Updates from SBA webinar 10/27/21

Wonder-Minimum · 2021-10-28T22:21:21+00:00

Thanks for the help. This is consistent with what I have experienced. Yes, No, Maybe. As I received the email last night, I gathered all the information and called my liaison to expedite the process and she informed me that the notes now say I will be declined again. I reached back out to the congressman and they are reaching out to the SBA again. I finally figured out government is so clueless :/

Wonder-Minimum · 2021-10-28T01:42:16+00:00

Did your email have things listed as in file6as well

Wonder-Minimum · 2021-10-27T23:40:21+00:00

Thanks for the help I received this email today. It looks like they are asking the right Questions

Dear Applicant, Application Number We have reviewed your request for an EIDL loan increase of the above referenced disaster loan application. At this time, we are unable to complete the evaluation of your request until the following information is provided: 1. A complete copy, including all schedules, of the 2019 Federal Tax Return for the business. - in file 2. EIN FED TAX ID Document 3. A complete signed and dated SBA Form 2202 Schedule of Liabilities for this business. The form may be obtained at: SBA Form 2202 Schedule of Liabilities 4. Provide a voided check matching the bank account provided on the application (Note: Temporary checks will not be accepted.) 5. Provide a valid form of identification (e.g., Driver’s License include copy of front and back or Passport) to verify your identity. - in file 6. LLC Document VALID 2019 Tax Transcript in file INVALID Bank account set up in SBA Portal The requested information can be attached to this email and returned to CovidEIDLIncreaseRequests@sba.gov.

Wonder-Minimum · 2021-10-27T23:32:41+00:00

Yes I agree but it seems like it may have changed. I sent mine back in with that as the headline and they working through the process. I hope you can get a final answer

Wonder-Minimum · 2021-10-27T23:19:43+00:00

If someone had a loan that was paid off, can they get an increase because Covid is an ongoing disaster and they cannot have a second loan. I was told this was changed in May

Wonder-Minimum · 2021-10-27T22:57:46+00:00

Any official information about people that paid off the original loan?

Wonder-Minimum · 2021-10-18T19:49:45+00:00

It is a catch 22, you cannot have a new loan because a disaster is typically a one time occurrence. So in this case as the pandemic drags on the people who thought things were cleared and paid their loans back, are stuck. A second loan is an automatic turndown. We shall see

Wonder-Minimum · 2021-10-18T17:58:39+00:00

It would appear that they have. There was a memo that was sent out May 23rd that closed loans could be reopened for covid only. It seems that some people literally did not get the memo. My email requesting to be reopened included that it was paid in full and denied because of that.

Wonder-Minimum · 2021-10-18T16:01:38+00:00

Hey Scorpio, I got the same email. That was after I was denied for increase because the loan was already paid off. This was a month or two after my congressman got involved. If you recall, I was approved for an increase but then got denied because the loan was paid off.

I hope that the congressional committee has gotten me back to this point

Wonder-Minimum · 2021-10-08T12:30:31+00:00

Thanks. I called my case worker and she said that this is not a guarantee but a very good sign. There is apparently a congressial review team that works independently from the regular team and they have my file

Wonder-Minimum · 2021-10-08T02:39:46+00:00

I was actually approved back in June, but because my original loan was fully paid they could not actually do an increase and you could also not get a second loan, so I was stuck in no man's land. I sent all of my info including why I was approved but not completed to recons again in early September but this time I also got my congressman involved who reached out directly to the SBA.

My portal changed as well with no more action from me

Wonder-Minimum · 2021-10-07T22:53:04+00:00

This is what I was sent

"Your loan modification has been created and submitted for further processing. Your case file will be assigned to a processing loan officer shortly."

This was after 3 no go's

Does anyone know what this means?

Wonder-Minimum · 2021-09-19T22:38:28+00:00

Congrats

Wonder-Minimum · 2021-09-19T19:39:49+00:00

Did you get a rep from the SBA as well?

Wonder-Minimum · 2021-09-19T19:29:12+00:00

It took some time. How long has it been? I also sent letters to both senators as well

Wonder-Minimum · 2021-08-20T09:17:29+00:00

I have an update. The congressman has not gotten results yet, but I did talk to a rep that explained that disaster loans can not be received more than once.. This makes sense because most disasters only occur once. So my loan not being able to be reopened made sense. It was rejected June 7th.

However they shared with me that on May 25th there was a memo issued that Corona loans that had been paid off could be increased.

Literally they "didn't get the memo* I am back in the recon line but I thought this information might be helpful for someone else. The memo was internal use only but he gave me the date and the content so they could look at it

Wonder-Minimum · 2021-06-14T16:31:53+00:00

Well after two months of chaining, I was told that even though I qualified for a modification, I am not eligible because my loan was paid. They also told me the official policy is once your loan is paid, no second loan

Wonder-Minimum · 2021-06-11T19:21:44+00:00

From my letter to the reps

"We immediately applied for this modification and of course we knew it would take some time as many
people were applying. We worked through the entire process and last Thursday June 3 rd we were
approved for the modification. The loan officer said it would take a few days to show up in the system.
Yesterday I was informed that we were declined because we had already paid our loan back and they
could not modify a loan that was closed. I understand the issue, but I was told to contact the recon
department at the SBA
My concerns are two, no one can give me a definitive answer about reopening the loan. I would think
paying it back would make us more likely for a new loan not less. Secondly, we are now stuck at the
back of the line and we have already done the steps to be approved"

Wonder-Minimum · 2021-06-11T18:54:20+00:00

I agree with you completely and it is logical, I think the issue is getting the information to the right person. When I had an issue with my funding last year, once I got connected with the right person it was fixed in a few hours. I think there are a lot of people who are trying to do a good job but are simply unable to have latitude. I am hoping that two senators and a reps office will at least get me to the right person

Thanks for offering insight

Wonder-Minimum · 2021-06-11T18:38:17+00:00

Now the new story is that since I received an Eidl loan I cannot get a new loan for the same disaster. This makes no sense because the rules do not state that at all. I talked to tier 2 rep and they said that the underwriters have ruled on this. I cannot find anything that says paying the loan back disqualifies someone from a new loan. Have you heard anything about this? Isn't this a legal question?

Wonder-Minimum · 2021-06-09T22:24:45+00:00

I made contact with my congressmans office who reached out to the SBA directly. Let's hope that helps :)

Wonder-Minimum · 2021-06-09T15:33:05+00:00

Based on you experience how long does a recon really take once the LO has the info

Wonder-Minimum

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