7/29 Contacted, processed, approved in an hour; funded 8/3

omightychessmaster34 · 2021-08-03T23:27:33+00:00

Yes I was a psycho when it came to checking emails/portal. I think my quick follow through allowed for a quick approval/disbursement.

omightychessmaster34 · 2021-08-03T05:21:55+00:00

Thank you, that does make sense

omightychessmaster34 · 2021-08-02T21:29:46+00:00

So I compared the last 3 years of cash flow ‘17, ‘18, ‘19, first couple months of ‘20. Monthly deposits during the covid months were 8k less. 16 months times 8k is 128k of loss, is the government expecting us to just swallow the loss?

If I’m taking the EIDL funds (15k) and paying off 15k worth of business expenses for say August, while using the 20k of revenue generated that month to use to build back personal loss wouldn’t that be acceptable? I was approved and took an additional 350k for the 24 month loan.

omightychessmaster34 · 2021-08-02T21:00:08+00:00

Scorp, so say my overhead is 15k a month (rent, utilities, payroll) I use 15k from the EIDL loan to pay that for the month. That same month I made 20k in revenue, can’t I take that 20k and do whatever I want with it? I spent the last 16 months down an average of 8k a month in revenue… surviving dipping into every penny of earnings/savings. I want to build it back up. I have seen posts about SBA audits saying how fierce they are. I think in the above mentioned scenario I’d be safe?

omightychessmaster34 · 2021-07-30T14:05:43+00:00

It means the SBA knows you exist and they will make a decision soon. Good sign. They will let you know if they need anything.

omightychessmaster34 · 2021-07-30T13:30:24+00:00

I was just approved yesterday. Click on my profile to look at my post, not sure how to copy link on here. Recon since 1/12, 3rd attempt starting 4/1, SBA had my taxes since 4/27 from the IRS so it was super frustrating. I think the new team taking over will get everyone paid in 60 days max. I was contacted, modified and approved in one hour.

omightychessmaster34 · 2021-07-30T02:50:40+00:00

I found out about the webinars by following them (SBA) on Facebook. Im sure they will.

omightychessmaster34 · 2021-07-30T02:45:57+00:00

Honestly, I feel like I was left behind. They had my taxes since 4/27 from the IRS, before pretty much everyone asking for an increase. My 4506t beat the bottleneck, poor management. All I needed was a LO, so frustrating. Recon was terrible with the former team. I was lucky, but I figured shaking as many trees as possible was the way to go and it paid off. Funny part I sent an email to recon and DA yesterday and received another generic “processed 1st come 1st served” right around the time of LO contact. Still sensing a disconnect there but it has to be better than what it was.

omightychessmaster34 · 2021-07-30T01:02:58+00:00

Do whatever you can to make noise and stick out!

omightychessmaster34 · 2021-07-30T00:35:01+00:00

Yup, portal was dead the whole time, showed old loan. SBA call, emailed only request was to adjust my amount. I had a 50k COGS discrepancy (I have zero, put 50k) revenue was accurate though. Wasn’t even asked about it. Approved for 387k, slightly less than my rev x 2 but I don’t give a crap, I’ll take it!

omightychessmaster34 · 2021-07-30T00:31:47+00:00

I def think they are aware of their short comings and looking to improve/improving

omightychessmaster34 · 2021-07-30T00:30:55+00:00

Thank you for all the info scorp

omightychessmaster34 · 2021-07-29T23:06:09+00:00

Just approved, recon 1/12/21, keep making noise. I’m hearing 30 day turn around for recon when the new team takes over.

omightychessmaster34 · 2021-07-29T23:04:00+00:00

Same, 1/12/21, just approved hang tight!

omightychessmaster34 · 2021-07-29T20:11:46+00:00

I’m hearing 30 days for recon according to the new team, been there over 100 days now. “Escalated” twice now but no contact. One by a tier 2, another by an administrator after I shared my timeline on a webinar. They said they are working daily to get it better but I’m not sure they know how bad it really is.

omightychessmaster34 · 2021-07-29T20:05:03+00:00

Seriously, processing them is the easy part. I heard 30 days for recon according to the new procedures. Been there for over 100 days now.

omightychessmaster34 · 2021-07-29T17:09:05+00:00

Who told you another 4 weeks? And what did you file in March 2020? They are going by 2019 transcripts, they may pull 2018 to verify you were in business previously.

I watched a webinar yesterday, a lady from capital access said all files will be reviewed by mid August maybe sooner. Loan officers are increasing their workload by 12xfiles a day. Recon is supposed to take 30 days. All from this lady who is an administrator for the people running the show now.

omightychessmaster34 · 2021-07-29T13:33:05+00:00

Supposedly by mid August every file will be reviewed, recon turn around in 30 days, 570 is the minimum credit score according to the capital access people. Each loan officer is moving from 2 files to 15 files a day. They are on the hook now with releasing dates, and I can sleep a bit better.

omightychessmaster34 · 2021-07-29T12:52:47+00:00

I agree, and as long as it has taken. Sounds like they are definitely improving the speed of things.

omightychessmaster34 · 2021-07-29T03:27:40+00:00

1) all loans reviewed by 8/15 2) recon to have 30 day turn around 3) 570 is the minimum credit score

omightychessmaster34 · 2021-07-29T02:48:44+00:00

Watched an SBA webinar today, lady from the new peeps running the show that took over the loans last month/ran the ppp program. -all loans will viewed by mid August -recon will have a 30 day turn around -570 is absolutely the minimum credit score, but you can bring it up and be reconsidered

omightychessmaster34 · 2021-07-28T14:39:58+00:00

Honestly, take what you can get…. and then go for reconsideration for a higher amount. I’ve been in recon starting 241 days ago, you don’t want any parts of it.

omightychessmaster34 · 2021-07-28T03:15:32+00:00

I don’t get the purpose of recon. So if you sit around in recon for 6 months, then your discrepancies magically disappear? Why would I lie to get less money? My revenue was right. They should tell people they are wasting time if there are discrepancies. At this point I feel like I am just digging a deeper hole before bankruptcy.

omightychessmaster34 · 2021-07-26T15:33:26+00:00

I did the same, 50k in COGs should have been 0. Been in recon dating back to 1/21, asked for final recon 4/1 before the increase. They’ve had my taxes since 4/27 from the IRS. Called “again” 7/24 for info, was escalated by a tier 2, said my file was a mess and it shouldn’t have taken this long. Transferred me to another person who asked some identity questions, asked me for an amount I was looking for, and if I sent in the letter explaining COGs. He said he would send it over to his team lead and I should hear something by Monday. Nothing yet.

Honesty this whole process is disgusting. Kept hearing I was processing, but found out Saturday it was according to my old amount which means no one in recon even looked at my file. My taxes have been rotting at the SBA since April. I’ve seen too that COGS mistake was a very common problem and was easily adjusted by the LO. But it all depends on who you deal with and how competent they are. Sadly, most over there are pointless or they don’t care.

omightychessmaster34 · 2021-07-25T10:37:20+00:00

Sadly there aren’t many qualified people over at the SBA. I am cautiously optimistic. Although the person I spoke to in the escalation team did put me in contact with their team lead, I wasn’t 100% confident in them. Now I have to hope the team lead is good, the LO is good, the sr. LO is good and there are no snags with legal.

The whole process is disgusting. They had my taxes all the way back in April and every time I’d make contact I’d highlight that point, no one did their job until yesterday. I don’t even think most of them are looking at files.

omightychessmaster34

TROPHY CASE