold for 20 minutes, gave both of my application numbers to rep who confirmed I was in the system. I was pre-approved by Bankwest in 3 business days (they had the fastest processing time so my broker recommended them) and then when it came time to do the actual loan I was approved by Bankwest in 3 business days and Suncorp in 5 business days. Specific rules, such as how soon a 401(k) loan can be requested after repaying the previous loan, are set by the 401(k) plan administrator. In processing since 4/23/21, tons of calls to SBA no answers. He was unable to tell me the amount but I will sleep a bit better tonight anyway. When I go into the Portal, the SBA changed my loan modification (2nd draw) from $198,000 to $441,100. For loans under $200k, click on your loan number in CAWEB. It’s ABSURD. Posted by u/Background-Dinner942 - 3 votes and 4 comments Last year they made the loans based on the numbers you put on your application for Gross revenue (Feb 2019-Jan 2020) and COGS. maybe five. 00 unpaid 7/7 • FUNDED!! 7/14 • Grant deposited SEPARATE from my loan amount | was NOT deducted from my loan amount I hope this helps someone. My 2020 timeline was seamless, approved after 10 days processing, signed docs, funded 2 days later! 2020 was a different time, of course. But they keep saying first come first serve. Listed PPP x2 and Original EIDL loan and returned. And new loan of 117,700 showing as Total The last email I send was 6/8 with additional docs to support the reason for decline stated on the decline letter. Hello dear community please help me with advice, vawa case approved on march 2020, filed i485 in Dec 2018, on the uscis processing time website the i485 in vt service is already in April 2019 meaning my i485 is out of processing time for 4 months, I already sent e request and received a letter saying I should write to the VT service, which I did in April but haven't got any response, what can You are receiving this message as a notification that we are unable to continue processing your application due to the lack of available funding for the COVID-19 EIDL loan program. Come on SBA, get with the programs. When they received their loan, it was for the amount shown in the portal. Loan status “dispersed current” I called the SBA rep and she advised me that my loan docs are still In the processing stage and not funding stage ! she cant tell me when I will fund but I need to continue to be patient 😡and keep checking my bank account ! Received the 5k grant last week (5 employees). 8/9: completed the above 8/12: LO recommended approval and sent it off to supervisor review (aka SLO approval) Portal lags on “application is Okay. gov). to 8:00 p. So Delbert apparently did sign a loan agreement after all. Thanks! I still hope those of us waiting aren't left out. Please contact the plan administrator for specific plan rules concerning 401(k) loans. STILL CONTINUES TO SAY PAST DUE!! And gives March 2nd I think next steps are docusign the new loan agreements and get funded, maybe mid next week. A source for information on applying for LOANS from the SBA's Covid-19 EIDL… My portal partially updated LOL 1st time since 2/9 submission. They 4/30/2021- confirmation that my documents were sent to legal for processing which they handle within 2 days he said. must be in place 12 months from the time of the signed note. Good thing he sets up computer network solutions for medical businesses. It was (gross rev - COGS)/2 to get a determination of 6 mos working capital needs for most biz types. May 2, 2022 · Log onto your Account on the SBA Portal to submit a loan modification request to your existing EIDL loan. Loan approved 7/6/21 never talked to loan officer. You are a trained underwriter with the luxury of time to review the documentation and ask the borrower for additional information to support their numbers. When I called to check on the loan documents I was told that it had closed. gov May 20, 2022 · After applying for an EIDL, most applicants will receive a funding decision within 21 days. Someone will reach out to your for documentation, but be advised that this is taking a long time 😕 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. My small business sales volume each year is only about 175k, I had to take out a much smaller loan under 350k EIDL loan and that has to be repaid to the SBA. 4506-t form seems to be causing a huge delay in processing and many applicants submitted that form multiple times and still waiting for reconsideration "This is regarding your SBA Economic Injury Disaster Loan ( 30000###$##) At this time per your Loan Authorization and Agreement there are two paperwork documents needed: 1. To continue processing your request, please complete the following steps: COVID-19 EIDL Assistance: Please contact COVID-19 EIDL Customer Service at 833-853-5638 (TTY:711), email COVIDEIDLServicing@sba. A source for information on applying for LOANS from the SBA's Covid-19 EIDL, reconsideration issues for… 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 this is your original loan, it seems to be taking 3 to 4 weeks. (They checked my credit too, credit is little over 700) I then verified my identity, verified banking info. SBA does have an ability to get tax transcripts very fast. (LO had already given a verbal approval on 5/26/2021 for increase, after requesting aa missing doc 5/29/2021 that we made a mistake on she withdrew 6/2/2021) Made multiple calls to Tier 2 to make sure that the supporting documents sent were attached to file. My loan was approved and in the ‘Obligation Stage’ and then would go to ‘Obligated. On April 1, we received an email from SBA that said COVID-19 EIDL funds are expected to be exhausted in mid-April 2022. , to recover the loan value). If approved, disbursements are typically made within a week. r/EIDL was created more than a year ago to help people as they worked their way through the original EIDL loan and advance process. Same loan amount showing from 5/20 but the "your quote" status says " amount confirmed" now, no link to select an increase, yet status next to dollar amount it still says "loan modification is being processed. I did contact… Paycheck Protection Program & Economic Injury Disaster Loan Discussion for the 2020-2022 COVID-19 disaster. Recently I got a notification that my loan application had changed, so I logged on and saw that my amount had been updated to $247,000, and that I needed to accept the changes to receive my loan. Sometimes they received the grant in advance of the loan, and in some cases they received the grant as a separate deposit at the time they got the loan. Based on our review, we have determined that your file should be reactivated for further consideration. You can still request increase after 12/31, I requested mine on 1/4 and it's still processing. Well turns out I found out they received over 5 million dollars in PPP that WILL NOT have to be repaid to the SBA. ’ Still waiting almost one year later for original EIDL loan to be finalized I applied on 6/19/2020, declined due to insufficient credit history at first then I sent a credit narrative and all of the other documentations again in triplicate and was told in December by a tier two agent I was approved. If the first loan payment is deferred now for 24 months, does that mean hazard ins. I received an email on August 12th saying that the Status of my SBA Loan has been updated. I've been in amount confirmed and processing stage now for 6 weeks. gov, or send a message through the MySBA Loan Portal. A source for information on applying for LOANS from the SBA's Covid-19 EIDL… 7/4 • Signed up for CSAS to see loan status, showed Disbursed Current the entire time with $0. Stuck in… Posted by u/queenmellymell2084 - 8 votes and 36 comments For Increase, processing time was 12 weeks, it's speeding up now, but I think at this point increase requests from late May are getting approved Prior-Board • Additional comment actions The last email I send was 6/8 with additional docs to support the reason for decline stated on the decline letter. Hardship payment reduction available for coronavirus EIDL loans. My friend said a loan officer should contact me the next day if they need anything else, which I'm guessing my tax return from 2018 because I haven't filled for 2019 yet and maybe a P&L ( profit & loss) for 2019. All of these businesses applied between 3/30 and 4/2. For loans >$200k, call the SBA @ 716-324-6991. Your case file will be assigned to a processing loan officer shortly. Just had 1st credit pull earlier this week and the EIDL Advance the next day or so. SBA has all my accurate info and I was funded without issue last year. Apparently, they are having issues with their systems, and they are manually having to do everything - from what I am gathering from what she was telling me. My loan was approve on 8/18/21 , but the last loan officer made a typo on my wife email address so we couldn’t get the closing documents to sign and now they have to re-open my case to update my wife email address and now my portal say processing instead of approve and when I call CS , they say the loan is approve and the loan specialist say the loan is sent to obligated stage . They Loan officer contacted me by e-mail 4 days ago and requested a voided check for my business. At this time, we are unable to complete the 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. SBA is no longer processing COVID-19 EIDL loan increase requests or requests for reconsideration of previously declined loan applications under this program. I called my bank and they said no such deposit from SBA came in. Said that at some point soon there'd be a credit check, and that the loan amount will REVERT BACK to the original funded loan amount (1st loan last June). We plan to reach out to our regional SBA office and congressman for help if we don't get docs soon. gov from We have reviewed your request for an EIDL loan increase of the above referenced disaster loan application. Looking on Caweb it shows full loan ($143,700 with the increase) as Disbursed current. Use r/TargetedEIDL for advance/grant issues. 36K subscribers in the EIDL community. 2nd said hardship wasn't processed correctly. When a business owner signs loan documents, whether they be from a private lender or the federal government, there are rules and regulations and policies in place, including time restraints on processing loan applications. 6/2: recon 7/6: transcripts requested 8/7: email from LO, email to log into portal to continue application (the blue buttons that are currently greyed out on your portal) and confirm amount of loan. Continue making timely payments even if your loan balance isn't updating. Paycheck Protection Program & Economic Injury Disaster Loan Discussion for the 2020-2022 COVID-19 disaster. Flash forward to today: My SBA EIDL Portal now shows an APPROVED $55,000 EIDL Loan AND Targeted EIDL Advance $9,000 - APPROVED. Today I spoke with an SBA tier 2 rep who provided me some greater insight on the EIDL loan processing to funding stages which was helpful to hear, and thought many hear would like to know. Proof of Hazard Insurance. I have called many times and every time I get the same response. The first idiot said my address was incorrect. ET, Monday through Friday. LO called and approved me March 4th, saying his approval still had to be reviewed by his superior. 4/24 - Slider email next steps "Received this email 3 times, a glitch or something?" 5/03 - Slider email next steps 5/04 - Targeted Advance Denial Letter 5/13 - LO Called requesting documents "LLC board meeting and approval to new loan" & "copy of hazard insurance" She said my new loan amount was for the Max $500K 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 portal is located online by going to: covid19relief1. Just saw this UPDATE. A source for information on applying for LOANS from the SBA's Covid-19 EIDL… Loan officer contacted me by e-mail 4 days ago and requested a voided check for my business. 5/6/2021 am- email that loan was approved and go to portal to sign docs. Opening up fully I see my old loan of $26,000 as current principal balance. They’ve been doing it for many years for non-Covid disasters. 3. Different excuses and reasons each time. 4/15- reconsideration email sent again 4-19- loan specialist asking me to confirm information 04/21- loan specialist sent me that email 04/25- silent no changes in my portal and no loan docs yet If you keep up with this subreddit and see the timelines people post of their DACA renewals, you would guess that the average time from receipt notice to approval is somewhere between 4-6 months. The portal will only be The time it takes to process your EIDL application can differ significantly depending on application quantity, from a few days to a few weeks—but fresh applications are frequently handled within 21 days. 5/3/2021- request for 2202 and voided check. I was told that my application was now with a loan officer. On May 31, 2023, Reddit announced they were raising the price to make calls to their API from being free to a level that will kill every third party app on Reddit, from Apollo to Reddit is Fun to Narwhal to BaconReader. Oyy! This wasn't PPP. It can take up to 4 weeks to receive transcripts from the IRS. Servicing on ANY kind of loan is a pain in the back and neck combined. I got the original email on 4/7, sent reply same day. m. I applied for a second round of EIDL when it opened in April or may for < $100,000. I applied last friday. I bet in the not so distant future they would come up with something like if you pay 100-120 monthly payments, and they write off remaining 20 years worth of servicing. He's buying the first three rounds. We have reviewed your request for an EIDL loan increase of the above referenced disaster loan application. She told me she was reading this from a page that the tier 2 reps had recently been given by the SBA due to a large amount of people calling in and asking Went into Recon at the end of January. I'm praying they give a decision next week. " 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 targeted advance program is completely different, and it makes more sense to have a separate group specifically devoted to that process. it then said processing. No confirmation it was received, I just decided to wait it out. And new loan of 117,700 showing as Total Last year they made the loans based on the numbers you put on your application for Gross revenue (Feb 2019-Jan 2020) and COGS. It's correct in the portal. Amount confirmed just means that you’ve accepted the offered amount in the portal. I had previously had the "failed verification bank thing" on my portal but was able to fix it. gov with the subject "Status Charged Off #YOUR-LOAN-NUMBER EIDL Loan" 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. A source for information on applying for LOANS from the SBA's Covid-19 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. checked again about 2 hours ago now it says declined Decision details will be You are receiving this message as a notification that we are unable to continue processing your application due to the lack of available funding for the COVID-19 EIDL loan program. You’re now in line to be assigned to a loan processing team. Posted by u/Background-Dinner942 - 3 votes and 4 comments I applied last friday. A source for information on applying for LOANS from the SBA's Covid-19 EIDL, reconsideration issues for… I applied for a second round of EIDL when it opened in April or may for < $100,000. sba. He noted that my applications total processing time has been 23 days and I am in the next group to be contacted for the $10K emergency grant advance which will be funded first. The coronavirus EIDL loan processing teams are a group of people from very diverse backgrounds, very few of whom have any kind of loan underwriting/review experience. 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. SBA will learn this the hard way while servicing millions of eidl loans. The IRS created a special summary transcript specifically for the SBA for purposes of processing the Covid EIDL loans. A lot of people have posted recently about their loan officer indicating they have received partial transcripts. Got second email to confirm amount on 5/18, confirmed my increase to maximum allowed and immediately went to processing same day 5/18. Called SBA again today and they were able to tell me that we were approved for the EIDL loan and should be getting portal login soon. Posted by u/jayjaykaysf - 8 votes and 24 comments 52 votes, 82 comments. I Copied this from EIDL Increase Thread: Dear SBA Borrower: We received your request to increase your COVID-19 Economic Injury Disaster Loan (EIDL). Talked to a person who said our loan is in 'final stage' of approval. And all of them received the advance in addition to that. I was approved on 7/2 signed docs the same day portal says “funding “ CAWEB updated with new loan amount. I got approved very quickly recently. It's because the SBA delegated the EIDL processing in November of last year to the CAFS department and said that they can change the processing requirements and that ANY SBA employee that was delegated to act as the administrator (loan officer) could have the final word on whether businesses get rejected or not and that only Isabelle Guzman could remove that employee from that position and it 7/4 • Signed up for CSAS to see loan status, showed Disbursed Current the entire time with $0. 58 days ago I finally got the blue button. IMMEDIATELY send an email to cesc@sba. A source for information on applying for LOANS from the SBA's Covid-19 EIDL, reconsideration issues for… The hazard insurance requirement for a EIDL loans states that the ins. From what I am seeing on Reddit when applications for an increase in EIDL loan have a status of Your loan modification is being processed the application is either declined or this is the status for several months. Portal says "hardship" 3rd told me I owed 2 past payments, which is why I've made 3 since Feb 21. 2/27 received email that my loan modification was approved, bank accout info was updated, BUT my loan amount was also changed from 230k back to the original 50k. COVID-19 EIDL Customer Service is open from 8:00 a. few hours later received invite to portal with $37,500 offer. A source for information on applying for LOANS from the SBA's Covid-19 EIDL… Due to the high volume of requests, it may be several weeks before you receive a response from a processing Loan Officer. 12 votes, 48 comments. jlc duylknqs iftp tblmj npezf cpnej kwgx yzqq buygva xyxg