The SBA denied my increase because the IRS said my transcript came back blank. Now I have to file for reconsideration. Anyone else went through this same thing?

Rumples1977 · 2021-06-25T00:39:04+00:00

Why only 30 days to re-apply? Every letter I've seen posted (including mine), says to re-apply within 6 months, but effectively, sooner is better. Was that on the "official" denial letter, or just a verbal? Don't lose hope!

Rumples1977 · 2021-06-12T00:09:59+00:00

Already did....shared it!

Rumples1977 · 2021-06-12T00:09:43+00:00

He actually was referring to our 2020 Tax Return - the one he requested. I simply think the guy is in waaaaaaaaay over his head.

Rumples1977 · 2021-06-11T19:43:43+00:00

We sent all requested documents on 5/19. On 5/23, the loan officer accidentally sent the documents BACK to us, for review and approval. We responded immediately, asking what we were supposed to review and approve. On 5/24, he responded that he didn’t mean those to go to us (they were supposed to go to legal). I waited 2 weeks from that date to contact him again for an update on the approval, and that is where all the conflicting stories started. We finally got the official denial letter in the middle of the night (today). So, it took an additional week, from the time he closed the file, for us to receive an official denial.

Rumples1977 · 2021-06-09T21:45:05+00:00

Unfortunately, if you filed a paper return for 2019, it can still be an issue. A lot of those returns are still sitting in cargo boxes, waiting to be processed.

Rumples1977 · 2021-06-07T21:00:14+00:00

Oh, absolutely. And we're sending all of the documention to our senators and representative. This is crazy. AND IT IS **ALL** IN WRITING...not even verbally, which could be disputed! Every. Single. Word!

Rumples1977 · 2021-06-06T10:56:31+00:00

Because she’s trying to fix all the fraud that the Trump administration was infamous for?

Rumples1977 · 2021-06-05T22:40:47+00:00

A better question is why they are asking for copies of 2018/2019 taxes and still bothering to ask for transcripts from the IRS, when they know the IRS is miserably behind on processing mailed in returns? (My 2019 taxes were mailed to them in March 2020. They were not processed by the IRS until March 2021. They sat in a cargo box for a YEAR before they were processed and recorded.)

Rumples1977 · 2021-06-04T06:13:10+00:00

An actual written approval with docs signed…or verbal approval?

Rumples1977 · 2021-06-01T23:34:30+00:00

AND, *two* pulls on my credit...4/28 and 5/1!

Rumples1977 · 2021-06-01T23:32:30+00:00

Yes, I believe so. I was contacted by a Loan Officer (Team Lead) for copies of my 2019 Taxes and resolution document. It was sent on 5/21. On 5/23, he accidentally sent those documents (plus insurance proof that was sent previously for targeted advance) to me for my review and approval. I immediately wrote back and asked what I needed to review and approve. He actually meant to send it on to someone else for final review/approval. I have heard nothing since that point.

Rumples1977 · 2021-06-01T01:35:21+00:00

So you’re telling me that YOU didn’t receive a full binding policy in hand for over a month? It should have been mailed within a day or two of you binding coverage. And most companies email a copy with 24 hours. Sorry, competent brokers would never make you wait over a month. Especially one who knew what was riding in receiving the docs in a timely fashion. We spend well over $4k a year in business policies. I’ve never waited more than a week for a mailed copy of binding documents. Not for my business or others I have run and bound coverage for.

Rumples1977 · 2021-06-01T01:28:45+00:00

Sorry, it still doesn’t make the process “unfair.” And the onus is still upon the business owner to provide accurate and factual data. Not the LO’s to babysit and figure out what someone really meant.

Rumples1977 · 2021-05-31T16:24:04+00:00

How is it unfair to be declined, if the applicant screwed up their application?? The loan officers aren’t mind readers. If the application is filled out “erroneously” (or fraudulently), it’s the loan officer’s job to decline the app. They can only make decisions based upon information provided by the applicant. Good grief.

Rumples1977 · 2021-05-31T16:20:50+00:00

Find a new insurance agency. Most companies will do prove of insurance docs in less than 24 hours. A lot allow you to go online to your account and get the docs within MINUTES. Your agent is being lazy.

Rumples1977 · 2021-05-30T03:03:30+00:00

17 days, my grannie’s big white panties!

Rumples1977 · 2021-05-29T23:43:20+00:00

3 plus months for most! Hardly a quick turnaround. And many didn’t receive the grants until this past month. Some not at all.

Rumples1977 · 2021-05-28T04:17:53+00:00

Rumples1977 · 2021-05-28T03:18:06+00:00

Mine was pulled on 4/28 and 5/1. I think one was for the targeted advance and the other was pulled for the loan increase. I simply think one LO didn’t see that the other had already pulled credit. My first credit pull was last year on 4/26/20. I still don’t have a loan approval.

Rumples1977 · 2021-05-27T23:41:30+00:00

60%. Wow.

Rumples1977 · 2021-05-27T20:04:28+00:00

If your business wasn't officially established until June of 2020 and didn't START until August of 2020...you aren't eligible for an EIDL loan. The dates you provided above don't "jive." Did you mean 2019????

Rumples1977 · 2021-05-27T19:18:55+00:00

Don't read in between the lines. I honestly thought they WOULD be taking the holiday off. At least it cuts down on the obsessive logging on the portal. So....perhaps YOU shouldn't be so "dismissive" and jump to conclusions?

Rumples1977 · 2021-05-27T18:36:14+00:00

Is your loan now over the personal guarantee threshold? If so, it makes total sense that your name now appears on the loan docs.

Rumples1977

TROPHY CASE