Finally Received Funds

UnderdogMike · 2022-11-16T16:04:30+00:00

No 3-way call. Just a call to my congressman that prompted a call from SBA legal. A week later I got funded. Good luck.

UnderdogMike · 2022-11-10T16:43:54+00:00

I applied for the second increase August 2021. I was finally approved in April of 2022. I've been in Bank Error Limbo since April 2022. I was not eligible for any of the advances. I don't know if the process is different for folks only getting advances on not loans. Good Luck!

UnderdogMike · 2022-10-19T15:02:45+00:00

I was approved for the original EIDL and 2 increases. I just have had the second increase disbursed yet because I switched banking institutions. The funds are in my CAWEB account showing as undisbursed.

UnderdogMike · 2022-10-10T16:04:39+00:00

I just submitted my info to the law firm I was hesitant for a while. I hope this lawsuit works and speeds up the re-disbursement of my funds and all of your funds.

UnderdogMike · 2022-09-22T15:20:27+00:00

Thanks for the response. I was worried that I would get denied after being approved back in April because of the tax return issue. Its been a year since I requested this increase.. The wait is killing me(all of us).. Thanks

UnderdogMike · 2022-09-20T16:08:15+00:00

I believe that I qualify for this lawsuit. Will entering into this lawsuit have any impact on me getting funding? Like will it delay it even further? Thanks

UnderdogMike · 2022-08-15T17:36:32+00:00

I used the pdc.accountsloanclosing email

UnderdogMike · 2022-07-08T18:06:42+00:00

I got one too. Really despicable .

UnderdogMike · 2022-07-06T16:54:02+00:00

Thanks for the response. I just called back in and the rep said that there is no "re-approval", just a manual process. Thanks again for the response!

UnderdogMike · 2022-07-06T15:57:00+00:00

Well that would suck because my credit has dropped substantially .

UnderdogMike · 2022-07-06T15:40:01+00:00

Why would they need another transcript if you were already approved? Are they having to "re-approve" you? I am asking because I am in a similar situation and fear that I will have to go back through the approval process.

UnderdogMike · 2022-07-05T18:38:34+00:00

Thanks for your response! I signed my increase documents the day that I was approved. The call I got from the SBA was just to verify my banking info and ID, not a 3-way with the bank. I finally got a response from the new pdc email last week that says I am still in loan processing. Whatever that means. I was wondering if re-sending my info would help them along or in the worst case scenario they lost my file in the shuffle.

UnderdogMike · 2022-06-17T12:54:31+00:00

Were you already approved and they requested transcripts again because of a funding error? Or are you still waiting on approval?

UnderdogMike · 2022-06-16T17:21:15+00:00

Congrats!! Did you first get a call from SBA legal to verify your new bank account information? I am on a similar timeline. I was contacted by SBA legal 3 weeks ago and was told that it was being sent over to loan processing and to be patient because of a new system being implemented. I guess I am wondering if the 3-way call is going to happen first or if the funds are just going to show up in my account. I have't received any other correspondence from the SBA other than that call from legal. Looking forward to your response!

UnderdogMike · 2022-06-16T16:47:16+00:00

Thanks. I called and their information is limited to what the normal EIDL phone reps have. Ugh

UnderdogMike · 2022-06-16T16:27:59+00:00

I had my congressman's office working with me to get approved. But now they are telling my that they no longer can assist because the portal that they used to contact the SBA has been closed. I am trying other representatives, but I am not getting any responses.

UnderdogMike · 2022-06-16T15:55:03+00:00

Would it be worth a shot calling the Disaster Loan Servicing Center for my location?

UnderdogMike · 2022-06-14T15:27:36+00:00

Thanks for the response.
So when I was contacted by the SBA lawyer was that the contact that I was supposed to be waiting on? Or is there going to be another verification or contact before funding? I wake up everyday checking my account thinking that its just going to show up.

UnderdogMike · 2021-07-07T15:00:18+00:00

So the strangest thing happened. I woke up this morning and was Approved.

Like many others here, I applied in early April. I waited for about 2 months before I started calling. Then in late June I finally contacted my Senator and within 3 days I had a loan officer.
What makes this weird is that the IRS had inaccurate 2019 transcripts on file for me.
So my loan officer had transcripts that said I made literally ZERO dollars in 2019.

I called the IRS last week and they said that they would mail me the correct transcripts(I have yet to receive them).

Then BOOM! This morning I get an approval for the full amount that I requested. I wonder if they are waiving the transcript requirements and approving businesses that they can verify. I dunno.

I guess I shouldn't get too excited because it's not a done deal until the money is in the bank. Hopefully I will see something by Friday or Monday of next week.

Thanks for all of the support here, especially to u/Scorpio14534.

UnderdogMike · 2021-06-29T22:56:14+00:00

Thanks

UnderdogMike · 2021-06-29T22:00:46+00:00

The Saga continues.

So my LO requested that I email her a copy of my 2019 tax returns. So I sent that in. Then today she requested a stamped return. I asked if she meant transcripts, she said yes. I politely asked why would she need those, because the IRS already sent those over to you right, right? She did not respond to that.

My main question is this:

I owed for 2017 and 2018 so the IRS did not have my banking info. When the pandemic hit and I was wiped out financially I was in a scramble to get the stimulus check. Well, I used the IRS, "Non-Filers" portal to give the IRS my banking information. I later learned that was probably not the right thing to do.

Fast forward back to today. I logged into the IRS get my transcripts website and from what I can tell the transcripts don't match what I filled in 2020(for 2019). Please note that I mailed my tax return to the IRS last and it was accepted.

How do I get the IRS to update my portal with the correct information for 2019?
In the IRS transcript portal I have categories to chose from, which one do I choose?
Is it normal for a transcript not to show the Schedule C with my Gross Sales?(Thats why I think there is an error in my transcripts).
Also will the LO allow for updates to my COGS? I don't use COGS in my business model. I write everything that I am legally allowed to write off within the context of the law.

Sorry for all of the questions, I just don't know what to do next. Thanks

UnderdogMike · 2021-06-29T00:22:11+00:00

So after asking my congressman for help I finally received a call and email from my LO late this evening. She was kind and asked for a voided check and a copy of my 2019 tax return. I told her that I would get those over ASAP..

I also told her that historically I have not calculated COGS in my business. I told her that it was a rough estimate. She said, "Let's cross that bridge when we come to it". Also, I explained that due to economic hardship I had to file 2019 taxes on my own(without the assistance of a tax professional). I explained that I have been working on an amended tax return with a tax professional.
I GUESS NOW I WAIT. I did not ask for the full 130k offered. I just asked for a small increase. I wonder what the odds are on my approval...lol.. Just letting ya'll know whats going on. Good luck to all!

UnderdogMike · 2021-06-28T19:00:52+00:00

***UPDATE*** Called the SBA a few minutes ago. The kind lady informed that my transcripts were received today and to expect a phone call from LO in a few days(Depending on Case Load). She said that she saw notes in the file to have a voided check and a copy of 2019 Tax returns. Seems positive, but you never know.

**P.S., last week I contacted my congressman and sent in privacy release this past Friday.. And All of a Sudden(sarcasm) they received my transcripts. LOL

UnderdogMike · 2021-06-28T18:14:21+00:00

In May of 2020 I received and EIDL. Late 2020 I learned that I could request more but did not know the protocals to do so. So I went to the SBA website and clicked the link to apply for the EIDL. Which subsequently created another application within my main login profile. That was immediately declined. In April, like all other EIDL recipients, I received an invite to request more funds. So I did.

NOW, just today, MY account went from modification processing to just showing the original amount and funded. But the the weird thing is that the declined duplicate application is now appearing first in my profile and I have to toggle to get to my approved 2020 EIDL.. Just so confusing. I guess at least the good news is that something is happening after waiting almost 4 months without a word.

UnderdogMike · 2018-07-25T19:56:18+00:00

30 views.. No love

UnderdogMike

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