Economic Injury Disaster Loan-SBA

[sman]

They're also essentially taxing it:

IRS Rains On The Paycheck Protection Parade

Yeah I saw that. Turning into a clusterf!@k. But this is exactly what we should expect from the government. Amazing to me that my neighbors high schooler who works part-time at the local theater is getting $664 per week in unemployment, but those of us who are self-employed and actually pay taxes, get nothing.

 

[chad kandaris]

I got an email today about my disaster loan. It told me that i am doing the next step and it shows a confirmed amount and it wont let me fill complete the third part that is for signing and closing. Does this mean I am going to be approved or is it still in decision making step? Thanks.

 

[billyb]

I got an email over the weekend which had a link. After clicking it went to the SBA site where it stated how much loan I would receive. Not sure how they came up with the amount because I never ask for any specific amount. It allowed me to continue and complete the process. I received another email later stating I was approved. No money in my checking account yet.

Said payments weren't due for 12 months and the rate is 3.75% for 30 years. I won't live long enough to pay it off.

 

[chad kandaris]

how long did it take after the got the email to where they told you that you were approved?

 

[billyb]

Once I completed all steps it was a matter of minutes. Not sure how long it will be before the funds are available.

 

[chad kandaris]

i completed step 2 with just step 3 left. I was wondering how much time between step 2 and 3 if you remember. Thanks

 

[billyb]

I just remember one step was inputting your name, email address, etc then you verified who you were by answering questions you should know the answer to. In this step they listed one of my ex-wifes names as a person that I should know. Wonder how they knew that? The last step was DocuSign. The whole process took less than 15 minutes and the approval came soon afterward. No money deposited yet.

 

[chad kandaris]

after i input my verification information, it says processing application and its been two days. It didn't go instantly to the 3rd step like you. Maybe I will be getting denied.

 

[billyb]

I just logged in to the SBA and it says my loan has been approved, but no funds have been deposited yet. I have been doing some research and it is really confusing when it comes to how the money can be spent. I talked with my CPA yesterday and he said their is no clear guidance yet. One author says one thing online and another author says another.

The reason I applied for the EDIL instead of the PPL is because I expect to pay it back. Don't want any handouts. I have heard all kinds of comments from agents on how they would spend the money and most are not following guidelines if they do what they said. This is why I am a little nervous. I want to spent it on my business as I see fit and not be monitored by the government.

 

[chad kandaris]

can are not supposed to spend it on certain things. the only way you get into trouble if you spend it on whats not allowed is if you get the good old audit.