Need a Funder or Vendor? START HERE

Results 1 to 11 of 11
  1. #1
    Senior Member Reputation points: 81655
    Join Date
    Mar 2014
    Location
    Florida
    Posts
    2,854

    Exclamation 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

  2. #2
    Senior Member Reputation points: 66298 Olderguy's Avatar
    Join Date
    Sep 2021
    Location
    Irvine, CA
    Posts
    2,087

    They will stop taking applications for EIDL increase starting tomorrow, according to my source.
    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: 81655
    Join Date
    Mar 2014
    Location
    Florida
    Posts
    2,854

    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

  4. #4
    Senior Member Reputation points: 66298 Olderguy's Avatar
    Join Date
    Sep 2021
    Location
    Irvine, CA
    Posts
    2,087

    Quote Originally Posted by Yankeeman07 View Post
    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.
    They stopped accepting requests for loan increase of existing loan..
    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
    Senior Member Reputation points: 81655
    Join Date
    Mar 2014
    Location
    Florida
    Posts
    2,854

    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

  6. #6
    Senior Member Reputation points: 24994
    Join Date
    Feb 2019
    Posts
    203

    Quote Originally Posted by Olderguy View Post
    They stopped accepting requests for loan increase of existing loan..
    This is just wrong. They stopped accepting applications at EOY'21. Anyone who has applied can still submit recons & increase requests

  7. #7
    Senior Member Reputation points: 66298 Olderguy's Avatar
    Join Date
    Sep 2021
    Location
    Irvine, CA
    Posts
    2,087

    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

    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: 81655
    Join Date
    Mar 2014
    Location
    Florida
    Posts
    2,854

    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

  9. #9
    Senior Member Reputation points: 66298 Olderguy's Avatar
    Join Date
    Sep 2021
    Location
    Irvine, CA
    Posts
    2,087

    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 ADMINISTRATION
    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.

  10. #10
    Senior Member Reputation points: 66298 Olderguy's Avatar
    Join Date
    Sep 2021
    Location
    Irvine, CA
    Posts
    2,087

    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 ADMINISTRATION
    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.

  11. #11
    Senior Member Reputation points: 66298 Olderguy's Avatar
    Join Date
    Sep 2021
    Location
    Irvine, CA
    Posts
    2,087

    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

    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.

Similar Threads

  1. SBA - EIDL News
    By Yankeeman07 in forum Everything else
    Replies: 0
    Last Post: 03-25-2021, 12:36 AM
  2. Anyone doing PPP or EIDL - Rev Share
    By DonMcGrath in forum Merchant Cash Advance
    Replies: 5
    Last Post: 02-01-2021, 11:21 PM
  3. EIDL loans $10k grant/advance through the EIDL program ANYONE??
    By brokerCompany in forum Business Loans
    Replies: 4
    Last Post: 08-04-2020, 07:22 PM
  4. EIDL loans $10k grant/advance through the EIDL program ANYONE??
    By brokerCompany in forum All Other Lending
    Replies: 0
    Last Post: 04-05-2020, 12:07 AM
  5. Pay for (1) email/text email opt lead at a time!!
    By MCADATAMARKETING in forum Promotions
    Replies: 0
    Last Post: 04-03-2018, 07:29 PM


Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  


INDUSTRY ANNOUNCEMENTS

SubcontractorHub, Lendica partner
BoA launches business loan marketplace
Quickbooks adds new LOC product


DIRECTORY