I appreciate any help and/or feedback. Hoping someone could clarify this as I could be wrong. When completing your loan application, be sure to check the box to indicate you want to … When I did the steps by hand, the (gross profit % x Gross revenue) gave me the same amount as gross profit. Thanks for pointing that out. Around mid-December an LO emailed me requesting documents and shortly after I received my portal invite. Lol you are right. There is a minimum score required for the EIDL loan. Can Humans Stop Natural Disasters. I would recommend everyone to apply whether you need it or not. Based on our review, we have determined that your file should be reactivated for further consideration. Just thought I'd offer to answer any questions small business owners may have regarding the SBA disaster loan assistance program. from smallbusiness I emailed the SBA loan officer about that this morning as it was just approved yesterday. I would recommend everyone to apply whether you need it or not. If you have questions about your individual situation or application, we recommend you call SBA Disaster Assistance at 1 … No penalty to pay it off early however at that interest rate, I'd keep it for as long as possible unless that loan is the only loan you have to pay off and you don't need the cash for anything else. You are able to get a loan at 3.75% where no payment is due the first year and amortized over 30 years. Access your SBA Economic Injury Disaster Loan Portal Account to review your application and track your loan status. Call 1-800-659-2955 (the SBA Disaster Assistance customer service center) about the application process, the status of your loan, or with any other questions you may have. Edit: Here's a calculator I made. Press question mark to learn the rest of the keyboard shortcuts. In step 2 you divide the two numbers and in step 3 you multiply the two numbers. Thank you for providing this. I have received this after 6 months, what does this mean?!! Looks like you're using new Reddit on an old browser. I am signing off of this thread and won't be replying anymore. Last week, the U.S. Small Business Administration (SBA) approved requests from both Missouri and Illinois for assistance through the federal agency’s disaster loan program. Answer: Forgiveness on a covered loan is equal to the sum of the following payroll costs incurred during the covered 8 week period compared to the previous year or time period, I worked on my credit bringing it from 550 to 690. As you all probably know, the government is giving out lots of money right now. Apply July 30th and got denied because of bad credit score. If you submitted your application online, you can check the status of your loan through the SBA website. RPA software can perform data entry with greater speed and accuracy than humans. 123.19: May I request an increase in the amount of an economic injury loan? Is there a penalty to pay off early? Fraud has already been happening in droves since COVID has pushed many Americans to work from home, with reports of increased phishing scams, fraud-focused phone calls and even app stores flooded with data-leaking apps. Press question mark to learn the rest of the keyboard shortcuts. How much $ was your loan for? QUESTION: How is the forgiveness amount calculated? Your case file will be assigned to a loan officer shortly. What's the deal with the forgiveness? This is the quickest and easiest way to verify the status of your EIDL. Call 1-800-659-2955 | TTY/TDD: 1-800-877-8339 Monday - Sunday, 8 a.m. - 8 p.m. Why not take advantage? On Reddit, u/kitehigh911 said they applied on March 16 and received their full EIDL funding yesterday. Under file, select "Make a copy". ... Love Parade Disaster Reddit. I emailed the reconsideration request on 11/28. Please note that if you applied through the expedited COVID-19 portal, you will be unable to check your status online. It looks like they've changed the way they collect documents recently but the overall process is the same. What kind of credit score do you need to have? Hunt said the SBA has other loan programs still available to small businesses, such as 7a, 504 and microloans, through which it is offering debt relief. We have reviewed your request for reconsideration of your disaster loan application. On Thursday, 103 House lawmakers -- 55 Republicans and 48 Democrats -- led by Bradley Byrne, R-Ala., and Jim Cooper, D-Tenn., urged more money for the loan … Request more than that when carrying out any Method! they divide by 2 they! Can request more than that you request up to $ 10,000, but it may less... Step 3 you multiply the two numbers assigned to a loan at 3.75 % where no payment is the... 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