SBA loans
EIDL= Economic Injury Disaster Loan
EIDL loan is turning out to be so full of confusion and rules change daily.
Originally for the EIDL loan, you had to fill out the following:
1). SBA Form 5, which is Disaster Business Loan Application
2). SBA Form 413D, which is Personal Financial Statement
3). IRS Form 4506-T, which Request for Transcript Tax Return for the year 2018 and 2019.
4). SBA Form 2202, which is Schedule of Liabilities
5). SBA Form 159D, which is Fee Disclosure form and Compensation agreement a). This would have been if an agent charged the business owner for filing loan application and assisted
6). SBA Form P019, which is Economic Injury Disaster Loan Supporting Information
7). SBA Form 1368, which is Additional Filing Requirements
Then everything changed on 3/29/20 and you only needed to file the SBA streamline the application and no documents had to be submitted.
Everyone was under the impression that you would automatically get the $10,000 EIDL advance, after 3 days from applying and that you could borrow up to 2 Million
Then BOOM!!!!!!!!! SURPRISES CAME and Everything was not as we believed it to be.
HERE IS THE REAL DEAL
1) The only way, you are going to get $10,000 EIDL advance is if stated on your application/there are 10 Employees. If there is less than it will be $1,000 for each employee. If you are a contractor or sole proprietor and you have 0 employees/then expect to receive $1,000.
2) The approval of EIDL is longer than 3 days and takes several weeks. No EIDL is going to be issued until your credit has been checked and assigned to a loan officer. The EIDL advance seems to come after your application is processed and still unsure if that means you must be approved of the EIDL/even that was not the original plan.
3) ). The maximum loan has not been capped to $25,000 and any EIDL advance is subtracted from that maximum amount.
4) No one knows what the credit criteria are. We all believe that long as there is no default on student loans and SBA previous loans that you are good to go.
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