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Anyone apply for Covid assistance, Loans, PPP, EIDL, etc recently???

Starloans

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I'm not one to suck on the Gov't TIT, but my little biz (I do business lending) has been affected by the Rona. I don't want the free handout, plus I live in Summerlin so that's not exactly a LOW INCOME area so I'm sure I don't qualify for grants. I figure the tax man has no prob reaching out to me when they want to be paid plus NOT A FUCKING SINGLE MEMBER OF CONGRESS HAS MISSED A PAYCHECK, so I applied for the EIDL. It's a loan. I figured it would take weeks anyway for them to tell me to fuck off.

Took like 5 minutes online to apply. Hour after I applied my credit monitor went off (applied at night couple days ago) saying they checked my credit and an email saying "I Qualify for $XX,XXX". Gotta have a 600 credit score to qualify. Even I can cross that hurdle. LOL Yesterday morning I get an email from a loan processor to send income documentation from 2019. She says just need 1099, or something showing income for 2019. Can send tax return but not required. I call her. SHE ANSWERED THE PHONE!!! WFT??? ISN'T THIS THE GOVERNMENT??? She was pretty cool. I sent the income which was a "little different than my generous stated income submission". LOL No prob. Processor sends me an email couple hours later with the REVISED loan amount. LOL I'm thinking, are they really going to give me a loan??? LOL The loan is a 30 year loan, LOL, 3.75% and payments don't start for 12 months. I figure I will pay off in a year or two or if I have a good month I'll just pay it. It's not a big loan. Basically looks like they lend you about half of your 2019 income. You don't have to qualify for the loan from a payment standpoint, they just use the 2019 income to figure out how much they will lend you. It's through the SBA.

Processor says should have something next week. OK WE'LL SEE!!! LOL

I'll do some advertising, upgrade my website, etc. if it comes through. I have some ideas for growing my biz. I guess that's what it's supposed to be use for.

I'll let you know how it goes.
 

Starloans

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where is the online application ???

www.sba.gov

Go to the funding programs menu and select the program you want to apply for. Economic Injury Disaster Loan is the one I applied for. There are some grants there that you may qualify for also. There is another PPP program coming but I don't think it's out yet according to the website.

Good luck but remember......IT'S GOOBERMENT!!! LOL No telling what will happen.
 

ONE-A-DAY

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www.sba.gov

Go to the funding programs menu and select the program you want to apply for. Economic Injury Disaster Loan is the one I applied for. There are some grants there that you may qualify for also. There is another PPP program coming but I don't think it's out yet according to the website.

Good luck but remember......IT'S GOOBERMENT!!! LOL No telling what will happen.
The new PPP requires that you can show a 25% loss in revenue from the same time period a year ago.
 

ChumpChange

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Not knowing all the ins and outs of your business, I know a couple brokers and lenders get to documentation only to get turned down when they ask if you're a lender or lending service.
 

Starloans

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Not knowing all the ins and outs of your business, I know a couple brokers and lenders get to documentation only to get turned down when they ask if you're a lender or lending service.

Yep, wouldn't be surprised if that happened. It's gooberment and anything can happen. I'm certainly not spending that money yet. LOL They clearly know what I do. I sent the processor an email with explaining what I do. We will see. I'm looking at this as more of an experiment than anything. I'm being positive about it but not expecting much. Anything I get will be gravy and I will use the money to grow my business and recover from Covid if they come through with a loan. I will update here when there is a decision from them.
 

gmnhra

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Thanks
Will be looking at the PPP program when it is suppose to be live again Jan 11
 

lakemadness

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One of my businesses applied for and received an eidl loan. Nothing about our process matches what you described.
 

Rondog4405

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Wtf.. I applied for the eidl back in march. Shot me a stupid loan offer ..sent in the reconsideration letter and I'm still waiting. I really dont wanna have to reapply and ding my credit again..
 

Starloans

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Keep in mind EIDL and PPP are different AND the experience MAY be different this go around. I didn't apply last time. So far been ok with me. We'll see what they say. Chump Change says the don't like loan people like me. Whats not to like about ME???? I haven't been banned from RDP THAT MANY times!!!! LOL
 

Rondog4405

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With the current round of eidl ..dont you still.have to put up collateral for loans over 25k?
 

Starloans

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WELLLLLLLL........I got an email today. Loan is approved. I signed my docs on their Docusign. 14 pages, just 2 signatures. LOL Nothing since then. I guess I'll just check my account every 2 MINUTES.........um, I mean everyday to see if the money shows up. LOL I would assume they will notify me if they fund the loan.

FYI, my loan is BELOW the loan amount requiring collateral, so that may be a faster process. Original application was the night of the 6th. So......WE WILL SEE.

Still thinking about what ChumpChange said about them not liking loan people. I don't lend my own money, I'm a broker.
 

copterzach

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Have you heard or gotten anything


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Wendi

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WELLLLLLLL........I got an email today. Loan is approved. I signed my docs on their Docusign. 14 pages, just 2 signatures. LOL Nothing since then. I guess I'll just check my account every 2 MINUTES.........um, I mean everyday to see if the money shows up. LOL I would assume they will notify me if they fund the loan.

FYI, my loan is BELOW the loan amount requiring collateral, so that may be a faster process. Original application was the night of the 6th. So......WE WILL SEE.

Still thinking about what ChumpChange said about them not liking loan people. I don't lend my own money, I'm a broker.
Who did you apply through?
 

MillerTime

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WELLLLLLLL........I got an email today. Loan is approved. I signed my docs on their Docusign. 14 pages, just 2 signatures. LOL Nothing since then. I guess I'll just check my account every 2 MINUTES.........um, I mean everyday to see if the money shows up. LOL I would assume they will notify me if they fund the loan.

FYI, my loan is BELOW the loan amount requiring collateral, so that may be a faster process. Original application was the night of the 6th. So......WE WILL SEE.

Still thinking about what ChumpChange said about them not liking loan people. I don't lend my own money, I'm a broker.
When I filled out my application and then signed later, I thought it was preliminary documents with more paperwork later. We were also under $100k so no collateral. I didn't realize there wasn't more paperwork until I saw the money in my account one day! It was easier to get that then getting a credit card it seemed.

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Starloans

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Have you heard or gotten anything


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Nothing yet. Processor said it would be a few days after I signed. I applied on the 6th (Insurrection Day), signed the docs on 11th and that's where I'm at. I figured I would get an email from them but MillerTime above says money just shows up one day. Sounds like gooberment.
 

92562

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Nothing yet. Processor said it would be a few days after I signed. I applied on the 6th (Insurrection Day), signed the docs on 11th and that's where I'm at. I figured I would get an email from them but MillerTime above says money just shows up one day. Sounds like gooberment.
I signed my EIDL paperwork on the 8th and the money hit my account on the 13th. It's cheap money!
 

Starloans

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APPLIED FOR THE LOAN ON THE 6TH. THE MONEY WAS DEPOSITED THIS MORNING, 19TH. LESS THAN 2 WEEKS WITH ONE HOLIDAY. THERE YA GO.
 

DMF

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How much do they loan without collateral? What are the rates and payback details?
 

BTR

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Make sure you use it for what it is intended for. Got this little diddy during a presentation today. They are seeking 30 year sentences for fraud 😲
 

Wendi

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APPLIED FOR THE LOAN ON THE 6TH. THE MONEY WAS DEPOSITED THIS MORNING, 19TH. LESS THAN 2 WEEKS WITH ONE HOLIDAY. THERE YA GO.
Which loan did you apply for? And what bank did you use?
 

Starloans

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How much do they loan without collateral? What are the rates and payback details?
I think they want collateral over $25K. 30 year loan. 3.75% interest. No payments for 1st 12 months.
 

Starloans

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Make sure you use it for what it is intended for. Got this little diddy during a presentation today. They are seeking 30 year sentences for fraud 😲
Yeah, and they should. I will have no prob proving that I used money for business purposes.
 
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boatpi

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If you qualify both are fabulous programs. If you’ve done business with an SBA bank in the past you’re ahead of the game.
 

boatpi

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Looks like some new boats are going to be ordered for 2021!!!!!! 😵😵
 

Fastdadtsmith

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Make sure you use it for what it is intended for. Got this little diddy during a presentation today. They are seeking 30 year sentences for fraud 😲
I think you may be confusing the two. I didn't see specifics for the EIDL being dictated how you spent it. But I could have missed it.
 
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