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TOPIC: EIDL & PPP

EIDL & PPP 05 Apr 2020 13:12 #44545

  • BusyBee
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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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EIDL & PPP 08 Apr 2020 09:38 #44546

  • cinema5net
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I have applied for everything too. I have heard back for our DEED loan and PPP loan. They have been submitted for review. Same issue with the SBA loan. I applied twice because the first time it was just upload docs and that was it. Next time no docs uploaded but it did give me a confirmation number but no email confirmation. Still have heard nothing. Hopefully hear something soon. I was told by the local bank it could be up to 3 weeks to process.
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EIDL & PPP 17 Apr 2020 08:11 #44549

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Just got my advance $10k this morning. Took awhile but hopefully I will get some SBA loan soon.
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EIDL & PPP 18 Apr 2020 16:16 #44550

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Glad to hear you got the advance!

I've still heard nothing. I did get PPP funding on Tuesday, so I can afford to have my high schoolers come back to help me clean, take care of some deferred maintenance and prep for opening. My projectionist, who has the second highest payroll next to mine, has no interest in coming back as long as unemployment is paying out, and I'm okay with that. I'll just need to be careful spending the funds correctly so it gets forgiven.
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