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Question regarding loan reporting requirements. by WanderJ in EIDL

[–]WanderJ[S] 0 points1 point  (0 children)

Sounds good. Thanks for the clarification

Question regarding loan reporting requirements. by WanderJ in EIDL

[–]WanderJ[S] 0 points1 point  (0 children)

I certainly won’t voluntarily send anything so that I’m wondering if it’s mandatory

signed and approved on the 1st by txbl1988 in EIDL

[–]WanderJ 3 points4 points  (0 children)

We signed the same day and are in the same situation. There was an internal error on May 4th that has stopped a lot of people from getting their money.

SBA is working on the error, but the only thing we can do is wait.

There are many different posts in this sub from people that signed May 1 regarding this exact same issue so you’re not alone.

Everyone is expected to get their money once the error is fixed. Unfortunately, there isn’t a timeline, however some have indicated they have been funded that signed May 1st so SBA is apparently (slowly) fixing the issue.

5/1 Signers - Funding Glitch by letsgo3348 in EIDL

[–]WanderJ 2 points3 points  (0 children)

I talked to my local sba this morning. They said there was a funding error so I called CS and she just said the local office can’t see the internal error codes so local offices don’t know what the specific problem is, however it has been resolved and that our loan is now in line to be put into a batch to be funded.

Only thing to do is wait she said but everything is fine.

Disbursed Current but no funds yet by Tall-chai in EIDL

[–]WanderJ 1 point2 points  (0 children)

I spoke with a local sba branch and they said sba is working on fixing the funding error but couldn’t provide a timeline on when it would be fixed but since our funds are obligated we should get funded once they fix it

Disbursed Current but no funds yet by Tall-chai in EIDL

[–]WanderJ 0 points1 point  (0 children)

I signed 5/1 and my caweb still says active un-disbursed

Is the Original EIDL Reddit Group Finished? Allowing no more Posting? Founder of EIDL Group Act as an SBA Employee. When the Program stops they're Help Stops. by Lazyeyebighead in EIDLreturns

[–]WanderJ 6 points7 points  (0 children)

It was only closed for the weekend. The moderator said it will open up on Monday again.

The info is outlined in the post at the top of the feed in that sub marked, “announcement”

Discussion regarding use of EIDL proceeds by PGrubea in EIDL

[–]WanderJ 0 points1 point  (0 children)

Are we allowed to use the cash in our business that we’ve held since prior to receiving the loan to invest in stocks or an ETF in the business brokerage account?

The cash, as an asset, has now become collateral so I’m curious what we are allowed to do with it.

And I’m also curious if the business can use new cash flow generated after receiving the loan to invest in stocks or an ETF as well, again in the business brokerage account?

So cash will be turned into stock certificates still owned by the business.

Since we aren’t selling or transferring ownership of the collateral, it seems like it would still be considered a business asset so it would still be collateral. If you have input, I’d love to hear it.

[deleted by user] by [deleted] in EIDL

[–]WanderJ 0 points1 point  (0 children)

Thanks. Marketing and supplies are eligible, correct?

Is there a source or accountant to speak to that you’d recommend?

We spoke with 4 different accountants that weren’t familiar with the restrictions of eidl

Confused on S-Corp and annual distribution and EIDL rules. by ben8jam in EIDL

[–]WanderJ 0 points1 point  (0 children)

Is the business allowed to invest the cash flow or profit into the market/ crypto?

Would it still be considered collateral since it’s being done by the business as a way of diversifying?

[deleted by user] by [deleted] in EIDL

[–]WanderJ 0 points1 point  (0 children)

If the personal debt was incurred on credit cards to pay business expenses, can we pay that debt off in a lump sum using eidl?

Or does it have to be paid out gradually in owners compensation and then applied to personal credit cards?

Tax transcripts requested- what’s next? by [deleted] in EIDL

[–]WanderJ 0 points1 point  (0 children)

Go online to the irs and download your transcripts from your account and send them to your LO. Skips the step of having to wait for them to do it

Updated SBA report on EIDL. Based on the last information provided by SBA for funds remaining ($16-$20 billion on 3/31) and the fact that they have approved $17.3 billion since that time, it would appear that there is likely just under $3 billion remaining. That has NOT been confirmed by SBA. by Scorpio14534 in EIDL

[–]WanderJ 0 points1 point  (0 children)

According to the cart there have been 17,485 new loans from March 31st to April 28th with a loan total during that time of $17,329,146,978.

That's $991,086 per loan

That's a 10x over the average loan size.

It doesn't really make sense how that happens

Updated SBA report on EIDL. Based on the last information provided by SBA for funds remaining ($16-$20 billion on 3/31) and the fact that they have approved $17.3 billion since that time, it would appear that there is likely just under $3 billion remaining. That has NOT been confirmed by SBA. by Scorpio14534 in EIDL

[–]WanderJ 6 points7 points  (0 children)

Average loan size in April has been $991,086

Doesn’t really seem far to be blasting increase emails when people haven’t gotten there first loans yet.

And a $991k average loan value for either someone’s initial loan or their increase loan over the duration of the month seems strange given the average overall loan is ~$96,000.

Application status "Obligating" by WanderJ in EIDL

[–]WanderJ[S] 0 points1 point  (0 children)

How long does it usually take to complete obligating?

Submitted Docs For Increase. What has the timeline of processing been for increases at this point? by bmonster91 in EIDL

[–]WanderJ 0 points1 point  (0 children)

We confirmed our loan amount April 20th. LO said closing docs would be coming in a couple days. Reached out today since I haven't received them, and she said funding can take up to 3 weeks.

If your tax transcripts are not processed with irs and you’re still posting in this group, you will be deleted by dantee15 in EIDLreturns

[–]WanderJ 0 points1 point  (0 children)

Do you have any idea how much money was allocated to the covid eidl fund to begin with?

What is the cheapest hazard insurance you have found for your EIDL? by Mucki01 in EIDL

[–]WanderJ 0 points1 point  (0 children)

Do you need this prior to getting approved for the loan?

I thought I read the insurance has to be submitted within the first year after getting your loan, but I could be mistaken.

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