[Olderguy]

I've recently submitted two SBA 7A loans and found out their SBA EIDL loan is showing as a default...due to non payment, or late payments...

You have to call them:

"Dear Borrower(s):

Our records indicate that your SBA COVID-19 Economic Injury Disaster Loan (COVID-19 EIDL) is delinquent.

View and pay your past due balance in full in the MySBA Loan Portal, https://lending.sba.gov (formerly known as the SBA Capital Access Financial System “CAFS”). If you currently have a CAFS account, it will automatically transfer into the MySBA Loan Portal so you will not be required to create a new account.

If you have questions about making a payment or creating a MySBA Loan Portal, please call the SBA Customer Service Center at 833-853-5638 Monday – Friday, 8:00 AM ET – 8:00 PM ET or email covideidlservicing@sba.gov."

You can give them your debit card over the phone to make the payments current. In addition they can show you how to get into your portal to find the status of your SBA EIDL loan and how to set up recurring payments."

Once you have done that, you need to remove the default:

They gave me detailed instructions for the borrower:

Borrower needs to send an email to CESC@SBA.gov
Put EIDL loan number and business name in subject line
In the body of the email have the borrower put something along the lines of “need ETRAN updated to “current” status. EIDL loan has been made current.
Attach proof of payment confirmation number & screenshot from EIDL portal showing current.

Here's the form you need to complete:

https://drive.google.com/file/d/1AOZ...ew?usp=sharing

[darklordhermes]

Thanks for the info Steve

Just read this news about the SBA also.

Updated SBA Loan Fee Schedule effective 10/01/2023

0% guaranty fee for loans of $1,000,000 or less

1.7% guaranty fee for loans $1,000,000 to $2,000,000

3.75% guaranty fee for loans above $2,000,000

https://www.sba.gov/sites/sbagov/files/2023-08/7%28a%29%20Fees%20Notice%20FY%2024%205000-848801.pdf[/url]

Major reduction in fees from the past couple of years to help offset increased rates.