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All Forum Posts by: C. Scott Forrest

C. Scott Forrest has started 0 posts and replied 27 times.

Originally posted by @Jennifer Perich:

@C. Scott Forrest I actually got through after over an hour. The rep I spoke to said that last night they received communication that stated as of this AM they are starting to send out an email that says something like "Create you SBA Rapid Release Account". After following the prompts you will be able to see the current status of your (up to) $10k advance. There will be a second, seperate email addressing the loan of up to 2 months working capital with a max of up to $15k. They will have the terms and conditions of the loan in the email. From what I understood the advance is an advance on whatever this loan amount will be. The representative said he wasn't able to check the status on my loan. I have to wait to receive this email. He also said they didn't tell him how long it will take to get all of these emails out the the current applicants. This info is in regards to the EIDL loan. 

Thanks - this information is a great help. 

Originally posted by @Jennifer Perich:

@C. Scott Forrest have you tried applying again through this link? This will be my next step...

https://covid19relief.sba.gov/#/

Yes, that was how I applied. 

Originally posted by @Jennifer Perich:

I applied on March 30 and haven't received any contact from anyone. I am currently on hold to check my status and the recording said I am caller 1,142! 

Sounds like you and I are in the same boat.  I applied March 29 and was caller # 1,157 until the call hung up.  I just got the following email response from my case contact:

"We are pending directives regarding the program you are inquiring about. The only information available is on SBA website."

" On the webinar I was in the other day, the SBA person said if you applied early to apply again clicking that box for the advance. You might want to reach out to your contact person to ask if it applies to you. Be nice to get half that forgiven. "

The days of reaching a contact at SBA are apparently over.  Straight to voice-mail when I call her extension, and she does not respond to email.  Tried to re-apply, but the only disaster choice it gave me (required field) was for a 'drought' from 2018.  Nothing about COVID-19.  If you call the SBA, there is an hour wait to talk with someone about loan status, but they hang up on you after ten minutes.  They have a nice defense set up at the SBA, but I don't blame them - probably wouldn't get anything done if they were responsive to customers.

Originally posted by @Therese V.:

 You aren't getting the $10k forgivable advance?

I applied the day these became available and got a case number, but that was it.  I logged in to check the status, and that case number wasn't there. 

Originally posted by @RJ Schmertz:
Originally posted by @C. Scott Forrest:
Originally posted by @Jim Huang:
Originally posted by @C. Scott Forrest:

FYI - I received my loan document package yesterday for a normal SBA Disaster loan (haven't heard back on the grant application).

Someone asked previously how you indicate how much you would like to borrow.  Answer: you don't.  They approve you for a certain amount and then you take whatever portion of that amount you need.  I believe mine is standard: 3.75%, 30 years, first $100 payment due 12 months from loan date.

Good luck everyone.

 
Did you receive a phone call from SBA before receiving the loan package? I've been working remotely and it's very inconvenient to check business mail. I hope they call before mailing something out.

Yes, a person was initially assigned to me, called and then emailed to tell me they would try to call again.  We spoke several times on the phone (to answer my questions), then she called and gave me all the loan particulars and told me that I would be assigned a case manager and the documents would be mailed to me.  She explained everything in detail and was very friendly.  The case-worker had an extension, so she's been easy to reach (haven't tried since Friday).  I received the documents two days ago.

The paperwork submission has been greatly streamlined because of COVID-19.  Once you receive the loan documents, you'll find that there isn't much more that you have to do other than sign things.  I didn't have to provide any supporting information - most of what I received was based on what I submitted online.  While you still have to sign several things and mail them in to the SBA, to speed things up you also can scan the documents, create PDF files and either email them to the SBA or upload the files on their website (upload didn't work for me).  

That's where I currently am. Good luck!

 Scott,

How did you apply, as a Sole Proprieter or do you have an entity/s?  Do you have employees?

How much work went into determining the amount you were approved for?  Are you happy with the amount? Did they talk about how much of an advance you should expect?

The only thing you had to submit was signed documents?  No bank documents or tax returns or anything?

I applied as a Sole Proprietor, no employees.  I gave the SBA contact my 2019 revenue and she came back and told me $20,000.  I am semi-retired, and revenue from a single Airbnb in downtown Seattle provides most of my income.  I will lose about $20,000 in revenue March 12 through end of July and rely on the higher Summer revenue to get me through the Winter, so a $20K loan is really perfect.  I provided no bank documents or tax documents; however, I signed away permission for the SBA to look at my tax returns.  I am getting a loan - no cash or grant or unemployment other than the promised $1,200.  But I'm fine - healthy and will make it to retirement - and can't complain.  

But I'll admit I'm angry at the government for wiping tears from their eyes over the plight of the self-employed and making promises that they have no intention of keeping.  The stimulus is about businesses with employees, as will be Phase 4.  The self-employed are not doing anything but keeping themselves and their families provided for, thus useless to our government.  Small businesses are not much higher on the pecking order.

Originally posted by @Jim Huang:
Originally posted by @C. Scott Forrest:

FYI - I received my loan document package yesterday for a normal SBA Disaster loan (haven't heard back on the grant application).

Someone asked previously how you indicate how much you would like to borrow.  Answer: you don't.  They approve you for a certain amount and then you take whatever portion of that amount you need.  I believe mine is standard: 3.75%, 30 years, first $100 payment due 12 months from loan date.

Good luck everyone.

 
Did you receive a phone call from SBA before receiving the loan package? I've been working remotely and it's very inconvenient to check business mail. I hope they call before mailing something out.

Yes, a person was initially assigned to me, called and then emailed to tell me they would try to call again.  We spoke several times on the phone (to answer my questions), then she called and gave me all the loan particulars and told me that I would be assigned a case manager and the documents would be mailed to me.  She explained everything in detail and was very friendly.  The case-worker had an extension, so she's been easy to reach (haven't tried since Friday).  I received the documents two days ago.

The paperwork submission has been greatly streamlined because of COVID-19.  Once you receive the loan documents, you'll find that there isn't much more that you have to do other than sign things.  I didn't have to provide any supporting information - most of what I received was based on what I submitted online.  While you still have to sign several things and mail them in to the SBA, to speed things up you also can scan the documents, create PDF files and either email them to the SBA or upload the files on their website (upload didn't work for me).  

That's where I currently am. Good luck!

They were trying to dance quick enough to match what the government was promising us, but their systems were not set up either for the volume or for the new exceptions.  Same for state unemployment systems.

They are using this form for several different purposes.  The form is set up for Disaster Grant information, but it's also the same form they use for normal SBA disaster 'loans' - for that purpose they ask you only for 2019 revenue.
There is a rumor that the $2 trillion is going fast.  I would assume that the larger companies, who have better lawyers and support staff, and "PULL", are grabbing as much of it as they can, and are probably much more efficient at doing so than we are.  My guess is that if those of us who are defined as 'covered' are left out, that we will get something from the a future phase.  They would have to, wouldn't they?;otherwise, they'll be dealing with law-suits in the future for increasing the national debt through a bill approved by Congress and the President that does not do what it promised, and that is biased against those with less income.
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