All Forum Posts by: Holly Qu

Hi Devin,

I have spent quite a few hours working on finding better answers to these questions.  I even called SBA multiple times and nobody there could provide more specifics. They said I'd get a call before my loan was funded to explain, but that did not happen either. I was fully funded without speaking to anyone. 

So, I am just being as careful as I can to document every penny spent from that account that only has the EIDL money in it. I only spend that money on the "approved" expenses listed everywhere, same as on the link you included on your post.

Acceptable purposes include working capital, paying fixed debts, payroll, accounts payable, and paying other bills that could have been paid.

 Any other rents/funds I spend on the items that may not be approved, like expenses that could be considered improvements etc.

 So all of my normal fixed expenses, mortgages, utilities, insurance, property taxes, I pay from the EIDL and everything else, anything that is maybe a gray area from my normal expense account.

  As far as the collateral question, again I asked SBA and researched as much as I could and could get no real answer. I can tell you the only thing included with my contract which lots of people showed they got the same on this thread was very vague. No addresses/ documentation or attachments of any kind were requested or made to any of my properties. 

Hope any of that is helpful!

Holly

Hope this helps. I posted on other threads.

I applied as sole proprietor - with dba - no entity - EIN for my DBA and Social Sec for me (the one employee)

After reading on the forums here I calculated my request based on 6 months gross rents using the previous 12 months

Everything for me was done online with no documents requested. I have an excellent credit score. My case was simple with no LLC's to verify.

My Timeline

April 10 Application submitted

April 13th received $1000

May 2nd I received the we understand letter

May 4th Email stating ready for the next step - create account on Portal. Please verify your identity on the portal

May 6th You are approved email

May 7th I signed loan docs in portal with docusign

May 8th Fully Funded overnight

Keep your heads up - The system is working!

Hi Roy,

I watched a podcast here in which they talked about taking your gross rents for the previous 12 months (not last year) and divided in half to get approx 6 months losses. This lined up exactly with what was asked for in the application. Phase one you can request up to 6 months. Normally -regular disasters- borrowers will have the opportunities to show ask for an increase, with supporting documents. 

A lot of the state FAQ's have expanded information and they all seem to have just a little different information. Here is a link to West Virginia's for example. It specifically mentions Lost Rents (for rental property owners) on page 12 and increasing or decreasing funds on page 18. 

https://www.sba.gov/sites/default/files/articles/EIDL_Information_and_Documentation_-_3-30-2020_FINAL_2_pm.pdf

Contact the SBA. They do answer. I haven't found the call center to have a ton of information but they do try.  You know they have your application because you received their email. They can make notes as to the amount you are requesting - not sure if they can make changes. They can confirm that your application is complete and check your status.

 Best,

Holly

It was on the original application. The only thing I had to do once they invited me to setup the portal was verify identity.

 On the original application

Also, my case may be more simple with no LLC's etc. to verify

 Yes! I woke up to my loan funded today.

I applied as sole proprietor - with dba - no entity - EIN for my DBA and Social Sec for me (the one employee)

After reading on the forums here I calculated my request based on 6 months gross rents using the previous 12 months 

Everything for me was done online with no documents requested. I have an excellent credit score.

My Timeline

April 10 Application submitted 

April 13th received $1000

May 2nd I received the we understand letter

May 4th Email stating ready for the next step - create account on Portal. Please verify your identity on the portal

May 6th You are approved email

May 7th I signed loan docs in portal with docusign

May 8th Fully Funded overnight

Keep your heads up - The system is working!

@Roy Gutierrez 

It's my understanding that after you get approved you will have the opportunity to ask for more (or less) later, if you need it 

My process was the same as Nicky's. Signed docs yesterday, funded overnight. It is working!