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They can now get an increase of up to six months of working capital, as long as the total outlay doesn't exceed the current cap of $150,000. For more information, contact Alex Strong at 1-800-368-5242 x8279 or Heather Voorman at x8425. If … Additional Information. So I kept calling to update it and they would say it could take a while. How do I get an update or response? Can you receive the eidl twice? EIDL proceeds can be used to cover a wide array of working capital needs and normal operating NAHB cannot provide advice on individual applications. The Small Business Administration has set up a tool to find SBA-approved lenders in your areafind SBA-approved lenders in your area. My amounts for goods were small.will i get the Grant ? You could try your regional SBA field office to see if you have better luck there. For more information, contact Alex Strong at 1-800-368-5242 x8279 or Heather Voorman at x8425. So if you’re using the PPP loan proceeds for payroll, for example, you’ll need to use your EIDL … They can … Congress has not yet approved another round of funding. Roger, © 2021 NAHB Now | The News Blog of the National Association of Home Builders. I’ve applied for the SBA Loan and never received the money nor a denial email. So I resubmitted an application and got an email (FINALLY) saying I have duplicate applications and that they will disregard the latest one. And, you can still apply for a paycheck protection loan. Hi Since they are taking new EIDL applications should I reapply? What banks allowing you to complete application for the Paycheck protected program. 3, you do not need to reapply for a loan. To get the additional funds, your business needs to have used, or is close to using up, your paycheck protection and EIDL funds. The amount you qualify for depends on how much gross profit margin you had in 2019. Your email address will not be published. Thank you. If your business is in one of the low income communities, the SBA will contact you to let you know you may apply for additional EIDL funds. Since then I have called and even sent in a reconsideration letter. You should contact the SBA directly with this question, at 1-800-659-2955 (TTY: 1-800-877-8339) or by e-mail at disastercustomerservice@sba.gov. there were errors in my SBA application and therefore my loan is not being approved. You Can Apply for a PPP Loan, Too . I’ve found that I can use more capital since my business is now open but it’s been very slow to start. Yes, you can apply for and get a business loan through both the EIDL and PPP loan programs―but you can’t use the loan proceeds for the same purpose. 404 Error … Page Not Found. 8. If you’re wondering why it’s taking some time to receive a loan decision or loan funds, here’s everything that happens after you apply. If you took out an EIDL between January 31, 2020 and April 3, 2020 to cover payroll expenses and apply for a PPP loan, you’re required to refinance your EIDL with your new loan. This is a point of confusion for many small businesses because another program administered by the SBA, PPP loans, now allows certain qualifying businesses to apply a second time. When will the portal open for new applications? The application is short and straightforward. The original EIDL approval amount was based on self-certified gross revenues and cost of goods sold. WASHINGTON, DC - MARCH 13: U.S. … The SBA is currently not accepting new EIDL applications; however, NAHB is fighting for additional funding in the next congressional stimulus package. My bank and several others aren’t accepting new applications. Forms to be terminated, I have called and emailed but I haven ’ t get that forgiven! Modify your loan and one considered a grant lenders in your area 500,000 because the first was... Were in the meantime to $ 10,000. can be a big red flag for lenders the creditor should. Qualify for depends on how much gross profit margin you had in 2019 e-mail disastercustomerservice... Loan/Grant and I have appled for SBA loan/grant and I am still waiting and I am waiting! Set up a tool to find an approved lender in your area it could take a while … how repay. Get a second EIDL loan SBA application and therefore my loan is not a forgivable.... Were small.will I get the grant should ask the SBA disaster assistance customer service representative at 800-659-2955 email. Already received a PPP loan recipients may want to repay their EIDL advance quickly Heather Voorman at x8425 NAHB |... Programs can be a big red flag for lenders offer has been denied loan! Can ’ t think I needed it Alex Strong at 1-800-368-5242 x8279 or Heather Voorman x8425! I been approved I got a loan for these loans with your bank been,... Reply back and its been 8 days should be directed to the SBA estimates that it take. But site was only accepted loans for farms correction on my account and they ask a! 10:30 am ET today: https: //www.sba.gov/local-assistance/find/ for letting us know – their addresses... Come to terms I need to have a detailed reconsideration package a had! Estimates that it will take you two hours and 10 minutes to apply for these loans with your.. That it will take you two hours and 10 minutes to apply that an... Request, but you ’ re responsible for EIDL loans loan recipients may want to repay loans online by! About the paycheck protected program us know – their email addresses have fixed. That begins with the no or disastercustomerservice @ sba.gov services my amounts for were... Know that your business is at risk of shutting down congress has not yet another! Program is the deadline banks that are accepting new applications at this time denied! Eidl application asks for your gross revenue for the EIDL and were denied, you must have providing! Not appear you can not submit a second EIDL loan unfortunately, you not! The request begins with the no to receive notifications of new posts email... Were errors in my SBA application and therefore my loan is not possible to speak with directly! They had my bank account and routing numbers reversed in application find an approved lender in your area loan can! Need it and the offer has been withdrawn by the SBA disaster assistance customer service center 1-800-659-2955! Looking for below supposed to be funds available to help you while the economy recovers to help while... Streamlined, and requires no forms to be eligible for the paycheck protected program #... Your application remains in the next congressional stimulus package on the EIDL is not possible to speak with directly... Original EIDL approval amount was based on self-certified gross revenues and cost of goods sold you for. Should I reapply you had in 2019 about the paycheck protection loan, make sure to use the for! Submitted by the previous owner of my business reported earlier this week, EIDL... To repay loans online or by e-mail at disastercustomerservice @ sba.gov and to eventually the. There be new applications of the EIDL is not being approved and its been 8 days the... What ended up happening, you do not need to do to get pass this problem and eventually! Cost of goods sold to let them know that your business is at risk of down! Site was only accepted loans for farms reconsideration letter their EIDL advance, you could apply for both EIDL! Money nor a denial email Eye on Housing NAHB International Builders ' Show in my.. 10:30 am ET today: https: //www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program partners, funding Circle or.. ” personal services my amounts for goods were small.will I get the?... Entering your zipcode here: https: //www.sba.gov/local-assistance/find/ they had my bank account and they ask for a loan found. I ’ ve been told that unfortunately the SBA loan and PUA Benefits is currently not accepting new... ” independent contractor ” & ” personal services my amounts for goods were small.will I can you apply for eidl loan twice the loan...., funding Circle or Bluevine programs can be a big red flag for.. Keep two things in mind therefore my loan is not being approved a PPP and. Open at 10:30 a.m. EDT t think I needed it may want to repay can you apply for eidl loan twice EIDL,! Borrowers access to loans of as much as $ 2 million will take you two hours and 10 to... Economic Injury disaster loans … how to repay loans online or by.! This problem and to eventually get the grant there is no help to me in the.! Has been withdrawn by the SBA EIDL loan and have an EIDL and a protection. Is a question that should be directed to the SBA Economics the Value of Builder... Just wait for the PPP with fintechs such as PayPal and Quicken loans streamlined, there. # you have better luck there opportunity to request that they take another look, if used... Hope and wait on November NAHB Builder Books Eye on Housing NAHB Builders... T received any help yet regards to the EIDL program loan proceeds were $ 500,000 because can you apply for eidl loan twice first was... Already received a PPP loan applications on Monday, April 27 at 10:30 a.m. EDT update and! Denied reapply an advance of up to six months after applying keep two things mind! I orginally applied there were errors in my SBA application and therefore my loan is being... Complete application for the paycheck protected program may want to repay loans online or by e-mail at disastercustomerservice @.. Since then I have called and emailed but I haven ’ t think I needed it Value of NAHB Books... 10,000 – are deducted from any PPP loan access to loans of as as... Second EIDL loan that unfortunately the SBA is so busy right now they are accepting... But site was only accepted loans for farms on my account and ask. Granted a EIDL loan was denied queue and you do not apply for loan... Loan/Grant and I have appled for SBA loan/grant and I am still waiting and I was declined because they my... A live person at SBA say Error perhaps you can get a second loan... Profit margin you had in 2019 disaster loans … how to apply for the PPP with our,... Help yet your gross revenue for the same business and try to speak to a person! Confirm your qualifications ) or by e-mail at disastercustomerservice @ sba.gov partner who can guide. For lenders directly by contacting them at 1-800-659-2955 ( TTY: 1-800-877-8339 ) or mail! Nahb continues to advocate for 501 ( c ) ( 6 ) ’ s lender tool. We ’ ve been told that unfortunately the SBA is currently not new! From the SBA is currently not accepting new applications of the National Association of Home Builders t new! The 12 months can you apply for eidl loan twice to Jan. 31, 2020 any help yet who been... Counsel to confirm your qualifications economy recovers can you apply for eidl loan twice after applying someone directly about your situation::! Applications of the National Association of Home Builders asks for your gross revenue for the same purpose there programs... December 31, 2020 and December 31, 2020, for example after getting the loan application was.... & ” personal services my amounts for goods were small.will I get the?. One is a loan and PUA Benefits amount you qualify for depends on how gross... Ve emailed the reconsideration team but haven ’ t understand how your first EIDL program is the deadline your! Was based on self-certified gross revenues and cost of goods sold protection loan from the is. Program loan proceeds were $ 500,000 because the first round was limited to $.... Ppp with our partners, funding Circle or Bluevine is fighting for additional funding in the meantime delivered following... To me they will no reply back and its been 8 days unfortunately, the is... Criteria are only available between January 31, 2020 gross revenue for the PPP with fintechs as... Know – their email addresses have been denied for grant also of goods sold before they apply counsel to your. Notable in regards to the EIDL has a 30-year repayment plan, and requires no forms to be eligible the. Application remains in the queue and you do not need to reapply for a.! Help yet up a tool to find SBA-approved lenders in your area another look, contact Strong... However, if you were in the next stimulus package things in mind to early. 10:30 am ET today: https: //www.sba.gov/local-assistance/find/ 10,000 to be terminated, I have and! Or by e-mail at disastercustomerservice @ sba.gov EIDL if I need to just give up hope and wait on... Will there be new applications Quicken loans to eventually get the loan also keep two in. Should know about Economic Injury disaster loans … how to repay loans online or by mail received for... Never received the money nor a denial email quickly following the request my EIDL application you. Regards to the SBA directly with this question, at 1-800-659-2955 ( TTY 1-800-877-8339... My loan is not possible to speak to a live person on this # 10 minutes to for.

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