# SBA EIDL update



## touberornottouber (Aug 12, 2016)

I initially applied 3/31 then re-applied 4/15. I finally got an invitation this morning to register at the portal and did so. They are offering me a little under 9,000. 30 year term. About $35 a month repayment.

However the loan still needs to be approved by a loan officer and from what I understand they need to check credit. From what I gather your credit must be over either 570 or 580 (I have seen both).

From what I gather the amount for the loan is about one half of your gross income from the business. In my case I am a full time student also so I didn't work for much of the year.

I have yet to see a dime from any grant. Word is they quit doing those now until you are actually approved.

Just thought I'd post an update for those waiting. Will update once a decision is made and/or if I get funds in my account.


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## _Tron_ (Feb 9, 2020)

You're ahead of me and likely many others. I got the 1K advance but haven't heard a peep out them since.

I know a business owner who may well live or die based upon getting the followup loan (after the initial 1K). So many businesses reporting that they need a *much larger amount* than PPP is/was providing (unless they lie about the size of their payroll like that idiot rapper), and more flexibility with how the funds are spent.


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## kc ub'ing! (May 27, 2016)

I gave up on this. Got all my eggs in the PUA basket now! The retro check will be fat and I can live pretty comfy on the 4g’s a month I’ll be getting till August.

Now all I need is my state to start releasing the dough!


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## Johnny Mnemonic (Sep 24, 2019)

touberornottouber said:


> They are offering me a little under 9,000. 30 year term. About $35 a month repayment.


Just wanted to be certain I was getting the math right. Borrowing $9000...

$35*360 payments is $12,600 dollars.

$12,600-$9000=$3,600

You're paying $3600 in interest to borrow $9000?

Is there any prepayment penalty?

Is any of that forgivable like the PPP, or is this a straight loan?


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## kos um uber (Nov 3, 2018)

I got 5000 2 years term I did not sign the paperwork I will stick with my pu


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## _Tron_ (Feb 9, 2020)

Johnny Mnemonic said:


> You're paying $3600 in interest to borrow $9000?
> Is any of that forgivable like the PPP, or is this a straight loan?


Butting in... I strongly suspect it is a straight loan. Subject to modifications of Cares Act terms.

A little over 2% rate.

I love those terms! Especially since I will be gone long before 30 years is up. ;>


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## Johnny Mnemonic (Sep 24, 2019)

_Tron_ said:


> Subject to modifications of Cares Act terms.


"Modifications"


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## _Tron_ (Feb 9, 2020)

Yep. Except Darth will be handing out candy. Mods should be to the borrowers advantage.


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## touberornottouber (Aug 12, 2016)

Johnny Mnemonic said:


> Just wanted to be certain I was getting the math right. Borrowing $9000...
> 
> $35*360 payments is $12,600 dollars.
> 
> ...


From memory that is right. I think the interest rate was 3.4% but this is from memory. I thought I took a screenshot of that part but now I don't see it. Logging in to the site it does not seem visible. If they actually approve me for the loan though they will give me the papers electronically to sign so it will be there. I doubt there is any pre-payment penalty. That would have raised up a storm. I believe $1,000 of it is supposed to be a grant.



_Tron_ said:


> Butting in... I strongly suspect it is a straight loan. Subject to modifications of Cares Act terms.
> 
> A little over 2% rate.
> 
> I love those terms! Especially since I will be gone long before 30 years is up. ;>


I think the rate was around 3.4% but am not 100% sure. The discrepancy might be due to $1,000 of it being a grant? Also from what I recall you have a year to start repayment?


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## _Tron_ (Feb 9, 2020)

touberornottouber said:


> If they actually approve me for the loan though they will give me the papers electronically to sign so it will be there.


If you dont mind saying, did you file strictly based on loss of rideshare income?


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## touberornottouber (Aug 12, 2016)

_Tron_ said:


> If you dont mind saying, did you file strictly based on loss of rideshare income?


Yes but the application didn't really go into depth and didn't ask for details. But here in my area February, March and early April is the season. From early March to about April 15 I should have been able to make about $200 a day (8 hours). Between that and the loss of a census job (which was not really relevant to the eidl application) I estimate I lost around $6,000 in March and April combined.


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## FLKeys (Dec 27, 2018)

When I first looked into this I read 30 years at 1% that would be a no brainer for me. As I read more I opted not even to bother as 30 years and 1% was not correct.


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## TonyStewart (Apr 4, 2020)

The rate is 3.75% for businesses! 2.75% for non-profits


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## Jon Stoppable (Dec 11, 2019)

touberornottouber said:


> However the loan still needs to be approved by a loan officer and from what I understand they need to check credit. From what I gather your credit must be over either 570 or 580 (I have seen both).


Bear got the $1,000 grant but got rejected for the loan. Bear's credit is only 560 :redface:


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## _Tron_ (Feb 9, 2020)

Jon Stoppable said:


> Bear got the $1,000 grant but got rejected for the loan. Bear's credit is only 560 :redface:


560? You have to pay for all that honey you eat Jon. This ain't Winnie the Poo. I suggest some credit counseling sessions with Yogi. He doesn't get caught stealing all those pic-i-nic baskets. And we know why... don't we?


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## Working4peanuts (Jan 16, 2018)

touberornottouber said:


> I initially applied 3/31 then re-applied 4/15. I finally got an invitation this morning to register at the portal and did so. They are offering me a little under 9,000. 30 year term. About $35 a month repayment.
> 
> However the loan still needs to be approved by a loan officer and from what I understand they need to check credit. From what I gather your credit must be over either 570 or 580 (I have seen both).
> 
> ...


I got "the email" this morning after applying on April 1. $7000, 3.75%, 30 years, $35/month, no payment for a year.

Something doesn't add up. I responded but will wait to see what the actual terms are before I sign anything.

Wonder if it'll take another 2 months before that comes...



touberornottouber said:


> I initially applied 3/31 then re-applied 4/15. I finally got an invitation this morning to register at the portal and did so. They are offering me a little under 9,000. 30 year term. About $35 a month repayment.
> 
> However the loan still needs to be approved by a loan officer and from what I understand they need to check credit. From what I gather your credit must be over either 570 or 580 (I have seen both).
> 
> ...


Have you received any acknowledgement that they received your response to the email they sent you yesterday?


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## TonyStewart (Apr 4, 2020)

Got my email this morning. $15,900 30 yrs. 3.75% I applied 4/1/20. good luck to all. I'm taking the cash.


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## Atom guy (Jul 27, 2016)

Got my SBA portal invitation this morning.

My offer is $10,200, 3.75% for 30 years = $50/month

Also, I had put in the wrong routing number, so that's why I never got the $1000, so I fixed that


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## touberornottouber (Aug 12, 2016)

Working4peanuts said:


> I got "the email" this morning after applying on April 1. $7000, 3.75%, 30 years, $35/month, no payment for a year.
> 
> Something doesn't add up. I responded but will wait to see what the actual terms are before I sign anything.
> 
> ...


I think I messed up on the interest rate -- it was actually probably 3.75%. I was just going from memory. No response yet. From reading on Reddit it usually takes a couple days on average for them to approve it and offer loan documents to sign.


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## DeadHeadDriver (Feb 7, 2020)

Atom guy said:


> Also, I had put in the wrong routing number, so that's why I never got the $1000, so I fixed that


Dammit! I made same error only with my acct.#, but had routing number correct. I fixed the info on SBA portal, but am still waiting for the $1k advance to make into my bank account.

How did you "fix that?" [the error]


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## _Tron_ (Feb 9, 2020)

Working4peanuts said:


> I got "the email" this morning after applying on April 1. $7000, 3.75%, 30 years, $35/month, no payment for a year.
> 
> Something doesn't add up. I responded but will wait to see what the actual terms are before I sign anything.












The difference between the $33.03 and the quoted $35 might well be a monthly processing fee.


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## Atom guy (Jul 27, 2016)

DeadHeadDriver said:


> Dammit! I made same error only with my acct.#, but had routing number correct. I fixed the info on SBA portal, but am still waiting for the $1k advance to make into my bank account.
> 
> How did you "fix that?" [the error]


I just went to the banking info and put in the correct routing number. Hopefully that will generate the $1000 payment


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## TonyStewart (Apr 4, 2020)

_Tron_ said:


> View attachment 465035
> 
> 
> The difference between the $33.03 and the quoted $35 might well be a monthly processing fee.


The term is 30 years not 29 as annotated above.


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## _Tron_ (Feb 9, 2020)

Tony, that calculation accounted for taking advantage of the first year grace period. It gives you a number closer to the $35. Of course the document may be written that if you delay by 1 year, the loan extends for one year. But that is less likely it seems.


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## Daisey77 (Jan 13, 2016)

Seems like things are happening differently for everyone. I know someone who never got the advance but got a loan offer of 6500. They told him he didn't get the advance because the bank account he used was not a business account. Now I know that's not accurate because I don't have a business account and I got the advance. The same guy along with another guy both had it hit their credit a couple days prior to the Advance being deposited. I've never had anything hit my credit and I got the advance. I'm the last one to apply out of the three of us. the first guy got 6500 and the second guy got 48,000. If I get an offer should be here within the next week but without a hit on my credit I'm thinking I was not approved but I don't know how they would know that without running my credit&#129335;&#127996; all sources I've checked have stated if you got an advance you got a loan but who knows

What I do know is, it's 30 years at 3.75% which we've distinguished by now

Oh and the gentleman he got the 48,000, that was in fact half of his gross earnings. I know someone mentioned they'd heard the loans were coming in at about 50% of the gross earnings


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## touberornottouber (Aug 12, 2016)

Daisey77 said:


> Seems like things are happening differently for everyone. I know someone who never got the advance but got a loan offer of 6500. They told him he didn't get the advance because the bank account he used was not a business account. Now I know that's not accurate because I don't have a business account and I got the advance. The same guy along with another guy both had it hit their credit a couple days prior to the Advance being deposited. I've never had anything hit my credit and I got the advance. I'm the last one to apply out of the three of us. the first guy got 6500 and the second guy got 48,000. If I get an offer should be here within the next week but without a hit on my credit I'm thinking I was not approved but I don't know how they would know that without running my credit&#129335;&#127996; all sources I've checked have stated if you got an advance you got a loan but who knows
> 
> What I do know is, it's 30 years at 3.75% which we've distinguished by now
> 
> Oh and the gentleman he got the 48,000, that was in fact half of his gross earnings. I know someone mentioned they'd heard the loans were coming in at about 50% of the gross earnings


One tidbit which might be relevant: when you get portal access one section allows you to verify your bank account information. If the name they have on file does not EXACTLY match the field you put in there you will get an error. Apparently the SBA reps have been telling people that a mismatch has been holding up the grant for people. It's not just that the first and last name must match but EVERYTHING. For example you may need to spell out your middle name too. This small detail probably made it so millions did not get their grants. Mine had a mismatch due to not spelling out the middle name. I didn't get any grant.

I also agree about it being different. Also I note they do nto seem to be processed strictly in order. It seems like people with more employees and higher revenue get some sort of priority processing.


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## Daisey77 (Jan 13, 2016)

touberornottouber said:


> This small detail probably made it so millions did not get their grants. Mine had a mismatch due to not spelling out the middle name. I didn't get any grant.


So when are we supposed to get access to the portal? I thought that was only once you actually had the loan & the paperwork and everything. I haven't accessed a portal nor have I been given information on how to do so but I got the advance


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## Working4peanuts (Jan 16, 2018)

I didn't get a grant but did get approved for a $7000 loan. Got the loan docs this morning and signed them. If nothing else, will keep money in bank for a year interest free and then pay loan back.


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## touberornottouber (Aug 12, 2016)

"Your SBA Economic Injury Disaster Loan Application is Approved"

Happy memorial day! 

Applied: 3/31/2020
Portal: 5/21/2020
Approved: 5/25/2020
Grant: ?
Credit check: ?


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## Daisey77 (Jan 13, 2016)

It never did hit my credit but I got my denial letter today 😥 I need to look into it some more but I don't know if it's worth the headache. They said they were unable to validate some info and they question the validity of my application LOL I mean they asked the whole three questions if that. I don't know what exactly they are talking about. I might try to appeal it just so I know what they are talking about. It's going to drive me crazy. It was a pretty foolproof application I thought. They did confirm I get to keep the $1,000 🤷🏼


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## Johnny Mnemonic (Sep 24, 2019)

Jon Stoppable said:


> Bear got the $1,000 grant but got rejected for the loan. Bear's credit is only 560 :redface:


You gotta stop paying for those picnic baskets and honey jars with your AmEx, Bear. Cash is King.



_Tron_ said:


> Tony, that calculation accounted for taking advantage of the first year grace period. It gives you a number closer to the $35. Of course the document may be written that if you delay by 1 year, the loan extends for one year. But that is less likely it seems.


I think you're assuming that the first year is a grace period with no interest. I read it as no payments (not no interest) for the first year. Meaning you're accruing interest from day one, and you have to pay that off on the back end.


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## _Tron_ (Feb 9, 2020)

Johnny Mnemonic said:


> I think you're assuming that the first year is a grace period with no interest. I read it as no payments (not no interest) for the first year. Meaning you're accruing interest from day one, and you have to pay that off on the back end.


Agreed. Interest accumulates. I left that out. Maybe that accounts for the discrepancy. An interest only calculator comes up with $153 for that first year. So somehow that is spread in to the balance starting in year 2. ?

Still not sure why peanuts was suspicious about the offer though.



Daisey77 said:


> They told him he didn't get the advance because the bank account he used was not a business account. Now I know that's not accurate because I don't have a business account and I got the advance.


Same experience. Got the 1K deposited to a personal account. Maybe policies vary by bank. Or, some banks enforce the policy and some are lax.


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## touberornottouber (Aug 12, 2016)

Daisey77 said:


> It never did hit my credit but I got my denial letter today &#128549; I need to look into it some more but I don't know if it's worth the headache. They said they were unable to validate some info and they question the validity of my application LOL I mean they asked the whole three questions if that. I don't know what exactly they are talking about. I might try to appeal it just so I know what they are talking about. It's going to drive me crazy. It was a pretty foolproof application I thought. They did confirm I get to keep the $1,000 &#129335;&#127996;


If you want to appeal it check out the Reddit subreddit /r/EIDL https://www.reddit.com/r/EIDL/ . One of the moderators there (cue378) often offers personal inside help to people and has helped many. Spend some time reading up there, it should be helpful.

It sounds like if you appeal it they will probably ask to see things such as your Schedule C tax form.


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## Daisey77 (Jan 13, 2016)

touberornottouber said:


> If you want to appeal it check out the Reddit subreddit /r/EIDL https://www.reddit.com/r/EIDL/ . One of the moderators there (cue378) often offers personal inside help to people and has helped many. Spend some time reading up there, it should be helpful.
> 
> It sounds like if you appeal it they will probably ask to see things such as your Schedule C tax form.


Thank you! I don't know what information they couldn't verify to make them question the validity of my application lol they asked you a whole three questions. But I will check into it.

FYI for everyone - my buddy has a pending transaction for 47,900! So it is happening just at a really slow pace


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## _Tron_ (Feb 9, 2020)

Daisey77 said:


> FYI for everyone - my buddy has a pending transaction for 47,900! So it is happening just at a really slow pace


Well, assuming your bud isn't a farmer, perhaps we can take this to mean that not all the loans are agricultural only after all. ?


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## Wolfgang Faust (Aug 2, 2018)

_Tron_ said:


> Well, assuming your bud isn't a farmer, perhaps we can take this to mean that not all the loans are agricultural only after all. ?


I have an LLC, only for my livery business....last week rec'd email saying I've been approved for a $18,500 SBA loan, no further info available.

Clicking on progress...only says "processing"


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## Daisey77 (Jan 13, 2016)

_Tron_ said:


> Well, assuming your bud isn't a farmer, perhaps we can take this to mean that not all the loans are agricultural only after all. ?


Oh he applied way back before they shut it down. I applied after him and I applied on April 4th. He applied I believe April 1st


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## RioRoja (Mar 13, 2017)

Daisey77 said:


> He applied I believe April 1st.


That is correct.

I received an Experian credit alert on 4/22.









I received the $1,000 EIDL "grant" via direct deposit on 4/24.










Saturday, 5/23 I woke up to this e-mail:









Next, I accepted the full loan amount, answered the identity verification questions and then e-signed the loan agreement. My loan was approved within a few minutes.









This morning I woke up to this direct deposit:










Because my loan is over $25,000, a $100 UCC handling charge was deducted from the loan proceeds.









Deferring the first payment for up to 12 months is optional.


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## TonyStewart (Apr 4, 2020)

Just got approved for $15,900. glta


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## Wolfgang Faust (Aug 2, 2018)

TonyStewart said:


> View attachment 468081
> Just got approved for $15,900. glta


I was approved for $18,500 two days ago.


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## oldfart (Dec 22, 2017)

I just received and accepted an offer of $29,200 They say its still being processed but they havent asked for any additional info and the next step is to sign the closing documents


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## Wolfgang Faust (Aug 2, 2018)

oldfart said:


> I just received and accepted an offer of $29,200 They say its still being processed but they havent asked for any additional info and the next step is to sign the closing documents


I closed on a loan for $18,500.
They'll send you a doc to e-sign.


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## oldfart (Dec 22, 2017)

Wolfgang Faust said:


> I closed on a loan for $18,500.
> They'll send you a doc to e-sign.


so less than a week from setting up the portal to signing the e-doc....do you have the money yet?


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## Wolfgang Faust (Aug 2, 2018)

oldfart said:


> so less than a week from setting up the portal to signing the e-doc....do you have the money yet?


Not sure...
Haven't checked balance since Friday.
Doc signed Wednesday.


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## UberBastid (Oct 1, 2016)

When this thing first started I applied.
Since then I've decided not to complete it.
I am a Real Estate Broker, and have income from that side-line, and I would qualify.

BUT, I don't really need it. I will leave it for those who do.
And I really don't trust the government enough to borrow from them.

I'd rather just stick to my usual MO and just steal it from them.
I think it's safer.

(My Credit Union will loan me $10k right now on a signature loan at 2.1% on a five year note fully amortized with no prepay penalty and no security. If I need cash, I'll take that offer before I do business with The Devil.)


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## Wolfgang Faust (Aug 2, 2018)

UberBastid said:


> When this thing first started I applied.
> Since then I've decided not to complete it.
> I am a Real Estate Broker, and have income from that side-line, and I would qualify.
> 
> ...


I lost 1.5 million because of the 2008 crash and got squat diddly from government.

I don't really "need" it, but I'm taking it


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## touberornottouber (Aug 12, 2016)

oldfart said:


> so less than a week from setting up the portal to signing the e-doc....do you have the money yet?


I got funded three days after signing the documents (approval).


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## TonyStewart (Apr 4, 2020)

Signed the docs on Friday and received the funds this morning.


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## Wolfgang Faust (Aug 2, 2018)

Wolfgang Faust said:


> I lost 1.5 million because of the 2008 crash and got squat diddly from government.
> 
> I don't really "need" it, but I'm taking it


Funds came in


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## oldfart (Dec 22, 2017)

Wolfgang Faust said:


> Funds came in


dont spend it all in one place


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## Wolfgang Faust (Aug 2, 2018)

oldfart said:


> dont spend it all in one place


yeah...


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## oldfart (Dec 22, 2017)

my loan was approved yesterday and money arrived today


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## Sodium101 (May 23, 2018)

Mine was approved on Sat, still no deposit yet.


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## Sodium101 (May 23, 2018)

Sodium101 said:


> Mine was approved on Sat, still no deposit yet.


Approved Sat, depost on Tues. Good luck to the rest of y'all!


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