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[C0VlD-19] Forgiveable SBA Loans For Small Biz and Freelancers

biophase

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My $10,000 from EIDL is pending in my business account. My credit was run yesterday and the money deposited today. I haven't had one email or phone call from the SBA since I applied weeks ago, so I thought I was not close to getting any funds. Then Bam! There it is.

I applied March 28, got an email two days ago and money yesterday. No communication at all.
 
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Lex DeVille

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Update:

I did not get $10,000. I assume this is due to the recent updates to the stimulus program.

I did get $1,000 deposited into my account this morning.

I have not received any additional information by email or otherwise so far.
 
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Gary

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I applied March 28, got an email two days ago and money yesterday. No communication at all.

Kenric, did you also get into the PPP program? I've been approved for PPP and waiting on loan docs. However, since the program is now out of money I could be getting nothing at all from it. I went through Kabbage since I didn't trust my main bank, Chase, to really give me any decent attention, and my other bank, Banner, had not been responsive.

In a Zoom call with my employees last night I explained the situation. For their sake, I hope they fund a Round 2 on PPP. We are going to be one of the last industry classifications allowed to come back online.
 

Danny V.

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We applied to each nearly program and received notice that there was no money available so was just a waste of time. In total SBA didn’t even fund 8% of the applications. The extra funding placed on the table was rejected and now expecting half that so I am guessing that will come might just capture 2-4% more applicants. I am trying to be hopeful but realistic, I doubt we get anything.
 

biophase

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Kenric, did you also get into the PPP program? I've been approved for PPP and waiting on loan docs. However, since the program is now out of money I could be getting nothing at all from it. I went through Kabbage since I didn't trust my main bank, Chase, to really give me any decent attention, and my other bank, Banner, had not been responsive.

In a Zoom call with my employees last night I explained the situation. For their sake, I hope they fund a Round 2 on PPP. We are going to be one of the last industry classifications allowed to come back online.

I did sign my closing docs for the PPP, but never heard anything afterwards.
 
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Rwill

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I applied for mine here in Canada. $40,000 credit line through your bank secured by the government. After one year the credit line freezes with what you have owning, then converts to a loan. You then have another year to pay off 75% of it and the government will forgive the remaining 25%. Interest free for up to 5 years.

Basically borrow $40,000 and after a year or two pay back only $30,000. Why not take them up on this?
 

Determined2012

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My $10,000 from EIDL is pending in my business account. My credit was run yesterday and the money deposited today. I haven't had one email or phone call from the SBA since I applied weeks ago, so I thought I was not close to getting any funds. Then Bam! There it is.
Did you fill out that you had 10 or more employees when you did it? How long was the time frame from when you applied, til when the money was deposited? I have a friend still under review, as he put he had 10 employees, so he hasn't received anything as of yet.

I was able to receive the EIDL Grant- I applied on March 29th, heard nothing, but on 4/13 received an email from them, and on 4/14 the funds were available in my account.

I was told by a friend who called in somewhere, that the first 5 employees (first $5,000 dollars) would automatically be paid out, but anything over that would have to be reviewed/verified before payment could be made....The application was a self certifying application- so I guess thats why they wanted to verify anything over $5k.

I also have friends who didn't mark any employees at all, to include themselves, so they didn't receive a deposit, as of yet, and probably won't, because the purpose of it was to get funds for the employees of your business. It is my thinking that if they had put 1 employee (themselves) they would have received $1,000.
 
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amp0193

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Check your credit report... You can check for free on Credit Karma....Click on the part that says "inquiries".

Thanks, didn't know about credit karma. Cool.

No credit pulls yet. Hoping I didn't miss the EIDL boat for some reason. Applied on same day as everyone else though.
 

Ronak

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Applied for PPP through my main bank, Chase, on 4/7, and nothing.
As a backup, applied through PayPal early am on 4/15...no joke, from initial application, including a tech glitch, I had money wired to my account 34 hours later.

There is an immense opportunity here...anybody have any connections with higher ups at a small/midsize bank?
 
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becks22

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I keep my credit file with the three big bureaus frozen so if anyone wants to run my credit, it is declined. A few weeks ago when I applied, I lifted my freezes for a month. I just got an alert today that the SBA ran my credit through Experian. I've already been approved for the PPP so this might be from the EBIL. Not sure I guess but still the fact that they ran my credit is a good thing.
 

Scot

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My $10,000 from EIDL is pending in my business account. My credit was run yesterday and the money deposited today. I haven't had one email or phone call from the SBA since I applied weeks ago, so I thought I was not close to getting any funds. Then Bam! There it is.

If you don’t mind me asking, how many employees do you have?

How do you check for this?

You can also sign up for Experian for free and they’ll let you know if you have any hard credit hits faster than Credit Karma.

Applied for PPP through my main bank, Chase, on 4/7, and nothing.
As a backup, applied through PayPal early am on 4/15...no joke, from initial application, including a tech glitch, I had money wired to my account 34 hours later.

There is an immense opportunity here...anybody have any connections with higher ups at a small/midsize bank?

not anymore. All the money is gone from the CARES act.
 

Ronak

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not anymore. All the money is gone from the CARES act.

It will very likely be reupped.

But seriously, if anyone has upper level contacts at a bank, send me a message. This is a huge black swan opportunity, and if Paypal can do it, then others positioned correctly can too...
 
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Scot

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It will very likely be reupped.

But seriously, if anyone has upper level contacts at a bank, send me a message. This is a huge black swan opportunity, and if Paypal can do it, then others positioned correctly can too...

How quickly can we open an online bank?
 

Ronak

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How quickly can we open an online bank?

Not quick enough, have to partner with an existing lender that can get access to Fed lending capacity, has a federal charter so they can market in all 50 states (even single branch banks can have this), and is willing to move fast to take advantage of multi-billion dollar lending opportunity with essentially no risk. The tech exists to make it happen.
 

biophase

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I did sign my closing docs for the PPP, but never heard anything afterwards.

My PPP came in. It was actually funded and deposited into my account but I didn't notice it until today.
 
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Gary

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Gary

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Did you fill out that you had 10 or more employees when you did it? How long was the time frame from when you applied, til when the money was deposited? I have a friend still under review, as he put he had 10 employees, so he hasn't received anything as of yet.

I applied on March 27, the day the program opened, I believe. Funding happened on April 14. I have 17 employees.
 

Gary

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My PPP came in. It was actually funded and deposited into my account but I didn't notice it until today.

Congratulations! I signed my PPP loan docs this past Saturday night, with funding supposedly to be in my account on April 24.

I realize we are now a few days after the money ran out, so I'm not confident that it will happen. However, I got my application in early, and it was a long process of submitting additional documents. I'm hoping my PPP money was allocated through my lender and the additional paperwork was just the final steps.
 
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amp0193

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I'm hoping my PPP money was allocated through my lender and the additional paperwork was just the final steps.

I’m in the same boat. Signed loan docs today. They seemed confident that getting the number last week meant that my money was secure, but I’ll feel better once it’s actually in my bank account.
 

becks22

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Got my EDIL Grant for 3K (one K for each employee) and my PPP funding. Feeling great today!
 

Gary

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I’m in the same boat. Signed loan docs today. They seemed confident that getting the number last week meant that my money was secure, but I’ll feel better once it’s actually in my bank account.

It'll happen for you. My PPP dropped today into my business checking. As I mentioned previously, I was told April 24. However, I got a nice surprise this morning when checking my accounts.
 
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garyfritz

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I applied for the EIDL on the website when I first heard about it, and nothing has happened since then. The website didn't ask for bank info so there's no way they can distribute it. I don't know what steps are supposed to happen, and I doubt they're going to reach out to me.

I'll check Credit Karma.
 

Ronak

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Credit pull 2 days ago for EDIL grant and funded today.

Anyone hear anything about getting the full amount of the EDIL loan based on half of 2019 gross margin?
 

Ronak

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I applied for the EIDL on the website when I first heard about it, and nothing has happened since then. The website didn't ask for bank info so there's no way they can distribute it. I don't know what steps are supposed to happen, and I doubt they're going to reach out to me.

I'll check Credit Karma.

I believe the app did ask for bank info.
 
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becks22

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Credit pull 2 days ago for EDIL grant and funded today.

Anyone hear anything about getting the full amount of the EDIL loan based on half of 2019 gross margin?

My credit check was 2 or 3 days ago as well. I thought the EDIL was based on the number of full time employees you had in 2019. Mine is 3 and I received 3K so it makes sense.
 

biophase

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I applied for the EIDL on the website when I first heard about it, and nothing has happened since then. The website didn't ask for bank info so there's no way they can distribute it. I don't know what steps are supposed to happen, and I doubt they're going to reach out to me.

I'll check Credit Karma.

If you applied for the EIDL application super early you probably got the application where you had to attach a bunch of forms onto it. On March 28, they changed the website and it was a simple 3 page online form and you had to add your banking information at the end of it.

Which one did you fill out?
 

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