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  1. #1
    Senior Member Reputation points: 66298 Olderguy's Avatar
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    EIDL Disaster Relief Loan update from SBA

    This loan program expires December 31st of this year.

    However, the loan must have a SBA approval by that date.

    Therefore submissions in December probably won't get funded.

    Just FYI I'd get them in ASAP this month.

    BTW if any of you or your clients need help with the initial or second round/extra funding let me know.

    SBA 800-659-2955 open 7 days a week.....


    Dear SBA Borrower:

    We received your request to increase your COVID-19 Economic Injury Disaster Loan (EIDL). To continue processing your request, please complete the following steps:
    Log into your SBA loan portal account at: https://covid19relief1.sba.gov/
    After you log into your account, click on the button that reads “Request More Funds”
    The “Request More Funds” button will only be visible if your current loan amount is not already at the maximum loan limit
    Next, you will be asked to disclose if any changes have occurred since the original EIDL application was submitted, such as any owners of 20% or more of the applicant business being currently involved in a bankruptcy
    You also will be asked which form was used for the applicant business’s most recent tax return, such as Form 1040 (Schedule C, E or F), 1065 (Partnership), 1120S (S Corporation), or 1120 (C Corporation)
    Next, you will use the slider bar to select a new increased loan amount
    You may be required to electronically sign an IRS Form 4506-T allowing the SBA to obtain tax transcripts directly from the IRS
    Once these steps are completed, you can submit the loan increase for processing

    Note: If you are unable to log into your SBA loan portal, please use the Forgot Password feature. If you continue to experience issues logging into your portal account, please contact our customer service team at DisasterCustomerService@sba.gov.

    We will continue to process increase requests in the order they are received. Due to the high volume of incoming requests, it may be several weeks before you receive a response from SBA on the final steps. If you have any questions regarding the COVID-19 EIDL program, or SBA's other COVID relief programs, please visit our website at SBA.gov/relief for the most current updates.
    Steve Benjamin
    Professional Business Loans

    1012 Contessa
    Irvine, CA 92620
    steveprobiz@gmail.com
    https://probizloans.net/
    Broker, Underwriter, general business loan expert
    949.228.1050


    @ 24 hour funding working capital loans
    @ Term loans from 3 years to 10 years at 9.5% and up
    @ Equipment financing up to 7 years
    @ Property loans - Hard Money and traditional - Primary, Investment, commercial, land, fix and flip, construction.
    @ SBA loans - 7A and 504.
    @ Private money equity and debt for major investments
    @ Personal Loans up to gross income from personal tax return.

  2. #2
    Senior Member Reputation points: 66298 Olderguy's Avatar
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    Follow these instructions if you wish to request a loan increase:

    Send email to CovidEIDLIncreaseRequests@sba.gov
    Use subject line "EIDL Increase Request for [insert your 10-digit application number]"
    Be sure to include in the body of your email identifying information for your current loan including application number, loan number, business name, business address, business owner name(s), and phone number.
    Important: Do not include any financial documents or tax records with your initial request. You will receive a follow up email notification if we need additional documents.
    Steve Benjamin
    Professional Business Loans

    1012 Contessa
    Irvine, CA 92620
    steveprobiz@gmail.com
    https://probizloans.net/
    Broker, Underwriter, general business loan expert
    949.228.1050


    @ 24 hour funding working capital loans
    @ Term loans from 3 years to 10 years at 9.5% and up
    @ Equipment financing up to 7 years
    @ Property loans - Hard Money and traditional - Primary, Investment, commercial, land, fix and flip, construction.
    @ SBA loans - 7A and 504.
    @ Private money equity and debt for major investments
    @ Personal Loans up to gross income from personal tax return.

  3. #3
    Senior Member Reputation points: 66298 Olderguy's Avatar
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    I've seen lenders funded EIDL dealing with the NAICS code issue:
    (Brokers could try the same)

    Dear SBA loan processor:

    Explanation on business activity: NAICS code 611430 - Professional and Management Development Training.

    I consulted my CPA regarding the appropriate NAICS code for my business _________. I have been advised that based on the nature of the consulting activities the business is engaged in, it falls under the NAICS category code of 611430 - Professional and Management Development Training.
    Steve Benjamin
    Professional Business Loans

    1012 Contessa
    Irvine, CA 92620
    steveprobiz@gmail.com
    https://probizloans.net/
    Broker, Underwriter, general business loan expert
    949.228.1050


    @ 24 hour funding working capital loans
    @ Term loans from 3 years to 10 years at 9.5% and up
    @ Equipment financing up to 7 years
    @ Property loans - Hard Money and traditional - Primary, Investment, commercial, land, fix and flip, construction.
    @ SBA loans - 7A and 504.
    @ Private money equity and debt for major investments
    @ Personal Loans up to gross income from personal tax return.

  4. #4
    Senior Member Reputation points: 66298 Olderguy's Avatar
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    Jut an update on this program Yes it expires December 31, 2021. And as mentioned above you must have an SBA approval number by December 31st to get funded.

    However, the new Infrastructure bill TAKES FUNDS FROM THIS PROGRAM, therefore funds may be exhausted sooner than the December 31st date.

    Get any submissions in by the end of November or ASAP.

    Lastly, there is a new phone number for SBA EIDL...

    833.853.5638

    They are open 7 days a week from 8 am to 8 pm EST.
    Last edited by Olderguy; 11-13-2021 at 02:37 PM.
    Steve Benjamin
    Professional Business Loans

    1012 Contessa
    Irvine, CA 92620
    steveprobiz@gmail.com
    https://probizloans.net/
    Broker, Underwriter, general business loan expert
    949.228.1050


    @ 24 hour funding working capital loans
    @ Term loans from 3 years to 10 years at 9.5% and up
    @ Equipment financing up to 7 years
    @ Property loans - Hard Money and traditional - Primary, Investment, commercial, land, fix and flip, construction.
    @ SBA loans - 7A and 504.
    @ Private money equity and debt for major investments
    @ Personal Loans up to gross income from personal tax return.

  5. #5
    are they still requiring 4506t?

  6. #6
    Senior Member Reputation points: 66298 Olderguy's Avatar
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    Quote Originally Posted by Mcadefender View Post
    are they still requiring 4506t?
    Yes and it's the one dated March 2019. (They have had several). If the IRS doesn't have the tax information in their system, you're done....even if you submit your tax return to the SBA.
    Steve Benjamin
    Professional Business Loans

    1012 Contessa
    Irvine, CA 92620
    steveprobiz@gmail.com
    https://probizloans.net/
    Broker, Underwriter, general business loan expert
    949.228.1050


    @ 24 hour funding working capital loans
    @ Term loans from 3 years to 10 years at 9.5% and up
    @ Equipment financing up to 7 years
    @ Property loans - Hard Money and traditional - Primary, Investment, commercial, land, fix and flip, construction.
    @ SBA loans - 7A and 504.
    @ Private money equity and debt for major investments
    @ Personal Loans up to gross income from personal tax return.

  7. #7
    Senior Member Reputation points: 66298 Olderguy's Avatar
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    Guidelines are changed again - files submitted by December 31st, will be processed.
    Steve Benjamin
    Professional Business Loans

    1012 Contessa
    Irvine, CA 92620
    steveprobiz@gmail.com
    https://probizloans.net/
    Broker, Underwriter, general business loan expert
    949.228.1050


    @ 24 hour funding working capital loans
    @ Term loans from 3 years to 10 years at 9.5% and up
    @ Equipment financing up to 7 years
    @ Property loans - Hard Money and traditional - Primary, Investment, commercial, land, fix and flip, construction.
    @ SBA loans - 7A and 504.
    @ Private money equity and debt for major investments
    @ Personal Loans up to gross income from personal tax return.

  8. #8
    Senior Member Reputation points: 66298 Olderguy's Avatar
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    Program ends Friday 8pm EST
    Steve Benjamin
    Professional Business Loans

    1012 Contessa
    Irvine, CA 92620
    steveprobiz@gmail.com
    https://probizloans.net/
    Broker, Underwriter, general business loan expert
    949.228.1050


    @ 24 hour funding working capital loans
    @ Term loans from 3 years to 10 years at 9.5% and up
    @ Equipment financing up to 7 years
    @ Property loans - Hard Money and traditional - Primary, Investment, commercial, land, fix and flip, construction.
    @ SBA loans - 7A and 504.
    @ Private money equity and debt for major investments
    @ Personal Loans up to gross income from personal tax return.

  9. #9
    I still got merchants waiting for the money. What's the status if they didn't get it yet? If they didn't get it by now, is it never coming?

  10. #10
    Senior Member Reputation points: 81655
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    Quote Originally Posted by dealmakerCT View Post
    I still got merchants waiting for the money. What's the status if they didn't get it yet? If they didn't get it by now, is it never coming?

    The Treasury Department (SBA) has not released the funds - For merchants that have been waiting 60 days plus after being notified of approval-
    My suggestion is to contact their Senator by phone or email - In a short period of time they will receive a response requesting them to sign a
    "Consent Form" - then be patient for a few more weeks - but - it has been my experience they have been successful in having funds released.
    Dave Lambert, Business Development
    dave@fcbankcard.com
    Merchant Services Consultant
    High Risk Merchant Payment Solutions
    SBA 7(a) Loans & Short-Term Funding
    T/VM: 727-291-7890
    Office: 727-233-1111
    Skype: fc-financial

  11. #11
    Senior Member Reputation points: 66298 Olderguy's Avatar
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    Famous words....I'm from the government and I'm here to help you...government has to release funds...don't think politicians can help on this.
    Last edited by Olderguy; 02-21-2022 at 01:59 PM.
    Steve Benjamin
    Professional Business Loans

    1012 Contessa
    Irvine, CA 92620
    steveprobiz@gmail.com
    https://probizloans.net/
    Broker, Underwriter, general business loan expert
    949.228.1050


    @ 24 hour funding working capital loans
    @ Term loans from 3 years to 10 years at 9.5% and up
    @ Equipment financing up to 7 years
    @ Property loans - Hard Money and traditional - Primary, Investment, commercial, land, fix and flip, construction.
    @ SBA loans - 7A and 504.
    @ Private money equity and debt for major investments
    @ Personal Loans up to gross income from personal tax return.

  12. #12
    Quote Originally Posted by Yankeeman07 View Post
    The Treasury Department (SBA) has not released the funds - For merchants that have been waiting 60 days plus after being notified of approval-
    My suggestion is to contact their Senator by phone or email - In a short period of time they will receive a response requesting them to sign a
    "Consent Form" - then be patient for a few more weeks - but - it has been my experience they have been successful in having funds released.
    Yea well at least this is something. It's better than me telling them that I don't have any idea what to do. I am going to try this.

  13. #13
    Senior Member Reputation points: 81655
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    Quote Originally Posted by Olderguy View Post
    Famous words....I'm from the government and I'm here to help you...government has to release funds...don't think politicians can help on this.
    It could be you have ineffective Democratic Senators in California - Se. Marco Rubio in Florida has assisted several merchants - could be a coincidence,
    but, after his office received the "Consent Form" - merchants saw activity with their accounts - Overall EIDL is still a slow process-
    Dave Lambert, Business Development
    dave@fcbankcard.com
    Merchant Services Consultant
    High Risk Merchant Payment Solutions
    SBA 7(a) Loans & Short-Term Funding
    T/VM: 727-291-7890
    Office: 727-233-1111
    Skype: fc-financial

  14. #14
    Senior Member Reputation points: 66298 Olderguy's Avatar
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    The SBA EIDL funds will last through March. The SBA can have a reason not to fund a loan even if approval is sent out. You should contact your clients local SBA office to determine status of situation if you have an approval but not funded.
    Steve Benjamin
    Professional Business Loans

    1012 Contessa
    Irvine, CA 92620
    steveprobiz@gmail.com
    https://probizloans.net/
    Broker, Underwriter, general business loan expert
    949.228.1050


    @ 24 hour funding working capital loans
    @ Term loans from 3 years to 10 years at 9.5% and up
    @ Equipment financing up to 7 years
    @ Property loans - Hard Money and traditional - Primary, Investment, commercial, land, fix and flip, construction.
    @ SBA loans - 7A and 504.
    @ Private money equity and debt for major investments
    @ Personal Loans up to gross income from personal tax return.

  15. #15
    Senior Member Reputation points: 81655
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    The Local SBA Office does not have any info to provide you -

    Info Directly from SBA.gov

    Information for applicants
    To check the status of an existing application, you can log in to your COVID-19 EIDL applicant portal where you find information about your application status.
    https://covid19relief1.sba.gov/Accou...?ReturnUrl=%2f
    Questions? Call 1-833-853-5638 | TTY/TDD: 1-800-877-8339
    Monday - Saturday, 8 a.m. - 8 p.m. ET

    Best time to call is early evening - once you get past the initial gatekeeper and work your way up to a Supervisor and they tell you are approved but still "Pending" you hit a stone wall - then contact your State Senator - the squeaky wheel gets the grease -
    Dave Lambert, Business Development
    dave@fcbankcard.com
    Merchant Services Consultant
    High Risk Merchant Payment Solutions
    SBA 7(a) Loans & Short-Term Funding
    T/VM: 727-291-7890
    Office: 727-233-1111
    Skype: fc-financial

  16. #16
    Senior Member Reputation points: 66298 Olderguy's Avatar
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    Bro...I was on a SBA webinar today and that's direct from the horses mouth...Status doesn't help you with issues....
    Steve Benjamin
    Professional Business Loans

    1012 Contessa
    Irvine, CA 92620
    steveprobiz@gmail.com
    https://probizloans.net/
    Broker, Underwriter, general business loan expert
    949.228.1050


    @ 24 hour funding working capital loans
    @ Term loans from 3 years to 10 years at 9.5% and up
    @ Equipment financing up to 7 years
    @ Property loans - Hard Money and traditional - Primary, Investment, commercial, land, fix and flip, construction.
    @ SBA loans - 7A and 504.
    @ Private money equity and debt for major investments
    @ Personal Loans up to gross income from personal tax return.

  17. #17
    Senior Member Reputation points: 337045
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    Wait.....neither of you have relationships with local and regional SBA representatives? Hell, I don't work on SBA transactions myself, but know the local and regional "go to" people that gets things done.
    Hedley Lamarr......That's Hedley

  18. #18
    Senior Member Reputation points: 66298 Olderguy's Avatar
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    Quote Originally Posted by Hedley Lamarr View Post
    Wait.....neither of you have relationships with local and regional SBA representatives? Hell, I don't work on SBA transactions myself, but know the local and regional "go to" people that gets things done.
    I do - I was on a webinar yesterday with my local SBA guys. You can message them questions live during the webinar which usually lasts about an hour.
    Last edited by Olderguy; 02-23-2022 at 11:12 AM.
    Steve Benjamin
    Professional Business Loans

    1012 Contessa
    Irvine, CA 92620
    steveprobiz@gmail.com
    https://probizloans.net/
    Broker, Underwriter, general business loan expert
    949.228.1050


    @ 24 hour funding working capital loans
    @ Term loans from 3 years to 10 years at 9.5% and up
    @ Equipment financing up to 7 years
    @ Property loans - Hard Money and traditional - Primary, Investment, commercial, land, fix and flip, construction.
    @ SBA loans - 7A and 504.
    @ Private money equity and debt for major investments
    @ Personal Loans up to gross income from personal tax return.

  19. #19
    Senior Member Reputation points: 81655
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    Quote Originally Posted by Hedley Lamarr View Post
    Wait.....neither of you have relationships with local and regional SBA representatives? Hell, I don't work on SBA transactions myself, but know the local and regional "go to" people that gets things done.
    You are correct - the local SBA people will just tell you to login to your portal to review your status. My suggestion was for biz owners that have been "Approved" or the Application has been "Pending " for a length of time. The SBA utilizes many part-time remote workers and the left hand is not always telling the right hand what is occurring.

    When the application is in no mans land sometimes it helps if someone kicks the wheel. Hence, my suggestion has worked numerous times over the past 6 months. No guarantees but it is worth a shot when a biz owner is waiting and waiting.

    The latest success story was for a business owner is Oklahoma - she finally received her $44,000 after many months of waiting.
    Dave Lambert, Business Development
    dave@fcbankcard.com
    Merchant Services Consultant
    High Risk Merchant Payment Solutions
    SBA 7(a) Loans & Short-Term Funding
    T/VM: 727-291-7890
    Office: 727-233-1111
    Skype: fc-financial

  20. #20
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    SBA inquiry from a senator or congressman works every single time. Local SBA is absolutely useless. Just find the senator's office closest to the business, call them up, and say that you are looking to launch an inquiry against the SBA regarding EIDL. They will take down your email and send a consent form. When you send the consent form, include a DETAILED write-up on the issue and how you have tried to fix the issue but the application just seems stuck.

    I have a perfect batting average with this process

  21. #21
    Senior Member Reputation points: 66298 Olderguy's Avatar
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    So just effective now, the SBA has a separate preparer queue you can get transferred to. Those agents are much more knowledgeable than the standard agents and do allow you to submit more than 3 files for updates. They will go deeper into each file for information, status and actions. And yes, the local SBA people do have the ability to access and help fix issues too.

    Issues are usually credit history, duplicate status, 4506T docs not back from IRS, matching documentation issues - not much the Congressperson can do on those issues. Maybe if it's under "review" they can expedite the review.
    Last edited by Olderguy; 02-23-2022 at 01:01 PM.
    Steve Benjamin
    Professional Business Loans

    1012 Contessa
    Irvine, CA 92620
    steveprobiz@gmail.com
    https://probizloans.net/
    Broker, Underwriter, general business loan expert
    949.228.1050


    @ 24 hour funding working capital loans
    @ Term loans from 3 years to 10 years at 9.5% and up
    @ Equipment financing up to 7 years
    @ Property loans - Hard Money and traditional - Primary, Investment, commercial, land, fix and flip, construction.
    @ SBA loans - 7A and 504.
    @ Private money equity and debt for major investments
    @ Personal Loans up to gross income from personal tax return.

  22. #22
    Senior Member Reputation points: 81655
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    Quote Originally Posted by Olderguy View Post
    So just effective now, the SBA has a separate preparer queue you can get transferred to. Those agents are much more knowledgeable than the standard agents and do allow you to submit more than 3 files for updates. They will go deeper into each file for information, status and actions. And yes, the local SBA people do have the ability to access and help fix issues too.

    Issues are usually credit history, duplicate status, 4506T docs not back from IRS, matching documentation issues - not much the Congressperson can do on those issues. Maybe if it's under "review" they can expedite the review.

    You are not listening - Our suggestions are for the biz owner that has been "Approved" since they have been "APPROVED" all the issues you mention have been resolved.
    Dave Lambert, Business Development
    dave@fcbankcard.com
    Merchant Services Consultant
    High Risk Merchant Payment Solutions
    SBA 7(a) Loans & Short-Term Funding
    T/VM: 727-291-7890
    Office: 727-233-1111
    Skype: fc-financial

  23. #23
    Senior Member Reputation points: 66298 Olderguy's Avatar
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    Quote Originally Posted by Yankeeman07 View Post
    You are not listening - Our suggestions are for the biz owner that has been "Approved" since they have been "APPROVED" all the issues you mention have been resolved.
    Ok if that's the case you are correct....too few approved, too many with issues....my slap face emoji
    Steve Benjamin
    Professional Business Loans

    1012 Contessa
    Irvine, CA 92620
    steveprobiz@gmail.com
    https://probizloans.net/
    Broker, Underwriter, general business loan expert
    949.228.1050


    @ 24 hour funding working capital loans
    @ Term loans from 3 years to 10 years at 9.5% and up
    @ Equipment financing up to 7 years
    @ Property loans - Hard Money and traditional - Primary, Investment, commercial, land, fix and flip, construction.
    @ SBA loans - 7A and 504.
    @ Private money equity and debt for major investments
    @ Personal Loans up to gross income from personal tax return.

  24. #24
    Senior Member Reputation points: 66298 Olderguy's Avatar
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    The purpose of this email is to inform you that an additional 6-month deferment has been granted on your COVID-19 Economic Injury Disaster Loan (EIDL). All COVID-19 EIDL loans will have the first payment due extended from 24-months to 30-months from the date of the Note.

    You are required to resume regular principal and interest payments 30 months from the date of the Note.
    Interest will continue to accrue and voluntary full or partial payments may be made without prepayment penalties (www.pay.gov) during the deferment.
    Make a payment to SBA
    SBA will send regular reminders of your payment obligation.
    Steve Benjamin
    Professional Business Loans

    1012 Contessa
    Irvine, CA 92620
    steveprobiz@gmail.com
    https://probizloans.net/
    Broker, Underwriter, general business loan expert
    949.228.1050


    @ 24 hour funding working capital loans
    @ Term loans from 3 years to 10 years at 9.5% and up
    @ Equipment financing up to 7 years
    @ Property loans - Hard Money and traditional - Primary, Investment, commercial, land, fix and flip, construction.
    @ SBA loans - 7A and 504.
    @ Private money equity and debt for major investments
    @ Personal Loans up to gross income from personal tax return.

  25. #25
    A forum user Reputation points: 2147483647 Sean Cash's Avatar
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    After almost 3 years of no payments and accruing interest, are merchants even going to be able to pay back EIDL?

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