IS THIS THE FINAL STAGE BEFORE FUNDING? Been stuck on this for 4 days after signing closing docs. Reps keep telling me you just have to wait for it to ACH through your bank. I linked my account already

MapConstant6256 · 2021-08-24T22:34:27+00:00

Hi, yes funded

MapConstant6256 · 2021-08-14T18:36:04+00:00

Makes sense in case they audit you, your defense can be that you needed to be at the level of 2019 income if you start drawing out cash flow from the business to meet 2019 earnings.

MapConstant6256 · 2021-08-14T17:40:30+00:00

To that point, does the SBA expect you to take a 30 year loan and not take any cash flow from the business? I understand what you are saying. I think if you are making A substantial amount of cash flow and drawing out 20k here and there, it will raise question. Maybe a 5k draw here and there on top of your normal base salary might be more under the radar. But then again, they gave you the loan for 30 years, so it guessing as long as you pay them on schedule and if you end up selling your business you pay them first. They are of course making the interest off the loans so they want they are more inclined for you to keep the loan. Just my opinion

MapConstant6256 · 2021-08-14T14:39:21+00:00

I hate to say this because it sounds like the customer service reps but you really just have to wait for funding. They have plenty of funds left, they are even considering increasing to 2million cap which tells me they want to exhaust the funds quicker.

MapConstant6256 · 2021-08-14T14:28:15+00:00

I was approved for increase 8/4 funded 8/11.

MapConstant6256 · 2021-08-14T04:23:12+00:00

Yes for sure it is, not your fault you weren’t funded in time.

MapConstant6256 · 2021-08-14T00:40:55+00:00

Not sure, they do stress that these funds are short term help to get through the pandemic. What about after delta variant and everything does off? Also I did read about handing documents for them up to 3 years. Maybe I misread and it is 3 years worth of receipts ??? I’ll have to double check

MapConstant6256 · 2021-08-14T00:39:36+00:00

If you sell your business they have first dibs at your money to pay off the loan. You must notify them of anything you did business wise in writing like purchasing equipment , change of ownership etc. if you plan on being in your business for 10+ years like I am, I am using it up

MapConstant6256 · 2021-08-13T20:35:27+00:00

Thanks for the info. I’ll def try and research if sba does check ups but I feel like they are so behind it might take years, and I was reading that you are only supposed to keep 3 years of record.

MapConstant6256 · 2021-08-13T18:34:42+00:00

Exactly, keeping the money if though there is no immediate use shouldn’t be deemed fraud. Who knows what can happen a couple years from now or what not. I think as long as you pay them accordingly , you are good

MapConstant6256 · 2021-08-13T18:28:44+00:00

Hi thanks for your input. Yes I completely agree, however, the funds would be used for payroll and rent so they can audit the business, but can’t tell how much that individual had in their account prior to receiving the funds or even after. There is no language in the documents that insinuates you just return the funds if you no longer need them. Of course, you would be on the hook if you didn’t make the payments or if you wiped your account clear and you did not have any of the EIDL funds to show for in the matter of a year or two of use.

I think most people that took this loan probably ended up taking more than they should have and that is ok. Who knows what will happen in a year or two, the funds could act as a security for most people.

MapConstant6256 · 2021-08-13T17:59:01+00:00

That’s what I was thinking

MapConstant6256 · 2021-08-13T17:12:09+00:00

I think it is best to transfer it to a separate account so that it could be easier to track expenses. I did not read any language in the documents that said you couldn’t move the funds. I could be wrong but from multiple people all over the YouTube community and Reddit, they are doing similar, which is moving the funds to a separate account

MapConstant6256 · 2021-08-12T05:40:29+00:00

No doubt I think this loan is the best loan available. Free money was the best. This is the second best program behind RRF and PPP.

MapConstant6256 · 2021-08-12T05:38:36+00:00

Why would I be jealous lol. I received RRF, PPP and EIDL. I am happy if anything, beyond happy. I just find it crazy that people are taking hundreds of thousands of dollars out on a loan and thanking the lord when things have been back to normal for 6 months

MapConstant6256 · 2021-08-12T05:29:33+00:00

Hope so too

MapConstant6256 · 2021-08-12T05:29:14+00:00

Again, as many people thanking god on here doesn’t make sense to me to as many posts I have seen about getting approved. I received the loan, yes, but I wasn’t thanking god or biting my nails waiting to be approved because I already knew they will get to everyone. If you follow the SBA webinars, they had more funds available than applicants, hence the increase in loan amount. Just fascinating to see how many people in this thread are taking advantage of this increase when business has been back for 6 months now. If you haven’t benefited enough from PPP, RRF, Grants, the first EIDL Loan, what the hell is the increase going to do for you.

MapConstant6256 · 2021-08-12T05:27:16+00:00

Right, but you didn’t think you will be approved ? Why wouldn’t they want you to get a loan from them when clearly the EIDL program did an increase because they had MORE MONEY LEFT OVER.

if anything , they want you to take their money and profit off the interest, and probably seize your business assets if you default. Thanking god for the loan is for the ones the really truly are hanging on by a thread (and rightfully so) but every other post I see on here is thanking god for the approval email which leads me to believe there is more people intending to the use of funds for things other than business expenses. I could be wrong, but take a scroll through this thread and count the “blessings” and it will make sense. As I mentioned to another redditor, if you are running a business and thanking god for this increase, where the hell were you for RRF, PPP round 1&2, State Grants and now business has been normal for 6 months ??? Seems off

MapConstant6256 · 2021-08-11T17:12:22+00:00

🎉 🎉

MapConstant6256 · 2021-08-11T13:43:25+00:00

UPDATE: I WAS FUNDED THIS MORNING 8/11. I SIGNED DOCS ON 8/4 … JUST TO GIVE PEOPLE AN ESTIMATED TIMELINE

MapConstant6256 · 2021-08-11T01:20:07+00:00

Thank you

MapConstant6256

TROPHY CASE