SBA EIDL Loan went through!! Unlock credit files to verify ident

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SBA EIDL Loan went through!! Unlock credit files to verify ident

Account Closed
Investor · Columbus, OH · Member since 2017 · 861 posts · 1k+ votes

I applied for an SBA EIDL loan almost immediately after they announced it. A few days ago I got a note saying they still have my app and sit tight. I got a 2nd email yesterday saying they were going to process it, and today I got an email saying I had been approved and needed to create an account.

I was approved for a nice margin more than what I said were my losses, but nothing crazy. The first step is to verify the amount, you can lower it if you want. The 2nd step is to verify identiy.

When I tried to verify identity, I got two errors, either "we're sorry we encountered an issue" or "we can't verify your identity online" .. I called the 800 number on the EIDL portal, and shockingly got someone almost immediatley. He looked at my app and said there are two problems: 

1. The system is glitching out and he said there is a ticket in with IT, they should have it fixed soon. 

2. There was a note on my file saying "no credit score" due to my credit files being voluntarily frozen at the 3 beurarus.  He told me to do a temporary unfreeze and then try again in a few hours when the system is hopefully back up.  

As far as I can tell, they aren't requesting any more information from me to complete the loan. My rentals are reported for taxes under my SSN and that's what I used to apply, so I figure they already had all the proof of they needed.

If you are still waiting on an EIDL response just hang in there. If you got approved and are having problems verifying identity, make sure you unfreeze your credit and also be aware there is a technical issue at the SBA verifying identities. 

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Sharon Rosendahl
Investor · Quilcene, WA · Member since 2017 · 235 posts · 169 votes
6y

I think what you get depends on who is processing your app. I put 0 employees and got $1000. There seems to be no rhyme or reason as to who gets processed when and who gets the advance.

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  • Account Closed
    OP
    Investor · Columbus, OH · Member since 2017 · 861 posts · 1k+ votes
    6y

    Also, to update, I did finally get the funds transferred in overnight, less a $100 service charge apparently. 

    4Reply
  • Sharon Rosendahl
    Investor · Quilcene, WA · Member since 2017 · 235 posts · 169 votes
    6y

    I think what you get depends on who is processing your app. I put 0 employees and got $1000. There seems to be no rhyme or reason as to who gets processed when and who gets the advance.

    1Reply
  • Mark S.Pro Member
    Rental Property Investor · KY · Member since 2013 · 1k+ posts · 540 votes
    6y

    @Holly Qu

    Was your amount over or under $25K? If over, are you concerned about any of the collateral language? What is your interpretation on how you’re able to use the funds?

    0Reply
  • James Shahan
    Member since 2019 · 5 posts · 1 vote
    6y

    Hello,

    I came across this thread and am in a similar situation.  I also used my social security number to apply as a sole proprietor to the EIDL program, and just got approved for above 25k.  My concern is with the UCC filing, which to me appears it will basically be a blanket collateral claim on your credit report.  So any time you go to refi or sell one of the houses (including your personal one), or get a new loan (even a personal car loan), this UCC could pop up and be problematic, as the terms state the SBA must give approval in writing (which it appears in the past they are not fond of doing).  Have you noticed a new claim on your personal credit report?  

    1Reply
  • Rudy Bello
    Investor · Vancouver, WA · Member since 2017 · 68 posts · 18 votes
    6y

     I just received my portal invite with an amount greater than $25k. My properties are under my name, no LLC. If I'm reading these threads correctly, based on the ucc guidelines they provide it won't affect me much like it will if I had an LLC, right?

    Thank you,

    0Reply
  • Jenine Civil
    Los Angeles, CA · Member since 2018 · 14 posts · 7 votes
    6y

    @Account Closed Thank you so much for providing insight into the EIDL process.  Unfortunately, my application was declined after receiving the $1k grant. I think I may have filled it out incorrectly. The reason for the denial was "1. Your economic injury is less than the amount you received from the EIDL Advance. As a result, we are unable to substantiate any additional eligibility at this time.
    2. The information you submitted does not indicate an economic injury."

    We had to shut down during our peak season and lost a significant amount of income. I entered our operating expenses for 2019 and the loan amount needed to cover lost income.  I entered $0 for COGS.  I'm wondering if this is what caused the denial?  Do you remember what information you provided on your application?  I contacted SBA to contest their decision and reapply.  

    0Reply
  • Account Closed
    OP
    Investor · Columbus, OH · Member since 2017 · 861 posts · 1k+ votes
    6y
    Originally posted by @Jenine Civil:

    @Account Closed Thank you so much for providing insight into the EIDL process.  Unfortunately, my application was declined after receiving the $1k grant. I think I may have filled it out incorrectly. The reason for the denial was "1. Your economic injury is less than the amount you received from the EIDL Advance. As a result, we are unable to substantiate any additional eligibility at this time.
    2. The information you submitted does not indicate an economic injury."

    We had to shut down during our peak season and lost a significant amount of income. I entered our operating expenses for 2019 and the loan amount needed to cover lost income.  I entered $0 for COGS.  I'm wondering if this is what caused the denial?  Do you remember what information you provided on your application?  I contacted SBA to contest their decision and reapply.  

    At the time I filled it out, I was following the advice to project losses. I did use COGS to indicate the operational expenses for the projected loss period.  I have since seen advice on here that says not to do that, but honestly I feel like everyone is flying equally blind. 

    The form when I filled it out was super simple, no ability to actually give details about my "injury" or break down the numbers at all.  

    0Reply
  • Evan Bonnell
    Investor · La Salle, IL · Member since 2014 · 43 posts · 28 votes
    6y

    @Account Closed thanks for providing the best guidance on EIDL I've seen anywhere!

    I did get my loan funded. Only $4700 because that's what I entered into the losses category. I wish I would have entered $25,000!

    I did submit an inquiry on how to request more, not holding my breath for a response.

    0Reply
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