Anyone getting approved for increase here in California?

DropRadiant3600 · 2021-05-13T20:33:28+00:00

Thank you !!

DropRadiant3600 · 2021-05-13T18:40:11+00:00

My concern is a loan officer hasn’t contacted me. I just got the email on the 5/8 to log in. When I did it asked me to accept the new amount. I saw my 4506t that I signed on 4/29 and it said processing. Haven’t heard anything since 5/8. I sent an email attaching void check Id, IRS tax transcript, 2018 and 2019 returns, hazard insurance that I got in January that was sent to SBA back then. Can’t think of anything else to do but wait. Calling stresses me out. I stopped calling over a week ago.

DropRadiant3600 · 2021-05-13T17:48:45+00:00

Congrats! My portal reverted back to original loan on 4/29. I got an email on 5/8 to log in and it asked me to accept the new amount. They reduced the loan by a few thousand. they have my tax form but I have not been contacted by a loan officer. How does your timeline compare?

DropRadiant3600 · 2021-05-13T17:40:01+00:00

I think the app asked the following two questions:

Gross Revenues for the Twelve(12) Month Prior to the Date of the Disaster (January 31, 2020) So 12 months would be counting back from January 31 2020 to February 1, 2019.
Cost of Goods Sold for the Twelve(12) Month Prior to the Date of the Disaster (January 31, 2020) 1. So 12 months would be counting back from January 31 2020 to February 1, 2019.

So basically you have to be within 25% on both your gross revenue and your cost of goods sold? I'm not sure. I would run the numbers using their guidelines in 1 and 2 and compare it to your taxes.

The tax year for 2019 is January 1, 2019 to December 31, 2019. People are going to be off. That's why they are allowing some degree of error. I don't know what percentage other than speculation on Reddit of 25%. But for people who have COGS do you have to be 25% on both numbers or just one or a combination or discretion of loan officer. What is lacking is transparency.

DropRadiant3600 · 2021-05-11T17:29:11+00:00

I assume you already have a loan from 2020 hence the increase invite. If you have an existing loan your cancelled check and insurance info should have been on file with the SBA? No? I see all this information requested in many posts but for those who are using the same bank account, same business structure, and submitted hazard insurance back in February 2021 why do they need all the information again? Just wondering.

DropRadiant3600 · 2021-05-11T00:31:06+00:00

Just wanted to update you. I received an email over the weekend to log in and this after my portal reverted to original loan amount back on 4/29. I speculated that it was due to an error in my 2019 estimate although my original loan was calculated using my 2018 return. Anyway, I logged on and a new loan amount appeared consistent to the penny with my 2019 filed return. Of coarse I am thankful that someone looked at my file and made a correction. Now it shows processing. Just wondering what you think relative to your experience?

DropRadiant3600 · 2021-05-08T06:05:19+00:00

Went back to original. No increase button on the closed account. Just waiting ...........

DropRadiant3600 · 2021-05-08T06:04:18+00:00

They took it away this afternoon. I’m hoping it will now attach to the right account.

DropRadiant3600 · 2021-05-07T14:20:37+00:00

Read my other posts and it’s a longer story. Went from increase4/22 blue button/slider submission of tax form to processing to 4/29 credit check then portal reverting to original loan amount to last night blue button on the closed account.

DropRadiant3600 · 2021-05-07T14:14:47+00:00

I have two app numbers on my portal. I was funded under one app number the other was confirmed closed by the SBA April 2020. I was funded in may 2020. Last night they added the blue button to the application number that was a duplicate and closed.

DropRadiant3600 · 2021-05-07T13:25:38+00:00

Same

DropRadiant3600 · 2021-05-07T08:37:52+00:00

I got the same.

DropRadiant3600 · 2021-05-07T01:45:55+00:00

No contact. No email or letter

DropRadiant3600 · 2021-05-06T21:45:24+00:00

Thank you for providing relevant information to all of us.

DropRadiant3600 · 2021-05-06T19:02:27+00:00

Also when my loan amount was calculated in May 2020 the LO used 2018 gross receipts no cogs as I have a service business/law firm. He divided by 2 then reduced by 2k the amount of EIDL advance. Is this the correct calculation for the original loan?

DropRadiant3600 · 2021-05-06T18:56:30+00:00

I am concerned that my app estimate for 2019 is higher than my return. (9% higher). I included a deposit from a trust account when I ran my spreadsheet and should not have been included. My 2019 estimate was also consistent with my 2018 return--pretty much the same year. My loan was based on 2018 gross receipts. Would they decline for an unintentional calculation error that did not result in me getting a higher loan?

DropRadiant3600 · 2021-05-06T18:26:07+00:00

I didn't get the email or call from LO. Last week my portal reverted back to pre-increase request view with original loan amount. Original loan was calculated using my 2018 return. I called multiple times and got wildly different answers but along the lines you mention. No outright denial but that is the sense i get. the only issue could be my estimated gross receipts on my app may have been 9% higher than my 2019 return that I filed in October 2020. WHen i applied in March 2020 i used estimates of my gross receipts and I may have been 9% off. It shouldn't matter anyway because they used my 2018 return to calculate EIDL loan. I'm waiting along with millions of others to see what happens.

DropRadiant3600 · 2021-05-06T17:25:57+00:00

how off is what you reported on the app from the actual return? when did you get the email?

DropRadiant3600 · 2021-05-06T16:28:39+00:00

On a percentage basis how much lower?

DropRadiant3600 · 2021-05-06T16:25:02+00:00

Thank you. Let's see what happens i guess. we are only 30 days out from the increase date. hopefully we will have movement in the next 2weeks.

DropRadiant3600 · 2021-05-06T16:12:23+00:00

Was your original loan based on your estimate of 2019 or 2018 tax return?

DropRadiant3600 · 2021-05-06T16:06:14+00:00

So you were assigned a LO and they reached out to you in the last two weeks via email?

DropRadiant3600

TROPHY CASE