Tag: eidl

SBA OFFICE OF DISASTER ASSISTANCE ANNOUNCES OUT OF FUNDS ON SBA LOAN PORTALS

The SBA Office of Disaster Assistance is announcing on the SBA loan portals of applicants that SBA will not make any more loan offers to applicants until Congress approves additional funding. The agency is continuing to process and underwrite loan applications but will not issue the loan offers until additional funding is restored.

What the agency means about “offers” pertains to when the underwriting is complete and a loan offer is literally made to the applicant. At that time funds must be “earmarked” by law for the funding of the loan. If no loan proceeds are available then loan offers cannot be issued.

This does not mean to not submit your application. Quite the contrary the Office of Disaster Assistance is working twelve hours a day seven days a week in response to the recent disasters. This is indeed the time to submit your application and get it into the process. There already is a backlog of applications for loan officers currently estimated to be thirty days before active underwriting.

So do not delay. Apply today!

Applying for EIDL

Applying for an Economic Injury Disaster Loan a/k/a EIDL the SBA has implemented a new mandatory portal system. When using the portal it is important to be timely and accurate.  For example, if you are off a digit on your SSI number, it can take weeks to correct while your application is withdrawn from the processing system. Forget your login information or your password and there is no help available. You have to start the application process over.

Once the SBA requests information they will give you seven days to comply. If you do not, your application is withdrawn, and you will be required to file for a reconsideration explaining why you should be reconsidered.

There are many pitfalls to the SBA Office of Disaster Assistance processing procedures and information obtained from customer service is frequently incorrect. Either download the SOP manual from the SBA website or contact us.