All Forum Posts by: Edward R.

It’s directly from the Director, I cited it from him (copy paste) from hi interview! 

"if someone applied for EIDL, they will be contacted by the SBA and made aware of the $10,000 advance and give them directions. They can go back into their EIDL application and apply for the advance. Even if you don’t get approved for EIDL, you can still get the $10,000 cash advance. Now whether you get the full $10,000 depends on the size of the business. If you have 10 or more employees, you will get it"

- Steve Bulger: acting director for the U.S. Small Business Administration

I'll post the quote when I get home, from it came from one of the SBA heads (not some call center clerk)  As I said yesterday, TOO many people on here were living a "pipe dream" thinking you fill it it and hit send and get a number then your golden for $10K in three days.  FIRST: did you really think it happens like that? SECOND: Govt never blindly hands out money (unless your a billion dollar defucnt airline)   Be rational...Be Real!

FY
Emails are taking up to 1p business days and a loan officer reaching out withing 2 weeks. No one gets a deposit within 3 days based on submitting the application. The SBA site says 3 days after a successful application. A loan officer has to review your application with you before they approve an advance but once a loan officer reviews it with you then you will get the advance within 3 days. Then the loan will take an additional 2-3 weeks. FURTHERMORE:  It appears you must have 10+ employees for the full 10K advance, otherwise it's likely to be $1,000/employee you have (so if you have 3 employees=$3K)

JaneDoe:  "...Rep told me 3 days is not accurate. she said once your application is processed a loan offer will call you to tell you how much you can get for emergency loan and regular loan. she said if they not gonna approve you for regular loan you will not get any advance money."

Again; keyword is "SUCCESSFUL"  

Again; keyword is "SUCCESSFUL"  and that can easily be interpreted in many ways.  Just because you hit the send button doesn't mean successful.  I believe many will be thinking "hey I hit submit and got a # at 1O:00 am Monday and I should have my deposit at 10am Thursday"  doesn't work like that folks.

I think too many people are expecting that Advance; it's SUCCESSFUL application , meaning it still needs to have eyes look at it and deny it or move it on to the next step of a true loan application.  Thus it won't be three days from when you hit the "send" button. Too many pipe dreamers on this.

Loan is meant to cover expenses and I believe has to be used towards the cost/maintain current business.

Applied Monday am and no contact yet or request for calendar invite