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Hello everyone. I know there was talk about the EIDL in the past, so I figure I would share my experience.
I applied for the loan at the end of May. I got the standard email about my loan being filed and honestly, forgot all about it. I have a gmail account just for my Ebay, which I hardly ever check, just because it’s mostly useless messages about sold items or notifications that my item is listed or whatever, just an endless amount of “junk” messages.
Yesterday I had YouTube up while listing and a video came up about EIDL and reminded me, “oh shit, I should probably check into that”
I searched my gmail for small business and sure enough, I had an email from July 5th stating I hadn’t created a SBA account and my loan would be denied if I didnt create one within 30 days.
Created an account and had an offer of $28,500. I accepted the offer and the system stated it was “processing” my claim. Knowing that an acceptance didnt mean it was a guarantee that I would be approve and that even if I was, it would take weeks or months to get an update.
Well about an hour ago I got an email stating I was approved and a link to electronically sign. Went ahead and signed the document and now should receive the full amount in my account within 2 business days.
Super simple. No talking to anyone. No collateral. No proof of income, although I assume they pulled my 2019 tax returns.
So if anyone hasn’t applied due to fear of getting rejected, I would reconsider if you need the capital.
The loan had a 3.48% interest rate, no payments are due for 12 months, and monthly payments are less than $150 when it kicks in. No early pay off penalties, so I’ll be paying it off within 2 years.
There are rules for spending, to be honest I’m still researching my options. I can pay off my working capital loan and since we have a vehicle that is used 100% for business I think i can pay that off as well, but I’m not 100% sure.
So yeah, that’s my story. Within 48 hours I went from not even remembering that I applied to getting an incredibly low interest government loan. Easiest loan I’ve ever applied for.
Hope everyone has a great week.
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There is a section in the loan papers stating they would need collateral if over 25k. I don’t know if that’s a segment left over from previous disaster relief loans they usually gave to small businesses hurt by natural disasters. It’s possible that they did require collateral with those loans but since this program was rushed out, accidentally left that section in without enforcing it. It’s also possible that they consider my inventory collateral. Either way, yeah, they never asked for it.
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So I got $1000 in my bank account today. I don’t know if it is the grant money or the $1k loan I applied for because they said my whole application would be rejected if I didn’t take it…or both. I tried talking to a person but they did not answer my questions.
I’ve received no communications on how/when/where to pay back the loan.
In hindsight, I wish I would have taken the full loan offered to me. There is talk about forgiving ALL these loans under a certain dollar amount in the future.
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sounds like you got the grant portion of the EIDL because you have 1 employee (you).
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I also applied for a $1000 loan. That was the smallest amount I could apply for, and there was no option to just apply for the grant. I thought I could let the paperwork expire on the loan, but I got an email saying my whole application would be thrown out if I did that.
I talked with a rep through email and they weren’t much help at all. They could not/would not confirm if I could just get the grant.
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There is talk about forgiving ALL these loans under a certain dollar amount in the future.
Where do you hear this? I wouldn’t count on it unless its in an actual government committee.
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So are they still giving out the $1000 grants or is this from a really old application? I still haven’t applied for the PPP or EIDL because I don’t want a loan but I’d take the grant obviously lol. I know it may end up forgivable and that there are ways to pay yourself and get the PPP forgiven but I just don’t want to mess with it. My Ebay business hasn’t been affected negatively by the pandemic so if I had to prove that I couldn’t.
Have a lot of Ebay sellers applied for the EIDL and/or PPP? I thought about it at the beginning but was under the impression that the money was gone almost immediately and also that your business had to have been negatively affected.
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My understanding is that the $1000 shouldn’t need to be paid back. The $1000 grant is just showing up in many people’s bank accounts without any communication about it (as long as the box was checked in the initial application). And if you qualified for a loan, you should have qualified for the grant (as long as the box was checked) so the initial $1000 should be forgiven
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Ok so I have to resolve this issue because I’m refinancing my home loan and I have to reconcile the credit inquiry that the EIDL application put on me.
I called to talk to a person and they confirmed the $1000 that hit my checking account was the LOAN, not the grant. She said they ran out of grant money on the 3rd…my application was approved on the 4th due to an issue that needed fixed. Grrrr….
She said they might get more grant money at the end of the month.
She also said I should be able to access the loan terms, payment amount etc in my account. I need this info for my home refinance. I went to account and this info is NOT there. Double GRRRRR!!!!!
This was most certainly not worth the effort it seems. Maybe I’ll change my mind if I do get the grant funds and they forgive my $1000 loan.
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Thought I’d chime in with my own experience. I thought I was applying for the grant only, but all the paperwork, promissory note, etc. said “loan” so I thought well, maybe it eventually converts to a grant.
Then I checked my bank and saw two deposits on different days of $1K each. Since I only signed one promissory note, I was confused. My SBA guy responded that one payment was my grant and one payment my loan. So, apparently I applied for both without realizing it. So maybe it’s true that you can’t apply for one without the other, or maybe I just clicked the wrong box somewhere.
Retro, I was able to find the loan agreement in my account, right on the first page. At the bottom it says “review & sign closing documents-completed”…when I click through to that, I see the loan agreement. I’m sure you’ve probably already checked that but offering it up, just in case.
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