# EIDL Offer



## Ant4evaL (May 27, 2020)

Today, I was offered 42000$ but since I read here that anything below 25000$ does not require collateral...I have to opt to an amount below 25k...

I want to ask if anyone have actually receive guns in their account and what is the time line for the deposit after you accept the offer:

Thanks


----------



## akwunomy (Jan 12, 2020)

Still waiting...sp


Ant4evaL said:


> Today, I was offered 42000$ but since I read here that anything below 25000$ does not require collateral...I have to opt to an amount below 25k...
> 
> I want to ask if anyone have actually receive guns in their account and what is the time line for the deposit after you accept the offer:
> 
> Thanks


still waiting here..Spoke to them on Sunday and they told me....there is something on my application...they remove it and asked me to expect something from their office this week...


----------



## UStaxman (Aug 14, 2016)

Applied March 30
Credit pull in mid/late April 
Email around that same time that application was being processed’ ... I didn’t hold my breath!
Tuesday received email to ‘Create Account’ to review offer and answer ‘Security’ questions
I Accepted the offer on Tuesday
Wednesday I received email I was Approved
Funds were deposited Friday. Amazingly smooth.


----------



## oldfart (Dec 22, 2017)

Ant4evaL said:


> Today, I was offered 42000$ but since I read here that anything below 25000$ does not require collateral...I have to opt to an amount below 25k...
> 
> I want to ask if anyone have actually receive guns in their account and what is the time line for the deposit after you accept the offer:
> 
> Thanks


Ive seen other drivers report that they were offered $3500, $9000 and now your $42000, What do you think accounts for the difference?? Is it that you provided gross income and they provided net income on the application?


----------



## akwunomy (Jan 12, 2020)

Maybe t


oldfart said:


> Ive seen other drivers report that they were offered $3500, $9000 and now your $42000, What do you think accounts for the difference?? Is it that you provided gross income and they provided net income on the application?
> [/QUOTE
> 
> Maybe the gross...I provides the gross not net profit


----------



## Chinazac (Mar 14, 2020)

Ant4evaL said:


> Today, I was offered 42000$ but since I read here that anything below 25000$ does not require collateral...I have to opt to an amount below 25k...
> 
> I want to ask if anyone have actually receive guns in their account and what is the time line for the deposit after you accept the offer:
> 
> Thanks





Ant4evaL said:


> Today, I was offered 42000$ but since I read here that anything below 25000$ does not require collateral...I have to opt to an amount below 25k...
> 
> I want to ask if anyone have actually receive guns in their account and what is the time line for the deposit after you accept the offer:
> 
> Thanks


Hi! I'd repayment required for it? Any forgiveness? Also is EIDL Advance related to it? I've heard it doesn't need to be repaid. So is it something like emergency fund or grant when the regular EIDL application is pending approval ? Also on SBA site it last said only agricultural related business is eligible for EIDL due to the limited funds , how come you just got an offer as a Uber driver?


----------



## Atom guy (Jul 27, 2016)

Chinazac said:


> Hi! I'd repayment required for it? Any forgiveness? Also is EIDL Advance related to it? I've heard it doesn't need to be repaid. So is it something like emergency fund or grant when the regular EIDL application is pending approval ? Also on SBA site it last said only agricultural related business is eligible for EIDL due to the limited funds , how come you just got an offer as a Uber driver?


You're finding this program 2 months late, but here's how it is set up: The EIDL provides for a $1000 up front grant which does not have to be repaid and then a loan after that which does have to be repaid. You can get the grant whether you are approved for the loan or not. So many Uber drivers applied, just looking for the grant money. Now, 2 months after we applied, drivers are starting to get the loan offers. Some are taking it, some are not. I am not sure if you could apply now or not. Millions of people already have, and the SBA started accepting only agricultural businesses.


----------



## Chinazac (Mar 14, 2020)

Atom guy said:


> You're finding this program 2 months late, but here's how it is set up: The EIDL provides for a $1000 up front grant which does not have to be repaid and then a loan after that which does have to be repaid. You can get the grant whether you are approved for the loan or not. So many Uber drivers applied, just looking for the grant money. Now, 2 months after we applied, drivers are starting to get the loan offers. Some are taking it, some are not. I am not sure if you could apply now or not. Millions of people already have, and the SBA started accepting only agricultural businesses.


Appreciated your explanation, because I saw your update posted today, that's why I was confused with how the loan would be still available after the new eligibility determination. By the way, could you pls answer this question because in the PUA benefit group, no one has responded it or address my concern yet since it was posted over a day ago. 
Ok. My last working day was March 21, so I started to request my payment for the week ending that day. But why does the letter states my PÚA assistance period begins on 02/02? Should I go back to request weekly payments all the way to February? I was working full time( more than $1000 per week) til the week of March 15, though. So if I tried to claim, would I end up zero payment ? If I wasn't eligible for any week before 03/15, then why the DOL just set me the email to remind me? Appreciated any suggestions


----------



## Atom guy (Jul 27, 2016)

Chinazac said:


> Appreciated your explanation, because I saw your update posted today, that's why I was confused with how the loan would be still available after the new eligibility determination. By the way, could you pls answer this question because in the PUA benefit group, no one has responded it or address my concern yet since it was posted over a day ago.
> Ok. My last working day was March 21, so I started to request my payment for the week ending that day. But why does the letter states my PÚA assistance period begins on 02/02? Should I go back to request weekly payments all the way to February? I was working full time( more than $1000 per week) til the week of March 15, though. So if I tried to claim, would I end up zero payment ? If I wasn't eligible for any week before 03/15, then why the DOL just set me the email to remind me? Appreciated any suggestions


For PUA, which is the federally funded unemployment for self employed people, you can put in for weeks all the way back to 2/2. That's not the extra $600/week. That starts for the first week of April, so you can only retro to the beginning of April on that. You can request PUA back to 2/2, but when you go in and put in your full time earnings for those weeks, it'll tell you you have excess earnings for those weeks and not pay you anything, so don't bother.


----------



## UStaxman (Aug 14, 2016)

oldfart said:


> Ive seen other drivers report that they were offered $3500, $9000 and now your $42000, What do you think accounts for the difference?? Is it that you provided gross income and they provided net income on the application?


It Appears the loan amount is equivalent to approximately 50% of the 2019 Gross Profit (gross receipts less COGS) you reported when filling out the EIDL application on or about March 30


----------



## oldfart (Dec 22, 2017)

UStaxman said:


> It Appears the loan amount is equivalent to approximately 50% of the 2019 Gross Profit (gross receipts less COGS) you reported when filling out the EIDL application on or about March 30


thanks


----------



## Chinazac (Mar 14, 2020)

Hello! Does anyone know that if EIDL loan can be used to pay personal debt including home mortgage balance?


----------



## UStaxman (Aug 14, 2016)

Chinazac said:


> Hello! Does anyone know that if EIDL loan can be used to pay personal debt including home mortgage balance?


supposed to be used for business expenses- cannot use it to purchase additional assets (i.e. expanding the business). You can get away with allocating an amount for personal expenses thru an ‘owners draw’ (which is in lieu of salary for a sole proprietor) but this cannot be anymore than couple months your 2019 Net Income.


----------



## Daisey77 (Jan 13, 2016)

oldfart said:


> Ive seen other drivers report that they were offered $3500, $9000 and now your $42000, What do you think accounts for the difference?? Is it that you provided gross income and they provided net income on the application?


 the EIDL loan is 50% of your annual gross earnings. Since most of us applied a year ago we used our 2019 taxes.

The PPP loan was equivalent to two and a half months of your net income originally and then it switched to gross income the end of March


Chinazac said:


> Hi! I'd repayment required for it? Any forgiveness? Also is EIDL Advance related to it? I've heard it doesn't need to be repaid. So is it something like emergency fund or grant when the regular EIDL application is pending approval ? Also on SBA site it last said only agricultural related business is eligible for EIDL due to the limited funds , how come you just got an offer as a Uber driver?


 the EIDL stuff is from a year ago. We all applied a year ago and changes in stimulus packages allowed us to qualify for different things that were originally offered but not fulfilled. All of this is contingent on our applications from a year ago


Chinazac said:


> Appreciated your explanation, because I saw your update posted today, that's why I was confused with how the loan would be still available after the new eligibility determination. By the way, could you pls answer this question because in the PUA benefit group, no one has responded it or address my concern yet since it was posted over a day ago.
> Ok. My last working day was March 21, so I started to request my payment for the week ending that day. But why does the letter states my PÚA assistance period begins on 02/02? Should I go back to request weekly payments all the way to February? I was working full time( more than $1000 per week) til the week of March 15, though. So if I tried to claim, would I end up zero payment ? If I wasn't eligible for any week before 03/15, then why the DOL just set me the email to remind me? Appreciated any suggestions


It says the assistance. Is February 2nd To December 26th. That's the dates the stimulus package determined Pua was active. Your specific eligibility date looks like it's March 15th. So that's the beginning day you can start cleaning. Once you were notified you were approved, they should have sent you all the back weeks for you to certify for


----------



## Chinazac (Mar 14, 2020)

Has anyone who applied for EIDL loan or succeeded in securing a loan got a question like this? I already got my loan approved and it was funded at one point. But just got the email today. As a ride share driver , how can we have a hazard insurance? As we don’t have a physical location or business property. Should I ignore this message?


----------



## Daisey77 (Jan 13, 2016)

Chinazac said:


> Has anyone who applied for EIDL loan or succeeded in securing a loan got a question like this? I already got my loan approved and it was funded at one point. But just got the email today. As a ride share driver , how can we have a hazard insurance? As we don’t have a physical location or business property. Should I ignore this message?


Funded at one point? They funded it but then took it back?

I got the same email about 7 months after my original loan was funded, while in process of getting my targeted advance. I just sent them my auto insurance and my renter's insurance policy.


----------



## Chinazac (Mar 14, 2020)

Daisey77 said:


> Funded at one point? They funded it but then took it back?
> 
> I got the same email about 7 months after my original loan was funded, while in process of getting my targeted advance. I just sent them my auto insurance and my renter's insurance policy.


long story, yes, it was funded at deposited to a bank that I opened online this yr. but after I called them n requested a transfer, they locked my account ( apparently they took my request over the phone n proceeded to process it ) next day n asked me to submit the paperwork of my loan agreement n 1099 form( showing how I got my loan approved) for reviewing. I was like, that’s not bank’s business. But I still cooperated n emailed them everything thing. Then a couple of days later, when I called in to check the status, I was told that my funds were sent back to SBA n account got closed. They said it’s risky. Ridiculous! So I had to call and email SBA about this error. In June I have as instructed to re-submit a new account with a voided check n ID. I did immediately, but it hasn’t progressed. Thenat the end of June, my Target advance funds were sent out after approval a few days prior. I entered my chase business account info ( different from the bank account submitted for re- depositing of the loan funds. I never received the grants and kept calling SBA to check which account they were sent to, was told that the chase bank account was up to date on file. After a week wondering n waiting , it never hit my bank It turns out the grant funds were returned n sent to the previous closed bank account that my loan funds were sent back from. I can’t believe that’s how a government agency does their work. It’s obvious their negligence. So far it’s still being processed for reimbursement n my chase bank didn’t get updated on file until a few days ago that I learn from the phone call with a SBA agent today( I submitted my same chase bank in with voided check on July 3rd, also submitted the new bank info or the PDC.Recons&sba.gov on June 21). Basically thru say they will deposit them to one bank account. It wasn’t until a few days ago, in my portal was still showing the closed bank account info. But it go wiped out n no update at all so far, not can I enter it by myself. This is a big drama


----------



## Daisey77 (Jan 13, 2016)

Chinazac said:


> long story, yes, it was funded at deposited to a bank that I opened online this yr. but after I called them n requested a transfer, they locked my account ( apparently they took my request over the phone n proceeded to process it ) next day n asked me to submit the paperwork of my loan agreement n 1099 form( showing how I got my loan approved) for reviewing. I was like, that’s not bank’s business. But I still cooperated n emailed them everything thing. Then a couple of days later, when I called in to check the status, I was told that my funds were sent back to SBA n account got closed. They said it’s risky. Ridiculous! So I had to call and email SBA about this error. In June I have as instructed to re-submit a new account with a voided check n ID. I did immediately, but it hasn’t progressed. Thenat the end of June, my Target advance funds were sent out after approval a few days prior. I entered my chase business account info ( different from the bank account submitted for re- depositing of the loan funds. I never received the grants and kept calling SBA to check which account they were sent to, was told that the chase bank account was up to date on file. After a week wondering n waiting , it never hit my bank It turns out the grant funds were returned n sent to the previous closed bank account that my loan funds were sent back from. I can’t believe that’s how a government agency does their work. It’s obvious their negligence. So far it’s still being processed for reimbursement n my chase bank didn’t get updated on file until a few days ago that I learn from the phone call with a SBA agent today( I submitted my same chase bank in with voided check on July 3rd, also submitted the new bank info or the PDC.Recons&sba.gov on June 21). Basically thru say they will deposit them to one bank account. It wasn’t until a few days ago, in my portal was still showing the closed bank account info. But it go wiped out n no update at all so far, not can I enter it by myself. This is a big drama


Yeah I heard Chase was not accepting deposits unless you had a business account set up with them. However they were not allowing business accounts to be opened unless we were registered with the state and had a license number from the state. So basically all of us independent contractors and self-employed folks we're not allowed to use Chase whatsoever, even if we banked with them.


----------

