The State of the EIDL 5/4: Breaking News - Moving forward maximum loan amount will be reduced from 500K to 150K, from reliable inside source and other details in this thread. small business

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• The State of the EIDL 5/4: Breaking News - Moving forward maximum loan amount will be reduced from 500K to 150K, from reliable inside source and other details in this thread.
• Holy Smokes!!!! My EIDL Closing Documents Just Came Through!!!!!!!!!!!!!
• BIG RESPECT TO ALL SBA EMPLOYEES
• JUST GOT EIDL CLOSING DOCS AT 1:59 AM!!!!!
• EIDL - Holy Crap
• Finally!!! EIDL documents were sent at 2 this morning!!!
• PPP, EIDL, Grant & Stimulus Check
• Finally got offered EIDL of $2800 today!
• Received EIDL...now what?
• Hope for us yet?
• EIDL final approved!
• Yes you can get 2 SBA #s: Bluevine/Cross River funded me while waiting for my approval with Lendio to pay out!
• SBA Agent threatened to send me to the back of the queue if I I kept calling to check on my loan
• Anyone been funded by Credibly?
• Closing docs came through!
• EDIL APPS #3300 Update !
• Ready/Knight/Lendio/ circus participants...Check out Customers Bank already falling into step:
• Max 150k??? How to request more? Need the $500k to survive this year!!!
• EIDL advance arrived today (applied 4/8)
• JUST GOT CLOSING DOCS FOR EIDL!!!
• Can you start a tech company without being technical
• Chase funds from PPP loan on May 1. Questions!!!
• Ppp what's the rule about paying your employees more? Is that permissable?
• All EIDL Portal invites came today
• Kabbage Fund just arrived

The State of the EIDL 5/4: Breaking News - Moving forward maximum loan amount will be reduced from 500K to 150K, from reliable inside source and other details in this thread. Posted: 04 May 2020 11:52 AM PDT A source reached out to share some details about whats going on, this person has proven to have reliable and accurate info in the past, so I feel confident in sharing this with reddit. Won't be saying who they are or exactly what they do. Their motivation is to help people on Reddit. Last time I shared info on the 15K cap that was put in place for a while, no one believed me and called fake news. Hopefully this time, people won't do the same. ------------ Some factual highlights and bullet points for things I learned: -Previous maximum loan of 500K has been reduced to 150K moving forward. If you have already accepted an offer in the portal of over 150K it will not effect you. If you have not yet accepted an offer or received a portal invite, you will be capped at 150K. As with the last cap, you will not see official word of this but anecdotal reports will start showing up shortly. -The slowdown on EIDL over the past 2 weeks is two fold. One reason is that with PPP clogging e-tran resources were diverted. Secondly, priority was on reaching out and assisting people who were previously effected by the last 15K cap for full eligibility. No one who was in the "obligating" stage was moving forward due to priority on these prior applicants. As of 5/4 this restriction was lifted and movement will be seen. My assumption is portal invites will be seen soon. -Minimum credit is confirmed 570. It was lowered to 475 briefly but when the short form was released it was raised back up, due to lack of documentation required and credit being the sole qualifier for these loans. No one knows the exact scoring model used, it is privileged info. Other factors beyond score considered are: No open bankruptcy, no child support delinquency over 60 days, no felonies, no misdemeanors less than 10 years. -For those who need COGS adjusted, you are likely stuck for the moment. Plan accordingly. -Those who were denied or waiting for reconsideration / appeal are in a holding pattern. No guidance has been issued on these cases and the priority is on active/approved applicants. Hint: Congressional Inquiry is your friend here. Contact your congressman if you think you truly have a case for appeal. -Applications are resumed as of right now but only for agriculture. Go to https://covid19relief.sba.gov/ to apply -For people with banking info problems: There's different levels of bank errors. They sent out new guidance for those. Specific errors are non issues and we approved easily. Some errors require the LO to call applicants to verify. The previous ones that were declined were reaccepted back to process. These shouldn't be critical issues anymore. ----------------- ​ Some other honorable mentions that I think are more speculation/opinion: -Processing applications has been slow and difficult due to a high degree of questionable claims from people looking to cash in on the grant vs actual businesses wanting a loan. Think the YouTube free money crowd. It's been a significant roadblock and has clogged the system. -Legit SBA employees (not temps) are here and do read Reddit, they are sympathetic and want to help. They are working 12 hour shifts 6 days a week. They must watch what they say are are limited to help that can be provided from the shadows. ----------------- Things change on a daily basis and what you read here may not hold true a week from now or even tomorrow. Remember previous 15K cap came and was lifted before. submitted by /u/cue378 [link] [comments]

Holy Smokes!!!! My EIDL Closing Documents Just Came Through!!!!!!!!!!!!! Posted: 04 May 2020 07:00 PM PDT I just got an email notification from SBA to login and accept my loan!!!!! I can't believe it! submitted by /u/CovidCuts-HairSalon [link] [comments]

BIG RESPECT TO ALL SBA EMPLOYEES Posted: 04 May 2020 02:44 PM PDT Please go ahead and write something nice if one of them reads Reddit. They should know we respect and highly appreciate their work toward us. By the way before you start writing something bad, I still didn't get my grant or EIDL! And my PPP still on funding status. submitted by /u/InterestingBase1 [link] [comments]

JUST GOT EIDL CLOSING DOCS AT 1:59 AM!!!!! Posted: 04 May 2020 11:39 PM PDT Wow no words !!!!!! Finally... I just want to say thank you to everyone here cause Reddit helped me get ahead and get this done!!! I know we'll see a wave of approvals now!!! Applied short 3/29 app 30001 Credit check 4/13 Grant 4/14 Called tier 2 for portal and got it 4/18 Waited 16 days here in New York and finally got closing docs!!!! Approved LLC 1 owner for 72k 😭😭😭 submitted by /u/mavericknyc19 [link] [comments]

EIDL - Holy Crap Posted: 05 May 2020 03:38 AM PDT Applied 4/11 & woke up this am to EIDL deposited in my acct. No credit pull submitted by /u/DMA222 [link] [comments]

Finally!!! EIDL documents were sent at 2 this morning!!! Posted: 05 May 2020 04:39 AM PDT I woke up to finally see my documents! I first applied on 3/19 long form. Then 3/30 short form. Credit pulled 4/8 Advance 4/15 Portal invite 4/18 accepted loan offer and have been "processing" or "obligating" ever since. When id call in I'd hear everything like "we can't verify your banking info" BUT they already sent me the advance 💁🏼‍♀️ then the newest flag was "error couldn't be obligated" .... I just found out that those that hit the obligating stage before they got the new set of funds ALL say "error in obligating, could t be obligated" thanks for the stress out SBA! :) well I just wanted to pass on some good news here. Thanks to everyone for the help and kind words over the last month or so. submitted by /u/ashleyschuh [link] [comments]

PPP, EIDL, Grant & Stimulus Check Posted: 04 May 2020 02:29 PM PDT After my federal stimulus check clears on Wednesday...And this EIDL loan gets approved sometime in the near/far/distant/unknown future. I'm going on break.No more clicking, checking, refreshing, send/receiving, calling emailing, form filling, worrying.This break might take all of May and possibly some of June.I'm going to fill up on inventory.Fill up the master queue with work orders...And, I'm out for awhile.Emotionally exhausted. Question: I want to go on autopilot for a bit. Does anyone know the email address they are using for the portal invite? I am going to VIP it and not check my email for awhile submitted by /u/jdanyohio [link] [comments]

Finally got offered EIDL of $2800 today! Posted: 04 May 2020 04:30 PM PDT I have a small sole proprietorship that I applied for EIDL for. I gave up on PPP as it would not really help me much but the EIDL was closer to what I needed. I had nearly given up though! 3/20 - Filed initial application 2000 series 3/22 - Marked RECEIVED-IN REVIEW 3/23 - Credit Pull 3/30 - Filed the new "streamlined" application 3300 series 4/14 - Received $1000 advance on bank account with no notice 5/4 - Finally today got an invite to create a new account on the portal and got offered up to $2800. Now in processing! submitted by /u/sirbruce [link] [comments]

Received EIDL...now what? Posted: 04 May 2020 09:32 PM PDT Signed documents on 04/20 and received funding on 4/22. I have yet to speak to a loan officer. What happens now? Will I get statements? Where do I make my payments? I'm thrilled to get it but now I'm trying to figure out what happens now. I know I don't have to make payments for a year but I would like to at least pay interest. Anyone know? submitted by /u/melissap70 [link] [comments]

Hope for us yet? Posted: 04 May 2020 07:21 AM PDT We run a bar & grill with 12 employees. Applied for EIDL loan on 4/2 and applied for PPP through regional bank around 4/29.EIDL deposit of $10,000 went through on 4/28 with no emails or correspondence. Received a general "please be patient" email from SBA on 5/3 and nothing else.Bank called this morning to sign documents for PPP loan for 2.5x monthly payroll. Bank said we should see funds transferred in 48 hours. I'm grateful that I was wrong in my first reaction to the programs. I thought, as many others did, that all the small businesses would be left watching while the bigger companies got bailed out. We have good reason to feel this way, as many of you remember the 08-09 crisis. We started our business in 2009 with no money and no credit. Through the years we have applied for loans once our credit was in good shape and a healthy bottom line. The answer was always NO. Now that we are finally given the chance, I hope that moving forward the lenders will see how determined and strong our businesses really are. submitted by /u/PeterGriffinClone [link] [comments]

EIDL final approved! Posted: 04 May 2020 10:08 PM PDT I just signed the loan docs. For those interested here is my timeline. 3/17 long form 3/18 ish credit pull 3/30 short form 4/11 credit pull 4/14 1k deposit 4/18 called and got a rep to send me portal link 5/4 signed loan docs I am a SP no employees credit mid 500s. I almost had a heart attack when I saw the approved email. I had given up hope. submitted by /u/LAOriginal310 [link] [comments]

Yes you can get 2 SBA #s: Bluevine/Cross River funded me while waiting for my approval with Lendio to pay out! Posted: 05 May 2020 04:28 AM PDT To give you hope - keep applying!!!! I probably applied to 5 lenders. Got stuck 4/16 in the Lendio/Ready Capital debacle with an approval number and no follow up. Applied 4/23 with bluevine and just received funds today. I am so grateful that I am one of the fortunate ones. I hope this program funds all of us!!! Keep trying y'all. submitted by /u/oakcreeks [link] [comments]

SBA Agent threatened to send me to the back of the queue if I I kept calling to check on my loan Posted: 04 May 2020 03:19 PM PDT I've been calling them every few days to check on my application. Today the agent said that every time I called, they were adding more notes and sending me to the back of the line. She said to stop calling because my application would just get held up forever. I need to just "be patient and wait." Must be easier to do when you get a government paycheck, but being patient and waiting has never gotten me anywhere. submitted by /u/cactilesensation [link] [comments]

Anyone been funded by Credibly? Posted: 05 May 2020 01:58 AM PDT Was told I have a loan number. Then they send me an email with a request for docs. They sent an excel file with file naming instructions and wanted all separate PDFs named the way they requested. I didn't name them correctly and had to redo the file submissions. So, anyone been funded by Credibly yet? submitted by /u/vcufanfanfan [link] [comments]

Closing docs came through! Posted: 04 May 2020 11:05 PM PDT I decided to hop on tonight & obsess over subs per usual. Saw a few people got their docs! Decided to check ours.... 3 times.... refresh & BOOM! They were there! We can BREEAATTHHEEE. 33001xxxxx Short form only- 3/31 Credit pull- 4/13 Advance- 4/14 Portal- 4/20 Lots of calls, told we were obligating, internal obligation error. Signed docs tonight.... well today- 5/5 They're coming, folks! submitted by /u/urbanfamily15 [link] [comments]

EDIL APPS #3300 Update ! Posted: 04 May 2020 02:54 PM PDT Just spoke with tier 2 rep ! Informed us that applicants who received the generic email on Saturday are being worked on and should be seeing movement by end of week ! She said that is why those emails went to out to the applicants whose batch is #3300's ... let's see .... anyone else get that email over the weekend ? submitted by /u/SDNY2020 [link] [comments]

Ready/Knight/Lendio/ circus participants...Check out Customers Bank already falling into step: Posted: 05 May 2020 03:36 AM PDT You will be contacted to eSign loan documents for closing. This typically occurs within 1 to 2 business days once you have signed your documents but it may take longer. THIS IS THE ACTUAL LANGUAGE YOU SEE AFTER YOU SUBMIT AN INQUIRY!!! MORE OF THE DAMN SAME NON INFORMATIVE CIRCULAR TALK submitted by /u/Readycap_aint_ready [link] [comments]

Max 150k??? How to request more? Need the $500k to survive this year!!! Posted: 04 May 2020 09:25 PM PDT I just got portal invite but max is at $150k. I thought it was $500k. How do I request more? I need the $500k to survive the year. I own and operate a 70 room hotel and have lost 90% of revenue. I accepted the 150k right away before I don't get it but wondering if there is any way to request more? submitted by /u/BAP22 [link] [comments]

EIDL advance arrived today (applied 4/8) Posted: 04 May 2020 06:54 PM PDT Application 330306XXXX. No credit check. 1099 worker. $1000 showed up in my account this morning. Stay strong out there. submitted by /u/DruidDruid [link] [comments]

JUST GOT CLOSING DOCS FOR EIDL!!! Posted: 04 May 2020 06:53 PM PDT Wow been waiting for this moment for over a month. Short form March 30 (33004..) Credit pulled April 9 Grant on April 11 Portal on April 13 DECLINED on April 14 Got my Congressman on the phone and connected to Regional Rep and they got me in touch with my loan officer on April 28. Portal Fixed April 29 BOOM!!! Closing Docs tonight May the 4th be with us! My loan is $70,500 btw Apparently wtf they've been doing this past week while PPP stuffed up the ETRAN has worked!! Thank you SBA!!! submitted by /u/omocal [link] [comments]

Can you start a tech company without being technical Posted: 05 May 2020 02:48 AM PDT I had always believed that technicality was not compulsory for the founder of a company. But for over a year now, I've worked with a particular tech company that had a brilliant idea, but we regularly run into challenges because the founder is not technical, and the programmers (We've had three CTOs, and nine programmers, they've all left... in less than two years) keep leaving for some other company, because those companies have much better salaries. Is it a management problem, from maybe the CEO (As he is the originator of the idea)? Or is it a foundational problem, where the founder of a tech company has to be technical? The CEO had the buy-in of the very first CTO, but he left after a while when the company wasn't turning in a profit. I believe that the rest, were only there because they didn't have any better offers. I've been developing this idea, and I want to launch it this year, now it's time to build the app, I'm a branding and marketing genius, and work well with teams (I believe), but I'm worried about starting the business with an engineer that wouldn't be with me for long. Having to transfer code between programmers has been hell (from my experience), most people that I've contacted have stable jobs and don't want to work with a startup considering all the uncertainty surrounding this epidemic. I'm basically bootstrapping this company and I'll appreciate any advice I can get. Thank you. Edit: I was not a founder of the first company. I was the head of marketing, the marketing budget was often too little. It was that way in all the other departments. The company was severely underfunded. submitted by /u/oneeyedbraavosi [link] [comments]

Chase funds from PPP loan on May 1. Questions!!! Posted: 05 May 2020 02:41 AM PDT Chase came through and we got out PPP loan funds after 5:00pm on May 1!! (Yay!) I feel like there are many more out there... This timing is a little unfortunate. Rent was paid on 4/30 because it was due on the 1st of the month. Now, we will only have one months rent within the 8 week period. How is everyone going to do this? Claim the 4/30 rent payment? Or pay rent for July on 6/24 so it will be within the 8 week loan time period? Also, do we claim health insurance premiums when they were paid? Or do we submit payments for the the timeframe incurred? (In other words, my loan timeframe is 5/1-6/25, but I paid May's health insurance premiums on 4/20. And I'll pay July's premiums on 6/20.) Which health insurance premium do I report? I ask because per everyone's recommendations, I opened a separate account to keep the loan $$ and pay for approved expenses (payroll, rent, utilities) out of that, but I want to keep the records clean and make sure I'm paying for the correct expenses when I am supposed to. submitted by /u/DrStephanieG [link] [comments]

Ppp what's the rule about paying your employees more? Is that permissable? Posted: 05 May 2020 02:38 AM PDT Thanks in advance! submitted by /u/sidra09 [link] [comments]

All EIDL Portal invites came today Posted: 04 May 2020 04:18 PM PDT Short form filed end of March. Received the grant shortly thereafter. Then nothing. No movement for over a month. Then I got the generic email yesterday. Than today all 3 portal invites show up. Looks like there is movement happening in SBA again. submitted by /u/STRwiz [link] [comments]

Kabbage Fund just arrived Posted: 05 May 2020 02:07 AM PDT I applied with first package! After waiting and someone tipped to go on Twitter and DMing them! It took 3 days to sign and get the funds! Stuck? Go on Twitter and speed it up! submitted by /u/InterestingBase1 [link] [comments]

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