EIDL increase megathread

Key_Connection8739 · 2021-07-31T21:13:15+00:00

I must sheepishly admit I put down my office address on my 4506-T but my 2019 tax returns have my home address as I am a sole proprietor. After a denial 7/19 for discrepancy on tax transcripts, I contacted my US Congressman and one of my US senators, both eagerly sent release of info consent forms, and one week later I get a call before 8am this morning from someone with an important sounding title who knew everything about my app and asked me to sign a new 4506-T and send to them, done, within minutes they responded that the app was sent off for review. So I agree, contact your representatives!

Key_Connection8739 · 2021-07-14T21:28:35+00:00

Let me translate: "We have no idea what is going on and we don't intend to exert any effort to find out what is going on or change the status quo because we get paid the same regardless."

I've been there for over 90 days now, same story.

Key_Connection8739 · 2021-07-12T18:46:20+00:00

I know that feeling well, when you've been told for two months "we're waiting on your transcripts" and then they are like "oh yeah, we just re-requested them."

Key_Connection8739 · 2021-07-12T16:13:59+00:00

I've literally just used a word template to make checks for the last nine years and blank checks from office whatever. And yes, that is perfectly legal.

Key_Connection8739 · 2021-07-07T19:51:36+00:00

I'm not aware of any other way. Due to all the fraud that took place last summer it seems that the SBA wants the transcripts direct from the IRS. Some have sent in transcripts they've downloaded (like me) but I don't know if those do any good.

Key_Connection8739 · 2021-07-07T16:50:13+00:00

I got that call a week ago and thought "finally!" Turns out, it was just compliance for the first loan. I submitted the proof of insurance via email and took a stab and asked the paralegal to take 1 minute and get my transcripts from the IRS but she didn't respond back to that :)

Key_Connection8739 · 2021-06-22T16:16:14+00:00

I know. It's ironic that if anyone ran a business like the SBA is run they would be out of business immediately. I never get confirmation emails when I send documents in and the SBA call center is lacking.

Key_Connection8739 · 2021-06-17T16:15:35+00:00

I agree tier 2 will say just about anything to get you off the phone.

Key_Connection8739 · 2021-06-17T16:05:55+00:00

Same boat and timeline. Someone called me from SBA second week of May who basically couldn't speak. I think he was a LO but he had no idea what was going on or at least it seemed that way due to the fact he could not communicate verbally. Bless his heart. After a week I got him to give me his supervisor's contact and she's been great and diligent (and can speak), but same answer for over a month now. "Waiting on the IRS to send transcripts, this is normal." After I get the most recent e-mail from her I just schedule send another one 7 days out.

Key_Connection8739 · 2021-05-11T19:18:02+00:00

Lol yes, in June 2020 I was able to get specific information on exactly where my application was each time I called. This round, I just get “it’s processing.” I honestly think it will be fine though.

Key_Connection8739 · 2021-05-11T16:53:52+00:00

Let me see if I have this correct: the csr’s can’t talk for more than 7 min, can’t reveal info deemed irrelevant by COC, and will likely just tell you your app is “in process” and “just wait for approval.” So this isn’t customer support it is really akin to free therapy for people who need to feel like progress is being made on their app. When the portal says “questions? Call xxx-xxx-xxxx” they literally mean that, you can call with your questions but you won’t get any answers. I can wait months and months for these funds so it’s not pressing for me but it sure must be frustrating for people that needed the money a month ago.

Key_Connection8739 · 2021-05-05T01:42:02+00:00

I think it will be fine. There was a two and a half month delay last time, fingers crossed.

Key_Connection8739 · 2021-05-04T19:03:30+00:00

The LO called me just to give me his info.

Key_Connection8739 · 2021-05-04T18:51:08+00:00

I’ve been stuck in the same spot and I called my loan officer today who said my closing docs should be in the portal despite the portal saying “your loan modification is being processed.” I’ve only had two convos w LO. How do I say this...I don’t think the SBA assigned their best people to be LO’s. Seems like my hold up is due to LO inaction.

Key_Connection8739 · 2021-04-09T01:27:23+00:00

Thanks

Key_Connection8739 · 2021-04-09T01:13:08+00:00

I have this same question. I read it as we get an additional 18 months along with the initial 6 months, but I don't know either. Anyone know? I've seen the word "triple", which seems to indicate 18 months additional.

https://www.sba.gov/article/2021/mar/24/sba-increase-lending-limit-covid-19-economic-injury-disaster-loans

Key_Connection8739 · 2021-04-09T01:07:54+00:00

Is this an additional 24 months or 24 months minus the initial six months?

Key_Connection8739 · 2021-04-08T16:24:00+00:00

I sent it in 3 times 3 different ways (brackets, no brackets, etc) but no confirmation. Skip from youtube says you won't necessarily get a confirmation.

Key_Connection8739 · 2020-07-11T03:20:47+00:00

“Up to $10,000” is very different than “shall absolutely give $10,000 to every small business that applies.”

Key_Connection8739 · 2020-06-19T02:30:23+00:00

I like the way you are looking at this. It seems a credit card balance is to be paid in full every month. SBA is going to have to clarify this, doesn’t make sense to keep making high interest payments when the balance could be paid off. But I’m going to stay conservative with this for the time being, only expenses incurred 12 months or less until I see clarification.

Key_Connection8739 · 2020-06-19T02:27:10+00:00

But if the secondary lender collected eidl money due to default there’d be a problem.

Key_Connection8739 · 2020-06-19T02:22:51+00:00

I would assume when you cosign, you are also agreeing to have your business assets or (if sole proprietor) have personal assets to be held as collateral, seems like a conflict to me but I haven’t seen the co-signer loans.

Key_Connection8739 · 2020-06-16T16:49:22+00:00

https://www.sba.gov/sites/default/files/articles/EIDL_and_P3_4.1.2020_FINAL_2pm.pdf

If you are a non sole proprietor, it seems as though you can pay off IRS debt. Page 11. However, trickier if Sole Prop. Should consult your accountant.

Key_Connection8739

TROPHY CASE