We have been informed by the SBA that your loan application goes through 5 stages:
Your application is pulled from the stack for consideration
Your case is assigned to a loan officer
Your credit is pulled, personal and business tax status viewed, among other considerations, and a loan amount recommended. By this time you should also have the advanced grant money of $1000 per employee. These are paid only to business checking accounts. If you don’t get that for any reason, the amount will be included in the EIDL loan proceeds, as additional money in the form of a grant.
A supervisor reviews the loan officer’s recommendation, and approves or adjusts. Around this time you should get an email from the SBA to register an account for portal access for accepting the amount and terms of the loan and for signing loan documents. Register, and send us your login credentials.
A proposed loan amount will be sent to you. You may accept or appeal the approved loan amount by signing in to your portal, after which you will receive loan documents to sign (or a process to appeal), and the loan will be funded to your business checking.
Anyone can call the SBA to get the status of your EIDL package by dialing 800-659-2955. Our experience is that it is a short wait. You’ll need your EIDL confirmation number.
Meanwhile, if you have not yet applied for the EIDL and expect to, or you don’t want to wait for this loan funding, you may apply for a Bridge Loan with any financial institution [FI] that is a SBA lender. Interest rates vary by FI up to 6%. This bridge loan is paid off when your EIDL loan comes through.
The SBA’s standard application form for a Bridge Loan is attached – but better yet check with your banker.
Here’s the SBA link for more information: