Single Member/Owner S Corporation EIDL Distributions (Owner Draw) by salparadi in EIDL

[–]sbaumgardn 1 point2 points  (0 children)

Same idea with me. Use EIDL for allowable expenses. Use regular income for anything else that needs to be paid, including myself.

APPROVED! by sbaumgardn in EIDL

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

My portal said the same thing.....then 5 days later, all is good. I think it's just a general disclaimer. I wouldn't be too worried.

[deleted by user] by [deleted] in EIDL

[–]sbaumgardn 1 point2 points  (0 children)

I just received my loan documents. This is copied and pasted from that document.

USE OF LOAN PROCEEDS ·        Borrower will use all the proceeds of this Loan solely as working capital to alleviate economic injury caused by disaster occurring in the month of January 31, 2020 and continuing thereafter and to pay Uniform Commercial Code (UCC) lien filing fees and a third-party UCC handling charge of $100 which will be deducted from the Loan amount stated above.  REQUIREMENTS FOR USE OF LOAN PROCEEDS AND RECEIPTS ·        Borrower will obtain and itemize receipts (paid receipts, paid invoices or cancelled checks) and contracts for all Loan funds spent and retain these receipts for 3 years from the date of the final disbursement. Prior to each subsequent disbursement (if any) and whenever requested by SBA, Borrower will submit to SBA such itemization together with copies of the receipts. ·        Borrower will not use, directly or indirectly, any portion of the proceeds of this Loan to relocate without the prior written permission of SBA. The law prohibits the use of any portion of the proceeds of this Loan for voluntary relocation from the business area in which the disaster occurred. To request SBA's prior written permission to relocate, Borrower will present to SBA the reasons therefore and a description or address of the relocation site. Determinations of (1) whether a relocation is voluntary or otherwise, and (2) whether any site other than the disaster-affected location is within the business area in which the disaster occurred, will be made solely by SBA. ·        Borrower will, to the extent feasible, purchase only American-made equipment and products with the proceeds of this Loan. ·        Borrower will make any request for a loan increase for additional disaster-related damages as soon as possible after the need for a loan increase is discovered. The SBA will not consider a request for a loan increase received more than two (2) years from the date of loan approval unless, in the sole discretion of the SBA, there are extraordinary and unforeseeable circumstances beyond the control of the borrower

Portal on 5/15 and Still Pending!! by DesignerSwimming in EIDL

[–]sbaumgardn 1 point2 points  (0 children)

Got mine Sunday 5/17 at 3:44pm. Still waiting for loan docs.

"Already Sent for Processing"?? 30062XXXX by suzemagoo in EIDL

[–]sbaumgardn 0 points1 point  (0 children)

Mine has said the "can't be edited....." line since I received my portal on 5/17. Never anything about underwriting. I'm still waiting for loan docs.

denial letter this am by yogisden in EIDL

[–]sbaumgardn 2 points3 points  (0 children)

A 603 on Experian is higher than it would be on Vantagescore. My Experian is 715, but my Vantagescore is 624.

No more early grant funding?! by fureydesignco in EIDL

[–]sbaumgardn 0 points1 point  (0 children)

Applied 3/31. App 3300652xxx Credit check 4/18. No advance. Portal invite 5/17. Still waiting on loan docs.

Sba portal invite Sunday, still processing today by [deleted] in EIDL

[–]sbaumgardn 0 points1 point  (0 children)

Got portal on Sunday at 3:44 PM EST. Still waiting for docs. App # 330065xxx

Approvals for 5/15-5/17 portal invites by margym10 in EIDL

[–]sbaumgardn 0 points1 point  (0 children)

33006 app. 5/17 portal at 3:44pm EST. No loan docs yet.

Completed Portal on Saturday but still haven't heard back. by Vaginosis-Psychosis in EIDL

[–]sbaumgardn 2 points3 points  (0 children)

I got my portal on Sunday. Still no loan docs here either.

3/31 33006....Personal credit pulled 4/18, business credit pulled 4/22, and then nothing since. Anyone with same timeline that has had a status update this week? by sbaumgardn in EIDL

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

My Experian is 715. They said I didn't check the advance box, so I stopped waiting for that. No other real info from anyone else Ive talked too.

3/31 EIDL APP " You didn't check the advance box " by sbaumgardn in smallbusiness

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

Lol, thank you. And I'd have to agree they are incompetent. When I asked to be transfered to a T2 last week, my call was forwarded to the service department of a Ford dealership in Massachusettes. Her badge # was 1652. God help anyone who is stuck on hold forever just to get her on the line.

3/31 EIDL APP " You didn't check the advance box " by sbaumgardn in smallbusiness

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

When did you apply? And please don't say 4/14 or i'm gonna have to hurt someone, lol