Reddit sba funded. 11 with more than $284 billion in funding.

Reddit sba funded Look for your local SBA offices and check out their websites. Still saying pending verification. I'd avoid this route and focus on making due with what you have. Tried creating a login on CAWEB but it keeps rejecting my login credentials. I just got a loan approved for a client at 90% financing with a 10% injection coming from the buyers retirement account (ROBS. She told me to fill out a new application which showed up in my SBA portal yesterday and submit blank pages and she would move all my docs over and process this and fund me in 3-5 working days Hi Guys!! approved and signed docs on 5/20 Portal changed to funded on 6/2 on 6/6 they say they had a bank error, i reverified everything then the sba lawyer took me on a 2 week insurance document / Board letter ride, requesting new documents and modifications every 3 days, i emailed her today and she responded “ i don’t know why your not Status changed from SBA APPROVED-LENDER PROCESSING PROM NOTE TO THIS. 🤞🏽🍀🍾 The Small Business Administration has a loan product called 7A that tackles this exact issue. Until Find funding to start or grow your business, or to help you recover after a declared disaster. Wide WASHINGTON – Today, the SBA announced that it has exhausted funds for its disaster loan program after warnings that funding would soon run out following increased demand from Hurricane Helene. To give you context, I tried to get a $10k loan for a machine for a company that was currently doing $400k+/yr. The lack of notice from Reddit, exorbitant pricing and terrible official apps are unacceptable. SBA has a tool to search for local assistance. Wth is this even?? I can’t believe a thing they say. Saw a new loan number on caweb as of 2/17. This time I actually received a response back saying that they attached them to my file. Reconsideration@sba. The third loan is a bridge loan that covers the SBA portion of the loan because both the conventional and SBA loans are not funded at the same time. 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. In contrast, if you identify a really good e-commerce opportunity and can hold the business steady state while paying off an SBA loan, you’ll end up owning 80+ percent. I am having trouble finding lenders for a startup, but every application is wanting information like monthly or yearly Get the Reddit app Scan this QR code to download the app now Approved 9/3, funded this morning. It seemed like it took forever. So on average still a great rate. On 4/27 the funds weren't in our account, and I called the SBA because the account number inside the portal showed an extra digit. 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. Box 145500 Stop 2800 F Cincinnati, OH 45250 Fax: 859-669-3592 Depends where your business is addressed. Got funded so keep pushing guys I have learned a lot dealing with ppp and SBA if anybody had any questions or need help This community is for amended/ non filer applicants, stamped returns, approved but never funded, bank error, anybody who applied for SBA EIDL PROGRAM. Never thought I would have gotten passed this year with approval and funded from SBA (waiting since April 2021). At that time, the bank will have to address those questions and provide additional documentation to SBA. There's no need to worry about the options being exhausted part. Yesterday (May 19, 2021) SBA says funds are almost exhausted ($28. Double check this is the one you need to send it to by checking irs. I sent updated voided check and ID 2 month before but no update The initial cost was $5k. You’re not required to set up an account there, but it’s got lots of great information about your loan going forward - accrued interest, next payment date, payment amount, etc. Had to have approval from the SBA associated lender and the bank before we could to submit to the SBA. People says it takes 5-10 days for funds to be sent from day you sign documents. Recently we’ve been asked to provide more documents which include insurance paperwork and signatures stating we approve the The loan amount and the interest percentage from all owners of the I’ve been approved by the SBA ( have a E-Tran number from 01/16) called Newtek today and was told I was approvedbut no further information. Beware of a funding manager named Devin at Lendio. loan but i got approved for the grants on 8/30/2021 for both 10k and 5k on September 2,2021 the 5k status changed to funded on sba but as of today 9/4/2021 I haven’t received no deposit how long does it usually take to get the deposit after funded status The $28. is huge and it appears the SBA is make it a priority to get the grants approved and funded with the second round of funding. The only time tax money flows through the SBA is when some special situation happens and the federal government wants to use the SBA infrastructure to quickly distribute funds (i. They screwed up royally and we are ALL going to pay the price, but don't make the situation worse for these people. SBA seems to be getting it together🙏 for everyone to share in the relief💕 . Small Business Administration Customer Service Center regarding assistance related to the Coronavirus (COVID-19) Pandemic. However, I'm not trying to take out a loan with interest and payments. Use r/TargetedEIDL for Here’s a roundup of some of the pros and cons of SBA loans. DisasterCustomerService@sba. Now I'm back under sba review. Reddit's home for tax geeks and taxpayers! News, discussion, policy, and law relating to any tax - U. gov web page. The swamp funded them with $$$ to distribute, they picc and choose who they gave In court, you can request the complete notes as part of the discovery process. I got my 5th email requesting ANOTHER 4506T/2202! It’s such a crockery. Reddit's hub for advice, articles, and general discussion about getting and repaying student loans. The SBA and the banks that partner with them to make these loans have already done work to eliminate many of the proposals that look like the worst ideas - no plan, owner with no skills/experience, not enough funding 5/1 - confirmed increase amount on SBA portal 6/23 - paralegal specialist contacted us requesting LLC certification and business property insurance Sometime in between, our loan got reverted back to the original amount, and it got changed back to asking amount within one week. All my “money” was tied up in an IRA thanks to a divorce settlement. 7/2020- I emailed SBA asking for increase hoping to get the full amount on approval it was less than $500k got declined for the increase and first email I got from Recon Does that email you received come from sba. Members Online. 7/19 Applied for reconsideration . You might look for a non-bank SBA lender for the most flexible terms (but these will also have the highest rates. Best bet would be a local SBA approved lender. We got funding months ago. My SBA account status also changed to funded. I paid my first one off in about five years. I've seen 20%. It's heartbreaking to have to go through the mental anguish of appealing to our congressmen and women, as well as our senators, who were complicit in the SBA funding deception. gov and 4506T. What happened was for Some reason the application put my business name as the name on the account and Not my own name? Reddit . Or check it out in the app stores     TOPICS SBA Funding . You only need 10% equity for an SBA loan. gov, Sba. gov. Plenty of banks will only require 10% down. I've had 2 single family homes approved by SBA for purchase as Airbnb properties in the last 3 or 4 months. Thank you for contacting the U. I know of no online lenders. Super excited. Reddit . While processing may take a bit of time due to volume, you wouldn’t be taking away funds for COVID19 relief. Lendio is whole other level of awful - in my experience I had a funding manager named Devin who completely lied to us and misrepresented the terms of another loan. 6 billion RRF was created in March 2021, but the Small Business Administration closed it on June 30 of that year once funding was exhausted. They will require a personal guarantee. More credit flexibility than some bank loans. Maaaaaaybe the SBA but you'll likely be stuck with very high interest rate/predatory loans. smdh 🤦 This thread is archived New comments cannot be posted and votes cannot be cast So when I login to the SBA portal, it says “Loan Funded” But I didn’t receive the loan because it was automatically refunded by my bank. Note that not all CDCs provide this type of loan. The best option business owners have right now is to 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. Why make such claims? On the SBA site, it says my PPP loan was approved April 29! Also, what does she mean by saying "when we know more"? What more is there to know, just get me my money that the SBA approved! I applied 1/21, caweb showed loan 1/25, signed 2/4. I have definitely received 3 am Sunday night emails from SBA so I know they do stuff at weird times. The few people who have already been funded are the exception, not the rule. This morning there is EDIL loan number in there with origination date of 4/25! If you are not funded by the earlier of December 31, 2021, or the date the program runs out of funds, you will not get funded. 5 but the bank’s is 5. 6 billion) and funds go out first come first served. They never reinstated the loan on the portal though I was on the phone and e-mailing them 2-3 times a week. Here's my timeline below: 04/23/2020 Applied for the PPP Loan through Kabbage 4/23/2020 Received request for additional info & immediately submitted the requested documents. The customer service rep told me that they put you in withdrawn status waiting for your information”most likely a tax issue” or I received the "funded" email about a half hour ago. gov NOT sba. You can find multiple CDCs serving their region of the US. I’m assuming nothing got sent till Monday. The SBA loan people, the government folks, were very helpful also. Tell them that you still want to be considered for the loan. Or did it just get funded? Hi Reddit Fellow EIDL Family-- the cusotmer service SBA person said it shows my increase was submitted MAY 1-- I assume becasue my the buttons were The times that I made a call and sent emails for help (Administrator Rivera, SBA district office, congressman’s office) were when I saw progress on my case. I don’t necessarily disagree, but I wanted to clarify some The SBA 7a loan is funded directly by banks (and 14 non-bank lenders) and every bank (of which there are 100s,) varies GREATLY in terms of what kind of 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 even had to get special permission to pay it off a month early. Write a letter telling SBA that you did not withdraw your application. #DEFUNDSBA! Those presentation is a waste of time! They spend all their time patting the SBA on the back and how great the SBA is, and SBA is the savior to the small business. Internet Culture (Viral) Amazing; Animals & Pets i have. I have USAA and they don’t hold deposits they said. I've spoken to a Lawyer and lo, since you and I communicated on Reddit @Scorpio! Went into processing almost a week ago! 🤞🏼. 5 yrs later I would be eligible for funding from the SBA and all the Problems it has caused. That said, These SBA people went from processing a few thousand of these EIDL’s during localized disasters over the past 70 years to processing tens of millions of them at once. It was fun whileit lasted The SBA is not funded - at all - by the taxpayers. 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? email. I've been in contact with numerous SBA employees in the disbursement department. and International, Federal, State, or local. We plan to allocate the funds for launching an e-commerce shop, procuring government contracts, and starting an apprenticeship program for veterans. Long story short I want to take out a $12,500 loan with relatively low interest rate for my small business registered in 2020 (not sure if this disqualifies me for any SBA loan). Do not apply for EIDL or PPP since you weren’t in business. The SBA allows up to 90% financing with a 10% equity injection. If you were approved, obligated, and didn’t get your funding, I strongly suggest you make a post and let’s discuss this. gov You probably know all this already but just in case I wanted to toss that out there for you. This is apparently one of many lawsuits currently in the works against the SBA, Jovita, et al. ADMIN MOD Approved and funded timeline . The process only took about 3 weeks, but it was well worth it. Get the Reddit app Scan this QR code to download the app now. 11 with more than $284 billion in funding. Those advisors may have more insight on local SBA lenders for startups. Not that they were funded on the 22nd, just that they’ve been funded and you haven’t. Or check it out in the app stores   I was just approved by the SBA for up to $350,000 at 3. The 7A can fund 90% of the transaction and you'd be responsible for the Posted by u/Separate_Ability_181 - 40 votes and 32 comments 23 votes, 195 comments. 4,526 lenders participating, down from 5,448 last year -- Average loan size $87,000 Wow when did they freeze your account with Navy the same day the funds were placed in or days later. Sure enough it was messed up. I told her it was approved back in august and we signed documents but couldn’t get an answer as to why we weren’t funded. The SBA said at the time that more than 278,000 applications were submitted to the program, but the agency was only able to fund approximately 101,000 of them. 75% (360*****). There’s nothing pending. They are terrible to deal with- no customer service. Edit 2: Found the SBA Reply to this case: here and the plaintiff's reply here. I also was not liquid and absolutely could not get any SBA funding (I tried). 7-1 Docs submitted by us via email to Francisco 7-1 Francisco replies confirming receipt of docs, review, and acceptance of docs for the file 8-11 Continue Your SBA Economic CAWEB is an SBA site where you can sort of track your funds. Or check it out in the app stores     TOPICS 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. Has anyone received funds coming from secondary review since the SBA ran out of funds (5/4) with benworth? I know the SBA has 6 billion left in the pot for people with hold codes, just checking to see if this is actually true! Get the Reddit app Scan this QR code to download the app now. 6-30 SBA Paralegal (Francisco) request Corp Res and Hazard Ins. Not sure what Cawebs is but hoping I get funded. 5/10 Went into local IRS office to tax return stamped, but they only stamped it "proof of delivery" . Good job SBA👍. This is the sloppiest process I have ever I applied on 1/28, got the notification of sba approval on 2/8, on 2/9 was sent request for bank info, 2/10- signed the 2483 form then went quiet after that. when i go to The SBA will now process the funding of this award directly to your Bank account within 3-7 business days from this notification. calls or emails from loan officer or just straight submitted application and documents on your own then approved and funded Ahh. After hearing about the twitter backdoor shared on this reddit inorder to get funded by Kabbage, I immediately contacted Kabbage on twitter and received much needed help. reReddit: Top posts of June 28, 2021. ) Googling non bank SBA lender or top SBA lenders by volume to find the most aggressive lenders. This is a friendly reminder that r/smallbusiness is a question and answer subreddit. " This is odd because, on Facebook, they say PPP loans will be received in minutes, not days. I’m at a loss on why I don’t have the Signed docs, Funding should take place within 10 days (per two SBA folks). Reply reply As an official Fidelity customer care channel, our community is the best way to get help on Reddit with your questions about investing with Fidelity – directly from Fidelity Associates. SBA gives latest information on the PPP and EIDL . The whole process has taken me 12 days since I filed, which Get the Reddit app Scan this QR code to download the app now. u/cue378 has been a lifesaver giving us valuable information, and helping us keep our sanity. O. Ohhh I see what you meant. Well it’s now Sunday and still no funds in my account. I found a business that was profitable in an area I Just got a call from sba saying my loan which was approved and signed will not be funded. 36K subscribers in the EIDL community. Of course, I wasn't aware nor could I have predicted 1. A source for information on applying for LOANS from the SBA's Covid-19 EIDL MILESTONE: Funded my first SBA (commercial) mortgage today - restaurant . The LO did whatever he did in the background, and within an hour I had the closing docs to sign (11/2 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. Per a thread on Reddit I was told EDIL loan will show there also once approved. I see a lot of comments from people saying that SBA loans are the way to go when starting or funding expansion in a business. Senators If credit is lower, the bank will be looking for strong post-closing liquidity. Direct deposits are limited to $25,000 per deposit, and up to $50,000 in deposits per 24-hour period. You want an SBA specialist, not a commercial lender that also does SBA loans. . I don’t know what to do or say I signed up and have a confirmation number from May 3, 2021 within a hour of the SBA RRF portal opening. S. 3 months is being paid by the SBA across all of their loans funded by September this year, up to a max of $9k per month. Most direct 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. This is Reddit's very own solution-hub. I just saw an incoming wire Timeline: 4/6 Applied separately to both Lendio and Ready Capital 4/10 Reached out to folks at both companies 4/16 SBA loan docs signed via Docusign 4/28 Funded As far as SBA. SBA 7a loan is what you want, you will need a detailed business plan and current and projected financials, at least 10-20% down, and decent personal credit. the current allocated funding is almost gone but I'm fairly certain it will be added too in 7/4 - I went into the office and the three transcripts had been mailed to me from the IRS. Also there are some grants through various programs that are funded through the SBA (for instance I know there is one for green energy and software and so on here in California). 21 votes, 111 comments. Posted by u/Alt-Earth-org - 3 votes and 16 comments after I signed my PN on 6/21 I was SBA Approved then it went to Lender Funding the next day, 6/23 it went to Borrower Funded and on 6/25 they Funded my account Reply AdministrativeCup722 Reddit . Submitted via email -4/7 BB -5/4 7/30 -declined wrong zip code 7/30 -recon 7/30 -emailed SBA district office 8/30 -reactivated 8/30 -declined “not interested “ (untrue) Thats what I was told directly from my bank. 4/28 Blue button . The SBA bungled my application though and marked not interested even though I was and kept pursuing increased funding to my original loan for 3 months. Has anyone else received closing documents or been funded through Newtek yet ? Archived post. Good luck to the ones waiting and congrats to all the winners of this weeks SBA lotto (funded by legit tax payers). Posted by u/VIRGINIANAR - 10 votes and 10 comments This is a friendly reminder that r/smallbusiness is a question and answer subreddit. Still no funding by transferred yet but it’s coming! It took 5 days for this status to change. They said they don’t have time to fund it. ) My best advice would be to talk to 3 lenders and see what is possible. Story time. POST HERE IF YOURE A PRE 7/09 APPLICANT, and you end up getting the advance in the coming days. reReddit: Top posts of August 3, 2020. 5%. I also was approved and signed docs 7/20, CAWEB said funds dispersed as of Sat. View community ranking In the Top 1% of largest communities on Reddit. Exact same thing happen to us, we got approved 9/30, but when they added my wife email it went back to processing I call the SBA everyday, until today we got a new approval and closing docs, 32 days later! waiting to be funded, I still cannot believe it Get the Reddit app Scan this QR code to download the app now. I email the support email and cc Brad. OMG me too!!!!! You’re the first since April besides me I’ve read. Members Online • Dntmindmejusredditn. Find the best posts and communities about SBA on Reddit. The SBA doesn't initiate the loan on their own, they have a ton of lenders they partner with to write the loans. Start or expand your business with loans guaranteed by the Small Business Administration. Signed Saturday and $ in the bank Thursday, exactly what the comment above predicted. President Donald Trump and Congress have replenished the Paycheck Protection Program (PPP) with $310 billion for small businesses and their employees affected by the coronavirus pandemic, along with $50 billion in 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. We're going all-in on SBA lawyers for claiming that funding for 60,000 applications would be continued under Patrick Kelly's congressional response. Edit 3: Plaintiff's legal counsel has everything in a dropbox here and here is the SBA exhibits containing the Letter -- Okay so my portal said funds were funded and disbursed to me on 7/4. Asked for 4506 shortly after. The expected processing time is 45 days, and it only started (in the SBA’s mind) on October 8. 2/18 will be 10 days of my funds being held with sba and no communication with my funding specialist Brad at all. That’s my mistake. /r/immigration is protesting Reddit's API changes. And even though they're guaranteed and secured, the interest rates are usually pretty bad. Was in funding for 10 days then on 2/16 my loan was fully canceled on caweb because they let it expire. My 2020 timeline was seamless, Just got a call from another SBA loan officer, she told me my application which was approved 8/7 was in the glitch. Congressional reps never responded but a SBA worker in Arizona(I’m in California) forwarded my loan dilemma to the office of disaster assistance. The SBA will send your authorized representative an email if we have any issues funding this award. You should look into your local VBOC (Veterans Business Outreach Center) within the SBA (small business administration). that was funded on such and such a date, from the SBA. PDC. We were approved for PPP loan and signed up for SBA Capital Access Portal to access PPP loan information. Signed the SBA loan documents with Ready Capital on 4/12/21, so I had the SBA loan number, which should confirm the money is approved. Pros are that we can get funded quicker and the rate is prime plus . Posts that violate the rules listed in the sidebar will be removed. IRS Mail: Internal Revenue Service RAIVS Team P. Got funded today. We just switched from an SBA loan to a commercial loan from our local bank. Hey guys,my status went straight to borrower funded this morning,i was surprised because my status was in sba approved lender processing promissory note, signed my pn on 28th now borrower funded this morning,God is good,just believe and have faith your money is coming This community is for amended/ non filer applicants, stamped returns, approved but never funded, bank error, anybody who applied for SBA EIDL PROGRAM. More information at By Andy Medici – Senior Reporter, The Business Journals, Sep 7, 2021 Updated Sep 7, 2021, 1:43pm EDT The Small Business Administration is preparing to make some significant changes to its Economic Injury Disaster Loan program Hoping to hear back in a week or so. If your loan amount says “active un-disbursed” it’s still pending to be funded. Especially since nothing on the SBA website regarding the Bank Deposit Returns, indicates there will be another Review, checking for Documents not considered in the original Approval. gov and DisasterCustomerService@sba. New comments cannot be posted and votes cannot be cast. There’s multiple moderators in here and many people who are watching. Crypto This is a friendly reminder that r/smallbusiness is a question and answer subreddit. They are federally funded programs that provide no cost business assistance and consulting to veterans and military spouses. politics, visas, green cards, raids, deportations, etc. SBA has no set rules or guidelines or timelines specially when it comes to amended returns, they have been using their discretion and “feelings” rather than any set uniform rules as any government entity SHOULD. ive been in contact for 2 days with him. r/TargetedEIDL for advance/grant issues. We are working with a bank and the deal is that the SBA will buy part of their loan after we complete build out. SBA Hey all, I’m looking to start a business but I have some questions about funding. 7/24 and SBA rep said my "funding was successful as of 7/23" but no money in the bank yet. Find an SBA 7a preferred lender in your market. Share Reddit's home for tax geeks and Hey everyone! I’ve been stuck on lender secondary review since the SBA has run out of funds with womply/benworth. i contacted my funding specialist and she said it then goes to their underwriting for final document review to make sure it meets SBA guidelines because SBA is just doing fraud and background checks that took 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 am a national SBA Lender focused on business acquisitions. Little did I know that once the SBA approves the loan the lender has 10 days to complete. Or check it out in the app stores     TOPICS. Yes, you can deposit your SBA Targeted EIDL into your Cash App. 7/18 Declined for "unverifiable information". Looks like advance funds are gone, awesome. I had to do the same thing so far no issue when I changed the account to my personal account I made sure on the SBA portal I used my personal name to that went along with the personal account because I hear that navy can be a ass when they want to be, I been with HELP!! was approved for $150,000 SBA EIDL loan on 6/18/2020 – 19 MONTHS AGO!! was approved more than that but only applied for 150k but never got funded. Just looking for any insight. I found some data that the Treasury Dept. Which is a good thing because they should be funded, but the SBA could have waited to get the rest of us our increase stuff in. ). I am so happy to announce that I have been funded! I woke up this AM to see that my loan was in my bank account!! He said 7-10 days max. Just have to have the credit. Scorpio! The man, the myth, the legend! FUCC THE SBA btw. What are the best options for Even in the best case for a traditional searcher, you end up with ~25% common equity and liquidity preferences to overcome. This is for the increase but I’ve heard the funded folks are from the first round not the increase. I thought I had read something before about people getting funded all hours of the day. Just Google VBOC program and it will take you to the sba. 16-17 days later, with many calls to SBA, and to that loan officer, they figured it was “stuck”. I put that on a credit card (before anyone judges, read the whole story). Hello I received SBA APPROVED message and email today Friday 5-21 at 311pm for my 2ND DRAW. Cons are it’s 20 year vs 25 year term and we need 25% equity as opposed to 10%. Operating an Airbnb is considered a hospitality business and therefore qualifies for SBA financing, rather than a real estate investment or traditional rental operation which is considered a passive income operation and does not qualify. CAWEB is the capital access system which is where the SBA transfers your file once you’re approved and in the funding process. I recall with the EIDL, if you had a loan number assigned, you were guaranteed funding if you qualified. They were the first to tell me to leave Reddit, but I couldn't understand why it You're assuming that the population of businesses that get SBA funding is the same population as all businesses that are started. I created one on the behalf of the 2,965 (excluding any among that group that may have been a fraudulent application) that asks for the SBA, SBA Office Of Inspector General and Joe Biden Did your SBA portal status change to funded or does it still say approved? I was approved on 1/11 and have been checking my portal everyday waiting for it to say funded. Find an investor for your business. I was funded for 5k that was my 1st time i have 5 legal businesses i run and ive waited 45 days to be funded on 2 of them and i signed paperwork on the 19th for the 4th business no money so technically they only funded. 8/31: Email forwarded by Arizona SBA worker. They can help you through the process and if you are successful worth every penny. released regarding the the SBA programs. gov/ There should be absolutely nothing behind the . Business, Economics, and Finance. especially "self-funded This community is for amended/ non filer applicants, stamped returns, approved but never funded, bank error, anybody who applied for SBA EIDL PROGRAM. This information is consistent with the multiple reports we have from people saying that their loan officers said funding would happen in mid-November. COVID disaster loans, hurrican relief funds, etc. As of 4/24/20 the SBA has approved 38,984 EIDL The SBA says it has approved more than 400,000 PPP loans in the latest round totaling $35 billion. Or check it out in the app stores the first options that come to me are having an 'apprentice buyout' (and they could still get a loan or SBA loan, it wouldn't have to be all seller financing), an employee buyout via ESOP, or selling to a competitor. GameStop Moderna Pfizer Johnson & Johnson AstraZeneca Walgreens Best Buy Novavax SpaceX Tesla. I hope that they sent them to the SBA as well but I scanned and emailed them to both pdcrecons@sba. Edited – if you are approved by December 31, 2021, the SBA FAQs indicate that you will get funded. It states in the text message that it will be 1- 2 days to receive docusign, but I'm wondering if Prestamos will be the same lender as my 1st draw and I see some comments stating that we should be funded by 5-28 in another post but how can they say when they have until Posted by u/Legal_Structure_1019 - 2 votes and 12 comments Expect this to take days, not hours. I’ve called SBA and my bank info is correct. Given the amount you are looking for the SBA Community Advantage program is where I would look. Thanks for the quick reply Scorpio. Thousands of frauds funded the advance, while thousands of legitimate ICs, SPs and, small biz owners are left screwed. Very grateful to everyone on this thread bc this was my source of guidance and support these past two years for navigating the SBA disaster funding. EIDL loan increase 2/24/2021 - Applied for the Targeted I was one of the non-filers with amended return. 2 friends who I compare notes with every day have been also told the same thing from their banks. With that said, there are a few limits to be aware of. No reasonable bank will loan you unfortunately. So i submitted on the 19th with biz2credit it went to SBA within a day. Posted by u/Bella4lizzy - 160 votes and 102 comments The SBA does low interest loans, not grants, and it is well worth pursuing that. LO contact 8/3, and another 4506 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 rate is 3. They have different funding for startups. Wishing everyone the best. Will update if I receive funds (fingers crossed). Although you’ll typically need good credit, strong finances and multiple years in operation to qualify for an SBA loan, some lenders SBA disaster loans include (1) Home and Personal Property Disaster Loans, (2) Business Physical Disaster Loans, and (3) Economic Injury Disaster Loans (EIDL). My advice is to find a SBA consultant, yes it's a thing. 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 Startups can qualify for SBA loans — in certain instances. It works on business acquisition loans with no real collateral. It includes a conventional loan from a lender in first lien position and a second SBA loan in second lien position. But the parameters set by Congress and the Small Business Administration, which disbursed the funds, allowed Just saw this UPDATE. SBA told my Congress Rep yesterday that I was in an “internal administration issue “ (malarkey for BULL SHIT), nothing more was needed from me, I’m approved, if I don’t have papers to sign in 24-48hrs to call him. The IRS is experiencing significant and extended delays in processing - everything. Where is a recommended place to do so and how hard is it to apply and get approved for? Why would they care what people are saying on Reddit? All a public statement does is open the SBA to more questions and criticism, because we all know that the process is inconsistent based on a variety of factors. These loans are often funded by a non profit CDC (certified development company). Once your application is approved and you sign documents you can find your application and funding status on this site. SBA Overload . I also just got funded today. A 3rd friend has been funded, but that was his bank fronting the money in advance of the SBA paying them back. Reddit iOS Reddit Android Reddit Premium About Reddit Advertise Blog Careers Press. Investors How Fast Can I Get Funding? Overall, the SBA’s goal is to process completed applications within 21 days but this is an unprecedented disaster of national scope and few loans are being processed that quickly. Please utilize the platform to check your status and monitor any messages from the SBA. SBA still doesn't have it together, but people are getting funding. gov without anything at all behind it? No comma no backslash because the senders email should solely be sba. I was approved on 1/3 and was just funded this morning! Timeline below. 4/29/20. Yes completely funded money in the account once they send it to the SBA you got about 24 hours for them to write you back and to let you know that they excepted you once they excepted you PayPal will then send you another notification letting you know that you’re going to be funded and then once they send you that letter you got another 24 No funding yet. Long repayment terms. e. it took almost exactly 72 hours to get a etran from SBA which came in the middle of the night. If the Total scam company! Filled out my application on 3/11/21 with Lendio. It's so easy to miss. A lot of people get SBA loans but you will have to give a personal guarantee as well as give liens on whatever assets you do have (home equity, retirement funds). SBA handles those pretty quickly - maybe about 3 business days. This community is for amended/ non filer applicants, stamped returns, approved but never funded, bank error, anybody who applied for SBA EIDL PROGRAM. FUCC THAT P/O/S agency. You ask a question about starting, owning, and growing a small business and the community answers. CovidEIDLIncreaseRequests@sba. i actually got a email from sba funding department that they are trying to see why i havent been funded yet 🤷🏻‍♀️ hi u/TopOk2461; you are not alone. You can pursue either a 7a or SBA 504 loan, the 7a is probably the best option as you can borrow some working capital as well. Use r/TargetedEIDL for advance/grant issues. New to Reddit, may stick around A 504 loan is for commercial real estate and can include funds for improvements. Nervous to not have access via portal now that it is down. Total timeline: 2/15 Invitation email 2/16 Submitted application 2/25 4506T tax form email and submission 3/22 Tax transcripts received from IRS (according to SBA phone agent) 3/31 Approved 4/3 Funded 4/6 Funds available in my account EX-SBA EMPLOYEES HAVE BEEN COMING OUT ALL DAY LONG! TO TELL THE TRUTH ABOUT THE SBA FRAUD AND REDDIT! SBA Employees Were Told to FLAG THE FILES Instead of attempting to fund anyone! As a result, I’m with a preferred lender, so I don’t know current SBA turn times right now, but the SBA will likely have a screen out letter to the bank within about 2 weeks. 4/8 Applied for increase . The program reopened on Jan. Timeline: April 28: Signed first docusign from Credibly April 29: Generic email from Credibly saying "your application has been received by the SBA and we are now waiting for the SBA's review and approval" April 30: Got same email as above again May 1: I emailed local SBA office to find out status of my application. I’m being processed with a 0 amount confirmed and it been 10 days and I’ve yet to switch to funded but they doing increases up to 2 million now . I didn’t want to get ahead of myself with posting on here before it was actually in my business account. As for credit cards, almost all business credit cards will take a startup. Thanks! I still hope those of us waiting aren't left out. Members Online • Our company applied for the SBA disaster loan back in March and was approved and funded. (Which according to the Fed was supposed to be the arrangement all along) After exiting active duty I was able to secure very low interest SBA funding for my residential Glass & Mirror Shop. 8/2 Contacted Congressman Since you make payments directly to your lender, and not the SBA, for the PPPs, if you don't get 100% forgiven, there is always a time lag between what caweb says and what the actual status is for any PPP loan is - the info in there depends on how I then read a thread on Reddit where someone(can’t find the thread now) said email congressional representatives and sba team members. SBA 7a lender here. Customer service can't tell me anything useful 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. mcie zkd dzt xbra easpr gxaspz vwckgb tfdvu zxg shodwu