Disaster Loans Are Funding FW: Status of Your EIDL Loan, and Bridge Loans
Here’s the latest update, since our email below on April 29, on Disaster Loans from the SBA:
The EIDL disaster assistance has 2 parts –
$1000 per employee grant money
and the Disaster Loan, probably $150,000
Businesses should have received the grant of $1000 per employee up to $10,000 maximum. If you have not, that could mean there is an issue with your company EIN on your bank account, or some other minor glitch.
In addition, for businesses that started the process early, Disaster Loans are now funding.
For most, this is coming in at $150,000 per business. No additional application nor qualifying information is required.
This is a 3.75% loan payable monthly starting after 12 months, paid over 30 years.
It is optional whether you decide to take this amount. You may reject the offer altogether if you don’t wish to incur the debt or accept a lower amount, or you can request a greater amount if your disaster losses warrant that.
The experience has been that an email is received from firstname.lastname@example.org. This email asks you to verify your bank account and your overall application. Thereafter, you sign loan documents, then get funded within a few days.
However, if there is a glitch of any kind, you may get an email from an SBA representative. @sba.gov
Because these emails may be hard to locate amongst SPAM and other email clutter, you should ‘white list’ @sba.gov to make sure you get the email. You may also want to do a search of your email folders in case you missed this email previous to today.
To White List “@sba.gov” emails in Outlook, right click on any email, click ‘junk’, then ‘junk email options’, then click on the ‘safe senders’ tab, then ‘Add’ .
Contact the SBA to find out the status of both items at 800-659-2955, or email at email@example.com. Always include your application’s confirmation number.