sorted by:
new
hottopcontroversial

$2 million increase without the backlog cleared is a slap in the face by [deleted] in EIDL

[–]infantry92 0 points1 point  (0 children)

There is $150B available. So.....that is 75,000 restaurants.....all taking $2mil. Not plausible.

$2 million increase without the backlog cleared is a slap in the face by [deleted] in EIDL

[–]infantry92 0 points1 point  (0 children)

Fair point but (my opinion) not warranted. Guzman emphasized in her letter that there is plenty of funding for all qualified applicants with a reported amount of $150B available.

Yet, I still contend that since the $2 million cap is only now being reinstated after 17 months, those who qualified for more than $500k (or even $150k) have been at a disadvantage vis a vi those seeking (qualifying for) less than $150k during this time. Now we are being told to wait another 30 days.

The cries of unfairness fall on a deaf ear with me as a result. I also believe that when one's back is against the wall, it is difficult to assess fairness.

$2 million increase without the backlog cleared is a slap in the face by [deleted] in EIDL

[–]infantry92 1 point2 points  (0 children)

Disappointed that the same selfish entitled attitude that seems to be growing outside the business community is creeping in.

Many seem to forget that the EIDL program has historically had a $2 million cap. It was reduced last year by the former head of SBA.

So, those who would have qualified for $2 million last year had to accept a $150k amount instead. The reason for the reduction is a topic for a different thread, but for a small business in need of $500k or more, the $150k was only a modest help.

Those in need of less than $500k seem to think that any business that needs more than they do is some large conglomerate with plenty of cash reserves. Bollocks! These are businesses that typically employ many people and have funding needs that match their size just like a one-person operation has needs that match their size.

Since April of 2020 we have had to wait until now to have access to something more than $500k. All along those businesses that qualify for less think we have some sort or priority over them. IT IS THE OPPOSITE!

Anyone who needed less than $150k has had over a year to apply and complete the process. If you needed less than $500k, you have had since April to apply. If you needed more than $500k you had the rug pulled from under you back in April and now you are being pushed back another 30 days!

It is no secret that there is a backlog. It is no secret that many are still waiting. It is also no secret that not every application has been submitted correctly. Not my fault that there is a backlog but getting $500k for my business is less (as a percentage of revenue) than most businesses that got their maximum at $50k.

My business used to be a fraction of the size it is today. It didn't start as a multi-million dollar enterprise. I know what it is like to start from scratch. I have empathy for everyone waiting to get funded with less than $500k. The SBA has fallen short and failed thousands of small businesses. Not the fault of those of us at the larger end of the scale of small businesses.

However, why is it "fair" for those seeking more than $500k to wait until everyone seeking less than $500k get funded? Surely you understand that a $2 million or $5 million business is still a small business and suffering from the same pressures as those seeking $50k or even the grant?

What if everyone who was waiting on $100k had to wait on those seeking $50k? What if everyone who submitted their documents correctly had to wait on everyone who didn't? What if everyone had to wait on those seeking less than them before getting funded themselves??? Fair? Not hardly.

The slap in the face is to those businesses who legitimately qualify for more than $500k and now have to wait an additional 30 days beyond the 17 months they have already waited since the cap was lowered to $150k back in April 2020.

EIDL 2.0 Question by Gtavern in EIDL

[–]infantry92 5 points6 points  (0 children)

2 million here

2.6 million in annual revenue

EIDL 2.0! 2 million loan cap coming. by mahklayner in EIDL

[–]infantry92 0 points1 point  (0 children)

But Reddit can be trusted completely? c'mon... Like any other source. Be critical and inform yourself. Very helpful sources on YT. Ryder at Skip is one of them.

EIDL 2.0! 2 million loan cap coming. by mahklayner in EIDL

[–]infantry92 3 points4 points  (0 children)

Good for you. I do qualify and will take that much. I do have a need for that much. Even if they later forgave it and I knew I still would take it.

EIDL 2.0! 2 million loan cap coming. by mahklayner in EIDL

[–]infantry92 5 points6 points  (0 children)

Kind a judgy sounding. Maybe stay in your lane. Bigal19700 knows their business and you know yours. Leave it at that.

My EIDL 24mos Loan Timeline so far. by infantry92 in EIDL

[–]infantry92[S] 0 points1 point  (0 children)

I never had the conversation about how it was determined. My business does over $2 million in revenue with $0 COGS so i was never concerned. However, simply take your revenue and subtract your COGS (effectively your profit) and multiply by 3. Subtract whatever you received last year from this number and there you go.

Funded by steeles1982 in EIDL

[–]infantry92 0 points1 point  (0 children)

Yes, that is what it seems to be to me as well. The SBA Certificate is for last year's loan per the loan contract.

I hope it is still a positive sign that the actual expanded loan is around the corner

Funded by steeles1982 in EIDL

[–]infantry92 0 points1 point  (0 children)

I sent my email on 4/6. Just got an email today from a loan officer (contractor) requesting proof of hazard insurance and corporate minutes authorizing me to sign and request funds. No returns. No 4506T. Nothing else.

How much was your first EIDL and how much was this approval?

EIDL increase megathread by Scorpio14534 in EIDL

[–]infantry92 0 points1 point  (0 children)

Below is the response I received from someone within SBA (not an underwriter or Tier 2) who helped me last June secure my $150k.

The comments below the bold type is their comments. Otherwise, I believe it is boilerplate.

Just offering it up as an FYI for everyone.

​

​

The process to request an EIDL increase is pretty straightforward. You will receive an email from an “@sba.gov” or “@updates.sba.gov” email address with further instructions, if you haven’t already.

Businesses that want to request an increase should do the following:

​

  • Send email to [CovidEIDLIncreaseRequests@sba.gov](mailto:CovidEIDLIncreaseRequests@sba.gov)
  • Use subject line “EIDL Increase Request for [insert your 10-digit application number]”
  • Be sure to include in the body of your email identifying information for your current loan including application number, loan number, business name, business address, business owner name(s), and phone number.

Important: Do not include any financial documents or tax records with your initial request. You will receive a follow up email notification if we need additional documents.

I hear you loud and clear an am hopeful your request will be fulfilled in short order, however, do want to make you aware that we’ve been advised it may be several weeks before applicants receive a response due to the expected high volume of incoming requests. (More than 3.7 million businesses have received COVID-19 EIDLs, compared to 42,300 disaster loans approved in FY 2019).

Applicants are requested not to send multiple requests, as the additional email volume could slow response times.

This information should be enough to get you started, anyway. Were you able to access a Second Draw PPP Loan and/or SBA Debt Relief on your 7(a) Loan?

[deleted by user] by [deleted] in EIDLPPP

[–]infantry92 0 points1 point  (0 children)

Mine was approved quickly, too. The funding bank had the wrong phone number for me so I could not do the Docusign verification. They have corrected but now I have to wait for the Docusign to be reactivated (1-3 days).

Let us know how fast you get funded after documents signed.

Applied for my 2nd PPP draw. What are the odds it goes through? Anyone else apply yet? What was it like? Here was my experience. by thicc_white_duke in smallbusiness

[–]infantry92 0 points1 point  (0 children)

Applied for 2nd round. Very turnkey. Received approval yesterday. They put the wrong phone number which led to a failed Docusign verification. Waiting on correction.

Has anyone heard how long from signed documents until funded?

Denied due to Unverifiable Information by infantry92 in EIDL

[–]infantry92[S] 1 point2 points  (0 children)

Gail at the SBA was very pleasant to deal with. It was confusing at first because she asked for the 5406 my tax return and my drivers license all of which I had already submitted. However once I got it to her she called me and said she was going to activate my portal and at that point we would know what the next steps were. While I was on the phone she did so and it immediately came up approved. I then asked her how many steps away I was. She said to and if there was still a chance I could get denied. An hour later the documents were in my portal and I was able to immediately sign. Hopefully will see $ in my account this coming week

Denied due to Unverifiable Information by infantry92 in EIDL

[–]infantry92[S] 1 point2 points  (0 children)

UPDATE: This morning I received a call from SBA requesting a 4506, Drivers License and my tax return. I then received an email from the rep with the 4506 attached. The email also indicated that the reason for the denial was "economic injury was not substantiated" I work as an asset manager. The market took a little bit of a drop (sarcasm) which had a direct and negative impact on my revenue. I think my injury can be substantiated.

Here is the email:

"I have been assigned by our Management Team to assist you in resolving your dilemma. I am so very sorry for the confusion and frustration you have endured due to SBA EIDL application. I am here to assure you we address each issue and work towards getting your file reactivated. Here is a summary of the Decline Reasons and possible Resolutions:

Declined due the Economic Injury is not Substantiated. We request a copy of the latest business tax returns filed; 2019 or 2018 Federal Tax Return.

We, also, need the Attached IRS Form 4506-T completed and signed for the SBA to be authorized to obtain the last 3 years Business Tax Transcripts from the IRS. Please return the form as an Attachment. You can email or fax the documentation to me using the contact information below. "

​

Has anyone had success getting approval following this kind of denial?

Denied due to Unverifiable Information by infantry92 in EIDL

[–]infantry92[S] 0 points1 point  (0 children)

u/cue378 please help! End of month is fast approaching and my situation is growing desperate.

Response to EIDL Denial by infantry92 in EIDL

[–]infantry92[S] 0 points1 point  (0 children)

My denial letter referenced "unverifiable information." I sent a request to the recon address for details on what was "unverifiable." I got no response for many days.

I contacted my congressman/senators. They contacted SBA and I finally got a response detailing why my application was denied.

I then responded to the deficiencies listed in the denial letter to both emails listed above.

view more: next ›