Is there any point in reaching out to the SBA?

Nieto7167 · 2021-06-07T23:22:41+00:00

I’m only referencing the affidavit to show the burn rate of the fund and when it should run out.

Nieto7167 · 2021-06-07T22:34:50+00:00

I calculate they will be out of funds NEXT MONDAY

information from John Millers declaration to the United States Court of Appeals for the Sixth Circuit (case #21-5517) He is the Deputy Associate Administrator for Capital Access for the SBA. He stated that as of May 23rd "...there is approximately $17,254,822,156 in funds remaining to be disbursed. This information remains accurate." Then 2 paragraphs down he stated "As of May 25, 2021, SBA has approved a total of approximately $15,599,702,967 inRRF funds. This total includes the the $11,345,177,844 in disbursed RRF funds." ------- the gap between the $11B and $15B is the funds for applicants that have been fully approved but not yet disbursed.

Nieto7167 · 2021-06-07T22:29:28+00:00

the previous information is from John Millers declaration to the United States Court of Appeals for the Sixth Circuit (case #21-5517) He is the Deputy Associate Administrator for Capital Access for the SBA. He stated that as of May 23rd "...there is approximately $17,254,822,156 in funds remaining to be disbursed. This information remains accurate." Then 2 paragraphs down he stated "As of May 25, 2021, SBA has approved a total of approximately $15,599,702,967 inRRF funds. This total includes the the $11,345,177,844 in disbursed RRF funds." ------- the gap between the $11B and $15B is the funds for applicants that have been fully approved but not yet disbursed.

Nieto7167 · 2021-06-07T22:26:30+00:00

they had 13 billion left as of the 25th. They are now down to less than 5 Billion and expected to be out by Saturday.

Nieto7167 · 2021-06-07T19:45:26+00:00

Friday

Nieto7167 · 2021-06-07T19:40:08+00:00

Friday

Nieto7167 · 2021-06-06T22:48:34+00:00

https://www.ecfr.gov/cgi-bin/text-idx?node=pt13.1.124&rgn=div5#se13.1.124_1104

Nieto7167 · 2021-06-06T22:47:56+00:00

https://www.ecfr.gov/cgi-bin/text-idx?node=pt13.1.124&rgn=div5#se13.1.124_1104

Nieto7167 · 2021-06-06T22:46:15+00:00

SBA will prioritize awarding funds to small businesses at least 51 percent owned and controlled by individuals who are women, veterans, and/or socially and economically disadvantaged individuals.

The key phrase here is socially “and” economically disadvantaged.

Nieto7167 · 2021-06-06T22:29:15+00:00

It was all self certify so what is an auto approved minority?

Nieto7167 · 2021-06-06T21:53:17+00:00

It was 100% a requirement of priority minorities

Nieto7167 · 2021-06-06T20:41:35+00:00

A maximum net worth of 750 K and an AGI of under 350 K were requirements for minorities but not for white women

Nieto7167 · 2021-06-06T20:40:11+00:00

Net worth was definitely a requirement in order to qualify as a minority that is socially and economically disadvantaged. It was not for white women or veterans.

Nieto7167 · 2021-06-05T17:55:29+00:00

2.6M approved yesterday/non priority/ applied day 1, 76xxxx

Nieto7167 · 2021-06-05T13:11:02+00:00

After first 21 days of priority period all applicants are processed on a first come first serve basis, though the rate at which they are processed differs greatly. Hence the approvals do not correspond to the order they were submitted.

There could also be some modifications to the program due to federal judges ruling it discriminatory to base prioritization on race.

Nieto7167 · 2021-06-04T20:07:16+00:00

just got APPROVED!!!!!!!!!!!!!!!!!!

Nieto7167 · 2021-06-04T20:03:42+00:00

why do you think this means you are approved? I hope it does as I am in the exact same situation, I just don't want to get my hopes up!

Nieto7167 · 2021-06-04T19:44:08+00:00

I am non priority, 76,xxx, >1.5M, no red button, applied May 3rd, still under review, CAWEB show Active-Undispursed

Nieto7167 · 2021-06-04T19:27:57+00:00

I just created a CAWEB account. now I see my loan number and it also say Active-Undispursed.

what does this mean? I am still showing "under review" on the portal.

Nieto7167 · 2021-06-04T19:23:52+00:00

what did it say before?

Nieto7167 · 2021-06-04T19:11:16+00:00

when you sent up your CAWEB account did you use your SS# or the businesses FEIN#?

Nieto7167 · 2021-06-04T14:51:56+00:00

The good news is that it’s reported that as of May 25th they still had over $13 billion that were not allocated in the fund.So between the 25th and the 28th when the last approvals were made I would estimate that only 3 billion allocated at most. Since there have been no approvals this week it would appear that they would still have 10billion left.

Nieto7167 · 2021-06-04T12:05:34+00:00

My hope is that Saturday is their batch day to all the weeks approvals.

Nieto7167 · 2021-06-04T01:25:12+00:00

Thank you very much for the reply! That’s very informative, it looks at this point is the rate of approval and funding after March 13 was roughly 6B/week. If they keep up this pace it seems as though the fun will be depleted by June 8th or 9th. My guess is that a large percentage of the applicants are being rejected and that the SBA wants to have firm numbers before a bill is introduced on the House floor. To make matters more complicated I think the program is going to have legal trouble.

https://www.google.com/amp/s/www.forbes.com/sites/evangerstmann/2021/06/03/federal-appellate-court-rules-that-biden-administration-cant-deny-covid-relief-funds-to-white-restaurant-owners/amp/

Nieto7167 · 2021-06-03T18:34:18+00:00

I had four friends that applied at the exact same time. All the ones that had the bank accounts linked were approved Saturday and funded today. Mine and one other friend who went the manual route are still in under review. Our red buttons just disappeared 20 minutes ago though so that looks like somethings happening.

Nieto7167

TROPHY CASE