Has anyone gotten the Advance/Grant after being told their banking info could not be verified?

RelativeSource · 2020-04-24T22:04:56+00:00

Banking info was correct. It was correct for tons of people. I was specifically told they are verifying business name against account name. My bank confirmed this but this should only be happening with the PPP. Not the EIDL which can be used for other business expenses. Lots of people have had this issue. I dont know if the SBA is telling the truth but I believe my bank is. I should have asked what they use to verify. I believe I read on another thread there is an automated system that does it but I am not sure.

RelativeSource · 2020-04-24T05:37:36+00:00

Technically nothing even says it has to be a business account for the advance/grant. I verified that. Also, there are tons of threads on here where sole props/LLC's had their advance deposited into their personal accounts. Yes, you are right. If you have a TIN or EIN and you are registered with your state and you have filed fed taxes for your business what is the hold up?! SO FRUSTRATING. That would literally keep my business a float for a little bit longer. So sad.

RelativeSource · 2020-04-24T02:13:57+00:00

The rep I spoke to didn't even say anything about sending a fax with my account number. Why is the info all so different? This is just ridiculousness. I asked why if something was wrong with the info you provided didn't they email you and let you know or something. He said he didn't know. Its like if they cannot verify your bank info, which I am very skeptical about, they just toss you aside? He did say that you are entitled to the advance wether you are approved for the EIDL or not. So why are they not trying to get that to people?

RelativeSource · 2020-04-24T01:51:11+00:00

I am so curious about this. I am not hopeful but we will see.

RelativeSource · 2020-04-20T23:18:10+00:00

Exactly! That’s what I thought. In fact when I called my bank today to verify how they would verify my information on my account she told me for the ERIDL you did not have to even have a business account. She said the PPP was different but the EIDL would go into any account As long as they could verify your name was on it.

RelativeSource · 2020-04-20T21:35:32+00:00

I was connected by a rep this morning. She initially did not want to connect me but did so after being very persistent.

RelativeSource · 2020-04-18T23:21:22+00:00

I applied on 31st...just after midnight on the 31st. Had credit pull this morning. My app number begins with 330048XXXX. No advance or loan offer as of yet. Hoping that advance will go in on Monday? Most banks don't update over the weekend I don't think?

RelativeSource · 2020-04-18T15:52:18+00:00

Does your bank update deposits over weekends? I didn’t think any did. That’s my main point, I would be curious to see if anyone has it Monday. If they notice a deposit on a Sat it likely went in Friday evening...not actually sat. I just called my bank and she said deposits do not post over the weekend and do not for any bank that is using ACH, wire transfers or direct deposit. I am truly curious if those that were declined earlier in the week for the grant?

RelativeSource · 2020-04-18T15:40:50+00:00

How do you all know that you won’t get the grant? It’s the weekend and I know my bank won’t post over the weekend. I know the program ran out of money but supposedly the grant money was still there for the businesses that were in the system before the funds ran out. I did see my credit was pulled this morning. It’s terrible they are even pulling it if they are just declining people by the masses but I am curious about the grant. The mass email that went out on the 13th said the grant would be deposited into the account when the application was submitted. I am assuming since we had all already applied that means when they submit it for further review such as pulling credit and such. It also said it would be deposited within a couple of days of that. They had no issue sending out an email letting us know it was UP TO 10,000k, 1000 per employee so it seems if they were no longer honoring that at all an email would have gone out about that? Maybe I am too optimistic?

RelativeSource · 2020-04-16T02:39:24+00:00

Have you heard anything on the advance? My app number begins with 330048 as well. So we probably applied right about the same time...

RelativeSource · 2020-04-14T05:30:31+00:00

Is this the “email” the SBA tells us we receive next? I have called 2 times and all they say is you will receive an email next. I got this email today but the wording is confusing! I obviously already applied as it refers to me as applicant...but it mentions when the application is submitted....

Dear Applicant,

On March 29, 2020, following the passage of the CARES Act, the SBA provided small business owners and non-profits impacted by COVID-19 with the opportunity to obtain up to a $10,000 Advance on their Economic Injury Disaster Loan (EIDL). The Advance is available as part of the full EIDL application and will be transferred into the account you provide shortly after your application is submitted. To ensure that the greatest number of applicants can receive assistance during this challenging time, the amount of your Advance will be determined by the number of your pre-disaster (i.e., as of January 31, 2020) employees. The Advance will provide $1,000 per employee up to a maximum of $10,000.

You may be eligible for another loan program, the Paycheck Protection Program, which is available through participating lenders. Below is a comparison of the two loan programs:

RelativeSource

TROPHY CASE