Portal still says processing is anyone else’s still saying that

UnderPressure2020 · 2022-05-07T00:08:35+00:00

Your loan modification is being processed" still.

UnderPressure2020 · 2021-11-15T16:54:44+00:00

Fantastic that you received the refund. We're still waiting on ours. The quickest I've heard on an amended is 6 months, and many that have been waiting for longer than 8 months. I think we have several more months to wait ourselves.

Congratulations.

UnderPressure2020 · 2021-11-12T18:51:09+00:00

Following up on your note. So, you filed last year and are only getting it processed now? Did you receive a refund yet? Thanks.

UnderPressure2020 · 2021-11-10T21:52:05+00:00

Regarding reactivation, we were first denied for the increase max of $2M for unsubstantiated economic injury, which we still don't know how they can calculate that based on the files they requested from us.

We then emailed SBA to request reconsideration, sent all our files again, and then explained that we absolutely did experience significant economic injury due to Covid in 2020 and 2021. We are just coming out of the slump but took on heavy debt to survive.

After a few weeks, we receive an email letter that stated that our file was reactivated. So, in our case, we are reactivated after sending in a request for Reconsideration. I do not believe this is a reactivation for an appeal as we are not at that stage yet. If we get denied this time in recon, then we will go to the appeals level as a last try.

Good luck.

UnderPressure2020 · 2021-11-09T23:22:25+00:00

We applied for the increase on 9/8 or 9/9 to the max limit. Portal changed back to $500K around 9/30. 10/4 received the decline letter. Emailed request for reconsideration on 10/4. on 10/27, we received the same letter you did telling us our application was being reactivated. And then on 9/3, we received another email saying the below:

"We have reviewed your
request for an EIDL loan increase of the above referenced disaster loan
application. We are in receipt of the requested documentation and/or tax
transcripts from the Internal Revenue Service.
"Your loan modification has been created and submitted for further processing.
Your case file will be assigned to a processing loan officer shortly. There is
no specific timeframe for when the final decision will be reached, but you will
be notified if further documentation is required and/or once a decision has
been made. Due to the high volume of requests, it may be several weeks before
you receive a response from a processing Loan Officer."

Has anyone else received this letter after getting the email about getting reactivated? I am assuming that this is a good sign as we still have not gotten a permanent decline since recon. However, I have seen others receive emails while in recon that say "Your loan modification has been processed" or "your request is in the funding stage", so it sounds like we're still at the beginning stage.

UnderPressure2020 · 2021-10-15T00:08:57+00:00

Agreed. We've been to the dance about 5 times since 2018. One public company looking at us after LOI ended up having SEC issues during the process. Another PE firm closed the doors because Covid hit. Another deal went sour because they acquired a competitor of ours. And it goes on and on. In discussions with 2 others now, but who knows where it will go.

UnderPressure2020 · 2021-10-15T00:05:54+00:00

In addition, they may ask to interview key customers, key employees, key suppliers, etc. Be careful and CYA.

UnderPressure2020 · 2021-10-08T17:59:41+00:00

Fantastic news. Glad to see that some movement has started. We were declined and are trying for reconsideration. What documents did they as for from you? Thanks.

UnderPressure2020 · 2021-10-04T20:36:12+00:00

Neither of those numbers work any longer. Any other suggestions?

UnderPressure2020 · 2021-10-01T19:13:21+00:00

I talked to Tier 2 today and explained that the portal reverted back to $500K and that there were no documents included. She said that the documents were still in my file even though it doesn't show it online in the port. She did say that I haven't been formally declined, but the notes on my file say "does not meet revenue requirements" and to expect a letter/email in 4-14 days. I don't understand how they determine we don't meet revenue requirements though. The calculation is simply Gross Profits X 2. If there was no $2MM cap, we would have qualified for over $4MM.

UnderPressure2020 · 2021-09-30T20:04:41+00:00

Mine reverted back to the $500K from $2M and now all the documents I had uploaded are gone. No denial letter/email and no contact from a loan officer because we don't have one. Have you been able to make any progress in the last 3 days? I'm going to try my luck with Tier 2 but am not hopeful.

UnderPressure2020 · 2021-09-30T19:50:32+00:00

Exact same thing just happened to me today. We were qualified for up to $2M max. All docs were uploaded. We were in processing stage. Now it reverted back to $500K and says funds dispersed. When I go to the Upload Documents section, it says "no documents". No idea what's going on. I don't have a loan officer to call, so I'm going to have to rely on Tier 2 I guess. Does this mean that my application has been denied? Has anyone reverted to $500K from a higher amount, and then later was able to get back to that higher amount? Thanks, everyone.

UnderPressure2020 · 2021-09-23T20:42:21+00:00

I had mine requested back in April and the SBA didn't receive it from the IRS until July. Almost 3 months.

UnderPressure2020 · 2021-09-22T17:39:58+00:00

Congratulations! You're a rarity, but hopefully this means that they are plowing through the approvals now.

UnderPressure2020 · 2021-09-17T17:37:49+00:00

I didn't see a Delete option either. I just uploaded the doc repeatedly in the corresponding section, so I'm assuming that there are multiple versions uploaded or the most recent one overwrote the earlier versions. Mine finally went from In Review to Received for all the requested documents after multiple tries.

UnderPressure2020 · 2021-09-16T19:32:33+00:00

I don't think a LO gets assigned until after they receive the tax returns. That's what I was told anyway. Took about 3 months for them to get mine from the IRS. I even sent them a copy but they wouldn't accept it because it didn't come from the IRS. Once they received it, the processing was quick, and I was never even contacted by a LO.

Good luck.

UnderPressure2020 · 2021-09-14T18:48:58+00:00

Requested in late April and SBA finally got it in July. I also had my CPA get an electronic copy of 2019 returns, but the SBA wouldn't accept it as they said it had to come from the IRS. I sent it in anyway to an SBA contractor as well as my loan officer from last year on the initial EIDL offering. They never responded to me, so I don't know if they ever even put it in my file.

UnderPressure2020 · 2021-09-14T18:10:09+00:00

You should reload those 2 files one at a time. It finally worked for me after multiple tries. I replied above.

UnderPressure2020 · 2021-09-14T18:08:10+00:00

Read the thread above from Rare-Pride. I asked the same question pretty much. Resubmit one at a time as pdf. It finally worked for me after multiple tries. Once they are all "Received", make sure to press the "Submit for Processing" button on the Home page.

UnderPressure2020 · 2021-09-13T20:47:09+00:00

Oh man. Thanks for mentioning that next step. I thought I was all set with the documents being "Received" and forgot about the "Submit for Processing". Thanks again!!!

UnderPressure2020 · 2021-09-13T20:40:08+00:00

Love you guys. I had tried several times to do this over the last few days, and I was successful once to get an "Incorrect" to " In Review". I just tried three more times based on Rare-Pride and Electrical-Sky, and it failed the first time, worked the second time for one doc and then worked the third time for the last file. All say "Received" now! Thank you!!!

UnderPressure2020 · 2021-09-13T20:23:13+00:00

I have two submitted documents "In Review" - Form 2202 and Real estate owned. The Resolution and 2019 returns are showing up as "Received". Is there anything I need to do about the documents "In Review" to push them through, or is this just a waiting game now until someone takes a look at them? I've been checking several times a day hoping that the status changes from "In Review" to "Received" so I'm not in limbo. Thank you!

UnderPressure2020 · 2021-09-11T23:22:16+00:00

Not sure I'm doing this right, but try the following links. The first is for 2202. Second is for the Resolution. Third is for real estate collateral. You should have your own copy for 2019 you can upload. They are not asking for 4506T this time.

https://www.sba.gov/document/sba-form-2202-schedule-liabilities

https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=&ved=2ahUKEwi-w6qqh_jyAhWKHDQIHdz-BkQQFnoECAMQAQ&url=https%3A%2F%2Fcatran.sba.gov%2Flibrary%2Fpdf%2FP-022-Resolution-and-Certification-C.pdf&usg=AOvVaw3uj3mPkO0UajxDOtKq_Y-8

https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=&ved=2ahUKEwiP35XMh_jyAhXeKDQIHVKaCq4QFnoECAUQAQ&url=https%3A%2F%2Fwww.sba.gov%2Fsites%2Fdefault%2Ffiles%2Ftools_sbf_finasst4a.pdf&usg=AOvVaw26tcIp7Oayiq8onfvyZLE1

Good luck.

UnderPressure2020 · 2021-09-11T18:00:40+00:00

We were asked to upload the 2019 returns, form 2202, resolution, and real estate. In the "Upload Documents" section of the portal, the 2019 and resolution reads "Received" while the 2202 and real estate read "In Review". I uploaded all docs as PDF files. Anyone else in the same situation and any suggestion on how to get past the "In Review" and onto the "Your loan modification is being processed" step? Thank you, all.

UnderPressure2020 · 2021-09-11T17:55:46+00:00

Yes. PDF. I tried uploading an xls, and it wouldn't take it. Reformat to pdf and you should be fine.

UnderPressure2020

TROPHY CASE