AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |
Back to Blog
Sba loan status1/10/2024 ![]() Once Peggy located my application she told me that I am currently sitting in a “very, very, very,” (her words) long line of applications that are waiting to be assigned a loan officer. They don’t talk to one another, but the representatives have to toggle between the two to get the information you request. It turns out the SBA is keeping track of the incoming calls associated with your application in one system and tracking the status of your account, in another. She asked for my confirmation number and checked her two systems using that unique identifier. Roughly 10 minutes later, I was greeted by a lovely woman who gave her name as Peggy and gave me her ID number (if you’re calling, be sure to write this down and keep it with your other loan application details!). The automated system just told me that I am caller number 732…This is gonna be fun…Ībout 15 minutes later, after some surprisingly ok hold music, the automated system jumped on to tell me that I had moved up in the cue to caller number 438.Īnd now I’m caller 438! Moving on up! /63rabILEbb I am on hold with the SBA to check status on the EIDL I applied for last week and have heard nothing about since. I even tweeted about it, expecting it to be a painful affair. I started at caller number 732, at 8:15 am PT on Friday, April 10. Keep selecting the option for disaster loans, and eventually, after about three menus you’ll get put into a queue for the next available human representative. When you first call the SBA phone number above, about the status of your EIDL application, you are shuttled into the automated system. Call to Check the Status of an EIDL Application They will not email it to you and, as it turns out, the SBA cannot look it up. If you’re applying for an EIDL via the SBA, make sure you save that number. Luckily when I applied, I created a PDF of the application confirmation number that appeared at the end of completing the application. Regardless, I crossed my fingers, and hit submit, and then waited for an email confirmation, or really anything from the SBA.ĭays passed…When I didn’t hear anything back for more than a week, got no email confirmation after submitting the required banking information, and had no contact with the SBA, I finally decided to call them directly ( 80) and check on the status of my EIDL application. That, of course, makes everyone nervous given the data breaches that the SBA has had. ![]() In order to get that, though you have to submit your banking information including account number and bank routing number. At the very end of the application, there’s a checkbox that allows you to request the $10,000 advance that’s supposed to show up within “three days” of application. If you keep good financial records and keep up with your invoices and outstanding accounts, it’s as easy as inputting your financials for the previous twelve months. ![]() The application itself was relatively simple. Scams are common in times of chaos and need, and the Better Business Bureau has recently offered warnings about a number of scam SBA sites and how to protect yourself. I applied when the loan applications first opened up on the SBA site, after double verifying that I was, in fact, using the SBA site and not some scammer site. I applied late on the evening of April 1, after reading a Forbes story on federal relief for freelancers by a former Fortune Magazine colleague of mine, Elaine Pofeldt. As a full-time freelance journalist, personal and small business finance writer, and digital media consultant, I know to keep up on what’s happening around my business especially in these unprecedented times, and thanks to the newshound in me, I got in on the EIDL program early. I’d reached out to my accountant to find out more about the program, but he proved to be useless so I did the legwork myself.Īs safer-at-home regulations continue to move forward, many of my clients are starting to constrict their freelance and contractor spending. There are a few requirements for eligibility and you apply directly through the SBA (not through your SBA-approved lender). The loan is designed to help bridge the gap for small businesses, that have taken a hit to income streams as a result of COVID-19. A little about the EIDL Grant and Loan from the SBAĪ little over a week ago, I applied for the Emergency Disaster Injury Loan from the U.S. Here’s what I found when I called the SBA. Small Business Administration and are wondering how to check the status of your application. If you’re also like me, you’ve probably already applied for the EIDL or Emergency Disaster Injury Loan from the U.S. Many of you may have already lost clients or had others shut off work for the time being, and keeping money flowing is crucial for any small business. If you’re like me in the time of COVID-19, you’re working to secure capital while we all hunker down and wait this bug out.
0 Comments
Read More
Leave a Reply. |