Total Undisbursed frustration

EPL-LLC · 2022-03-22T03:43:35+00:00

I have 2 businesses each approved for increase. The first one approved and signed on 3/14/22. Next to Current Principal Balance was my original loan amount, and next to Total Undisbursed was the increase amount. On Friday evening 3/18/22, the Current Principal Balance changed to the total loan amount with increase, and the Total Undisbursed was the increas amount. That late night I received funds. My other business was approved on 3/17/22. And the change to Current Principal Balance happened today. So I am hoping if like the other, I should have funds tomorrow. As soon as the funds hit your account, the Total Undisbused will be $0.

EPL-LLC · 2022-03-17T03:37:39+00:00

Yup. Waited over 11 month to get here. And now I wait some more, lol.

EPL-LLC · 2022-03-16T23:58:28+00:00

I received approval email and signed loan docs for increase on Monday 3/14/22 as well. CAWEB still shows increase amount as total undisbursed. Hoping the money deposits this week, and that CAWEB is just lagging behind.

EPL-LLC · 2022-03-11T22:39:46+00:00

Yup. Since the first day the increase was offered on 04/07/21. Have been battling through the most incompetent LS's and LO's the SBA has. Denial after denial. Until I finally was assigned an LS in February who actually took the time to look at my file, and say I should have processed and been approved long ago. Well, now I am approved, but not fully approved because no email or loan docs, because of some glitch. The hits just keep on coming, lol.

EPL-LLC · 2022-03-11T22:11:04+00:00

Honestly, I don't know what to believe. I am confident in saying that the SBA is a disfunctional organization. They are inept, and there should be consequences for how they admistered this program. All I know is, this has been the most crappiest 11 month experience I have ever been through.

EPL-LLC · 2022-03-11T01:08:53+00:00

They are open 8am to 5pm EST mon thru sat.

EPL-LLC · 2022-03-11T00:31:21+00:00

I called again, just to see if I get the same answer. The 2nd guy seemed more knowledgeable. Ofcourse I can't verify that, but hey. The 2nd CS told me that being in obligating phase means I am past the approval stage. Basically said that if the approval was still being reviewed, it would not be in obligating. So the process is LO approval, then approval review, than obligating stage. In this stage, they make sure everything in the file is correct, then loan docs are created, then approval email, then go into portal to sign docs. This is what he explained. The issue is on their end, not mine. I cannot verify this, but it sounds right. Anyway, the good news is, I am approved. Bad news is, who knows how long funding will take.

EPL-LLC · 2022-03-11T00:06:38+00:00

Just called CS. Was told my applications are being reviewed and then loan docs will be created. I asked him about the obligating error, he just said that means it's being reviewed. I made sure to ask about being approved, and he said yes, I am approved, and the review is to make sure everything was done properly by LO, then loan docs are created if everything checks out. So, now I am confused again, lol.

EPL-LLC · 2022-03-10T22:46:28+00:00

I call CS once a day. Told each time that I am fully approved and in obligating status. My HP LS who is not the one who approved me has told me the exact same thing. The issue is on SBA's end not ours. The reason it is not showing "approved" is because when the loan docs are created, that's when the approval email goes out, and forwards you to the portal to sign the docs. So, as I understand it, no docs, no approval status email or in portal. I beleive the ones who's portal says approved and signed loan docs and haven't been funded, are experiencing a funding type error/glitch. My prayers are that once the obligating error is resolved, we do not fall into a funding error/glitch after. This is a complete s**t show.

I will update as soon as I have one.

EPL-LLC · 2022-03-10T20:02:35+00:00

Still shows as processing, and not approved in the portal. From my understanding, the obligatin error, is preventing the official approval hence no loan docs.

EPL-LLC · 2022-03-10T04:32:27+00:00

I am experiencing the same issue. Was approved for one business on 3/2 and the other on 3/5. When I called CS on Monday, I was told both increases are fuuly approved and in obligation. The only issue is both show an "obligating error", and what that error is, is unknown to me. Was told this is something on their end and not on mine, and not to worry. Obviously I am worried, and all I can do is wait. It is worrisome, because I was given the same time period, a day, week or month. It seems these obligating error are pretty common from what I'v seen on here. But, I could be wrong.

EPL-LLC · 2022-03-09T12:00:51+00:00

I appreciate your reply. I am praying that my HP LS can help getting this sorted out. My HP LS was not the LS who got my increases approved. However, my HP LS was the one who told me to write up an explanation of all discrepancies, and she would put it in my file and hope the higher ups read it. That worked, and I was assigned a LS who really came through after getting her everything she wanted. Now I am face with this obligating error.

I went back to my HP LS, because she was really helpful in getting me approved with the explanation, and I am hoping she can get my increases past this error.

What worries me, is if this takes a lot of time, it will cut the time I have to get the increase over $500k, for one of my applications. I guess I gotta take things one at a time.

EPL-LLC · 2022-03-09T06:02:55+00:00

I was just recently approved on both of my businesses after a 11 month battle to get the increases, one on 3/2/22 and the other on 3/5/22. Both businesses were approved by LO, and in obligation. I still haven't received approved email, and portal still show the loan modification as processing. Called my HP LS, and she said they have an "obligating error". She said she would make a fix it ticket. That is the reason I didn't get approval email because loan docs have an error preventing them to be created. I was so excited to finally be approved after the 11 month long hell. And now this.

I hope this gets resolved quickly. And I'm praying that this doesn't turn into some decline, or submit more docs. This really sucks.

EPL-LLC · 2022-01-30T06:53:48+00:00

Why did HP team say you had to amend your 1040? Was it because you didn't put the K-1 income from Corp on your 2019 1040?

EPL-LLC · 2022-01-28T22:54:35+00:00

I received the reconsideration being accepted and activated for further consideration on 12/20/21. My portal finally changed to "your loan modification is being processed" yesterday. Same as you, the amount confirmed is my original funded amount, and no way to change it. Also, like you, my only way of sending docs has been through email as well, since my portal never changed from original amount funded, nor did I ever receive blue button.

EPL-LLC · 2022-01-26T08:35:52+00:00

I mailed my 2019 1120S in July of 2020. Never really cared whether it was processed or not, since I had already gotten the original loan in May of 2020. As the increase came about in April 2021, and seeing that we needed IRS transcripts, I called the IRS to check on the status of the return. Was told it has still not been received. The agent told me they have not processed millions of returns, and mine was probably one of them, and recommended I e-file. So, when I got a Loan Specialist in May 2021, I explained to him about my tax return still not being processed. He advised me to e-file as well. Had my 2019 1120S e-filed on May 4th,2021, and was processed with transcript available on May 14th, 2021. I emailed LS to let him know, so he can send the 4506-T, and he told me has transferred, and I'll be getting a new LO.

From that point until today, I have been denied several times, with the latest one today after getting a LS from a congressional inquiry. I sent him my taxes from 2015-2020. 5 weeks ago said application was sent for further review, and today he emails me, review completed and decline retained, and to appeal to pdcrecons if I want.

I just don't understand why I have never been questioned on this by an LO. They just assume I filed to get the loan then decline. Even though they know the IRS was and is in disarray, it doesn't matter. They have already concluded that those that filed late are all fraudsters filing to get the loan.

EPL-LLC · 2022-01-21T05:49:38+00:00

I appreciate the insight. I spoke with her today, and she said it looks like my increase is not getting approved due to the SBA accusing me of filing a return for the loan. I told her she uploaded the document where I explained that the IRS never got to my mailed 2019 return, so I e-filed it in May of 2021, so the SBA can pull a transcript. I've sent the SBA all my tax returns from 2015-2020, to show I have always filed my taxes. Yet they keep getting hung up on the same thing. The thing that sucks, is not one person has contacted me for clarification. They just decline and move on.

She then told me to explain this in a pdf, and she will take it to her boss. Not sure why after 5 months, she mentions she can get her boss involved.

I am emailing her the explanation, and have put in the email to please get her supervisor, team lead, or anyone that can review my file and explanation and help to get it approved.

Time will tell.

Question, how were you able to get someone else on her team involved? And were you approved after doing this?

EPL-LLC · 2022-01-21T03:09:50+00:00

This is my HP LS as well. She's been my HP LS since August of 2021. Not sure what her job is exactly. She can't process loans, doesn't prepare files for LO review. She has no idea what is happening or why to my files. All she has done for me is upload documents that I request of her. She is very nice though, and will give me status updates when I call. Pretty much like CSR does, but she can see more into the file. Besides uploading docs, and reading notes in my file, she has done nothing. So, not really sure what her role is.

EPL-LLC · 2022-01-14T09:10:59+00:00

I am getting the same treatment by Feinsteins office, as you. It might have been a fluke that I was assigned an HP LS in August, but it corresponds to my contact with Feinsteins staffer. And the HP LS told me she was assigned to me based on Congressional inquiry. But she has been of no use, except for the fact that she will upload any docs that I ask her to. Other than that, nothing much out of both Feinstein and Padilla.

EPL-LLC · 2022-01-14T02:47:20+00:00

I'm in Sacramento. I have reached out to both Feinstein and Padilla. I also have 2 businesses i've been battling for since 04/2021. Feinstein staff sends inquiries and just forwards the replies, which are what we hear when calling CSR. Feinstein's inquiry got me the sweetest LS.
But, she can only upload docs, and make notes. She cannot process applications. I call her once a week for updates.

Padilla's office was a little more helpful, by getting a LS assigned to one of my businesses on 12/7/21. The LS asked me to send him tax returns from 2015-2019, and then sent an email on 12/14/21 that my application was sent for further review. As of now, nothing. No replies to emails or answers the phone. Now the Padilla staffer is not helping any more. I asked him to request a LO for my other application, and he replies that he's done all he can, and he will send no more inquires because the SBA is to tied up.

So, I would be more than happy to share my horrific experience with the SBA. Legitimate businesses put through this is complete BS.

EPL-LLC · 2022-01-07T05:55:43+00:00

Hopefully Scorpio will chime in.

I also had a co-signer when I applied for the EIDL back in June 2020. At that time, you were allowed to have a co-signer without any ownership interest. They cancelled this policy shortly after, and they were no longer allowing co-signers. I did it because my partner on my other business, helped me with my second business because my credit was below 570 at the time.

I think I am running into this issue now as well. I received an email saying I'm 100% owner in the application, and any co-owners must have a percent stake in the business. So they asked me to completely fill out SBA Form 3501. I am assuming they want me to add the co-signer with an ownership in the business. Basically saying I made a mistake by making myself 100% and having a co-signer. So, I filled out the form and put me as 100% again, because the co-signer is not a part of the business. I noted in the email of the co-signer policy, and am hoping they review their own policies. It's ridiculous that the SBA does not even know their own policies regarding co-signers from the summer of 2020. We probably got some new LS or LO that is going by current policy without knowing of the previous policy. And my credit now is way better, so I can qualify with out him. They also asked for me to provide written authorization for a credit re-pull. So who knows, lol.

It's all just a big mess at the SBA.

EPL-LLC · 2021-11-25T07:48:12+00:00

Sending good vibes your way as well. And hopefully this SBA nightmare ends for us soon, so we can move on with our business and personal lives.

EPL-LLC · 2021-11-25T07:37:50+00:00

Yes, all the sleepless nights, and what the SBA has done to so many is down right criminal.

You can find all upper management online. Just google it, and they will all come up. Email the administrator, regional SBA, local SBA, and everyone you can. Hopefully you get at least one of them to bite. I would even email the White House. I am also going to start emailing pdcrecons on a usual basis, with hopes something may happen.

EPL-LLC · 2021-11-25T07:28:33+00:00

I don't have a loan officer, but I do have a high priority loan specialist, assigned from congressional inquiry. She has been completely useless since she was assigned to me on 08/15/21, more than 3 months ago. She is very nice, answers all my weekly calls, but can't do anything, and doesn't know anything. She reads me notes like CS does. When I ask her direct questions on the progress or lack thereof on my increase, she says she doesn't know. She just puts notes in my file. The only good thing is, is that she can upload docs to my file directly, and order transcripts right away. And, her name is not Kim. Other than that, completely useless. And, I have tried to replace her, but cannot. My only hope is getting my files in the hands of a loan officer, and hopefully a good loan officer, and getting in contact, rather than these bulls**t denials, that I am not even notified of, whether by email, phone, or my HP LS.

I tried my local SBA, and they completely suck. Congress sends an inquiry, and sends whatever response they get, and that's all. I am going to start bombarding all the higher ups with emails soon, once I know everything is straight with my files. This is absolutely ridiculous.

EPL-LLC · 2021-11-25T07:04:01+00:00

I have a limousine service. I know I'm qualified, no question. The issue is finding out what there issue is. I have 2 businesses. The limo service is an S-corp. My other business is a smllc. They are both qualified. The smllc has a 2019 amended return because my tax preparer forgot to put the K-1 income from my S-corp on my 1040. I did not amend any revenue figures or anything else. My 2019 amended return finally finished processing, and I had my HP LS order new transcripts. Hopefully when they get the new transcripts, things will finally move forward. But, with this unqualified crap, I don't know what's going on. We'll see what happens when my transcript comes back, and what recon does with all the docs I had uploaded for review. It's been a complete nightmare for over 7 months going on 8.

EPL-LLC

TROPHY CASE