What's your experience like? We submitted the long form EIDL app 2 weeks ago, and resubmitted using the easy app with the advance option on Tuesday. I took a screenshot of the confirmation number on my screen, which I'm glad I did because I didn't get a confirmation email, no communication whatsoever, and no login info to check status.
Completed the PPP app Friday morning with our small local bank. Hoping to get an approval on Monday and funding this week.
The SBA is violating the terms of the CARES act. While I understand the strain of trying to implement something of this magnitude while SBA employees are also quarantined like the rest of us, it is wholly unacceptable for the SBA to violate the law and change the terms of the program.
The (up to?) 10K advances were supposed to be sent within 3 days of receipt of an application, and they were supposed to be available to sole proprietors with or without employees, and now SBA reps are telling people it's based on the number of employees you have.
I'm starting to think it would have been better to let the banks administer the EIDL like they are the PPP, because it would have allowed the government to utilize the infrastructure and staffing already in place in every community in the country. I hate banks, so I never thought I'd come to a conclusion like that...
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