EIDL Loan Reconsideration Funded
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- Опубликовано: 27 сен 2024
- With the changes in the EIDL program and uses of funds we were able to apply for our third increase and have the EIDL loan reconsideration funded over the past few weeks. In this video I will go over what that process looked like, and what steps you need to do in order to be considered for the increase, the timeline on the process and how long it actually took to receive the funds, and what implications these new changes may have for the future. #EIDL #SBA #EIDL LOAN
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Excellent info… keep doin what your doin
Thank you very much!
Hey. I got a very important story to tell you about my SBA experience!
Can you send me an email and we can connect?
Can you reapply if you already have been denied due to the date of when our business started ?
I don't believe. Did your business start after March 20'?
@@MysteryofMoney yes it started in June.
Thank you. The reconsideration is still on hold....this is what is needed.. banks are too high.....they are throwing loans at us....no sba 3.5 is excellent
Its been a 4 bussiness days now my portal shows funded but no money hit my bank account🙄
Hopefully soon! Best of luck!
He helped me got my grant successful👆after waiting for months till I got helped..through him he's fast and dependable
Did you ever end up getting funded ?
What tha hell!!!!! How do you get a third approval after 2 weeks and many of us have been waiting since April!!!!!
I know, right! . I have never been lucky, but I will take it. Did they give you any reason you are waiting so long?
@@MysteryofMoney
No reason. I have been "escalated" as of Nov. 5th due to the length of time. Fingers crossed.🤞
@@hyundai_palisade best of luck my friend! 🤞🤞🤞
eidl loan approved, signed loan note then denied, what can I do? Please help me.
Did you get a letter stating why?
@@MysteryofMoney by sba received multiple applications
Any tips on being denied for the EIDL due to unverifiable information? I originally sent my 2019 tax doc, 4506 form, and my ID(which is all they asked for). I want to request the reconsideration but not sure what to send in this time.🤔
Check out todays video for my interview with SKIP on this very question.
My confirmed amount is $75,500 but my Targeted EIDL Advance say $15,000 approved. I'm confuse!
@@NicoleNark.. that sounds supicious
Don’t reach out on Instagram, it’s a scam. The targeted advance would be taken from your loan amount. If approved for 75k you could get a loan for $60,500 and the rest should be a forgivable grant.
@@1jeanlove hey “sba officer Andrew” that’s his handle..
I applied for the loan last year and got denied, but then I qualified for the EIDL grants so I applied, just got approved the other day after months of waiting and getting denied during that process before my approval now because they did not have my tax transcripts yet, entered reconsideration (still for the grants) and a loan officer finally helped me get approved and access my portal for the first time. The grants changed from approved to funded but it has not hit my bank account yet and it has been at least 2 business days since it changed to funded. I figured I'd ask since the loans and grants seem to function very similar. Also, I never tried to reapply/try reconsideration for the loan. Would it be too late now to apply and is there any risks on getting denied for the loan besides maybe like a hard credit inquiry I imagine? Thanks in advance for you time and feedback if you can of course.
Same here. Our stories sound the same. I got changed to funded over two weeks ago. I still have not received the funding. When i call in they transfer me over to a dead line. I'm not sure what is happening.
I would apply for reconsideration, worst case you get denied. I never had my credit pulled during the whole process, at least not a hard pull. As far as funding, I would wait about 10 business days and then start sending e-mails and calling. Best of luck! Thanks for watching!
Is this the first draw? Did you check with your bank to make sure they did not return the money?
How to know if I elegible for this increase ? My blue bottom it’s not on my portal
What were you originally approved for? We had been approved for more than we asked originally. Is there a modification button?
@@MysteryofMoney Thank you for your response, I was approved and paid for the maximum amount that was offered to me in quote a few months ago when I requested the incresase I don't know why I don't see my blue button.
He helped me got my grant successful👆after waiting for months till I got helped..through him he's fast and dependable
What does it mean when your sba portal says waived?
Is it on a document, or the whole portal says waived?
@@MysteryofMoney The whole portal. Everything I have turned in through the portal says waived.
When Mine Said Waived The Loan Officer Did It Then I Was Approved
@@Glocklivin_Kay Thanks for the information! Hopefully it will be soon. How long did it take ?
So are small businesses still able to get the EDIL?
The loan, and in some cases the grant for certain businesses. The original grant is gone, but you can still get a loan if needed.
@@MysteryofMoney so there's no loan forgiveness on the loan? And up to how much and how long is that process for approval?
@@Bigdaddy078 up to 24 months of working capital. The process varies in time, but under $500k is quicker for now.
I logged in a don't have the option to request more funds. I was denied originally but sent an email for modification. I guess I'll wait for a response.
You will probably have to.
Thank you for the information, much appreciation!
Very welcome, thank you for watching!
So this kind of a loan is for an existing business only?
Correct. One that was impacted by the pandemic and existed prior to March of 2020. Good question!
Exactly
TK
I can't even participate due to the IRS backlog, 100% fucked, filed back in Jan 2021. Total bullshit
Tax return backlog?
@@MysteryofMoney Yes, I qualify 100% but due to the IRS not processing my 2019 taxes that I filed nearly a year ago I am excluded from the EIDL program.
I sent in all the documents for the reconsideration as they requested do you think i will get a desicion before 12/31
I would think you should hear something soon. Hopefully things are speeding up.
@@MysteryofMoney hopefully brother like you I am also a truck driver I lost my truck
He helped me got my grant successful👆after waiting for months till I got helped..through him he's fast and dependable
What about buying a home?
Can't be used for that
I've been waiting a very long time to fix an ACH error and finally got my portal reset and the new bank info typed in. Approved on 27th and funded on the 1st.
Still haven't gotten the money into my bank. Called them and they said it will take 10-15 business days to get into my account. Is this true??
I'm starting to panic, cause I've already been through this once. I can't afford to wait another 4 months again.
Make sure your bank didn’t return the money. There are issues if the account name is different than your loan name.
@@MysteryofMoney no, my bank is aware the funds that are coming. And the high up SBA advisor attorney guy even went the extra mile and changed my business name on the SBA application to my actual name so it would go through without any problems. He fixes SBA accounts for a living.
But still I haven't received the funds. The SBA said my bank info is verified and everything is correct. I'm freaking out to be honest. I applied in may of 2020 and it took 17 months to get approved. This is a nightmare.
@@mattc420 as long as everything is correct, you should be good. Ours took 7 days, I believe. Also can’t count weekends and holidays. Hopefully any day now. Best of luck!
@@MysteryofMoney oh and I had to get my congressman to help me is how I got a high up SBA worker to help my case. I have his personal SBA email, I'm probably gonna email him tomorrow and ask him what's up?
Am I over reacting? Does it always take everyone over 10 days to get the money?
@@MysteryofMoney Im just so terrified of this bouncing again. It will ruin me. I already had to sell abunch of business stuff to pay bills!
They dropped my loan increase application after a 5 minute of receiving an email from a loan officer saying that he needed me to resend a 4506 t form to him.
The decline letter said the dropped the application because i didn’t respond, which is so wrong cause i did reply to different loan officer a month before with all needed signed documents. And I’ve been calling weekly. Any advice?
Are you using the same application number? They should have some record of your interactions.
This is great !!! Thank you!!!
Thank you for watching!
What factor do the SBA use to approve you for more money?
They look at your sales-cost of goods and are approving 25 months of working capital. Take your net sales and multiply by 24 and that should be how much you can get. They will also look at your net profit to make sure you can pay it back.
@@MysteryofMoney Thank you!
Any luck?
How many minority businesses have been approved ?
I am sure you can find that information at sba.gov.
Congrats on your 3rd funding! How long from your 1st draw did you request your 2nd and 3rd increases?
It was only about a month after initial funding that I applied for reconsideration. The 3rd draw was about 3 months, maybe.
How can i get to your website??
www.mysteryofmoney.com
He helped me got my grant successful👆after waiting for months till I got helped..through him he's fast and dependable
Yeah bullshit
We applied in May and they screwed up. Reconsideration absolutely flippin sucks
Sorry to hear that, what did they mess up? Are you still in the process?
What is EIDL
You have to have been impacted by the pandemic and your business disrupted to apply. If you have, check out the website for more details.
@@MysteryofMoney No you don't.
So how do you spend the edil loan money?
We spent the original money on catching up on bills from the shutdowns. Now we are going to use it to payoff existing commercial loans with higher interest.
1 questions, did they pull your credit again for the SBA request increase?
I have never had my credit pulled, or at least it has not been reported.
Please 🙏 I want to be part
You have to have been impacted by the pandemic and your business disrupted to apply. If you have, check out the website for more details.
Please I need the websit
The amount of spam is Crazy 🤦🏽♀️
I know right! It is hard to keep up with blocking it all
I don’t have the option to increase loan but contacted them. I’m now waiting for tax returns since signed new 4506T. I was approved over a year ago! Ridiculous timeline
If you haven't received your first draw, probably not an option to increase. Are you waiting on your accountant to file, or the IRS?
@@MysteryofMoney I was funded last July. I applied for 24mo working Capital and have been in Bermuda Triangle for some time.
He helped me got my grant successful👆after waiting for months till I got helped..through him he's fast and dependable
What are all the schedules for federal tax return for small business, sba asking me my 2019 federal tax return including all schedules. I sent all 10 page federal tax return but they ask me again including all schedules. Would you mind to help how I can get those schedules?
How do you file? Do you use an accountant? The schedules are usually at the end and list any misc expenses. If it is a personal return it would be a schedule c
@@MysteryofMoney
Yes I use an accountant , I sent all the federal tax papers about 10 pages but it was filed as self employee/sole proprietorship
@@gashawwakene4539 yes you need to send full copy of your 2019 federal tax return i sended mine in order to get approved i had 23 pages on that copy and sended them all in form of a pdf file
I’ve been in error since Aug 5 due to a closed bank account I’ve sent everything they asked but it’s been a month since then still haven’t heard anything
Which state are you?
Georgia
@@kamaricameron2862 okay I think I can help you correct that drop your number let me text you
He helped me got my grant successful👆after waiting for months till I got helped..through him he's fast and dependable
I've been waiting since may, it takes a long time to get the error fixed..don't respond to the scammers
Very informative video. Still waiting for my original loan that was approved back in June of 2020. With that being said, when I applied it was a piece of cake. However, when I did get the approval notice, I guess I was so excited that of coarse I wrote the wrong checking acct info. And have been stuck ever since.
So you never received any of the money? Did they tell you how to change the bank account information?
@@MysteryofMoney I’ve had no partisan support from congressman congresswoman. And in between, the only thing holding back is 4506t of coarse and my state rep told me that my amended return for 2019 will be processed by Nov. 5, The IRS received my amended return back in May, so, it seems about right. I keep on going
back and to the SBA portal to see if the wording• Approval” is there and it is. I’ll think Jesus when I’m funded
I just got a new loan officer in February to change my banking information from June 2021 my loan documents expired she told me Feb 15 2022 I should be funded in 5-10 days I’m on day 25 still no funds and my portal went from approved to in modification??? Loan officer said today sorry your just going to have to wait till we’re backlogged again fk me !!!
Is just me or this guy has some problems with dates. He said he applied on October 13/14, he got approved on "September 30" and the funds were deposited on "October 5th ". I hope I misunderstood the whole process 🤔🤔
Nope, you are right. I misspoke and said October 15th/16th and it should have been Sep15th/16th and funds were deposited on October 5th. Had to go to my banking transaction to check. Good catch, sorry about the mixup.
@@MysteryofMoney your videos are good and the info on them as well, but things like this can get people confused. It's good that you were able to check the info and rectify...we all make mistakes but only a few recognize it, make corrections and move on...you're one of them, keep moving forward 🤟🙂
Good morning, I wanted to know how long it takes for the money to be deposited in your bank account, my application was approved on 02/14/2022 and they still haven't deposited me, how long do I have to wait? Thank you
Mine was only a few days. Have you signed the loan agreement?
@@MysteryofMoney If the same day 14 that I was approved, I sign the documents and send them
Still haven’t got mine I was reapproved feb15 as well do to banking issue they finally fixed after 11 months I was told 5-10 days after banking fix , im on day 25 still no funds and portal went from approved to being modified 😢
Okay
Thanks for watching!
When they award the funds it essentially frees up capital is this correct?. Can the company immediately recoup lets say fuel cost for example? It says past or even future costs/ debts.
Correct. if you paid the fuel bills before on lets say a credit card, you can payoff the credit card. Or just keep records of those past expenses. Good question!
On the SBA Portal under Verify Identity why does it say that my "Online identity has not been verified"?
Is it looking for a website? Did you have to send in your entity forms?
@Jeremy Macgregor This ID scan stuff must be a new requirement. The SBA processed my first loan request and I did not have to submit a passport etc.
He helped me got my grant successful👆after waiting for months till I got helped..through him he's fast and dependable
can you explain how i can do payroll as a sole proprietor to myself from eidl
Also, does it matter if I used ppp before , but it exausted already?
We use quickbooks and w-2 ourselves, that way it is wages and not distributions. Work with an accountant so you get it straight. As long as you have not used the same money, for the same payroll, you should be ok, but again, work with an accountant. Best of luck!
Thank you for this video. I wasn't approved for the loan but I received $2,000 last year for the Grant which should have been $10,000 dollars. I got an email invite and was denied several times for the remaining $8,000 for not having my business in a low income community. Is the SBA also funding those of us who are still waiting for our grand funds?
I am in the same situation, we received $4,000 and never had any communications about the rest. I am guessing we are out of luck on that grant.
Unfortunately, same situation here. And I am in a low income area was denied too.
I was also denied and I filed for an appeal, I was stuck in reconsideration for about a month till I was referred to one Andrew for help.
If you need help with your loan, reach out to Andrew. He is in the best position to help you.
On Instagram.
@ sba officer Andrew.