Sba eidl audit reddit. Use r/TargetedEIDL for advance/grant issues.

Sba eidl audit reddit Obviously COVID became the exception to that. This group deals with the EIDL related to the coronavirus pandemic, not for any natural disasters. The EIDL program is a long-standing program generally designed to help people involved with natural disasters in a confined geographic location. I heard SBA has a Special fraud audit department ready to go, great approve the loans and then Clean house later. The money was released. reReddit: Top posts of November 19, 2020. They can audit you at anytime. Every month I make about $1000+ in payments and they have been credited to interest paid. " The response I received yesterday and today has two routing numbers on the subject line: CREDIT -EIDL App #: 330042xxxx SBA:017xxxx So when I replied back, this email is routed back to the SBA personal 017xxxx my 2nd email came from another SBA personal number. They chose to do nothing and they are now in this position again where they don't know what the heck the process is or how to direct their reps to communicate. I use a multi-account banking system. If it's not current, that could be the issue. require receipts on what was spent. SBA continues to offer other funding options for small businesses, including traditional SBA loans. 36K subscribers in the EIDL community. Once the closure process has been processed you are put into contact with another team at SBA EIDL that sends you two letters. I began making payments in December 2022. We do remember filling out the application on https://covid19relief1. They asked to fill out a 1 page form and send it back with current P & L. The business unfortunately folded over a year later. The SBA 7a, 504, Express, PPP etc are the programs which involve 3rd party lending institutions such as banks, SBLCs, CDCs, CDFIs etc. Treasury. I tried to keep it alive for as long as I could, but here we are. You need to look up what the EIDL funds can be Treasury added 30% Penalty to the loan and gave me only one option. The EIDL is not a forgivable loan. "All applicants may be asked to provide an IRS Form 4506-T to allow SBA to request tax return information on the applicant's behalf. Your chances of an SBA audit is about as likely as an IRS audit. This did start out as an EIDL loan, and I got it The SBA just reimburses them if you meet the forgiveness guidelines. OP seems to be expecting the sba to just move directly into a mode of “issue 1099s for unpaid debt and write these loans off”, but fiscally hawkish Rs in congress have already signaled they expect the sba to pursue collections from all loans to root out any fraud - earlier this year (Jan) they pressured the SBA to stop overlooking the under A source for information on applying for LOANS from the SBA's Covid-19 EIDL, reconsideration issues for declined loan applicants, and EIDL increase requests. Reddit's home for tax geeks and taxpayers! News, discussion, policy, and law relating to any tax - U. I log directly into the website, and all withdrawls from my account say SBA on them. And I called the sba and told them chase is ALSO - I talked to SBA - There is NOTHING they can do about it. Can’t tell you how I feel now. The fact that a lot of people are going to have duplicate tax returns in the system because they got a stamped tax return in order to accelerate the processing of the EIDL is going to A source for information on applying for LOANS from the SBA's Covid-19 EIDL, reconsideration issues for declined loan applicants, and EIDL increase requests. r/Music — Reddit’s #1 Music Community — “Life is a song, love is the music. I have approximately 50 current applications, each one of them facing different issues. That’s the main jeopardy you are in if you take & keep more than you “need” and do something else with it to earn more money on that remaining principle you will be sitting on accumulating the 3. Use r/TargetedEIDL for advance A source for information on applying for LOANS from the SBA's Covid-19 EIDL, reconsideration issues for declined loan applicants, and EIDL increase requests. From what I've heard about othewr SBA loans, the yearly requirements on the borrower to show the funds were used properly are lengthy. The title of the thread is, "SBA EIDL Loan No Payments Applied to Principle". I honestly believe it is impractical for the SBA to audit over a million loans. My recommendation is Get the Reddit app Scan this QR code to download the app now. The IRS is experiencing significant Let me preface this whole thing with I am current, but things could take a turn at any moment and I'm freaking out about the future. Today, I logged into the SBA portal to make a payment, but my loan status now shows as "Charged off. Members Online. They are super helpful. That transcript contains very few items – name, address, SSN or EIN, revenue, COGS, and the tax return filing date. Did you read the fine print on the contract? Get the Reddit app Scan this QR code to download the app now. We are past the inital interest repayment, portal data and statements are not accurate. Get the Reddit app Scan this QR code to download the app now A source for information on applying for LOANS from the SBA's Covid-19 EIDL, reconsideration issues for declined loan applicants, and EIDL increase requests. It looks like they are giving people the opportunity to pay the 10% again and start fresh, rather than garnishing wages or simply forcing people into bankruptcy. This is a friendly reminder that r/smallbusiness is a question and answer subreddit. EIDL loans have been in deferment for a couple years, many are now having payments begin. Or check it out in the app stores Home A source for information on applying for LOANS from the SBA's Covid-19 EIDL, reconsideration issues for declined loan applicants, and EIDL increase requests. This is their way of saying use it on your business and we will audit some of you. Any advice appreciated! A source for information on applying for LOANS from the SBA's Covid-19 EIDL, reconsideration issues for declined loan applicants, and EIDL increase requests. Dear Borrower: Your business was recently approved for an Economic Injury Disaster Loan from the U. Or check it out in the app stores &nbsp; A source for information on applying for LOANS from the SBA's Covid-19 EIDL, reconsideration issues for declined loan applicants, and EIDL increase requests. I received a phone call from an SBA robocall. Use r/TargetedEIDL for advance/grant issues. They actually call out companies by name that were suspect of malfeasance in contracts of nearly $1B. 22K subscribers in the EIDLPPP community. A screenshot of that should be sufficient for proof of interest paid in the event of an IRS audit. gov/. The IRS is experiencing significant Hi everyone, trying to refinance my massive Covid debt into a 504 loan and now that we've opened escrow the SBA needs a subordination to SBA 🤷‍♂️ of the Deed of Trust they put against my real estate: does anyone have any experience with this? My total balance of EIDL loan is $150,000. Question? Has anyone received a Notice of Default (75 days) and been able to reach an agreement with the SBA to bring the loan current and the SBA recall the default and reinstate into regular The 4506-T form I used was the March 2019 version that said Disaster at the top. In the event of an SBA audit, you want to be able to hand They also had too much sales volume to apply for the EIDL loan. My SBA changed to current with 10% next payment (HAP). During Covid I agreed to take on a loan from the EIDL SBA situation. A source for information on applying for LOANS from the SBA's Covid-19 EIDL A source for information on applying for LOANS from the SBA's Covid-19 EIDL, reconsideration issues for declined loan applicants, and EIDL increase requests. Small Business Administration (SBA). Nelnet Refund Timeline as No they’re not. It stated to make payment or call the SBA Customer Service Center about repayment within 15 days from the date of the letter. That may trigger a tax audit, though it’s impossible to know for sure. sba. These loans are attractive for several reasons, including: Here are answers to some common SBA disaster assistance for homeowners, renters, nonprofits, and businesses of all sizes affected by the wildfires and straight-line winds in California. If you get audited and didn’t use it for a significant period of time, they A source for information on applying for LOANS from the SBA's Covid-19 EIDL, reconsideration issues for declined loan applicants, and EIDL increase requests. SBA EIDL payments not being applied to first paymnt due in on December 5. The EIDL program will continue to offer low interest loans to businesses impacted by COVID-19. Reddit is not a substitute for a real lawyer. Some audits are random (much like the IRS) and others are triggered by something that occurred during the I have a review client switching to audit this year. there was a run back in 2020 where people were posting on reddit sections of the underlying code to show how easy it was to access and how poorly designed it was. r/audit A source for information on applying for LOANS from the SBA's Covid-19 EIDL, reconsideration issues for declined loan applicants, and Put your name, adress, loan#, trasury file #. It’s a real problem. Get the Reddit app Scan this QR code to download the app now. ” Members Online. Can I pay off a siblings defaulted loan for less than its principal? SBA EIDL loans are being recalled from the Treasury . I didnt reply back to 2nd SBA email. Your request to return to regular servicing is in process. Or check it out in the app stores &nbsp; SBA EIDL Notice of Default and Acceleration . They also will be auditing many who received less, including people who received only $1000. S. We have a $1 A source for information on applying for LOANS from the SBA's Covid-19 EIDL, reconsideration issues for declined loan applicants, and EIDL increase requests. We’ve paid back $5k so far. The executed Loan Authorization and Agreement contains a requirement for collateral which will require written consent of the SBA to seek future advances under any superior liens on the collateral securing this loan. The SBA wanted to forgive all EIDL's under $100k. P. They outline a class action suit in the making. They have an EIDL, but I have no clue where to send a confirmation. Updated SBA report on EIDL. Reddit's hub for advice Thank you for contacting the SBA COVID EIDL Servicing Center. 10 years ago, you would likely have had $40K of equity with a purchase and pay down like you state, and as most states do allow a doubling of homestead for a joint filing, “Given the changes in the Covid EIDL maximum loan amount, eligibility, and increased outreach to industries that have been particularly hard hit by the pandemic (for example, restaurants, hotels, gyms, travel and tourism), SBA Our SBA Loan for $500,000 has been sent to the U. Lenders play no role in this program. You should check with a bankruptcy attorney to make sure of that. EIDL loans are unique in that the government issued them directly. Well turns out I found out they received over 5 million dollars in PPP that WILL NOT have to be repaid to the SBA. EIDL loans are administered directly by the SBA. Invest, earn and exchange, safely and securely with AQRU. Called SBA yesterday, as per the 2nd tier rep. In 2021, I took out an SBA COVID EIDL ($24K) loan directly with SBA under/through my sole proprietor business. I called SBA and sent all the required documents. As others have mentioned, the chances of them A source for information on applying for LOANS from the SBA's Covid-19 EIDL, reconsideration issues for declined loan applicants, and EIDL increase requests. Use your bank’s bill pay with SBA’s colorado mailing address on their billing invoices and it will get delivered next day. Small businesses fund government. You ask a question about starting, owning, and growing a small business and the community answers. Or check it out in the app stores &nbsp; &nbsp; I notified the SBA that the business closed, was an LLC, and had very few assets left, and asked for guidance on the next A source for information on applying for LOANS from the SBA's Covid-19 EIDL, reconsideration issues for declined loan applicants, and EIDL increase requests. A source for information on applying for LOANS from the SBA's Covid-19 EIDL Is your COVID EIDL current? If so, it should not prevent you from getting an EIDL for a different disaster (as long as you qualify otherwise). So I have an S-Corp that I used on various jobs in the entertainment industry in Los Angeles for over 10 years now. Essentially, what most of us already know, send an email to: DisasterCustomerService@sba. Putting it in a separate account is a tactic to make tracking how the funds are used in case of an SBA audit since they have restrictions on how it The Special Inspector General for Pandemic Relief (SIGPR) will be auditing and reviewing the SBA pandemic relief loans and looking for fraud, waste, or abuse. Does anyone know where you can send these? They gave me a letter with the address of their SBA Service Center, but I don’t want to waste time sending it there if that’s wrong. So if you had a loan for $200,000, you would be responsible for repaying $300,000 to the SBA immediately upon Because the SBA is not providing accurate statements, principal/interest application amoutns or correct interest calculation information via the portal or pdf statements, that's why. In February 2024, SBA expanded the eligibility for our Hardship Accommodation Plan (HAP) for borrowers who are struggling with loan payments. Because similar to an IRS audit, they will want to know 28 votes, 32 comments. treasury. Reply 4506-T for EIDL funds should follow the same requirements for other SBA loans—that the IRS must provide transcripts in 10 days. Or check it out in the app stores &nbsp; A source for information on applying for LOANS from the SBA's Covid-19 EIDL, reconsideration issues for declined loan applicants, A source for information on applying for LOANS from the SBA's Covid-19 EIDL, reconsideration issues for declined loan applicants, and EIDL increase requests. I’d like for you to go and do a little bit more research on the purpose of the EIDL loan and understand that the purpose of this grant/loan in comparison to the PPP is for small business owners to include 1099 contractors, and entrepreneurs in real estate, online, and food industries. This is how the SBA is fighting fraud and you can easily provide the SBA with with 30% income reduction. I was finally able to get through to the U. 12 votes, 13 comments. Once received they would forward it to the SBA for consideration. SBA Interim Final rule September 8, 2021 A source for information on applying for LOANS from the SBA's Covid-19 EIDL, reconsideration issues for declined loan applicants, and EIDL increase requests. politics, visas, green cards, raids, deportations, etc. SMALL EIDL SBA LOAN AUDIT? I called the SBA to get clarification on a delinquency notice. gov (and include “Hardship Accommodation Plan” in the subject line). Business eidl sba loan $80k . So I have a business that I’ve completely lost all interest in and zero motivation to keep it going. A source for information on applying for LOANS from the SBA's Covid-19 EIDL, reconsideration issues for declined loan applicants, and EIDL increase requests. One tells you that you must come Posted by u/ExistingAside21 - 6 votes and 11 comments Sba told me to fill out a form and send my 2018 and 19 transcript. Get AQRUing. So it sounds like this ia an EIDL loan. Many here have asked about the potential for audits. Alternatively, find out what’s trending across all of Reddit on r/popular. " If you took out an SBA EIDL loan in 2020 under your LLC and havent been making payments since 01/2023 this will put you on the CAIVRS default report as not eligible for any federal home loans. but again could be totally wrong Any business that applied for a Coronavirus (COVID-19) SBA Economic Injury Disaster Loan (EIDL) prior to the release of SBA’s new streamlined application the week ending March 29, must reapply using SBA’s streamlined online A source for information on applying for LOANS from the SBA's Covid-19 EIDL, reconsideration issues for declined loan applicants, and EIDL increase requests. But really all they care about is they don't want a business owner to get 200k loan and then go buy a lambo with a nice 30 year rate. They're not really offering any particular favors. Thank you for the inquiry about your COVID-19 Economic Injury Disaster Loan (COVID EIDL). /r Is this an EIDL loan or PPP? They are not the same thing. How are we to A source for information on applying for LOANS from the SBA's Covid-19 EIDL, reconsideration issues for declined loan applicants, and EIDL increase requests. Or check it out in the app stores &nbsp; Having Trouble Hiring an Auditor, am I the problem? A source for information on applying for LOANS from the SBA's Covid-19 EIDL, reconsideration issues for declined loan applicants, and EIDL increase requests. EIDL loans under $200k, in a departure from normal SBA policies, did not require personal guarantees. We really don't NEED the money per se, since our business is a single-member LLC with no monthly Posted by u/RangerEquivalent3840 - 12 votes and 13 comments Using the SBA portal I sent a message requesting "Hardship Accomodation Plan" and they sent me back the application to fill out the same day. Get a constantly updating feed of breaking news, fun stories, pics, memes, and videos just for you. gov with the subject: "Hardship accommodation extension - EIDL #5567xxxxxx" . NOT FICO 8!!! It took me 231 days to succeed at this EIDL ridiculousness from application to funding. And for EIDL they wont send funds unless the bank account matches the name and address on the loan. Sharing information reddit style for one of the most old-fashioned ways to invest in an asset class that was once limited to A source for information on applying for LOANS from the SBA's Covid-19 EIDL, reconsideration issues for declined loan applicants, and EIDL increase requests. The application is general info, however, they require you to submit a YTD P&L Report alongside the application. Posted by u/[Deleted Account] - 3 votes and 12 comments A source for information on applying for LOANS from the SBA's Covid-19 EIDL, reconsideration issues for declined loan applicants, and EIDL increase requests. " — The means they may get transcripts from 2020 or 2019 and 2018, so the possibilities are endless. After providing all the Financials, They surprised me saying loan is sent back to SBA. Our client’s loan was sent to Treasury in January. Then last night being there was no other changes and i did not get closing docs like sba guy said i would i sent email with a bank letter and voided check to LO and explained i waz advised by sba to change again after her email and that tbis is the correct banking info and its on portal . He said due to hearing from numerous small business people expressing the same concern about the 3 day grant not coming he contacted the state SBA. The amount Normal SBA loans are financed through actual banks, and they definitely have more structure in place to collect after a default. Or to work with them to get the funds released. The recommendation I am making to my clients is to put the proceeds in a separate savings account. At best they will review a sampling. Or check it out in the app stores A source for information on applying for LOANS from the SBA's Covid-19 EIDL, reconsideration issues for declined loan applicants, and EIDL increase requests. my accountant said they will audit in future tax years and will. from 2018. Have not missed payments. Time doesn’t exist in the usual sense here with the SBA and this covid EIDL. Email the completed form to CovidEIDLIncreaseRequests@sba. I had two different loans one was recalled back to SBA and the other didn't. But the only way they going to retrieve the money from chase is I have to do all this first. As another user said, try contacting your local SBA office and see Get the Reddit app Scan this QR code to download the app now. Please let someone know or reach out to the wonderful people on this Reddit forum r/EIDL if you feel hopeless. Passionate about something niche? Reddit has thousands of vibrant communities with people that share your interests. They will be very likely to audit loans that go bad. I had to correct everything before they sent any money. They refused to send my original EIDL advance because my loan had my middle name and bank account had middle initial. 3 billion since that time, it would appear that there is likely just under $3 Similar timeline for EIDL increase application, original EIDL approved in May 2020. Pay 3 times of regular payment for 10 years or they will go after me. He got an email out of the blue this week from the SBA saying loan is now with them and it offered him the first of 4 HAPs. The backlog of transcripts has created severe cash flow problems for so many small businesses and also —short and long-term diminishes the tax base. , you shouldn't be paying it back at all, just dealing with the paperwork for forgiveness. Also if SBA does not receive payments for an EIDL on time, the loans are eventually referred to the US Treasury, the world’s most relentless Loan is w the treasury I’m able to make Payments online but when I contacted SBA they said the file is w treasury and they don’t serve it anymore I’ve escalated to the servicing dept and sent them an email to consider recalling to SBA as I brought loan current but they said they don’t service it anymore and I have to Contact the treasury. Note: We have gone private until June 14th in If you have a chance look at the 2020-2033 independent audit reports for the SBA, and the senate subcommittee on coronavirus oversight. And that’s the case whether you are an independent This is honestly pretty standard for a SBA loan. Paycheck Protection Program & Economic Injury Disaster Loan Discussion for the 2020-2022 COVID-19 disaster. Topic Accountant here. I was told that I would need to submit a dispute with my case ID# to them at incoming. At 90 days it is in default and sent to collections. Spoke with someone from Senator's office an hour ago who called me back responding to an email I sent into her office about the EIDL emergency grant status. They said best to keep close tabs with my bank on a regular basis to make sure if they closed the account that they SEND BACK THE FUNDS TO SBA. 75% interest. I have since changed careers and dissolved the incorporation. If you have credit union or some small bank that takes 2-3 days to deliver, you are still fine because bank issues a payment receipt that you made payment. gov requesting my SBA Loan to be recalled. bank account, and pay eligible expenses directly from there. SBA’s EIDL program offers long-term, low interest assistance for a small business or non-profit. Under $12k SAVE plan and waiting on forgiveness Reddit's home for tax geeks and taxpayers! News, discussion, policy, and law relating to any tax - U. Or check it out in the app stores &nbsp; Go to audit r/audit. . You will be contacted by a loan specialist regarding requirements. A source for information on applying for LOANS from the SBA's Covid-19 EIDL, reconsideration issues for declined loan applicants, and EIDL increase requests. A place to post photos, links, articles and discussions relating to Kent, UK. Reddit gives you the best of the internet in one place. Use r/TargetedEIDL for I'm not a business who received an SBA loan, but I am a loan packager (not associated with the SBA). Mrandymover Reddit . /r/kentuk - the sub-reddit for the Garden of England. I think in the above mentioned scenario I’d be safe? Reply reply Scorpio14534 Reddit's hub for advice, articles SBA also is revising the regulation to clarify that COVID EIDL loan proceeds may be used to make debt payments including monthly payments, payments of deferred interest, and pre-payments, except that prepayments will not be permitted on debt that is owned by a Federal agency (including SBA) or an SBIC. SBA employees are approving there family and close associates applications I am 100% positive. They will Small business owners impacted by the coronavirus crisis may want to consider an SBA Economic Injury Disaster Loan (EIDL). A source for information on applying for LOANS from the SBA's Covid-19 EIDL, reconsideration Get the Reddit app Scan this QR code to download the app now. The SBA has never, even once, tried to collect from a business owner personally after the business failed and closed But as an accountant that loves audit, I actually provided them the documents to be able to audit and the 941x’s, so literally they could sit there (1) look at my bank statements for PPP to ensure no double dipping (3) provided payroll reports for every employee for every quarter so that they could match them with the original 941’s. " (this is under the section "IS MY BUSINESS ELEGIBLE?"). Tell them you are still paying and would like to recall the loan back to SBA. If your loan amount exceeds $200,000: To apply, contact the COVID-19 EIDL Servicing Center at 833-853-5638 or disastercustomerservice@sba. I called within the 15 days “about repayment. Based on the last information provided by SBA for funds remaining ($16-$20 billion on 3/31) and the fact that they have approved $17. be sure and ask the lawyer if the SBA can enforce its personal guarantee and force repayment Get the Reddit app Scan this QR code to download the app now. SBA sent me an email 2 days after receiving the wait for 3-10 day’s email. NO LO has been assigned to my application yet. Never heard from SBA at all until today, by auto email, the loan now shows a status of “charged off” and noted as “referred to Treasury Offset Program”. A source for information on applying for LOANS from the SBA's Covid-19 EIDL, reconsideration issues for We took out $97k from the SBA EIDL program. They have reported that it would cost over $300M a year to service the debt, but congress isn't allocating budget for it. First call whatever platform he was using and tell them your child bought without permission they will refund you. If you are audited, the SBA is going to examine the bank account that held the A source for information on applying for LOANS from the SBA's Covid-19 EIDL, reconsideration issues for declined loan applicants, and EIDL increase requests. We would then file our Chapter 7 personally and deal with the Treasury as opposed to the SBA. I had worst 4 As part of the business closure process one is required to send a list of business assets. It is unfair to sole props that corps can walk away from the debt but individuals are personally responsible. This subreddit has gone gark beginning June 12th to protest Reddit The borrower is the business, and then SBA loans are personally guaranteed by owners of 20% or more of the business (or less, if your bank is being conservative). Note that it says "*Best Practice: If your credit score is below 560, we recommend uploading an explanation for the SBA to consider. Just because no repayment is necessary for a year doesn’t mean the audits aren’t going to start immediately. gov with the subject "Status Charged Off #YOUR-LOAN-NUMBER EIDL Loan" In the body of your email include your EIDL loan number, and say you were instructed to send this email by your agent at the SBA because the loan status is showing "charged off. I deal exclusively with the SBA when I have questions. You are eligible for a reduced monthly payment for a 6-month period in the amount of 10% of the monthly payment amount stated in your Note (or your latest modified Note as the case may be). disputes@fiscal. The interest paid in the previous year is on the dashboard of your EIDL on CAWEB (under "payment info"). I know they do reduce the amount of a physical property damage EIDL by any insurance proceeds you receive. Expedite EAD/AP (based on I-485) Approved and now status changed to Denied Scorpio doesn't work for the SBA and was helping others in the EIDL sub throughout some difficult times. The IRS created a special summary transcript specifically for the SBA for purposes of processing the Covid EIDL loans. The loan amount was for $15,000. It's the BANKS that closed your account NOT SBA. I am in reconsideration after being denied an EIDL back in April A source for information on applying for LOANS from the SBA's Covid-19 EIDL, reconsideration issues for declined loan applicants, and EIDL increase requests. Of course, that was not in a period where home values were skyrocketing. ” The rep told me it would be delinquent until 90 days. But yes the SBA will negotiate settlements where it's appropriate. this reddit space is for you. I made sure to put my application # and loan # in the subject line of every email I sent to any email address in the application process. The SBA is currently hiring auditors at an unprecedented rate, and they are planning to audit every business who received the full $10,000 advance. Actually, the SBA employee who told you that is grossly misinformed. Keep this bank buffer than dealing with shitty sba portal. Scorpio also was very resourceful in bringing and supporting those that did work for the SBA and were in a position to provide help and assistance through setting up AMAs and chat sessions, talking with people and pre-screening them for So I'm a bit confused about what's going on here. Please be advised that when your account is being reviewed, all payments need to be posted on your MySBA Loan Portal. Auto respond was fast. I’m not behind on any bills. Disaster loans directly through the SBA are not the same, and eidl are disaster loans on steroids. The home of AQRU on Reddit! Supercharge your crypto portfolio. Or check it out in the app stores heck at this point when they do audit and see money just uncalled for they will def snatch it right back and you’ll be on the hook either way. Posts that violate the rules listed in the SBA just published Press release number 21-24 which announces: The EIDL loan cap has been raised from $150,000-to a new limit of $500,000. I had no option and agreed to the terms. The loan was not secured with any assets. Pre-pandemic, I had 2 active business accounts, one for Income and one for Expenses. In order to get off this report you'll have to catch up your payments and request that your loan be returned to service. We don't recall ever really uploading any documentation on the SBA portal, however, it got approved and funded for ~36k. She transferred me to EIDL Support (who was also great) and told me what I need to do. Also the prior operation of granting six (6) months working capital is also increased to 24 months working capital. I’ve been trying to get an EIDL increase for about 6 months now. Been paying on this loan for awhile. On hold with SBA for 45 minutes, really SBA this was your solution for loans over $200K, have your call center slammed with people calling to apply for economic hardship, just roll out the button for everyone! IMMEDIATELY send an email to cesc@sba. I say that having worked in the default area of a major mortgage company where I managed a group of auditors. PPP is forgivable so unless you didn't spend it on forgivable things like payroll, rent etc. Also I have to send them a voided check to. 6k in debt, plan options. Reply reply More replies. (from having represented clients in SBA audits) they are very strict about reasonable compensation as it relates to owner pay. That will create a clean paper trail in the event of an SBA audit. Or check it out in the app stores &nbsp; I am fairly certain the EIDL loan is discharged as part of that process. Get crypto-smart. The SBA is set to implement this new change effective April 6, 2021. The guy from sba uploaded new p022 and it shows received. It seems like we're better to notify the SBA that the business is closing so the loan goes to Charged Off sooner than later and gets moved to Treasury. 89 votes, 115 comments. Took out an EIDL < $120,000. Reddit . That was all the data the SBA needed to process loans in the early part of the program. Use r/TargetedEIDL for SBA is looking for big items (like title transfers) and/or taxes to verify that your financial statements match what you filed with other agencies. SBA was notified of the Chapter 11 and the loan status is changed to In Liquidation. The US Government had YEARS to fix the EIDL process/policies after 911 and Katrina. And from all of the reports that I'm reading on Reddit, they seem to be using either Experian VantageScore, or Experian FICO 2. My small business sales volume each year is only about 175k, I had to take out a much smaller loan under 350k EIDL loan and that has to be repaid to the SBA. Economic Injury Disaster While the SBA will most likely focus on larger loans, anyone can be audited. pulling all the cash out is a major red flag and I'd assume expose you to an audit from the sba. Or check it out in the app stores &nbsp; $500K EIDL Returned to SBA . Reddit iOS Reddit Android Reddit Premium About Reddit Advertise Blog Careers Press. I'm still trying to recall it. How it is structured is outlined in an overall SBA Disaster Loan S. They typically only do this for disasters more along the lines of hurricanes and floods. However, for the past three months, I missed making any payments. STOP H1B Lottery abuse A source for information on applying for LOANS from the SBA's Covid-19 EIDL, reconsideration issues for declined loan applicants, and EIDL increase requests. I’ve attached a link below to the SBA website that explains what EIDL loans can be used for. Then the EIDL suddenly becomes a grant program, and the whole program falls apart. First denial officially came through on 6/1. gov. 00. Secondly I could be totally wrong but they cannot go into your bank account. If they forgive all of the coronavirus EIDL loans, they also have to forgive loans for other disasters. The reality is once the SBA announced they were not sending loans under $100,000 to the treasury, many of those loans stopped paying, because why the hell not. and ask for the application. (sad about that). This is just the SBA hoping that people will bring them current so they don't have more charge-offs than the $52 billion they had in 2023. Reddit's hub for advice, articles, and general discussion about getting and repaying student loans. MOHELA - 37. Many of us are in the exact same situation, we are all going through this I functioned for 10 years in a state with a $15K homestead exemption, which was more than sufficient in 95% of cases. and International, Federal, State, or local. Use r/TargetedEIDL for advance If they audit you, you’ll have to explain what you did with the funds. The lender is a bank who has an SBA guarantee. Share A source for information on applying for LOANS from the SBA's Covid-19 EIDL, reconsideration issues for declined loan applicants, and EIDL increase requests. General cash flow is: all revenue is deposited into the Income account, then once a month I take an Owner Draw from that account to my personal account as my salary, and do a transfer from that account to the Expenses account to pay for expenses. the money is being spent as it should be. The SBA’s EIDL program is an established pre-existing disaster working capital loan program that kicks in when federal disaster areas are declared. You can attach screen shots or copies of any payments or emails with SBA. O. After going back and forth with the SBA, sending them form after form and being denied multiple times for various reasons that first states they could not retrieve my tax transcripts with the latest denial being because the “revenues reported on the application could not be verified with the Record of Account from Notice: The COVID-19 EIDL program is NOT accepting new applications, increase requests, or reconsiderations. I have seen posts about SBA audits saying how fierce they are. they can and do audit loans at random. the paper work they require you keep I'm 36K subscribers in the EIDL community. SBA’s EIDL Loan program continues to remain open, applications will still be processed, even though the Advance is no longer available. Not sure what will happen but I'm trying. iityor orku fbamlj jczh bjcqf hxtsh hprhw auqlhle vpfrg hwxeece