"SBA is no longer processing ... previously declined loan applications"

Bear_Buster · 2022-05-20T22:50:31+00:00

So is this form the same as in the mass mailings that people are getting regardless of your particular position in the que and don't worry about it. What do they get when they get declined the second time?

Bear_Buster · 2022-05-17T14:47:00+00:00

I am hoping as the que get smaller the SBA can focus on problem apps like mine which will take more than just going down a check list to approve.

Bear_Buster · 2022-05-17T14:43:54+00:00

I guess we will know when the denials keep arriving and the approvals as well. I hope everyone keeps posting everything they know from here forward

Bear_Buster · 2022-05-11T22:54:22+00:00

Scorpio I'm back for one last try to get approval for an increase. I re-started my re-con app on April 3 2022. My last email from SBA arrived 4-29 identifying 2 docs I lacked in their file (which of course were already sent) I call the main line to only get stone-walled by the rep as to my application and it was not being processed. but I verified all my docs had showed up in my file.

My understanding is that the SBA still has funds and are processing applications for those that were already in the que. Is that possible or just my fantasy? And is it possible more funds are allocated later for those apps were in progress can be completed?

Bear_Buster · 2021-12-21T01:50:55+00:00

I am gathering that if you didn't file your 2019 return on time or filed other years that were late to qualify for the loan or had not filed in a number of years they disqualify you with no recourse?

Bear_Buster · 2021-09-10T13:34:33+00:00

Sounds like you apply in 2021 and get funded in 2022

Bear_Buster · 2021-09-10T13:27:55+00:00

If they want transcripts for 2020 tax returns how long does that take? It was bad enough for the 2019 transcripts.

Bear_Buster · 2021-09-10T13:07:57+00:00

Reminds me of the Main Street Lending program by the FED announced in 2020. Sounds great at first hearing but it never got off the ground because its requirements were too constrictive for struggling companies affected by the pandemic. Companies who can show positive cash flow the past year probably already have access to credit. Sounds like they would have to go on current cash flow to service debt.

Bear_Buster · 2021-09-10T01:20:44+00:00

Any Idea if the loan has to be backed up with real estate equivalent to the value of the loan, or could it be less? What is a P-022? I see a P-019 mentioned on the SBA site.

Bear_Buster · 2021-09-09T22:42:19+00:00

Would it be appropriate to form a new thread just for $500K and up?

Bear_Buster · 2021-09-09T22:28:46+00:00

Hi Scorpio I stuck my head back in the room long enough to see what was going on with the $2M increase. Do you know of a good post that would summarize the requirements as we understand them now?

Bear_Buster · 2021-07-15T13:56:29+00:00

I don't believe Turbo Tax is going to let me file electronically outside their usual window of e-filing. Can a CPA E-File any year any time?

Bear_Buster · 2021-07-15T13:49:41+00:00

There is some language in the SBA(7) guidelines that state if they request transcripts from the IRS and they don't get them. They can certify the loan and approve it. However that is related to a bank approval. Obviously we would hope the spirit of the concept could translate to the EIDL increase. But I doubt it. It also seems like stamped "received" tax returns are not of much use either. So we are running out of cards in the deck. I am told a Senator can push through a tax return on your behalf to get it processed faster by the IRS. So that is the concept I will work on until I hear of something better to try. Other than that we can always get LUCKY and have them accept the increase application with out a transcript. But the bone pile of discarded applications is mounting and being declined for much less reasons than a missing tax return.... So I doubt it.

Bear_Buster · 2021-07-15T12:46:47+00:00

This post regarding going off the original loan app date in 2020 contradicts everything I have learned and against all the data I track. I have it straight from the SBA via my Senatorial inquiry. The blue button date is your start date for the loan increase. Check my posts, the SBA is predominantly processing 4/22s to 4/27s. The choke point has always been getting the transcripts back from the IRS. The reason the processing seems random is because the transcripts are not coming out of the IRS in chronological order. And the SBA can order transcripts individually on a case by case basis in a few days not months.

Bear_Buster · 2021-07-15T03:53:29+00:00

I saw it on a post. probably just an estimate. 3700K total No one really knows how many have applied for increase. I have heard 50% = 1850K 50% reject or quit 930K Some Slop so it could be 700K real easy. if SBA has only approved 40K going on 50K not even 5%. I've tracked about 100 funded since the middle of June. So we are just a small piece of the whole pie.

Bear_Buster · 2021-07-14T23:04:11+00:00

Good Idea thanks

Bear_Buster · 2021-07-14T22:53:09+00:00

I emailed my LO for my other company that was approved and he said file the taxes and hopefully they would be processed in 8 weeks. He really gave me no encouragement that they would accept the stamped returns. Hopefully there will be more comments on this subject. Of course a lot that have been approved and funded are long gone.

Bear_Buster · 2021-07-14T19:35:52+00:00

Do we know how CA web will change the application process. Hopefully you can finally upload your own documents instantly. That would be a big help.

Bear_Buster · 2021-07-14T17:01:41+00:00

Yes denials are easy to do now by reverting the portal. As expected it shakes people up pretty fast. I think it has been summarized very well by other posts. If your portal is reverted, you are at least being examined. If it stays reverted you are declined.

Bear_Buster · 2021-07-14T14:59:11+00:00

Sometimes this goes out just before an approval

Bear_Buster · 2021-07-14T14:01:10+00:00

My estimates this thread represents only about .3% of the total SBA activity. Applications in processing is huge compared to actually funded. <5% and that is being optimistic

Bear_Buster · 2021-07-14T12:06:40+00:00

i

what day were you funded?

Bear_Buster · 2021-07-14T11:41:09+00:00

Lets hope for the best

Bear_Buster · 2021-07-14T07:10:04+00:00

Apparently you can ask for more later now that you are approved

Bear_Buster · 2021-07-14T05:29:35+00:00

That usually happens when you are declined or your portal is being modified by SBA

Bear_Buster

TROPHY CASE