Applied 4/6 Credit pulled 5/16 received portal invite 6/3 Confirmed Identity and bank info. 6/3 Received approval/loan docs 6/4! Now just waiting for funds!
Man thank you for being informative enough not waisting time doing just unnecessary talking explaining how and why it would require collateral totally didn’t know probably why I was denied. You cleared up alot subscribed . Oh and watching other videos on the same topic gave me a headache. Sometimes it feels like some UA-cam channels hold information hostage you know they know exactly what to do but won’t just give it to you rather make you waste your time trying to get you to like them, You don’t . Like I don’t need a personality and opinions on crap dude your video should be half hour to explain .
Rena - thanks so much for the feedback! I am always trying to make my videos shorter so I don't waste my viewer's time! I appreciate the feedback and am so thankful you found it helpful! Thanks for the sub
Got the first email 3 days ago. Filled it out and accepted confirmed amount yesterday. On your app is being processed stage rn. Fingers crossed. My biz needs this!
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I applied for EIDL on March 30th. SBA pulled my credit in April and I have not heard anything back from SBA. I have excellent credit, I have been in business for the last 16 years, and my business was doing great before the pandemic hit. The only reason that I could think of is my age, I am in early my 70s and that could have been the reason why SBA is sitting quiet, waiting for the appropriation funding to run out, they won't say anything (approved or not approved). I personally know a lot of business owners who got EIDL loan and they applied after I did. This is very sad because I can use the funds to stay in business but SBA doesn't think that I am going to live long enough to payoff the loan.
My portal had a loan for 150k only. I suppose I could have called and asked for less but the ppp funding was all I needed. Thankfully my business has gotten busy as pre COVID level
Individual lenders report SBA loans (including 7(a) loans which the PPP program falls under) to credit bureaus, the SBA itself doesn’t report to credit reporting agencies. Since these loans are made by the SBA, EIDLs should not appear on personal or business credit reports. However, for loans of $25000 or more, the SBA files a UCC-1 filing which can appear on business credit reports and may impact your ability to get other financing.
Can you tell me what are the criteria they use to determine the maximum EIDL loan amount offered? Is it like PPP where its 2.5*Monthly payroll? Thank You.
This video is the best i've seen all the other video's are not as clear. This so well explained about the process. I just got the email today and i was wondering what the rest of the process was. Thank you for this amazing video.....
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Do you need a loan to settle your debt or to pay off your bills? Have you been turned down constantly by your Banks and other financial institutions just because you have a low credit score? Do you need a loan or funding for any reason such as, * Holiday Loans * Vehicle Loans * Real Estate Loans * Business Loans * Mortgage Loans * Construction Loan * Home Loans * Investment Loan * Debt Consolidation Loans * Personal Loans Note: We give out loan at affordable interest rate yearly. Interested persons should contact us via email:capitalloan011@gmail.com to enable us open a loan processing file. Warm Regards,
Thanks for the video Hannah. If I just want the $1,000 advance (the grant amount I am eligible for and do not have to pay back), do I reduce my total loan amount on my application to $1,000? Or, is the advance completely separate from the total eligible loan amount, in which case do I simply do not complete the loan application?
Jennie Logsdon Martin I actually was able to get them on the phone; they told me that the grant will be automatically deposit in your bank account (just got mine) no action is required for that if you did that first application like everyone. However, the second email about how much money you get approved for, that’s just A LOAN and you’ll need to pay it back. If you don’t want it, just leave it alone, don’t do anything on that portal. Hope that helps 😊
@@armandomusanga8438 OK! That's great! I heard that you had to check some tick box, and I was so afraid that I didn't check that! Wherever it was!!! Thank you so much! I did accept a part of the loan they offered, and I doubt that I would have, had I known what you just told me!
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Appreciate the video - thank you! One question: What if I only want the grant portion ($1000) of the EIDL and not the loan. Is there a way to take $0? I called the SBA earlier today and they told me to send an email saying that I want to withdraw my loan application. I think that means I'm good - but I didn't get a real warm fuzzy talking the person from the SBA. So - if you have any further info on that, that would be great.
Except the loan. Your loan amount (you choose) will be deposited and then the Grant. After, return your loan if you like. If you haven’t gotten the grant but you got a loan offer; your grant is there but something is probably wrong with your banking info you submitted. Example your routing number. They need the direct deposit route number and not the wire. Of course, your account number needs to be correct and the name on the account. Blessings
WildL23 Hello, yes they wouldn’t have email you. Most likely because they’re slammed with calls emails etc. but if you applied earlier March 29 April 16 you should be ok if not 🤷♂️ Blessings
WildL23 Hello, your welcome. If you were offer the Loan and excepted the EIDL loan and you then corrected the bank info; then your money is on the way. I don’t have an answer to your question by midnight. I don’t work for the SBA. Sorry, you can call them and get in right away. Good luck to you
I got the "approval" email for Create your SBA Economic Injury Disaster Loan Portal Account. Once you accept terms and it says processing. How long did it take for final approval and funding?
Email portal came today for $5.5k. No grant for any $. SBA said bank # was wrong. We changed it but they said no idea if and when grant will show up. She said don’t call every day for 30 days.
Similiar happened to me... I was offered 5,700$ I changed the amount to 1,000$, never received the grant nor have I received the loan. I recently got an email asking specifically what type of AG business I have and what my costs were for 12 months prior to the ‘Rona
Do you need a loan to settle your debt or to pay off your bills? Have you been turned down constantly by your Banks and other financial institutions just because you have a low credit score? Do you need a loan or funding for any reason such as, * Holiday Loans * Vehicle Loans * Real Estate Loans * Business Loans * Mortgage Loans * Construction Loan * Home Loans * Investment Loan * Debt Consolidation Loans * Personal Loans Note: We give out loan at affordable interest rate yearly. Interested persons should contact us via email:capitalloan011@gmail.com to enable us open a loan processing file. Warm Regards,
Question: How does the EIDL Advance get affected by taking out the EIDL Loan? As of now, I understand the EIDL Advance offsets the forgiveness amount for the PPP. Does this still hold true if you take out the EIDL Loan as well? I do have a PPP Loan at the moment, and if taking out the EIDL Loan cancels the reduction in forgiveness due to the Advance then I’m all for it. Thank you!
I watched almost all of your videos, not sequentially but based on the need. I should admit that I have got the best advises from your videos in comparison with all the rest so please accept my deepest appreciations. By the way, you have one of the most beautiful eyes I have ever seen. Thank you
Hello there, how would I go about scheduling a private consultation for my business? Just want to make sure I have some questions answered before we apply.
On the PPP 3508S forgiveness application is asks for the EIDL Advance Amount. My EIDL was approved and funded for the full amount, I did not receive an advance so do I put $0.00 on the 3508S where it asks for the "advance" amount?
If you did not get an advance, you can put your EIDL loan number there, but put $0 in the advance amount space. I got your email, and I will be sending you an email back shortly!
..hey Hannah, have you heard about the changes the house passed on the PPP loan? ( Forgiveness application changed from 8 weeks to 24 weeks and loan repayment period has been extended from 2 yrs to 5 yrs)
Stephanie Moland I called and got threw after two hours on hold it was approved ready to distribute my funds my account at my bank had to verify and I called my bank now tomorrow should be ready for me to sigh
Daisha Newsome how long it take to get the email to sigh the closing documents is question I have been grayed out for two weeks now can’t finish up ? Thanks for any info
Hi! I have seen conflicting info on this and I’d like some clarification. You mentioned that the funds can be used to pay (business) credit card. Are there certain restrictions on this? i.e. The card charges must be AFTER covid-19 was classified as disaster nationwide? Or can we payoff existing business credit card balances? Thank you!
I have heard conflicting thoughts too. My thoughts are that credit cards are current accounts payable. As long as they were used to pay for business expenses (not to purchase fixed assets or personal expenses), then they should be valid for eidl fund use.
Thank you. With unclear guidelines that are open to different interpretations, it’s difficult decide whether or not to accept the approved EIDL loan. :(
@@alvincruz29 Im in the same situation. Ive already accepted the loan... around 130K. Im hesitant to use any funds, given the restrictions. Then again, if I use the entire loan to continue paying all business expenses with it, and I continue taking larger draws... how can this be a problem? Im technically using the funds to pay business expenses. I can even put the entire amount in a separate bank account, and begin paying all expenses with those funds. Makes sense?
my portal only shows $5400 with no slider thingy to choose a smaller amount. The loan officer told me I am approved for up to $21600. I mentioned my portal only says the $5400 and they couldn't explain why...
I had the same exact thing happen with the verification part at the end of your video lol. I applied on April 11th. I got my first email on July 27th. Never got a second email but then today, the SBA calls me to ask why I haven't signed the loan docs. I'm like, "um, I haven't gotten an email saying it was approved to proceed. So then, the representative sends another email herself through the portal which was very similar to the first one. Let me just vent about one more thing, I got a measly offer of 2200.00 bucks. It costs me a hell of a lot more than that to operate but I'll take anything i can get. LOL! Yay, government workers! They're the best!
Thank you for your question. Unfortunately, we can't answer all of the specific questions we receive. We encourage you to check out the other Small Business PPP/EIDL videos posted in our channel as well as the resources we’ve compiled here: learn.claracfo.com
I received my eidl grant already, now I got the email to create account to request the loan, my question is : I don't need the loan, do I just ignore the email, or do I have to do anything?
ooh, that was my question too, altho i have not received a grant yet. so to confirm, i'll get the $1000 grant just automatically and then offered a loan in the email, which, i have no operating expenses so I ignore?
You can just ignore that loan offer and still got that 1k grant money? I thought you have to complete all the steps and sign the closing docs and then you can get the loan and grant money together!
I’m with others that weren’t aware of the fact they needed collateral for loans over 25k. Can I change the amount we borrow if I’ve already accepted the higher amount they offered?
I asked the same question. Someone responded no. I am not sure. When I called and spoke to tier 2, they said they would put the request in to my loan officer, but I haven't heard anything yet.
Same thing happened to me I thought it was a solicitor saying I can borrow 56,700 so I took it down to $25,300 with what I needed and that locked me in right there before the contract, so I lost a $100 and added collateral for $300 I had in my account, we should be able to pay that for those who want to be $25,000 or less without penalty because it seems like that's the amount they really wanted you to take, or had callers to call and explain it's not worth it to go a lil over 25k for these reasons, very misleading, is there a number I could call?
Where is the $10,000 grant during all this? If I got the first email asking me to approve a loan amount, does that mean the $10,000 will come automatically as well?
You'd have to contact the SBA in regards to the EIDL advance (www.sba.gov/funding-programs/loans/coronavirus-relief-options/economic-injury-disaster-loan-emergency-advance). For additional Small Business PPP resources you can check out: learn.claracfo.com.
Do you need a loan to settle your debt or to pay off your bills? Have you been turned down constantly by your Banks and other financial institutions just because you have a low credit score? Do you need a loan or funding for any reason such as, * Holiday Loans * Vehicle Loans * Real Estate Loans * Business Loans * Mortgage Loans * Construction Loan * Home Loans * Investment Loan * Debt Consolidation Loans * Personal Loans Note: We give out loan at affordable interest rate yearly. Interested persons should contact us via email:capitalloan011@gmail.com to enable us open a loan processing file. Warm Regards,
So after you complete steps 1 & 2 Verify Identity and Electronic Disbursement (bank info) does that mean you are approved and you will receive email to complete step 3 Sign Loan Documents? How many days did you have to wait after completing steps 1 & 2 to receive Step 3 email from SBA? I’ve done Steps 1 & 2 but it’s been 2 days so a little worried Well as I was writing this question I just got the SBA email to complete Step 3 - so if anyone wants to know I received Step 3 email 2 days after completing Steps 1 & 2!
Something tells me the only way the SBA will question what you spent the $ on is if you default on your payments. Technically, if I pay the loan monthly with interest... why would they care what you do with the money? Any thoughts?
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Prior to the SBA sending this to us, have they done their due diligence with the application, ie.. credit report check, documents supplied reviewed or is it after we verified the amount we want, identity and banking information and submit for processing? I would greatly appreciate your help. Thank you.
Do you know if the EIDL loan if taken out will be or appear on your personal credit report? If so, will it show up shortly after you receive the loan, or after the 12 months?
@@ClaraCFO Yes, I have a similar question. Is the SBA reporting to Credit Bureaus? PPP, EIDL loans? If yes, then as secured loans? Thank you for answer.
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Thank you for another great video. I have a (probably dumb) question about the collateral requirement for loans in excess of $25,000. Say for example that I would want to sell company equipment (like a car or tractor) that was used as collateral. I am now required to contact the SBA and ask for permission to do this first? Or am I misunderstanding this?
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Unfortunately, we can't answer all of the specific questions we receive. We encourage you to check out the other Small Business PPP/EIDL videos posted in our channel as well as the resources we’ve compiled here: learn.claracfo.com
Do you need a loan to settle your debt or to pay off your bills? Have you been turned down constantly by your Banks and other financial institutions just because you have a low credit score? Do you need a loan or funding for any reason such as, * Holiday Loans * Vehicle Loans * Real Estate Loans * Business Loans * Mortgage Loans * Construction Loan * Home Loans * Investment Loan * Debt Consolidation Loans * Personal Loans Note: We give out loan at affordable interest rate yearly. Interested persons should contact us via email:capitalloan011@gmail.com to enable us open a loan processing file. Warm Regards,
I was informed by the SBA that my EIDL application was approved, and they sent me the email you described in the video above. I don't need the loan now. Is there something I should do to decline the loan? Or is just doing nothing sufficient to NOT take the loan. Thanks!
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jay c - I don’t think you can get to the acceptance page without accepting the loan. I got an email to complete my application or it will be withdrawn but I don’t see a decline button for the loan so I don’t see how I can move forward with the processing. I’m waiting for the $1,000 grant which an SBA agent said I don’t have to do anything to receive.
jay c - ok, but if my application is withdrawn for not completing it, I don’t see how it can be 2 different deals because I only have 1 application with an application number. Guess I have no choice but to wait and let it expire because i don’t see a decline button and I won’t click accept for a loan I don’t want.
Great video! I own a small used car dealership, am I able to used the EIDL loan to purchase used vehicles for my inventory? I don’t want to accept the loans unless I am able too.
Clara CFO Group it’s very confusing because one of there “not allowed” spending rules is purchasing fixed assets, which vehicles are fixed assets. At the same time though, they are the key source of inventory for the business.
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I applied for a $50k loan I got approved signed closing documents and still I haven’t been funded it’s 10days now. Please I need your help what could be the problem ?
I got an email concerning my reconsideration from the SBA and this is what it said.We have reviewed your request for reconsideration of disaster loan application. Based on our review, we have determined that the file should be reactivated for further consideration. The case file has been assigned to a loan officer and tax transcripts ordered from the IRS. Once transcripts are received the loan application will be reviewed by an underwriter. These files are maintained in chronological order and assigned in accordance with the current workload. What do you think that truly means and what do you think the time frames are?
Hi Clara, Great content! I did receive $1,000 advance. Then got the same email to create account through the portal. This was on May 28th around 4:30pm. However, it still says processing. I did call SBA and they are very nice but could not give me a time line one when I will get loan docs to sign. I called a few times and each time I got a different person all very nice. When should I expect next steps and/or loan docs? The work weekends and I am in the 5th day. This loan will be so helpful for my business and I hope it comes through. Thanks again and looking forward to your response. :-)
Is it unusual for a sba loan official to request a voided check, saying there is an error in the banking info I provided? Portal shows no error and I’m skeptical about providing banking info to someone who contacts me saying they are from sba.
Norm E I had to send one along w my schedule c. I had flipped two digits in my application. Diucle check it’s from a .gov email. She responded within an hour to let me know it was verified and passed it on to the next level and I was approved by end of day.
Hi Clara! Great videos! I’m confused...my accountant told me that under no circumstance can I pay off credit card bills or consolidate debt. You mentioned that this is acceptable to help cash flow...could you clarify?
This is a sticking point for some CPAs my interpretation is that you can if the CC was used for working capital. I know some people disagree. It cannot be used to consolidate long term debt. But CCs are not long term debt.
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What happened to your grant/advance in this whole process? There has been a lot of different information from parties from day one to the present concerning the 1-10,000 grant from the sba.
I received my advance over a month ago, and should receive my loan within the next day or two-ish. They are combing all grants with the principal loan amount now. You still do not have to repay the grant...and I was told that you should receive both disbursements within the same business day. I suppose they got tired of people taking the advance and declining the subsequent loan offer.
Isela Salazar I’m signed into the portal, and today got an email from the sba loan officer confirming my bank account. Did not notice them pulling my credit.
Lc Le same thing for me - I got portal email Monday - credit pulled Monday - filled out steps 1 (verify identity) and 2 (bank info) and then today Wednesday got email of official acceptance to sign loan documents - so basically if u get loan offer / email to portal you are approved- just takes a few days to get loan documents processed
Can you apply for this loan even if you have received a small amount during the Emergency Grant period-the 10k emergency grant they were giving initially. ?
You should be able to apply for an EIDL or PPP loan if you received the EIDL advance. This video may be helpful for you to watch: ua-cam.com/video/Y92Z_zW2bfY/v-deo.html. Also we've compiled small business PPP resources here as well: learn.claracfo.com.
I applied today for the EIDL. My application did not have a box to check for the Grant. I was watching a UA-cam video walkthru as I filled out my application. The UA-camr’s application had the grant box to check, my application did not. Any idea why? Is it because the funds have already been allocated?
Hi, I got a similar email for my business. My question is I have already received the EIDL Advance and then I got the PPP and now this loan portal came, if I decide to take this loan will it affect my PPP loan forgiveness part where the PPP becomes a loan if I take this EIDL loan? The 2nd question I had was since I received the $10000 EIDL Advance and it inorder to avoid putting any collateral, can I only ask for $15000 loan now or is it still $25000? Great job by the way in your video
Supposedly if you get the eidl you ppp won't be able to be forgivable. And you can always adjust your eidl loan if you don't want the full amount that they offer you
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Thank you for your question. Unfortunately, we can't answer all of the specific questions we receive. We encourage you to check out the other Small Business PPP/EIDL videos posted in our channel as well as the resources we’ve compiled here: learn.claracfo.com
I was told to use Microsoft Edge or Internet Explorer by an SBA REP when i called the #. They mentioned Safari and Google Chrome caused application errors
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Thank you for your question. Unfortunately, we can't answer all of the specific questions we receive. We encourage you to check out the other Small Business PPP/EIDL videos posted in our channel as well as the resources we’ve compiled here: learn.claracfo.com
Thank you for your question. Unfortunately, we can't answer all of the specific questions we receive. We encourage you to check out the other Small Business PPP/EIDL videos posted in our channel as well as the resources we’ve compiled here: learn.claracfo.com
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clinton urling Portal was opened on 5/25 and the loan is approved today (5/30). Yes, they work on weekends as well. One of my friends has the similar time frame. I assume you’d get the approval in/about 5 days. BTW, did not get my grant yet but many said they get their grant the same day as the loan.
we were forced to loan our business $100k for an uplift on our new space in December 2019. We moved into the space 2/15/20 and then the pandemic shut us down 3/25/20. we planned to pay ourselves back fairly quickly when we first lent it. Can we pay ourselves back with the EIDL loan?
Per the SBA the EIDL Advance has been discontinued. Note: All available funds for the EIDL Advance program have been allocated. By law, SBA is not able to issue EIDL Advances once program funding has been obligated and is no longer available. EIDL loan applications will still be processed even though the Advance is no longer available. www.sba.gov/page/disaster-loan-applications
Nathaniel Malik James I sign up last Friday get the portal email Sunday I create account get money this morning 4am still waiting for loan agreement to sign it
Unfortunately, we can't answer all of the specific questions we receive. We encourage you to check out the other Small Business PPP/EIDL videos posted in our channel as well as the resources we’ve compiled here: learn.claracfo.com
I don’t want the loan... I only want the $1,000 grant. I don’t see a decline button for the loan so I did nothing. Just got an email telling me to complete the application or it will be withdrawn? Do I just let the application expire and hope they still send me the $1,000 grant?
Per the SBA the EIDL Advance has been discontinued. Note: All available funds for the EIDL Advance program have been allocated. By law, SBA is not able to issue EIDL Advances once program funding has been obligated and is no longer available. EIDL loan applications will still be processed even though the Advance is no longer available. www.sba.gov/page/disaster-loan-applications
Thank you for your question. Unfortunately, we can't answer all of the specific questions we receive. We encourage you to check out the other Small Business PPP/EIDL videos posted in our channel as well as the resources we’ve compiled here: learn.claracfo.com
Hi, it is so easy helpful advice. Have a question, I need $40000 EIDL loan. I am self employed. How can I apply? I am really hard time during this pandemic
Thank you. Mine also says that it wasn't able to verify my identity online. However it says that that step is completed. I just finished it up at the end of last week so I have not gotten further with it
Unfortunately, we can't answer all of the specific questions we receive. We encourage you to check out the other Small Business PPP/EIDL videos posted here in our channel as well as the resources we’ve compiled here: learn.claracfo.com
Do you need a loan to settle your debt or to pay off your bills? Have you been turned down constantly by your Banks and other financial institutions just because you have a low credit score? Do you need a loan or funding for any reason such as, * Holiday Loans * Vehicle Loans * Real Estate Loans * Business Loans * Mortgage Loans * Construction Loan * Home Loans * Investment Loan * Debt Consolidation Loans * Personal Loans Note: We give out loan at affordable interest rate yearly. Interested persons should contact us via email:capitalloan011@gmail.com to enable us open a loan processing file. Warm Regards,
Do you need a loan to settle your debt or to pay off your bills? Have you been turned down constantly by your Banks and other financial institutions just because you have a low credit score? Do you need a loan or funding for any reason such as, * Holiday Loans * Vehicle Loans * Real Estate Loans * Business Loans * Mortgage Loans * Construction Loan * Home Loans * Investment Loan * Debt Consolidation Loans * Personal Loans Note: We give out loan at affordable interest rate yearly. Interested persons should contact us via email:capitalloan011@gmail.com to enable us open a loan processing file. Warm Regards,
Unfortunately, we can't answer all of the specific questions we receive, but we encourage you to check out the other Small Business PPP/EIDL videos posted here in our channel, as well as the Small Business PPP resources we’ve compiled here: learn.claracfo.com
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Sorry for my misunderstanding, once the company already received EIDL ($2000), does it mean that company need to ask again those $2000 through this account? I assume that initial EIDL that was transferred to the account is forgivable. Why do we need to ask one more time?
Hi Clara, my EIDL loan for $38k has been approved and deposited to my account without requiring me a to provide collateral nor hazard insurance. Is this normal? Thank you for your answer in advance...
Exactly! you do not need to sign anything as collateral, just to pledge the full amount. After watching this video I I only accepted $25k out of the $39k I was eligible for as I didn't have anything to sign as collateral. Big mistake. My bad, should not listen to anybody on UA-cam
@@yrnkobii7153 you can email pdcrecons@sba.gov or pdc.reconsideration@sba.gov with your tax return, form 4506T and the EIDL increase request form. Add an explanation of your situation and why you need an increase. In the subject line put INCREASE and your application #. Good luck!
Applied SBA loan in April 4 th got $1,000 in April 22nd forgot about it then got email to confirm more documents on may 28tb same day got approval and funds were in my account in 3 bussiness days . Many of my friends applied same day haven’t heard from anyone . So folks good luck
Unfortunately, we can't answer all of the specific questions we receive. We encourage you to check out the other Small Business PPP/EIDL videos posted here in our channel as well as the resources we’ve compiled here: learn.claracfo.com
So what are the mechanics of submitting monthly payments when they become due in 12 months? What about paying down all or part of the loan early, if that becomes possible for you? Since no prepayment penalty, early payoff is an option, but have not been able able to find anything addressing this.
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Unfortunately, we can't answer all of the specific questions we receive. We encourage you to check out the other Small Business PPP/EIDL videos posted here in our channel as well as the resources we’ve compiled here: learn.claracfo.com
Unfortunately, we can't answer all of the specific questions we receive. We encourage you to check out the other Small Business PPP/EIDL videos posted here in our channel as well as the resources we’ve compiled here: learn.claracfo.com
Hi, I got EIDL load approved for $6000. but I dont see that free $1000 per employee grant. IF I accept that loan do they pay that grant from my loan? and if I want Can i payoff all at once? and are these loan taxable? thank you!!!
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Unfortunately, we can't answer all of the specific questions we receive. We encourage you to check out the other Small Business PPP/EIDL videos posted here in our channel as well as the resources we’ve compiled here: learn.claracfo.com
Thanks a bunch for the insights! I have about 10 employees and thinking of bringing most back, is there a set # of hours they can make & still get the Fed $?
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Unfortunately, we can't answer all of the specific questions we receive. We encourage you to check out the other Small Business PPP/EIDL videos posted here in our channel as well as the resources we’ve compiled here: learn.claracfo.com
I already accepted the EIDL amount and was approved. I am up to the signing part of the loan. After some research on this loan, I decided I want to accept less that I originally asked for. Can I do this? I don't see anywhere that I can go back and change the loan amount.
I had an exact same question like you and called SBA a few days ago. The representative who served me answered that SBA can't fix the loan document once I decided the loan amount and SBA made the loan documents with the loan amount I had submitted.
I called yesterday and the Tier 2 said she would leave a note with my loan officer for the request. Did you speak with a loan officer? Not the news I was hoping for. Thanks for letting me know.
Question 🙋!!!!. If we have a family partnership busines do each person need to apply? Or is the busines who will be applying? And do all need to have a social security number?
@@Sketchesz sorry i think is hard question lol 😂.. Or did you explain that already in another video,?? 🤔 I am new to your Chanel lol.. And by the way you have really nice content 😁😁😁
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Small business owners and qualified agricultural businesses in all U.S. states and territories are currently eligible to apply for a low-interest loan due to Coronavirus (COVID-19). www.sba.gov/funding-programs/loans/coronavirus-relief-options/economic-injury-disaster-loans#section-header-3
![Should I Accept The EIDL Loan? [EIDL CALCULATOR]](http://i.ytimg.com/vi/ytN6f4KAfpc/mqdefault.jpg)
![Should I Accept The EIDL Loan? [EIDL CALCULATOR]](/img/tr.png)
Applied 4/6
Credit pulled 5/16
received portal invite 6/3
Confirmed Identity and bank info. 6/3
Received approval/loan docs 6/4!
Now just waiting for funds!
Okay. 🙄
Thanks for the timeline. Waiting for them to accept the figure we sent back
My funds just showed up in my account in less than a week after signing. No email or other notifications. Check your account frequently!
Did you get advance?
When did u eat dinner
Man thank you for being informative enough not waisting time doing just unnecessary talking explaining how and why it would require collateral totally didn’t know probably why I was denied. You cleared up alot subscribed . Oh and watching other videos on the same topic gave me a headache. Sometimes it feels like some UA-cam channels hold information hostage you know they know exactly what to do but won’t just give it to you rather make you waste your time trying to get you to like them, You don’t . Like I don’t need a personality and opinions on crap dude your video should be half hour to explain .
Rena - thanks so much for the feedback! I am always trying to make my videos shorter so I don't waste my viewer's time! I appreciate the feedback and am so thankful you found it helpful! Thanks for the sub
Im an Accountant for 40 years...Just started my own you tube channel.... i enjoy watching your videos
Thanks Englisch is my second language but the way you explain it is very helpful
Thanks again
Got the first email 3 days ago. Filled it out and accepted confirmed amount yesterday. On your app is being processed stage rn. Fingers crossed. My biz needs this!
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How many days after did you get the sign closing documents email
I applied for EIDL on March 30th. SBA pulled my credit in April and I have not heard anything back from SBA. I have excellent credit, I have been in business for the last 16 years, and my business was doing great before the pandemic hit. The only reason that I could think of is my age, I am in early my 70s and that could have been the reason why SBA is sitting quiet, waiting for the appropriation funding to run out, they won't say anything (approved or not approved). I personally know a lot of business owners who got EIDL loan and they applied after I did. This is very sad because I can use the funds to stay in business but SBA doesn't think that I am going to live long enough to payoff the loan.
My portal had a loan for 150k only. I suppose I could have called and asked for less but the ppp funding was all I needed. Thankfully my business has gotten busy as pre COVID level
SBA PPP or EIDL loans. Question: Will SBA report it to Credit Bureaus as regular loans, or it will be hidden as mortgages?
Individual lenders report SBA loans (including 7(a) loans which the PPP program falls under) to credit bureaus, the SBA itself doesn’t report to credit reporting agencies. Since these loans are made by the SBA, EIDLs should not appear on personal or business credit reports. However, for loans of $25000 or more, the SBA files a UCC-1 filing which can appear on business credit reports and may impact your ability to get other financing.
After the offer and after you select the needed amount, can they decline your loan, or the next step is the signing of closing documents?
NICELY DONE!
THNX FOR SHARING DARLIN👍
The interest from the first year raised the principle, so it is best to start paying right now!
Can you tell me what are the criteria they use to determine the maximum EIDL loan amount offered?
Is it like PPP where its 2.5*Monthly payroll?
Thank You.
The max is $150k, but the SBA determines the max they will offer you.
@@ClaraCFO whats the minimum?
Thanks
This video is the best i've seen all the other video's are not as clear. This so well explained about the process. I just got the email today and i was wondering what the rest of the process was. Thank you for this amazing video.....
Yay! So glad it's helpful for you!!!
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Thank you so much this is better understanding of this SBA loan you break it down so simple 💪
Great to hear!
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Warm Regards,
Thanks for the video Hannah. If I just want the $1,000 advance (the grant amount I am eligible for and do not have to pay back), do I reduce my total loan amount on my application to $1,000? Or, is the advance completely separate from the total eligible loan amount, in which case do I simply do not complete the loan application?
Can someone respond to this please? I also got approved for a $22,000 loan but I just want the grant what should we do ?
I have read 3 people so far asking this question and I have done so many google searches of the same. No one seems to know! This is what I want, also.
Jennie Logsdon Martin I actually was able to get them on the phone; they told me that the grant will be automatically deposit in your bank account (just got mine) no action is required for that if you did that first application like everyone. However, the second email about how much money you get approved for, that’s just A LOAN and you’ll need to pay it back. If you don’t want it, just leave it alone, don’t do anything on that portal. Hope that helps 😊
@@armandomusanga8438 OK! That's great! I heard that you had to check some tick box, and I was so afraid that I didn't check that! Wherever it was!!! Thank you so much! I did accept a part of the loan they offered, and I doubt that I would have, had I known what you just told me!
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Appreciate the video - thank you! One question: What if I only want the grant portion ($1000) of the EIDL and not the loan. Is there a way to take $0? I called the SBA earlier today and they told me to send an email saying that I want to withdraw my loan application. I think that means I'm good - but I didn't get a real warm fuzzy talking the person from the SBA. So - if you have any further info on that, that would be great.
Yes, good question... I would like to know also if I don’t want the loan...
Except the loan. Your loan amount (you choose) will be deposited and then the Grant. After, return your loan if you like. If you haven’t gotten the grant but you got a loan offer; your grant is there but something is probably wrong with your banking info you submitted. Example your routing number. They need the direct deposit route number and not the wire. Of course, your account number needs to be correct and the name on the account.
Blessings
WildL23 Hello, yes they wouldn’t have email you. Most likely because they’re slammed with calls emails etc. but if you applied earlier March 29 April 16 you should be ok if not 🤷♂️
Blessings
WildL23 Hello, your welcome. If you were offer the Loan and excepted the EIDL loan and you then corrected the bank info; then your money is on the way. I don’t have an answer to your question by midnight. I don’t work for the SBA. Sorry, you can call them and get in right away.
Good luck to you
WildL23 Hello again, could’ve should’ve 🤷♂️ idk brother. Just trying to help you with info
Best of luck
Blessings
Hi.
Will EIDL loan effect PPP loan ? Can you explain, please.
PPP loan $5000 and EIDL probably $9000 but I haven’t agreed yet on EIDL.
I got the "approval" email for Create your SBA Economic Injury Disaster Loan Portal Account. Once you accept terms and it says processing. How long did it take for final approval and funding?
I was in same situation - I completed steps 1 and 2 and then 2 days later got SBA email to compete step 3 - Sign Loan Docs
@@chrissmith2922 have you received funding yet?
Joel Andrew Serafini no - I just signed loan today - waited 2 days to get loan documents
@@chrissmith2922 Sweet! God Speed dude
Once you sign the document it'll be in your account with in few days.
Email portal came today for $5.5k. No grant for any $. SBA said bank # was wrong. We changed it but they said no idea if and when grant will show up. She said don’t call every day for 30 days.
Similiar happened to me... I was offered 5,700$ I changed the amount to 1,000$, never received the grant nor have I received the loan. I recently got an email asking specifically what type of AG business I have and what my costs were for 12 months prior to the ‘Rona
Do you need a loan to settle your debt or to pay off your bills? Have you been turned down constantly by your Banks and other financial institutions just because you have a low credit score? Do you need a loan or funding for any reason such as,
* Holiday Loans
* Vehicle Loans
* Real Estate Loans
* Business Loans
* Mortgage Loans
* Construction Loan
* Home Loans
* Investment Loan
* Debt Consolidation Loans
* Personal Loans
Note: We give out loan at affordable interest rate yearly.
Interested persons should contact us via email:capitalloan011@gmail.com to enable us open a loan processing file.
Warm Regards,
Question:
How does the EIDL Advance get affected by taking out the EIDL Loan? As of now, I understand the EIDL Advance offsets the forgiveness amount for the PPP.
Does this still hold true if you take out the EIDL Loan as well? I do have a PPP Loan at the moment, and if taking out the EIDL Loan cancels the reduction in forgiveness due to the Advance then I’m all for it.
Thank you!
Yes.... accepting the EIDL reduces the Forgiveness amount of the PPP Loan
I watched almost all of your videos, not sequentially but based on the need. I should admit that I have got the best advises from your videos in comparison with all the rest so please accept my deepest appreciations. By the way, you have one of the most beautiful eyes I have ever seen. Thank you
Hello there, how would I go about scheduling a private consultation for my business? Just want to make sure I have some questions answered before we apply.
You can book a clarity session with us here: claracfo.com/strategy-sessions/
On the PPP 3508S forgiveness application is asks for the EIDL Advance Amount. My EIDL was approved and funded for the full amount, I did not receive an advance so do I put $0.00 on the 3508S where it asks for the "advance" amount?
If you did not get an advance, you can put your EIDL loan number there, but put $0 in the advance amount space. I got your email, and I will be sending you an email back shortly!
..hey Hannah, have you heard about the changes the house passed on the PPP loan? ( Forgiveness application changed from 8 weeks to 24 weeks and loan repayment period has been extended from 2 yrs to 5 yrs)
As well as a change to a 60/40 split instead of 75/25
Until it is law, I won't speculate. It does seem like there's support for it though. When (or if) it becomes law, I will definitely do an update!
Hi Clara.What is the collateral?
When is the emails coming
It only take 1 day to see the fund in the bank account after I signed the loan.
How many days did it take to get the sign closing documents email?
He said "it only take 1 day"
Stephanie Moland I called and got threw after two hours on hold it was approved ready to distribute my funds my account at my bank had to verify and I called my bank now tomorrow should be ready for me to sigh
I sign for my loan 07/17/20 when will I get it?
Daisha Newsome how long it take to get the email to sigh the closing documents is question I have been grayed out for two weeks now can’t finish up ? Thanks for any info
Hi! I have seen conflicting info on this and I’d like some clarification. You mentioned that the funds can be used to pay (business) credit card. Are there certain restrictions on this? i.e. The card charges must be AFTER covid-19 was classified as disaster nationwide? Or can we payoff existing business credit card balances? Thank you!
I have heard conflicting thoughts too. My thoughts are that credit cards are current accounts payable. As long as they were used to pay for business expenses (not to purchase fixed assets or personal expenses), then they should be valid for eidl fund use.
Thank you. With unclear guidelines that are open to different interpretations, it’s difficult decide whether or not to accept the approved EIDL loan. :(
@@alvincruz29 Im in the same situation. Ive already accepted the loan... around 130K. Im hesitant to use any funds, given the restrictions. Then again, if I use the entire loan to continue paying all business expenses with it, and I continue taking larger draws... how can this be a problem? Im technically using the funds to pay business expenses. I can even put the entire amount in a separate bank account, and begin paying all expenses with those funds. Makes sense?
my portal only shows $5400 with no slider thingy to choose a smaller amount. The loan officer told me I am approved for up to $21600. I mentioned my portal only says the $5400 and they couldn't explain why...
I had the same exact thing happen with the verification part at the end of your video lol. I applied on April 11th. I got my first email on July 27th. Never got a second email but then today, the SBA calls me to ask why I haven't signed the loan docs. I'm like, "um, I haven't gotten an email saying it was approved to proceed. So then, the representative sends another email herself through the portal which was very similar to the first one. Let me just vent about one more thing, I got a measly offer of 2200.00 bucks. It costs me a hell of a lot more than that to operate but I'll take anything i can get. LOL! Yay, government workers! They're the best!
If you don't have real estate, what else can be used as collateral for loans over $25k? Can inventory be used?
Thank you for your question. Unfortunately, we can't answer all of the specific questions we receive. We encourage you to check out the other Small Business PPP/EIDL videos posted in our channel as well as the resources we’ve compiled here: learn.claracfo.com
Yes
With second wave coming take max loan
Just my opinion
I received my eidl grant already, now I got the email to create account to request the loan, my question is : I don't need the loan, do I just ignore the email, or do I have to do anything?
ROYAL'TEE KINGDOM CITIZENSHIP thank you!
ooh, that was my question too, altho i have not received a grant yet. so to confirm, i'll get the $1000 grant just automatically and then offered a loan in the email, which, i have no operating expenses so I ignore?
I am in the same situation
You can just ignore that loan offer and still got that 1k grant money? I thought you have to complete all the steps and sign the closing docs and then you can get the loan and grant money together!
Kristi Walker how many days have you been waiting for your grant money to come after you applied ?
I’m with others that weren’t aware of the fact they needed collateral for loans over 25k. Can I change the amount we borrow if I’ve already accepted the higher amount they offered?
I asked the same question. Someone responded no. I am not sure. When I called and spoke to tier 2, they said they would put the request in to my loan officer, but I haven't heard anything yet.
Same thing happened to me I thought it was a solicitor saying I can borrow 56,700 so I took it down to $25,300 with what I needed and that locked me in right there before the contract, so I lost a $100 and added collateral for $300 I had in my account, we should be able to pay that for those who want to be $25,000 or less without penalty because it seems like that's the amount they really wanted you to take, or had callers to call and explain it's not worth it to go a lil over 25k for these reasons, very misleading, is there a number I could call?
This was extremely helpful.
Where is the $10,000 grant during all this? If I got the first email asking me to approve a loan amount, does that mean the $10,000 will come automatically as well?
Great question.
Same question I have .. No one is answering !
You'd have to contact the SBA in regards to the EIDL advance (www.sba.gov/funding-programs/loans/coronavirus-relief-options/economic-injury-disaster-loan-emergency-advance). For additional Small Business PPP resources you can check out: learn.claracfo.com.
Do you need a loan to settle your debt or to pay off your bills? Have you been turned down constantly by your Banks and other financial institutions just because you have a low credit score? Do you need a loan or funding for any reason such as,
* Holiday Loans
* Vehicle Loans
* Real Estate Loans
* Business Loans
* Mortgage Loans
* Construction Loan
* Home Loans
* Investment Loan
* Debt Consolidation Loans
* Personal Loans
Note: We give out loan at affordable interest rate yearly.
Interested persons should contact us via email:capitalloan011@gmail.com to enable us open a loan processing file.
Warm Regards,
So after you complete steps 1 & 2 Verify Identity and Electronic Disbursement (bank info) does that mean you are approved and you will receive email to complete step 3 Sign Loan Documents? How many days did you have to wait after completing steps 1 & 2 to receive Step 3 email from SBA? I’ve done Steps 1 & 2 but it’s been 2 days so a little worried
Well as I was writing this question I just got the SBA email to complete Step 3 - so if anyone wants to know I received Step 3 email 2 days after completing Steps 1 & 2!
Thanks Chris for the update -- was trying to figure out how long after Step 1 & 2 .... Stay Safe!
Leisea Wipf it took 2 days for SBA to email me loan documents for signature so expect the email by end of the week
Something tells me the only way the SBA will question what you spent the $ on is if you default on your payments. Technically, if I pay the loan monthly with interest... why would they care what you do with the money? Any thoughts?
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Prior to the SBA sending this to us, have they done their due diligence with the application, ie.. credit report check, documents supplied reviewed or is it after we verified the amount we want, identity and banking information and submit for processing? I would greatly appreciate your help. Thank you.
Do you know if the EIDL loan if taken out will be or appear on your personal credit report? If so, will it show up shortly after you receive the loan, or after the 12 months?
They did get your SS number, but I am not sure!
@@ClaraCFO Yes, I have a similar question. Is the SBA reporting to Credit Bureaus? PPP, EIDL loans? If yes, then as secured loans? Thank you for answer.
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Thank you for another great video.
I have a (probably dumb) question about the collateral requirement for loans in excess of $25,000. Say for example that I would want to sell company equipment (like a car or tractor) that was used as collateral. I am now required to contact the SBA and ask for permission to do this first? Or am I misunderstanding this?
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Unfortunately, we can't answer all of the specific questions we receive. We encourage you to check out the other Small Business PPP/EIDL videos posted in our channel as well as the resources we’ve compiled here: learn.claracfo.com
Do you need a loan to settle your debt or to pay off your bills? Have you been turned down constantly by your Banks and other financial institutions just because you have a low credit score? Do you need a loan or funding for any reason such as,
* Holiday Loans
* Vehicle Loans
* Real Estate Loans
* Business Loans
* Mortgage Loans
* Construction Loan
* Home Loans
* Investment Loan
* Debt Consolidation Loans
* Personal Loans
Note: We give out loan at affordable interest rate yearly.
Interested persons should contact us via email:capitalloan011@gmail.com to enable us open a loan processing file.
Warm Regards,
I was informed by the SBA that my EIDL application was approved, and they sent me the email you described in the video above. I don't need the loan now. Is there something I should do to decline the loan? Or is just doing nothing sufficient to NOT take the loan. Thanks!
Good question..i guess you could just not sign the last acceptance
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jay c - I don’t think you can get to the acceptance page without accepting the loan. I got an email to complete my application or it will be withdrawn but I don’t see a decline button for the loan so I don’t see how I can move forward with the processing. I’m waiting for the $1,000 grant which an SBA agent said I don’t have to do anything to receive.
@@bash547 just wait..youll get it..i got mine today..they told me its 2 different deals..
jay c - ok, but if my application is withdrawn for not completing it, I don’t see how it can be 2 different deals because I only have 1 application with an application number. Guess I have no choice but to wait and let it expire because i don’t see a decline button and I won’t click accept for a loan I don’t want.
Wondering if you are for hire for cpa ,tax prep, bookkeeping, payroll. Please advise
Great video! I own a small used car dealership, am I able to used the EIDL loan to purchase used vehicles for my inventory? I don’t want to accept the loans unless I am able too.
Oh man, I can't advise on this. Interesting question though. Since it's inventory to you!
Clara CFO Group it’s very confusing because one of there “not allowed” spending rules is purchasing fixed assets, which vehicles are fixed assets. At the same time though, they are the key source of inventory for the business.
Here's a great video to help you with that question. https: //ua-cam.com/video/6CStJoQN0xo/v-deo.html
FitnessQ Vehicles in a car dealership are not fixed assets, they are inventory. Vehicles such as work trucks for say an hvac company are fixed assets.
Thank you for sharing this information. Can you pay off the loan as early as you would like without prepayment penalties? 🙏ty. Troy
Yes - no prepayment penalties!
@@ClaraCFO Thank you very much for sharing the information. How long it will to receive the singing documents after you accepted the offer?
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do you have to have collateral for loans over 25.000 for nonprofits?
yes
@@ClaraCFO Ok, but what type of collateral?
I applied for a $50k loan I got approved signed closing documents and still I haven’t been funded it’s 10days now. Please I need your help what could be the problem ?
DM atom_invisible on IG for more information she helped me
I got an email concerning my reconsideration from the SBA and this is what it said.We have reviewed your request for reconsideration of disaster loan application. Based on our review, we have determined that the file should be reactivated for further consideration.
The case file has been assigned to a loan officer and tax transcripts ordered from the IRS. Once transcripts are received the loan application will be reviewed by an underwriter. These files are maintained in chronological order and assigned in accordance with the current workload. What do you think that truly means and what do you think the time frames are?
Hi Clara, Great content! I did receive $1,000 advance. Then got the same email to create account through the portal. This was on May 28th around 4:30pm. However, it still says processing. I did call SBA and they are very nice but could not give me a time line one when I will get loan docs to sign. I called a few times and each time I got a different person all very nice. When should I expect next steps and/or loan docs? The work weekends and I am in the 5th day. This loan will be so helpful for my business and I hope it comes through. Thanks again and looking forward to your response. :-)
Hey Carolina... I’m waiting also! I signed on 5/28
Is it unusual for a sba loan official to request a voided check, saying there is an error in the banking info I provided? Portal shows no error and I’m skeptical about providing banking info to someone who contacts me saying they are from sba.
Norm E I had to send one along w my schedule c. I had flipped two digits in my application. Diucle check it’s from a .gov email. She responded within an hour to let me know it was verified and passed it on to the next level and I was approved by end of day.
Thank you this is a great 👍 information very well appreciated 🙏
Hi Clara! Great videos! I’m confused...my accountant told me that under no circumstance can I pay off credit card bills or consolidate debt. You mentioned that this is acceptable to help cash flow...could you clarify?
This is a sticking point for some CPAs my interpretation is that you can if the CC was used for working capital. I know some people disagree. It cannot be used to consolidate long term debt. But CCs are not long term debt.
get a new accountant - if you have receipts or statements you can use it as working capital.
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Thanks for the awesome video / info!
What happened to your grant/advance in this whole process? There has been a lot of different information from parties from day one to the present concerning the 1-10,000 grant from the sba.
I received my advance over a month ago, and should receive my loan within the next day or two-ish. They are combing all grants with the principal loan amount now. You still do not have to repay the grant...and I was told that you should receive both disbursements within the same business day. I suppose they got tired of people taking the advance and declining the subsequent loan offer.
I got offered a loan that I didn't ask for, but I heard nothing about an advance
Hi I’m wondering once you fill out the acceptance and submit your application, are we still waiting for approval like credit check etc..?
No, once you sign paperwork, it's just a matter of getting funded.
Keep us posted please!
I was in same situation - I did steps 1 & 2 and two days later got official loan sign email to complete step 3
Isela Salazar I’m signed into the portal, and today got an email from the sba loan officer confirming my bank account. Did not notice them pulling my credit.
Lc Le same thing for me - I got portal email Monday - credit pulled Monday - filled out steps 1 (verify identity) and 2 (bank info) and then today Wednesday got email of official acceptance to sign loan documents - so basically if u get loan offer / email to portal you are approved- just takes a few days to get loan documents processed
Thank you for very valuable information. Best wishes.
Can you apply for this loan even if you have received a small amount during the Emergency Grant period-the 10k emergency grant they were giving initially. ?
You should be able to apply for an EIDL or PPP loan if you received the EIDL advance. This video may be helpful for you to watch: ua-cam.com/video/Y92Z_zW2bfY/v-deo.html. Also we've compiled small business PPP resources here as well: learn.claracfo.com.
I applied today for the EIDL. My application did not have a box to check for the Grant. I was watching a UA-cam video walkthru as I filled out my application. The UA-camr’s application had the grant box to check, my application did not. Any idea why? Is it because the funds have already been allocated?
Super helpful. It's not obvious that you can modify the amount of the loan. The red "review and accept the amount" link is poor design.
Hi, I got a similar email for my business. My question is I have already received the EIDL Advance and then I got the PPP and now this loan portal came, if I decide to take this loan will it affect my PPP loan forgiveness part where the PPP becomes a loan if I take this EIDL loan?
The 2nd question I had was since I received the $10000 EIDL Advance and it inorder to avoid putting any collateral, can I only ask for $15000 loan now or is it still $25000?
Great job by the way in your video
Supposedly if you get the eidl you ppp won't be able to be forgivable.
And you can always adjust your eidl loan if you don't want the full amount that they offer you
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Orlin Baca that’s not true
Is the collateral business collateral or personal?
Thank you for your question. Unfortunately, we can't answer all of the specific questions we receive. We encourage you to check out the other Small Business PPP/EIDL videos posted in our channel as well as the resources we’ve compiled here: learn.claracfo.com
I was told to use Microsoft Edge or Internet Explorer by an SBA REP when i called the #. They mentioned Safari and Google Chrome caused application errors
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I got mail and saw my application No but I couldn't create portal why...I need help please
Mail officer Donald - wiliamdonald6@gmail.com
Do I need to have my documents to verify my loss of finances?
yes up to 3 to 5 years
Thank you for your question. Unfortunately, we can't answer all of the specific questions we receive. We encourage you to check out the other Small Business PPP/EIDL videos posted in our channel as well as the resources we’ve compiled here: learn.claracfo.com
What financial documents did you have to specify upload if any?
Thank you for your question. Unfortunately, we can't answer all of the specific questions we receive. We encourage you to check out the other Small Business PPP/EIDL videos posted in our channel as well as the resources we’ve compiled here: learn.claracfo.com
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what if i need to decline the loan . i don't want to accept it at all because no longer need it .
No action has to be taken. If you don't accept it, you won't get the loan.
@@ClaraCFO Thank you so much .
How long was a "few days" between the application processing and the second email stating the loan was approved?
Can I share the time frame for comparison reasons?
@@Dophill260 yes
clinton urling Portal was opened on 5/25 and the loan is approved today (5/30). Yes, they work on weekends as well. One of my friends has the similar time frame. I assume you’d get the approval in/about 5 days. BTW, did not get my grant yet but many said they get their grant the same day as the loan.
@@SewonSon thanks
Mine was also 4-5 days between initial acceptance and approval.
What are closing documents you have to sign?
They are EIDL documents from the SBA.
we were forced to loan our business $100k for an uplift on our new space in December 2019. We moved into the space 2/15/20 and then the pandemic shut us down 3/25/20. we planned to pay ourselves back fairly quickly when we first lent it. Can we pay ourselves back with the EIDL loan?
Did you get the grant before creating the portal
Thank you mam. This information was very helpful.
Do you need to go through all these steps completely to receive the grant only?
Per the SBA the EIDL Advance has been discontinued.
Note: All available funds for the EIDL Advance program have been allocated. By law, SBA is not able to issue EIDL Advances once program funding has been obligated and is no longer available. EIDL loan applications will still be processed even though the Advance is no longer available. www.sba.gov/page/disaster-loan-applications
How much days did it take to get the email after processing to sign document
That's what I'm waiting for. I setup portal and stuff. Just waiting to sign closing documents been 3 days now
Nathaniel Malik James I got the $1000 grant in 3 working day
Nathaniel Malik James got it today
@@mightygod8437 how long did it take.? I made my portal Saturday?
Nathaniel Malik James I sign up last Friday get the portal email Sunday I create account get money this morning 4am still waiting for loan agreement to sign it
So these loans are not meant to preserve lost "cash flow" ...and is there a date in time that marks beginning of coverable losses?
Unfortunately, we can't answer all of the specific questions we receive. We encourage you to check out the other Small Business PPP/EIDL videos posted in our channel as well as the resources we’ve compiled here: learn.claracfo.com
I don’t want the loan... I only want the $1,000 grant. I don’t see a decline button for the loan so I did nothing. Just got an email telling me to complete the application or it will be withdrawn? Do I just let the application expire and hope they still send me the $1,000 grant?
Per the SBA the EIDL Advance has been discontinued.
Note: All available funds for the EIDL Advance program have been allocated. By law, SBA is not able to issue EIDL Advances once program funding has been obligated and is no longer available. EIDL loan applications will still be processed even though the Advance is no longer available. www.sba.gov/page/disaster-loan-applications
When exactly do they pull your credit? If i received the portal invite, doesn't that mean they've already pulled it?
Thank you for your question. Unfortunately, we can't answer all of the specific questions we receive. We encourage you to check out the other Small Business PPP/EIDL videos posted in our channel as well as the resources we’ve compiled here: learn.claracfo.com
Hi, it is so easy helpful advice. Have a question, I need $40000 EIDL loan. I am self employed. How can I apply? I am really hard time during this pandemic
You can apply through the SBA covid19relief.sba.gov/#/
Thank you. Mine also says that it wasn't able to verify my identity online. However it says that that step is completed. I just finished it up at the end of last week so I have not gotten further with it
Can you reduce the loan amount after you accept the amount and before your loan is approved? I called and it appears to be a hassle...
I would imagine this would be a hassle since you've already told them how much you want.
Can you please help me if I get a grant but never gotten an offer for a loan. Thanks in advanced
Unfortunately, we can't answer all of the specific questions we receive. We encourage you to check out the other Small Business PPP/EIDL videos posted here in our channel as well as the resources we’ve compiled here: learn.claracfo.com
Do you need a loan to settle your debt or to pay off your bills? Have you been turned down constantly by your Banks and other financial institutions just because you have a low credit score? Do you need a loan or funding for any reason such as,
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Note: We give out loan at affordable interest rate yearly.
Interested persons should contact us via email:capitalloan011@gmail.com to enable us open a loan processing file.
Warm Regards,
Do you need a loan to settle your debt or to pay off your bills? Have you been turned down constantly by your Banks and other financial institutions just because you have a low credit score? Do you need a loan or funding for any reason such as,
* Holiday Loans
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Samuel Avalos thank you
@@irina7news You are welcome have you contact them yet?
Great! Thanks for the details!
Our pleasure!
Hi if you accept the loan offer do you still receive the Free Grant Money of $1000 or is it voided due to accepting loan offer?
Unfortunately, we can't answer all of the specific questions we receive, but we encourage you to check out the other Small Business PPP/EIDL videos posted here in our channel, as well as the Small Business PPP resources we’ve compiled here: learn.claracfo.com
My. Question after approve for the loan , do I got to make payment of payment of sixth three dollars in order to receive the funds
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How many days after verification process did you receive the approval email?
I got with help after waiting 2weeks within just 3 days i WhatsApp him
Sorry for my misunderstanding, once the company already received EIDL ($2000), does it mean that company need to ask again those $2000 through this account? I assume that initial EIDL that was transferred to the account is forgivable. Why do we need to ask one more time?
Hi Clara, my EIDL loan for $38k has been approved and deposited to my account without requiring me a to provide collateral nor hazard insurance. Is this normal? Thank you for your answer in advance...
how long from the time you applied to the time the cheddar was in your account?
Everything happened in 7-8 days From start to finish
Exactly! you do not need to sign anything as collateral, just to pledge the full amount. After watching this video I I only accepted $25k out of the $39k I was eligible for as I didn't have anything to sign as collateral. Big mistake. My bad, should not listen to anybody on UA-cam
I’m in the same boat can i request the rest ?
@@yrnkobii7153 you can email pdcrecons@sba.gov or pdc.reconsideration@sba.gov with your tax return, form 4506T and the EIDL increase request form. Add an explanation of your situation and why you need an increase. In the subject line put INCREASE and your application #.
Good luck!
How long did you wait to get a approves the loan ?
You mean from original application?
2 days for me after getting SBA loan offer / portal invite
Applied SBA loan in April 4 th got $1,000 in April 22nd forgot about it then got email to confirm more documents on may 28tb same day got approval and funds were in my account in 3 bussiness days . Many of my friends applied same day haven’t heard from anyone . So folks good luck
So what if I do accept alone that's more than I need. Can I pay half of it off as soon as I get it?
Unfortunately, we can't answer all of the specific questions we receive. We encourage you to check out the other Small Business PPP/EIDL videos posted here in our channel as well as the resources we’ve compiled here: learn.claracfo.com
So what are the mechanics of submitting monthly payments when they become due in 12 months? What about paying down all or part of the loan early, if that becomes possible for you? Since no prepayment penalty, early payoff is an option, but have not been able able to find anything addressing this.
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Unfortunately, we can't answer all of the specific questions we receive. We encourage you to check out the other Small Business PPP/EIDL videos posted here in our channel as well as the resources we’ve compiled here: learn.claracfo.com
Hi accidentally put the grant in personal account instead of my business account my bank return the funds will they send me out a check
You should contact the SBA in regards to this.
How long after you get the portal does the closing documents part kick in?
Unfortunately, we can't answer all of the specific questions we receive. We encourage you to check out the other Small Business PPP/EIDL videos posted here in our channel as well as the resources we’ve compiled here: learn.claracfo.com
My Portal does Not look like yours is it because im on my phone
Hi,
I got EIDL load approved for $6000. but I dont see that free $1000 per employee grant.
IF I accept that loan do they pay that grant from my loan?
and if I want Can i payoff all at once? and are these loan taxable?
thank you!!!
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Unfortunately, we can't answer all of the specific questions we receive. We encourage you to check out the other Small Business PPP/EIDL videos posted here in our channel as well as the resources we’ve compiled here: learn.claracfo.com
Thanks a bunch for the insights! I have about 10 employees and thinking of bringing most back, is there a set # of hours they can make & still get the Fed $?
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Unfortunately, we can't answer all of the specific questions we receive. We encourage you to check out the other Small Business PPP/EIDL videos posted here in our channel as well as the resources we’ve compiled here: learn.claracfo.com
I already accepted the EIDL amount and was approved. I am up to the signing part of the loan. After some research on this loan, I decided I want to accept less that I originally asked for. Can I do this? I don't see anywhere that I can go back and change the loan amount.
I had an exact same question like you and called SBA a few days ago. The representative who served me answered that SBA can't fix the loan document once I decided the loan amount and SBA made the loan documents with the loan amount I had submitted.
The solution thay advised me is to return the portion of the loan that I really don't need soon after I get the whole loan.
I called yesterday and the Tier 2 said she would leave a note with my loan officer for the request. Did you speak with a loan officer? Not the news I was hoping for. Thanks for letting me know.
But you would still have the collateral on the loan wouldn't you?
You would need to contact the SBA to confirm your options.
Question 🙋!!!!. If we have a family partnership busines do each person need to apply? Or is the busines who will be applying? And do all need to have a social security number?
Oo one more thing lol? And can we still. Apply for it?
Daniel Suarez ...🤨
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Hi Daniel, the business applies. Any owners get listed. However, the EIDL funds are earmarked now only for agricultural businesses.
how to sign up sba for eidl loan? its still processing they say when i called.
So you already applied? Then you just need to wait!
@@ClaraCFO okey😏
I am the only employee with a business that was started, end of last year. Can I still apply for this EIDL loan?
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I apply like around may 19 and they told me they only accepting agricultural bussines .. are they still
accepting only those type of bussiness ??
Supposedly to reopen to everyone next week.
Small business owners and qualified agricultural businesses in all U.S. states and territories are currently eligible to apply for a low-interest loan due to Coronavirus (COVID-19). www.sba.gov/funding-programs/loans/coronavirus-relief-options/economic-injury-disaster-loans#section-header-3