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Old 05-18-2020, 12:55 PM
 
5,106 posts, read 3,401,898 times
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Quote:
Originally Posted by kwalk65 View Post
I received mine (PPP) as well on 5/8/2020 deposited into my bank account. I applied for it on April 10th.

My biggest issue is that the 8 weeks of PPP won't even begin to cover the losses as being in the state of Washington I can't even see a light at the end of the tunnel for most small businesses to start back.

Has anyone received an update or received the EDIL loan. I have an updated email from the SBA. My application number is 3600218198. I applied for it I believe around April 10th.

Karen
There are threads on Reddit relating specifically to the EIDL loans and people are posting app #'s and dates when given a portal and when funded. Right now it looks like they are up to 3/31 apps, mine is 4/2 and who knows, it may take a month to get to my group because the volume of businesses that applied.

Best of luck to you.
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Old 05-18-2020, 04:11 PM
 
607 posts, read 1,760,838 times
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Quote:
Originally Posted by KaraG View Post
There are threads on Reddit relating specifically to the EIDL loans and people are posting app #'s and dates when given a portal and when funded. Right now it looks like they are up to 3/31 apps, mine is 4/2 and who knows, it may take a month to get to my group because the volume of businesses that applied.

Best of luck to you.
Today I received an email to create an account on the SBA portal for the EIDL. I logged in and it requested that I verified my identity and confirmed the amount of the loan. It accepted it and now it says "Application processing".

My application number is 3600...which I applied for around 4/10.

My best to you as well...such a hard process with an unimaginable amount of patience required.

Last edited by kwalk65; 05-18-2020 at 05:23 PM..
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Old 05-19-2020, 06:22 AM
 
5,106 posts, read 3,401,898 times
Reputation: 10366
Quote:
Originally Posted by kwalk65 View Post
Today I received an email to create an account on the SBA portal for the EIDL. I logged in and it requested that I verified my identity and confirmed the amount of the loan. It accepted it and now it says "Application processing".

My application number is 3600...which I applied for around 4/10.

My best to you as well...such a hard process with an unimaginable amount of patience required.
Very good! From what people are guessing, the 3600 apps are west coast and 3300 are east coast offices.

Last edited by KaraG; 05-19-2020 at 06:33 AM..
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Old 05-21-2020, 06:24 AM
 
3,362 posts, read 2,011,757 times
Reputation: 1973

https://www.youtube.com/watch?v=-DT7bX-B1Mg
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Old 05-22-2020, 12:12 AM
 
Location: Staten Island, NY
654 posts, read 128,389 times
Reputation: 681
On May 21st I received two emails fro the SBA dated APRIL 28TH denying both loan applications. The letter says we did not sustain enough economic hardship. One business has been completely shut down since March 16th and is tied into phase 4 opening of NYC. My other business has sustained a 40% decline in revenue since this began. Why these letters are dated Apri 28th is beyond me. I have been waiting in vain for almost a month continuously bleeding cash.
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Old 05-22-2020, 11:02 AM
 
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Quote:
Originally Posted by Hammer Time View Post
On May 21st I received two emails fro the SBA dated APRIL 28TH denying both loan applications. The letter says we did not sustain enough economic hardship. One business has been completely shut down since March 16th and is tied into phase 4 opening of NYC. My other business has sustained a 40% decline in revenue since this began. Why these letters are dated Apri 28th is beyond me. I have been waiting in vain for almost a month continuously bleeding cash.
I am sorry this is happening to you. I know you can appeal this and I certainly would.
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Old 05-22-2020, 11:10 AM
 
607 posts, read 1,760,838 times
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I received my SBA EDIL loan docs to sign this morning of which I just did. I accepted the loan which is just over 100k.
If I knew my business would be back to normal in a few months I am not sure I would have accepted the loan, but since I don't I felt that it was necessary to move forward on securing the loan.

So, for those of you still waiting I want to give you some hope that the SBA loan did come through for me. Now, hopefully I will see those funds deposited into my bank account in the near future.
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Old 05-23-2020, 09:11 AM
 
1,778 posts, read 833,643 times
Reputation: 1956
Got my ppp loan. Seems like the online lending sites are way quicker than the standard large banks and regional banks. My PPP got approved and paid within 1 week of applying, which was early May. I had to apply super late because I wasn't done calculating my 2019 business tax return information.
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Old 05-23-2020, 07:54 PM
 
Location: WY
5,822 posts, read 4,097,115 times
Reputation: 6815
I live and own a sole proprietorship in Small Town WY. I am the only employee. Went to the bank my business account is tied to and they said they could not help me, and to apply online via the SBA site (even though I had already told them I did not have a secure internet line and did not do important business - banking, bill paying, credit card purchasing etc online).

Went to a second bank where I had a personal account. Had to open a business account with that bank in order to apply for the PPP. Applied on the Monday and received money in the account on Thursday of the same week. Lobby to the bank was completely closed so did everything via multiple phone calls and multiple trips through the bank drive-thru.

It will pay one months rent and provide one months salary to me. I'll take it. In the meantime, my business recently reopened and is (thankfully) picking up where it left off. I was afraid that all of my customers would move on during the time we were closed. Realize now that (at least in my area) nobody moved on - everyone just put their lives on hold.
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Old 05-27-2020, 05:01 AM
 
Location: New York Area
19,763 posts, read 7,756,055 times
Reputation: 14875
Quote:
Originally Posted by juneaubound View Post
IIt will pay one months rent and provide one months salary to me. I'll take it. In the meantime, my business recently reopened and is (thankfully) picking up where it left off. I was afraid that all of my customers would move on during the time we were closed. Realize now that (at least in my area) nobody moved on - everyone just put their lives on hold.
PPP was flawed but valuable. I suspect the bolded is largely true.
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