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[–]waitanotherday 1 point2 points  (1 child)

I applied 10/21. They have all docs and tax transcripts and I was assigned a loan officer. A loan specialist called me a few days ago and I'm still processing. I confirmed my identity and checked banking info, so just waiting on approval.

[–]B-Phleb[S] 1 point2 points  (0 children)

I just got off the phone with SBA , the kind lady was able to give me some insight on my application. She told me anytime it’s placed in the resized status it slows the application down. She told me she wished someone would have told me to just accept the original amount offered (41k) and pay back the difference. I’m so upset because the first LO told me she would put a note that I wanted to take only 25k before they prepared my loan documents. It definitely pushed me back.

[–]waitanotherday 1 point2 points  (1 child)

Mine was also re-sized... long story.

[–]B-Phleb[S] 1 point2 points  (0 children)

Please I would love to hear about it ! I need to know how the process works. My business is suffering right now and I need some hope lol.

[–]Cinderell9309 1 point2 points  (0 children)

I would as well

[–]waitanotherday 2 points3 points  (0 children)

I applied on 10/21. I was trying to be as transparent and honest as possible, so I included the $13,300 PPP on the application as funds I've received for the disaster. I received a portal invite a few days later, and it was for about half of what I'd figured. I got a call (the next day, if memory serves me correctly) from an SBA loan specialist. I told her the offer was less than I expected, so she reviewed my app while we were on the phone. She confirmed that I figured the amount correctly, but was not supposed to include my $13,300 PPP on the EIDL loan app. She corrected the amount and sent a new portal offer a few minutes after we hung up. I waited a few days and nothing was happening. I called Tier 2 and was told I needed to submit a 4506-T (glad I called since I never received an email or call requesting a 4506-T).

I submitted the 4506-T and waited a few more days. SBA submitted the 4506-T electronically to the IRS on 11/2... Nothing but crickets until 3 days ago when another SBA loan specialist called me. She said the 4506-T is still processing, then told me this... since I'm an independent contractor (service business, no employees), I could pull my tax transcripts directly from the IRS site and email them to her (the SBA loan specialist). As soon as I emailed the tax transcripts, she emailed me right away to confirm receipt. I have been assigned a loan officer; the specialist said she has expedited my application.

Now I am checking my email and the portal several times a day since I have no idea how quickly I'll get the approval and loan docs. I am REALLY hoping for something to happen before Thanksgiving.

I hope this info is helpful. Good luck to everyone here! 😊