For anyone that received the SBA EIDL loans (not PPP or the grant), how long was the wait from the time you E signed your documents and when funded? And does anyone email you to inform you that the loan has been funded?
I was approved 2 weeks ago and signed my docs. Everything keeps saying I’m approved, but I have not seen any of the funds, not even the 1k grant everyone else was getting.
Any experience from you folks?
Got a call from the SBA today. They said they emailed me the invite to create my portal and complete the application, however I never received that, checked spam and quarantine nothing. I have been getting emails from them though. So on the application somewhere, i fat fingered my email and missed one letter and didn’t realize it. So they sent in a ticket to fix that, get me the email invite and finish the application. This is for EIDL. Said I should get something in the next 48 hours.
I’ll keep you updated on what happens.
Same shoes as you, I read on reddit that it usually takes between 2 days to 3 weeks+ basically, there’s really no saying when the funds will land.
Been hearing the same.
I called SBA today and got through with no wait, which was a shock. They said I am approved and that it is in the funding process, so I guess to just a matter of time now. We’ll see.
Question, do you think they’d be ok with purchasing a vehicle with the funds? If i was planning on buying a new work vehicle in the spring Of 2020 but COVID stopped me. I asked a sba loan officer and his response was : The SBA Economic Injury Disaster Loan (EIDL) is intended to support the operating expenses of the business. That would include, but not limited to, supplies, raw materials, , repairs, rent, tools & equipment and vehicles used in the operation of your business.
I don’t believe it’s intended for major purchases like that. I don’t think many businesses would buy a vehicle out of their “working capital”.
Most new Vehicles you could get at 0 percent financing, or a low interest rate at this time.
Just bought a Transit 150 a 0/0. The dealers are starting to pull back on that though. Once they reopened business went through the roof.
So an update. I received the email to create the my portal account. Created my login, said I was approved for $150k. I clicked to edit the amount and review it as the site said, took the amount down to $25k, clicked saved and then the page said Status was declined and I would get an email stating why it was denied?? Oh well. Very strange.
Consider appealing and asking for less than the 25k. From what I’ve seen, 24 or 25k enters into secured loan territory. Whereas anything below is unsecured.
I finally received my loan today, but w/o the 1k grant attached. They offered me 23k but I only took 12,500. Waited four weeks after they approved the loan. Glad they aren’t lifeguards. But I’m more than content.
Check YouTube for some very good vids on the eidl loans from CPAs.
