top of page

Status of Your EIDL Loan, and Bridge Loans


EIDL Process:

We have been informed by the SBA that your loan application goes through 5 stages:

  1. Your application is pulled from the stack for consideration

  2. Your case is assigned to a loan officer

  3. 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.

  4. 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.

  5. 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.

Bridge Loan:

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:

560 views0 comments

Recent Posts

See All

Comments


  • googlePlaces
  • facebook
  • instagram
  • linkedin

San Francisco

201 Spear Street #1100
San Francisco, CA 94105

San Mateo

1900 S. Norfolk St. #350
San Mateo, CA 94403

Santa Rosa

131 Stony Circle #500
Santa Rosa, CA 95401

Oakland

1300 Clay St #600
Oakland, CA 94612

Walnut Creek

1990 N California Blvd #800
Walnut Creek, CA 94596

San Jose

111 N Market St #300
San Jose, CA 95113

©2024 by Records In Order

bottom of page