Looking for information on your EIDL and/or PPP loan? Look no further, here is an in-depth update from the Small Business Administration (SBA):
Information regarding the Paycheck Protection Program (PPP)
As local financial institutions are delivering the Paycheck Protection Program (PPP) directly, they are the source for information regarding individual PPP applications in terms of loan processing, disbursement, and regular servicing. To find general information on the PPP and a list of lenders participating in the program visit the SBA PPP webpage.
Information regarding the Economic Injury Disaster Loan (EIDL)
When each applicant submitted their Economic Injury Disaster Loan (EIDL) application on or after the evening of March 29, they received a 10-digit application number that begins with the number 3. This documents the status that the application is in processing. This is the only status information available regarding the application until either a deposit for the requested EIDL Emergency Advance of up to $10,000 is made or the applicant receives an email invitation for their EIDL as explained below. Generally, the deposit will occur first without prior notification.
New EIDL Application Portal
Following the passage of the CARES Act, on the evening of March 29, the SBA opened an online COVID-19 streamlined application process. This provided small business owners and nonprofits impacted by COVID-19 with the opportunity to request an EIDL Emergency Advance based on $1,000 per pre-disaster (i.e., as of January 31, 2020) employee up to a maximum of $10,000 in addition to their Economic Injury Disaster Loan (EIDL) application. The SBA is working to process and distribute the EIDL Emergency Advance as quickly as possible and transfer it directly into the account the applicant provided when they submitted their application.
Your EIDL Status Update
The status of a specific application will be available to the applicant when the processing of their EIDL is near completion. The SBA will provide an email notification inviting the applicant to set up an account electronically. This account will enable applicants to check the status of their application, update, revise, or provide additional information. It will also allow applicants to review loan amount, sign loan closing documents, schedule disbursements, etc.
Prior to the evening of March 29, 2020, EIDL applicants received a 10-digit application that begins with the number 2. Those applicants who had not been contacted by an SBA loan officer were notified by SBA to reapply using the online COVID-19 streamlined application in order to request the Advance. They were also informed that the SBA would correlate the date of their initial EIDL application to their corresponding COVID-19 streamlined application to maintain processing based on the original application date. Thus, they would not lose their place in line for processing.
The SBA will provide written notification of the decision to decline an EIDL application via the email address provided by the applicant. The email will provide the reason for the decline and outline the procedure and information necessary for the applicant to request a reconsideration of their application.
Continuing Review and New EIDL Applications
The SBA is continuing to process the EIDL and Emergency Advance applications in the order the applications were received by SBA as noted above. As soon as possible the SBA will provide information on the availability of the EIDL portal to receive new applications from businesses that have not applied or reapplied as referenced above.