Has anyone applied for the $10,000 EID Loan through the SBA? If so, have you ever heard anything back? I applied for our agency last week...it was super simple. It took maybe 5 minutes at the most. It says once approved you will have the money within 3 days. Problem is I haven't heard a word about it since then...no emails or anything confirming that the application was received. Just wanted to see what others experience has been and if they have received any money yet.
Economic Injury Disaster Loan-SBA
- Thread starter samuels14
- Start date
Corpuschristi
Expert
- 68
Yep, they are overwhelmed. It is a first come first serve grant. 30 million small business owners applying for 10 billion $$. Not everyone is gonna get the money. We haven't received any response also.
- Thread starter
- #3
They said on CNBC a little while ago that one bank tried to process 10000 PPP applications today and got 5 approved. FIVE. Not 5,000.
Apparently the SBA portal that the banks use to get loan numbers assigned is all jacked up. Who knows...
- 10,349
I applied for the $10k advance as well last week. Havent heard anything back either.
The disaster loan is supposed to be easier to get than the PPP loan. My bank stopped taking applications for the PPP loans today after 3 hours. Many banks have already hit their limit from what Ive heard/read.
Most banks require having a pre-existing relationship with them to apply, which will exclude a lot of small businesses who bank local.
The disaster loan is supposed to be easier to get than the PPP loan. My bank stopped taking applications for the PPP loans today after 3 hours. Many banks have already hit their limit from what Ive heard/read.
Most banks require having a pre-existing relationship with them to apply, which will exclude a lot of small businesses who bank local.
- 2,058
I thought ICs/1099s aren't supposed to bother applying until April 10th?
That is for the payroll protection program.
Also, you could have filed for that on April 3rd if you file as an S/have employees.
That makes no sense. Local community banks are just as much a part of the process as BofA, Wells, etc.
Whammer1249
Expert
- 27
This is from the PNC website today.
Paycheck Protection Program
We’re committed to helping you
To apply for the program at this time, you must have an existing business deposit or lending relationship with PNC, due to customer verification requirements that apply under applicable rules.
Paycheck Protection Program
We’re committed to helping you
To apply for the program at this time, you must have an existing business deposit or lending relationship with PNC, due to customer verification requirements that apply under applicable rules.
You may be aware, but that isn't the program that OP referenced. You can apply for the EIDL directly with the SBA. The PPP needs you to apply with a bank, and as you noted the majority require a pre-existing relationship.
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