Results 1 to 11 of 11
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04-10-2022, 01:36 PM #1
- Join Date
- Mar 2014
- Location
- Florida
- Posts
- 2,993
SBA - EIDL Email
Email from the United States Small Business Administration (SBA) announcing that EIDL COVID-19 funds are running out soon
At the end of February, we thought there was a estimated at $115 billion in EIDL funds that may still be available. However, many business owners have woken up to this email from SBA Friday, April 1, 2022.
Topic: SBA COVID-19 Economic Disaster Loan – LAST DAYS for an increase in your loan amount
Dear borrower,
EIDL COVID-19 funds are expected to be exhausted by mid-April 2022.
Based on the information submitted with your original SBA COVID-19 Economic Disaster Loan (EIDL) application, you may be eligible for an increase in your loan amount. EIDL COVID-19 funds are running out, so if you wish ask for a raise the amount of your EIDL COVID-19, you are advised to do so now. If you have already submitted your raise request, you can ignore this notice.
Steps to request a COVID-19 EIDL increase:
- Before requesting an increase, please confirm your eligibility for the loan and review the FAQs.
- Log in to your account on the SBA portal (do not request another loan) to submit a loan modification request.
- Follow the steps in the portal and submit relevant documents, including a new version of your IRS Form 4506-T for COVID EIDL.
- Respond to SBA signature, confirmation, and document requests.
All loan increase requests will be processed in the order received and are subject to the availability of funds.
Truly,
The SBA team
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04-10-2022, 03:04 PM #2
They will stop taking applications for EIDL increase starting tomorrow, according to my source.
Steve Benjamin
Professional Business Loans
522 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.
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04-11-2022, 10:38 AM #3
- Join Date
- Mar 2014
- Location
- Florida
- Posts
- 2,993
A Request for a EIDL does NOT require an application.
- Log in to your account on the SBA portal (do not request another loan) to submit a loan modification request.
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
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04-11-2022, 11:11 AM #4Steve Benjamin
Professional Business Loans
522 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.
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04-11-2022, 12:08 PM #5
- Join Date
- Mar 2014
- Location
- Florida
- Posts
- 2,993
Whoever is proving you information - they are inaccurate
Information as of today on the SBA Loan Portal - As the SBA is famous for stating - The information is fluid - stay tuned.
- SBA is continuing to process and decision COVID EIDL loan applications. SBA will accept requests for loan increases, reconsiderations, and appeals received within the designated timeframe unless funding is no longer available.
As of today - Funding is available. Treasury has not released any reports since 01/06/2022 - at the end of 02/2022 it was estimated $15 Billion was still available
https://finance.yahoo.com/news/sba-e...215500649.html
This is a bigger issue facing business owners - not getting much publicity -
several Bryce Covert articles that appeared in The Intercept, reported on the past Paycheck Protection Program (PPP). Bank of America is refusing to forgive some PPP loans in full, giving small businesses little recourse. In fact, JPMorgan Chase, Bank of America, and PNC banks have all passed on an SBA policy that would allow small business owners some relief through the PPP loan forgiveness 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
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04-11-2022, 01:05 PM #6
- Join Date
- Feb 2019
- Posts
- 209
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04-11-2022, 01:40 PM #7
My guy said yes they are still doing reconsiderations but claimed they won't be doing requests for increases... but if you can still find it to be valid to submit, fine....SBA is notorious for being inconsistent with their information.
Steve Benjamin
Professional Business Loans
522 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.
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04-11-2022, 01:51 PM #8
- Join Date
- Mar 2014
- Location
- Florida
- Posts
- 2,993
You are so Correct - Government at work !!
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
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04-29-2022, 02:57 PM #9
Dear COVID EIDL Borrower:
ALL COVID EIDL BORROWERS - DOWNLOAD LOAN DOCUMENTS BY MAY 16
Your access to the RAPID COVID EIDL portal ends on May 16. Download copies of your loan documents from the RAPID COVID EIDL Portal for your records by May 16, 2022:
Login - SBA Economic Injury Disaster Loan Portal Application
ARE YOU INTERESTED IN A LOAN INCREASE?
You may be eligible for an increase in your SBA COVID-19 Economic Injury Disaster Loan (COVID EIDL) amount, subject to SBA analysis.(Please disregard this notice of a loan increase if you have already submitted your increase request.) If you are interested and you have not reached your maximum eligibility, please apply by May 6, 2022, which is the last day to submit any loan increase or reconsideration requests for COVID EIDL. Each request is processed in the order received and is subject to availability of funds. The steps to request an increase are:
Confirm your loan eligibility and review the FAQs.
Log onto your Account on the SBA Portal (do not apply for another loan) to submit a loan modification request.
Complete the portal steps and submit relevant documents, including a new version of your IRS Form 4506-T for COVID EIDL.
Respond to SBA requests for signature and documents by May 16. The failure to sign and submit documents prior to funds being exhausted/rescinded will result in no increase.
MONTHLY PAYMENT – SET YOUR REMINDER
You are responsible for your COVID EIDL monthly payment obligation beginning 30 months from the disbursement date shown on the top of the front page of your Note. During this deferment:
You may make voluntary payments without prepayment penalties at www.pay.gov – select “Make a SBA 1201 Borrower Payment”
Interest will continue to accrue on your loan during the deferment
If you do not make voluntary payments during the deferment, a final balloon payment will be due on your loan at maturity
SBA will provide detailed instructions for how to start repayment before the deferred first payment is due. Qs about COVID EIDL loans? Please see COVID-19 Economic Injury Disaster Loan (sba.gov).Other Qs? Call the SBA Disaster Customer Service team at 833-853-5638.
Sincerely,
U.S. SMALL BUSINESS ADMINISTRATIONSteve Benjamin
Professional Business Loans
522 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.
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05-07-2022, 08:43 AM #10
Dear COVID EIDL Borrower:
ALL COVID-19 EIDL FUNDS HAVE BEEN EXHAUSTED
You are receiving this message as a notification that we are unable to continue processing your application due to the lack of available funding for the COVID-19 EIDL loan program. SBA is no longer processing COVID-19 EIDL loan increase requests or requests for reconsideration of previously declined loan applications under this program.
We recognize this has been a challenging time for your business and for the nation. The SBA has local offices in your community which can refer you to resources that may be able to assist your business in other ways. For more information on these services, please go to www.sba.gov/local-assistance to locate the email address and phone number for the nearest SBA district office and/or SBA resource partner. Please call or email for a virtual appointment.
ALL COVID EIDL BORROWERS - DOWNLOAD LOAN DOCUMENTS BY MAY 16
Your access to the RAPID COVID EIDL portal ends on May 16, 2022.
Please respond to all request for documents or signatures by May 16, 2022, to finalize your pending increase request to avoid a delay or cancellation of your request.
Download copies of your loan documents from the RAPID COVID EIDL Portal for your records by May 16, 2022:
Login - SBA Economic Injury Disaster Loan Portal Application
MONTHLY PAYMENT – SET YOUR REMINDER
You are responsible for your COVID EIDL monthly payment obligation beginning 30 months from the disbursement date shown on the top of the front page of your Original Note. During this deferment:
You may make voluntary payments without prepayment penalties at www.pay.gov – select “Make a SBA 1201 Borrower Payment”
Interest will continue to accrue on your loan during the deferment
If you do not make voluntary payments during the deferment, a final balloon payment will be due on your loan at maturity
SBA will provide detailed instructions for how to start repayment before the deferred first payment is due. Qs about COVID EIDL loans? Please see COVID-19 Economic Injury Disaster Loan (sba.gov).Other Qs? Call the SBA Disaster Customer Service team at 833-853-5638.
Sincerely,
U.S. SMALL BUSINESS ADMINISTRATIONSteve Benjamin
Professional Business Loans
522 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.
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05-10-2022, 04:45 PM #11
I just got my former boss his third increase to $1.25M - deposited today.
Last edited by Olderguy; 05-10-2022 at 06:14 PM.
Steve Benjamin
Professional Business Loans
522 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.
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