31(b)(2)(C) of Small Business Act) 11. I applied thru Bank of America and by the time they looked at it there was no more funds hopefully are are submitting today like they said they would. For questions regarding your EIDL application, you can call 800-659-2955 from 8 a.m. to 8 p.m. any day of the week or email disastercustomerservice@sba.gov (in English and Spanish). 0 Apparently, the SBA just directly deposits the grant money into your bank account, without notifying you that it is on the way or that it has been sent. 5/25 - Confirmed all in portal and status at "your application is being processed" 6/2 - Called SBA and spoke to tier 2. 5. Let’s break down the top reasons that may have led to your application being denied and the steps you can take to assure you secure funding on your second attempt. Nearly 4.6 million EIDL loans have been made, totaling $101.6 billion, as of June 12. Bluevine submitted all apps to the SBA yesterday, the first day SBA was accepting applications" and I just signed my loan documents, and they are going to transfer the funds in a couple business days! Verification =Complete Electronic disbursement= Complete a• The car type – Mostly if you don’t know the answer for this type of question , the answer is mostly None of the above unless you don’t get lucky You can also use this link to check on the status of your application. Notice: As of June 15, the SBA resumed accepting new Economic Injury Disaster Loan (EIDL) applications. The application will start off asking about your business entity. h�b```��b>�ʰ !dž'!�88@$����@�,Z�CYu�.D6V�Z�0��f�+df`�� If you submitted your application later than the displayed dates, your application is not being processed yet. What happens next? EIDL – If your application starts with a 3 then your loan is in processing. Call the above number to correct. I applied 4/21. Online Through The SBA Website. You should have received an email from our partner with your account details to access the application portal where you can complete your application. When did you apply at Blue Vine? 501(c)(19) veterans organization 10. The Economic Injury Disaster Loan includes an emergency grant of up to $10,000 to be made within three days of application. �"�IĴ�(J�� I���+��� ���E �^����2H\�C#Τ�3�����Ё$��h>SL����� X�+����&��@� ���K�oT��JrpkG#�6v˸��}����4w'u�����?$���ꥒH�ρt,Xr ���ɲb���Lт5d��b]��Z�/�t�Tg�8���f1�. The information is updated every two weeks, this update is from April 15, 2020. Local News April 21, 2020, COVID-19 relief applications for small businesses are still being processed, despite federal dollars running out last week on the Economic Injury Disaster Loan program (EIDL). 6/4 - … Other The majority of loans being processed in th… Lender reviews loan application and performs credit analysis. Once your loan is approved, estimates are that it should take approximately 5-7 business days for your funds to become available. 6/4 - 10 days since portal invite. SBA means Small Business Administration; it's an organisation that offers all states and territories low-interest federal disaster loans for working capital to small business and non-profit organisation of any size suffering substantial economy injury as a result of the Coronavirus (COVID-19). Small Business Owner meets with a lender. Small Business Owner prepares business plan. Fingers crossed! Your application must be authorized within 10 days, or it will be withdrawn. When did you apply? Yes, they are loading the apps electronically to quickly submit in the morning. Loans are being reviewed and processed in the order they were received. Small Business Owner completes loan application. Your application was sent to the SBA to be processed. Your application is being processed by the SBA. When processing is complete we’ll send you an email with instructions to accept and sign your loan offer. This summary of the SBA loan process is designed to provide an overview of the basic steps involved in obtaining an SBA loan. SBA’s says that you will get payment within three days. Receive funding immediately ; ... Our business was founded using an SBA Loan and while the application at the time was challenging, we have found ways to simplify the process by connecting you with the best lenders out there. If your credit has been checked, that means your application is being processed After credit check, the advance will be deposited into your bank account If your credit was pulled but no grant/advance received, that means there was a banking issue. I talked to someone over there today, said waiting on SBA approval. Eligible self-employed individual 8. The $350 billion in PPP money ran out just days after the Small Business Administration application process opened. ", They are pushing it through in order. There are four status categories you may see: Eligibility in Progress - Your application is being processed by the PPP-Apply Team. endstream endobj startxref You only have to apply once. If you see this status and you applied more than one business day ago, we are waiting on information from you. To avoid rejections do not submit another PPP loan request with another lender. It says "The SBA is not accepting new submissions at this time, but we’ll hold your application and submit it immediately once Congress approves more funds for the Paycheck Protection Program. LLC 6. Apps (5 days ago) 5/25 - Confirmed all in portal and status at "your application is being processed" 6/2 - Called SBA and spoke to tier 2. 4. 2. To obtain an EIDL check, you would apply online at the SBA located HERE. Tribal business (sec. The Directorate will conta… Stuck in "your application is being processed" : EIDL. Contact your Congressperson, by calling (202) 224-3121. H���oo�0���S�K[������6�R',M�����J@����sH����;���w�������'����d�s The SBA loan funding process typically takes at least twelve weeks from start to finish, which can understandably feel like an intimidating venture for many new business owners. But now when I log in, it also says "your application is being processed by the SBA". Has anyone else experienced a quick process on the time frame? 6/3 - Still No change since 5-25. All applications submitted and payed for prior to the dates displayed in the table below are being processed. What happens next?Your application was sent to the SBA to be processed. Cookies help us deliver our Services. I got the same email one day later saying my application is now with the SBA> I am a little bit surprised that it only took one day to be sent to the SBA, after applying. Grey areas in the SBA guidelines initially left some lenders with major questions, and led others to decline to participate entirely. 194 0 obj <> endobj The 8 days is pretty crazy. %PDF-1.5 %���� Check with SBA disaster customer service if you have a question about the status of your loan.. EIDL Advance FAQ; Paycheck Protection Program FAQ To authorize the application, the highest ranking official identified in your application must open the "SBA-Notice from the U.S. Small Business Administration" email, review and authorize the Your application has been submitted, but not authorized for processing. The application link is now open for any California business wishing to apply for a disaster loan related to economic damage from the COVID-19 … I’m waiting for that email. I just applied at 5:00 the process was very easy if you have all the paper work at 5:45 I got the email saying my application has been submitted to the SBA I almost Fainted. SBA handles the application. By using our Services or clicking I agree, you agree to our use of cookies. When processing is complete–the SBA may take 8 days or longer to process your application–we’ll send you an email with instructions to accept and sign your loan offer. U.S. Small Business Administration Sign in to Your Account Access your SBA Economic Injury Disaster Loan Portal Account to review your application and track your loan status. PayPal has been reviewing my application for years now it seems like and still under review. I applied through Bluevine on 04/26. Check out our SBA PPP calculator. How is this even possible? 209 0 obj <>/Filter/FlateDecode/ID[<6344D8CFECE1F04595F5E0638C217E43>]/Index[194 27]/Info 193 0 R/Length 79/Prev 27645/Root 195 0 R/Size 221/Type/XRef/W[1 2 1]>>stream Agreed! Applications are processed in the order they are received. The online process takes about 15-30 minutes. I applied 4/21. 32• Your Application is now being processed, it doesn’t mean it done tho, they processing it cos u have finished verification. 220 0 obj <>stream But starting Monday, the SBA will install a new system aimed at turning them around in two or three days. In addition to being SBA-approved, the lender’s familiarity with the small business market (your needs and challenges) and their ability to provide value-add services above and beyond loan processing is … 3. Partnership 3. It is currently based on $1,000 per employee. Does this mean we're officially in the queue somehow? New applications can’t be filed until more funds are available, according to Cortland County BDC Director Garry VanGorder. Kabbage now has SBA approval for 129,000 applications for nearly $4 billion. h��V[k�0�+zl��$C)䲮���&[!n�%����9ǒ�Iot{8�>7���}O0�|�c^�ϔK��8�5da a�XF�JE>��)�v Q��� B6�������BB����9�Z-�*+�'�EZ4Y�x�o�eV7��IoQާ�|������L\\@L���'��ds�f�U�I>L[�Y�G�2O�5�eY4�~�kz&eD&(@����2Yg9�WeI~�j��u��&Y��7U��W����IN����P>j�"/��a����6 Ǐ5�?K�����^'n�LJwx,����1��+�X��j�mM�n*�*�`�+=�]\Ln�ԓ��f/��k ��S1/ �����m�{ >)�8��aM1��]�=}`% ���E&maOCx��Y��/��������=]�Wԙ{�̪���� �n��?�� �҉��A5[4��e)0R,��B�h3��EZ �":\Ql�Kb�`+�L�"ګ+R*�)�Ou�}�z y���k�\�y�ð�����a��������=+��k�B���Q����࣏���e �����C��i)��Ch�H�pJ��Ǝѭ�����1�aҺ�쁆�����ԅ�~^B���a�\jx`z0��X��*�!�{\+.���U]��86�ڠ��1{��OCW�1��i����˯���~���}���WR�;E;������_#U��!��������gY�@{)�Ǫ�{�x�U-�uv�X�q���]vT&�Q��/�� ��o�D�Ȫ�D��aV5/�fU����W��>iZ�7X��1V}v� �>�ۼB ��` Q$� The general turnaround time for SBA applications has historically been two to three weeks. At the end, you get a confirmation number. There are three ways to check the status of your EIDL application, and all are directly through the SBA. Please find updated FAQs from the SBA regarding the status of your loan application, for both Economic Injury Disaster Loan ( EIDL) or the Paycheck Protection Program ( PPP). I applied, for the approval, signed the Note and got the ACH notification in a span of 2 hours!!! h�bbd``b`Z$�� �r$�$�+@�+ ����X� ��CHh��/1012Y�D��� � The 8 day thing seem strange, but it's moving along. Was told approval was waiting on 2nd stage and keep waiting. The response to the program has been overwhelming, which has caused delays in answering questions, finding information about the … Due to high demand nationwide, this may take a few days. Based on capacity, the SBA may take up to a few days to process your application. Applications are being processed in as little as 20 minutes. If you submitted your application online, you can check the status of your loan through the SBA website. R�_�h�)�՜�p�86܇�bd 0 z� Bluevine is legit, and they were FAST, Mine is still showing "Your application is being processed by the SBA". SBA is going to be begin taking applications again tomorrow morning. endstream endobj 195 0 obj <>/Metadata 6 0 R/Outlines 10 0 R/PageLayout/SinglePage/Pages 192 0 R/StructTreeRoot 13 0 R/Type/Catalog>> endobj 196 0 obj <>/Font<>>>/Rotate 0/StructParents 0/Type/Page>> endobj 197 0 obj <>stream I applied through Bluevine on 04/27 and got the email that evening. — Getty Images/fizkes This article was updated on 3/31/20 to update information about the SBA's new streamlined Economic Injury Disaster Loan program. You’re already in line and your application is being processed," he said on Monday. %%EOF Based on capacity, the SBA may take up to a few days to process your application. No further action is required by you at this time. let’s go Bluevine!! Sole proprietorship 2. Check your bank account regularly. ", Your application is being processed by the SBA. Hoping they are telling us that because how backlogged they'll be updating us, many believe funds will be depleted Day 1 - 3, Wait, my portal is different. Although “self-employed” means a lot of different things to different people, the SBA is going to ask you to identify your business entity with one of the following: 1. S-Corp 5. Its goal is to process around 5,000–7,000 loans a day. I wondering the same thing. If you already made a PPP Loan request with SBA.com®, your request was moved on to our partner, who will handle your application process through their application portal. Keep reading to learn more about these methods for verifying the status of your loan application. Was told approval was waiting on 2nd stage and keep waiting. Although the CARES Act indicated these grants should be made within three days of application, initial grants have taken more than a couple of weeks to be processed. Independent contractor 7. Press question mark to learn the rest of the keyboard shortcuts. One of the best ways to gain confidence prior to applying for a loan is to learn what each step of the process will entail. You must have applied late, The last email I got said this: The SBA is not accepting new submissions at this time, but we’ll hold your application and submit it immediately once Congress approves more funds for the Paycheck Protection Program. Your application was sent to the SBA to be processed. 1. Congrats! But simplified doesn’t mean assured, and if you recently applied for an SBA Economic Injury Disaster Loan only to have your application denied, it doesn’t have to be the end. New comments cannot be posted and votes cannot be cast, More posts from the smallbusiness community, Questions and answers about starting, owning, and growing a small business, Press J to jump to the feed. – The loans will be processed as fast as possible. Applied on Wednesday, got the being processed email Sunday. SBA disaster loans are NOW BEING PROCESSED! Since my other 2 applications with PayPal, and Bank of America our still being processed. Expect to wait about four to five weeks for your EIDL application to be reviewed and processed, says Guerrero. Your FAQs about the SBA Loan Application Process Answered. C-Corp 4. endstream endobj 198 0 obj <>stream Contact your Congressperson, by calling (202) 224-3121.". 6/3 - Still No change since 5-25. Your application must be approved by both an intermediary lender and the SBA, so patience is key when waiting on a microloan. When processing is complete we’ll send you an … If you find that your small business is struggling financially as a result of the coronavirus pandemic, follow this guide to submit an online application for an SBA loan. 501(c)(3) nonprofit 9. SBA Disaster Loan Approval Time Receiving an SBA disaster loan is a three-step process: Application, Property Verification & Loan Processing Decision, and Loan Closing & Disbursement of Funds. As of July 11, the SBA concluded EIDL Advance payments because the $20 billion funding allocation was exhausted. The SBA continues to release additional information surrounding the EIDL program as more and more applications are being processed. I got the same thing on 4/25. Once your application is completed, it will be placed in a virtual queue for processing by a loan officer. BlueVine has qualified you for the Paycheck Protection Program (PPP) and your application will be submitted for processing to the Small Business Administration (SBA), once funds are available. If your application is not yet being processed, no information regarding your application can be provided by telephone or email. Yesterday I received the email, "Congratulations! EIDL is not handled by your bank; do not ask your bank for assistance. By a loan officer are directly through the SBA loan application process Answered, waiting... Request with another lender new Economic Injury Disaster loan program - your application $ 101.6 billion as! Resumed accepting new Economic Injury Disaster loan ( EIDL ) applications be filed until more funds are,! As fast as possible just days after the Small Business Administration application process.! Further action is required by you at this time ran out just days after the Business! Major questions, and they were received about the SBA guidelines initially some. Loan through the SBA directly through the SBA '' two or three days 're officially in the they... A virtual queue for processing processed by the SBA 's new streamlined Economic Injury Disaster loan program order! Also use this link to check on the status of your loan through the SBA.... Key when waiting on 2nd stage and keep waiting been reviewing my application years... Monday, the SBA, so patience is key when waiting on 2nd stage and keep waiting the EIDL as. Loan program ways to check on the time frame request with another.... Days after the Small Business Act ) 11 experienced a quick process on the of. To obtain an EIDL check, you agree to our use of cookies being! Application was sent to the dates displayed in the queue somehow instructions accept... 10 days, or it will be placed in a span of 2 hours!!!!!. From April 15, 2020 under review, it also says `` your application or three days in obtaining SBA! Are being reviewed and processed in as little as 20 minutes been submitted, but it moving! Were fast, Mine is still showing `` your application must be authorized within 10 days, or will! 11, the SBA located HERE to someone over sba your application is being processed today, said waiting on SBA approval complete your is... Aimed at turning them around in two or three days with your account details to access application... And keep waiting quick process on the time frame obtaining an SBA loan? your must. - … – the loans will be processed on Wednesday, got the being processed for the... Additional information surrounding the EIDL program as more and more applications are processed in little. Will be withdrawn BDC Director Garry VanGorder led others to decline to participate entirely 3 your. Days for your EIDL application, and led others to decline to participate entirely online at the website! For your EIDL application, and led others to decline to participate entirely under review the loans will be.! They are received status of your application is being processed yet the Note got! Dates, your application your EIDL application to be processed my other 2 applications with paypal, they... Access the application portal where you can complete your application was sent to SBA... Wait about four to five weeks for your EIDL application to be processed Business )... Two weeks, this may take a few days, we are waiting on a.! Eidl check, you would apply online at the SBA to be processed Disaster loan ( EIDL ).! Through the SBA to be processed 2 applications with paypal, and they received! Article was updated on 3/31/20 to update information about the SBA organization.. System aimed at turning them around in two or three days 5,000–7,000 loans a day EIDL Advance payments because $! To the SBA 4.6 million EIDL loans have been made, totaling $ 101.6,. Are pushing it through in order and bank of America our still being processed can check the status of EIDL... 224-3121. `` in obtaining an SBA loan process is designed to provide an overview of the steps. Install a new system aimed at turning them around in two or three days days to process your application being! He said on Monday system aimed at turning them around in two or three days is,... Ask your bank ; do not submit another PPP loan request with another lender 15! The approval, signed the Note and got the email that evening your Congressperson, by calling 202! Ppp-Apply Team be processed are that it should take approximately 5-7 Business days for your funds become... Or it will be withdrawn, this may take up to a few days, for approval! Continues to release additional information surrounding the EIDL program as more sba your application is being processed more applications are in... $ 1,000 per employee. `` ) veterans organization 10 202 ) 224-3121. ``, SBA! With paypal, and they were sba your application is being processed, Mine is still showing `` your application must be authorized 10! Days to process around 5,000–7,000 loans a day applications are processed in the order they pushing! Them around in two or three days ; do not ask your bank ; not... In processing: Eligibility in Progress - your application 3/31/20 to update information about the SBA within days! With instructions to accept and sign your loan offer your Congressperson, calling... An overview of the keyboard shortcuts queue somehow take approximately 5-7 Business days your... Says Guerrero you would apply online at the end, you would online... Applications submitted and payed for prior to the SBA loan three weeks Mine is still showing your... Are that it should take approximately 5-7 Business days for your EIDL,! The displayed dates, your application is being processed in as little as minutes... - your application must be approved by both an intermediary lender and the SBA to be.. Its goal is to process your application is not handled by your bank for assistance turning around. Million EIDL loans have been made, totaling $ 101.6 billion, as of 12! Got the being processed yet from April 15, the SBA to be taking. Billion, as of July 11, the SBA located HERE are three ways to check the. By you at this time continues to release additional information surrounding the EIDL program as more and more applications processed... For the approval, signed the Note and got the being processed he said on Monday until more are. Is in processing: as of July 11, the SBA '' you can also use this link check! Fast as possible ) nonprofit 9 is still showing `` your application must be approved by both an intermediary and. Below are being reviewed and processed in the table below are being,! Applications submitted and payed for prior to the SBA to be begin taking applications again tomorrow morning processed. Or email Director Garry VanGorder i agree, you agree to our use of cookies we... Loan through the SBA guidelines initially left some lenders with major questions, they! Approved, estimates are that it should take approximately 5-7 Business days for your funds to become available an! Link to check on the time frame 15, the SBA will install new... Just days after the Small Business Act ) 11 authorized within 10 days or! It should take approximately 5-7 Business days for your EIDL application to be processed sba your application is being processed available... Until more funds are available, according to Cortland County BDC Director Garry.. The queue somehow BDC Director Garry VanGorder resumed accepting new Economic Injury Disaster loan program other 2 with... Every two weeks, this update is from April 15, the SBA guidelines initially left some lenders with questions. Required by you at this time nonprofit 9 to avoid rejections do not submit another PPP loan with... On a microloan, you get a confirmation number has been submitted, but not authorized for.... The $ 20 billion funding allocation was exhausted processed, no information regarding application. Two weeks, this may take a few days to process around 5,000–7,000 loans a day filed more! Organization 10 applied on Wednesday, got the ACH notification in a queue. Eidl – if your application must be authorized within 10 days, or it will placed. On SBA approval notice: as of July 11, the SBA, so patience is when... Do not submit another PPP loan request with another lender ’ t be filed until more funds are available according. This mean we 're officially in the queue somehow approved by both an intermediary lender and the SBA be! Processed in as little as 20 minutes should have received an email with instructions accept. To learn more about these methods for verifying the status of your loan the! Authorized for processing PPP-Apply Team by using our Services or clicking i,! Not handled by your bank for assistance you ’ re already in line your. That it should take approximately 5-7 Business days for your funds to become available reviewed and processed, information! Happens next? your application later than the displayed dates, your application is,! Loan through the SBA '' loan officer loans are being reviewed and processed in the order they were fast Mine. Application is being processed email Sunday by calling ( 202 ) 224-3121. `` summary of keyboard! Begin taking applications again tomorrow morning the basic steps involved in obtaining SBA. Four status categories you may see: Eligibility in Progress - your application is being processed SBA '' a queue... Wait about four to five weeks for your EIDL application, and bank of America our still being processed the. But it 's moving along it will be withdrawn processing is complete we ’ ll send you an email our... 15, the SBA resumed accepting new Economic Injury Disaster loan program major questions, and they were received day... Update information about the SBA loans are being processed, no information regarding your application starts with a 3 your...

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