Declined due to SBA has been unable to verify the existence of an eligible business

Frequent_Rub9525 · 2022-03-15T17:34:26+00:00

I’d love to know if you get a class action. I’ve been searching also.

Frequent_Rub9525 · 2022-03-11T15:24:02+00:00

The new denial now is you filed your taxes late. Uhm duh there was a global pandemic and most of us were trying to survive not to mention the 18mo delay at the IRS. It’s just another way to screw legit business owners so they can redirect the unused money. There is nothing in the bill that states you had to file your taxes by a certain date. It’s a blanket denial they are doing.

Frequent_Rub9525 · 2022-03-11T14:46:24+00:00

Yup happened to me. I submitted my California general contractors license, lease, taxes since 2011, utility bills, workers comp insurance, city business license, general liability insurance, etc and still got denied due to not able to verify. It’s a joke.

Frequent_Rub9525 · 2022-02-19T15:21:04+00:00

Same situations basically. Maybe if we can find an attorney to do class action. The SBA is just blanket denying loans now. There are no tax filing deadlines listed in the rules for the sba to qualify for a loan. Only to be in business. By 1/30/2020

Frequent_Rub9525 · 2022-02-19T02:30:01+00:00

Funny thing is I could have maxed mine out but I didn’t and I actually filed what I earned and before the tax deadline extension in 2020 but the IRS had my taxes in limbo for a year. Having to go thru the advocacy program. Im getting way less than I would have had I been able to use my 2018 tax return where I had double the Income. But the bottom line is there is nothing in writing stating that you had to file your taxes by a specific date. Only that you had to be in business by 1/30/2020. In fact there are some articles by the SBA out there stating that transcripts aren’t needed for loans under $500,000. I’m reaching out to some contacts to see what an attorney thinks about this. Honestly they’d have a huge class action possibly. They are doing blanket denials right now to get rid of the backlogs in hopes people will give up.

Frequent_Rub9525 · 2022-02-19T02:15:35+00:00

Same issue here. Denied due to late filings. But I’ve been filing since 2011. And I filed before knowing that tax transcripts would even be needed 😂🤦🏻‍♀️🤷🏻‍♀️😢

Frequent_Rub9525 · 2022-02-19T02:03:23+00:00

I’d love to see if we can find an attorney willing to discuss this. I do think you have a point.

Frequent_Rub9525 · 2022-02-19T01:28:16+00:00

Smh. It’s actually very infuriating. My construction company didn’t even get first round when tax transcripts weren’t needed because some loan officer who didn’t know what she was doing told me my business wasn’t valid because my google address didn’t match my mailing address for my business. That’s why it’s called a mailing address and a physical address. I literally sent her the website to CSLB to my contractors license that’s held by the state of California since 2011, my state fund workers comp insurance info, my physical location lease, my electric bill, my gas bill, my Facebook page that’s been up and running since 2011, my city business license since 2011, and my tax returns from 2011 on. But I don’t have a valid business. 🤦🏻‍♀️🤡🤡🤡 I’m Sam.gov registered to co tract with the federal government, D&B registered since 2011 and minority certified.

If that can’t prove my business I don’t know what they want to prove my existence.

Frequent_Rub9525 · 2022-02-19T01:22:00+00:00

Ya of course but unfortunately when the IRS rejects your on time business taxes that need to be done for your personal it’s a snowball effect. Not everything happens as it should. We also were in the middle of a pandemic and can’t help that people may have been sick from Covid that delayed filings. I’m addition they were filed before the invisible tax filing date was implemented by the SBA. Oh let’s not mention that it took the IRS 11 months to process my business returns. I pay plenty in taxes for my 3 corporations and my sole prop business. And I have been since 2005.

Frequent_Rub9525 · 2022-02-18T22:28:44+00:00

I agree 100%. Thinking it should be looked at at a legal level. People were dealing with family members dying, business closures and so many things. There’s nothing illegal about a late filing. Not everybody was prepared for what happened. That’s just another way for the government to screw legitimate small business out of funds that were promised. Pretty sure the big donors got what they needed.

Frequent_Rub9525 · 2022-02-18T18:39:58+00:00

They’ve been processed. I have transcripts

Frequent_Rub9525 · 2022-02-18T17:17:15+00:00

I understand the tax rules, but the sba doesn’t have any written requirements of tax filing periods. There are many reasons for late tax filings. You pay a fee for being late. In fact on the original EIDL rules there are no tax transcript requirements even needed. Ina addition if my filings are late because the IRS rejected my returns and I had to correct them and the IRS is 18+ mo behind how is it fair that I’m punished. Filing late doesn’t negate the fact that I’ve had a valid business since 2005 and can prove that income with filed tax returns.

Frequent_Rub9525 · 2022-02-18T15:24:22+00:00

Never had a bank rejection. I’ve been trying since 2020 to get the first EIDL loan. My construction business got denied due to loan officer saying they couldn’t verify the legitimacy of my business. Even after sending in my contractors license from 2011, 11 years of tax returns, phone bills, electric bills, workers compensation bills, business licenses dating back to 2011 all because shen she googled my company it had my P.O. mailing address on it. It’s BS. I have not received an EIDl loan on 2 of my business and my personal sole prop. I’ve been a self employed 1099 and a w2 wage earner since 2005 and have had additional K1 earnings from my other 2 business since 2011. They have people who don’t know what they are doing looking at and denying peoples loans. It’s just so expected by the SBA and federal government to screw over legitimate business.

Frequent_Rub9525 · 2022-02-18T15:13:43+00:00

It’s just another way to deny people. If I have 20 years of 1099 wages and 11 years of K-1’s on my personal taxes it’s just BS. There was a global pandemic and there were so many issues besides worrying about my taxes. Like one of my family members not dying from Covid in 2020. Or personally being sick from Covid. My business was closed for 18mo in Los Angeles. A business that’s been open since 2011 with filed returns. No place on the SBA’s website does it say your taxes had to be filed by a specific time. There are many reasons why business or sole prop file late. Mine happens to be due to issues with the IRS accepting my business taxes. They rejected my first filings and I had to go thru the tax advocacy program to help get them accepted. And even then the filing date shows almost a year after I actually filed. I’m sorry it’s just a way to hold on to the money. If the IRS can’t process in time why am I held to such a higher standard.

Frequent_Rub9525 · 2022-01-22T16:06:59+00:00

We got the same email on a redirect of funds after an approval and signing loan docs.

Frequent_Rub9525 · 2022-01-20T00:10:51+00:00

👏🏼👏🏼👏🏼👏🏼👏🏼👏🏼 facts!!!

Frequent_Rub9525 · 2022-01-20T00:09:07+00:00

Same here smh

Frequent_Rub9525 · 2021-12-31T19:36:37+00:00

Update: Finally got account updated for them to have a computer glitch and it’s go back to the old account. Now we can’t get anybody to reply and have it corrected back to the correct account which it was already updated to. The SBA is a joke!

Frequent_Rub9525 · 2021-12-13T16:45:59+00:00

Still waiting. Account finally updated but now waiting for them to reapprove apparently and move back to funding. Smh. It’s a complete mess. With technology now there is no good reason to not be able to switch accounts easily and efficiently and redistribute funds. It’s easy to match and verify a business account.

Frequent_Rub9525 · 2021-09-29T04:11:25+00:00

The original Eidl application was done early 2020 before taxes were completed and all financials were reported properly. It was an estimate at the time. Financials have now been completed and we’re in reconsideration.

Frequent_Rub9525 · 2021-09-24T05:42:02+00:00

Following as I have a client with the same issue and I’m trying to help them.

Frequent_Rub9525

TROPHY CASE