Call 1-800-659-2955 (the SBA Disaster Assistance customer service center) about the application process, the status of your loan, or with any other questions you may have.
Call 1-800-659-2955 (the SBA Disaster Assistance customer service center) and ask for Tier 2. These reps can answer questions about the application process and your EIDL loan status. If you applied through the COVID-19 portal, the SBA will contact you, but you may be able to get answers by calling the toll-free number.
How can I check on my loan status? Mailed Application? Call SBA Customer Service 800 – 659 -2955. ... If you have been contacted by SBA that your loan application has been decisioned, then you may check the status of your Economic Injury Disaster Loan through disasterloan.sba.gov.
Typical timeline for approval is 2-3 weeks and disbursement can take up to 5 days. Borrowers are assigned individual loan officers for servicing of the loan. disastercustomerservice@sba.gov.
How can I check EIDL loan status? To check the status of your Targeted EIDL Advance application and/or Supplemental Targeted Advance application, visit the SBA portal or call the customer service phone number listed above. You can also email TargetedAdvance@sba.gov.
This process inevitably means that there are more steps involved in the SBA loan closing process. So, you may be wondering: “How long does it take to get an SBA loan?” The short answer is that you could have the funds in your account anywhere from 30 days to a couple of months or longer.
You need to navigate to the https://caweb.sba.gov site to view your SBA loan information. NOTE: Pay.gov is unable to assist with enrolling or logging into the SBA's Capital Financial System, please contact the SBA for assistance at cls@sba.gov or 1-833-572-0502 (M-F, 8 am - 8 pm).
Enter your SBA.gov username. Enter the password that accompanies your username.
Notice: COVID EIDL is no longer accepting new applications but will continue to accept requests for increases, reconsideration, and appeals. As of January 1, 2022, we are not able to accept applications for new COVID EIDL loans or advances.
Pay Yourself and Your Employees
While EIDL funds cannot be used to make direct payments to owners, pay bonuses, or pay dividends to shareholders, EIDL funds can be used for payroll. Paying yourself and your employees (if you have them) is not only legitimate but necessary to keep your business running.
The Targeted EIDL Advance provides funds of up to $10,000 to applicants who: Are in a low-income community. To help applicants determine if they are in a low-income community as defined in section 45D(e) of the Internal Revenue Code, a mapping tool (sbaeidl.policymap.com) is available.
How Long Does It Take To Receive EIDL Funds? The SBA reports that businesses that apply for a loan below $500K are typically waiting 2-3 weeks. Those that apply for an EIDL loan above $500K and have business real estate as collateral, can expect to wait about 45 days for their funds to be disbursed.
To start your application, you can go to the online application portal. Once there, you will be provided with step-by-step help and the SBA will contact you if additional information is needed. To request an increase in your EIDL COVID loan, you will also need to go to the online application portal.
Can I get multiple EIDL loans? No, you can only get a single EIDL loan. It may be possible to increase the amount you're borrowing, however, so long as you took out less than the maximum amount of $500,000.
The current estimate of when the SBA will inform you of the terms you have been approved for is 3-4 weeks. They will send you the approved loan documents for you to review, sign, and return. The SBA will then deposit the funds direct deposit within 3-5 business days.
The SBA announced this late yesterday, and it's welcome news for the high percentage of people who've been denied. Of all of the people who've had a decision with regards to their Targeted EIDL Advance, 60% have been approved and 40% have been denied.
Should I reapply? No. Any additional applications will be marked “duplicate” and will not be processed. Please call our Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the deaf and hard of hearing) or email DisasterCustomerService@sba.gov to check the status of your application.
You have up to six months after being denied for an EIDL loan to file for a reconsideration. If you're applying for more than one EIDL loan, you'll have six months for each of them, based on the date each one was denied.
Yes, the short answer is that both regular and COVID-19 EIDL loans do need to be repaid. However, the SBA has offered a deferred repayment schedule for some terms. Additionally, some EIDL advances are structured as grants that don't need to be paid back.
In 2020 you are now making $500 in one week and $3,000 in another week. You can still pay yourself payroll of $2,000 per week for those two weeks.
And the maximum term (time during which you pay back the funds plus interest and fees) of an EIDL loan is 30 years. The amount you specifically may be eligible to receive and other terms will vary based on your situation.
Do You Need an Audit on Your COVID Small Business Loan? But if you got an EIDL (Economic Impact Disaster Loan) the answer is yes. The answer is yes only if your loan is equal or greater than $750,000. ... Because there is no financial institution as intermediary, which would do an audit, you must have one completed.
Like many small business owners, your business exists as an extension of yourself. It is your identity and your hard work. However, you cannot use you SBA loan to pay off your personal debt, such as credit cards, mortgage or other debts.
While most business loans can be used for anything your company might need, that's not the case with the SBA 504 loan. ... That eliminates the purchase of vehicles, even if you intend to purchase fleet vehicles for your business.