NeoMatrix5

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Where are they coming from?!

Maybe it's time they're regulated like in Ireland...

https://www.rsa.ie/services/licensed-drivers/driving-licence/novice-drivers

I feel like too many people are just throwing them on their cars because they're bad drivers.

Has anyone been out there during the shutdown? What's it like? Is it even open?

Or is it turning into a wasteland with overflowing trash cans and people just forgetting how to generally behave?

Seriously though. This is peak leaf season so I'm sure it'll be nuts if it is open.

I was checking my reports and noticed a soft pull on TransUnion from "Small Business Admin ODA" with the SBA's HQ address on 4/9. I emailed for the increase on 4/7 in the afternoon.

I didn't receive an auto-reply or doc request yet. I'm not eligible for the TA and never asked for a recon increase after taking the original EIDL last May. I sent in proof of insurance and board resolution last fall after the SBA reached out and asked for them.

May be a data point: the wheels are turning behind the scenes even if we're not hearing anything back yet. They may also be using soft pulls to determine what, if any, docs to request...

Edit to add: I did update my address on the portal since

As we all debate ad infinitum about the acceptable uses of the EIDL proceeds, it clearly states in the documents that if you receive the SBA's written permission then you are good to go.

I'm a S-Corp owner and July 15 is the payment deadline for personal taxes. My bylaws and corporate resolutions have required the corporation to make distributions to the owners for the tax liability caused by the K-1 flow-through income of the corporation.

In order to cover all bases I can ask the SBA for permission to take this distribution for the limited purpose of paying that tax liability. If they provide written permission then it's good to go!

**Has anyone been successful in making such a request

If you have received your EIDL loan, or it's on its way, what are people thinking in terms of segregating the funds? None of my business accounts earn any interest. I can't co-mingle with our PPP account. We anticipate needing to draw down some EIDL funds in the short-term and may need to tap into it to stop-gap our slower receivables due to COVID-19.

We have a corporate brokerage account. Can't we just segregate the funds there in a money market fund or AAA rated bonds? Absolutely not talking about investing those funds in any traditional sense -- the goal is simply a better interest rate on idle funds.

We would then draw against that as needed while this pandemic is ongoing. If we end up

Can't believe it. Here's my full timeline:

• App #330015XXXX
• 3/30 applied around noon Eastern
• 4/16 grant received
• Experian business credit pull 5/6 (maybe SBA? Nav doesn't say)
• 5/9 portal received
• 5/12 morning - received call from LO to pull credit (there was an error apparently); received "Approved" email in the evening and EIDL shows in e-tran ("Active Un-Disbursed")
• 5/12 evening - signed around 9pm Eastern (EIDL updates to "Disbursed Current")
• Funds deposited 5/14 early in the morning (ACH from Treasury)

Time to get to work and weather this storm. Good luck to all and happy to help answer questions for others still working through the process...

Currently in "Disbursed Current" status (as of last night).

"Total Undisbursed" was $0 last night, now it's for the full loan amount.

Did they miss the ACH cut-off time and it'll be re-sent today?

What are you seeing?

Received a call from LO this morning to fix an address issue so they could pull my credit (there was an error the whole time apparently which would explain why I had no hard pull).

Loan just showed up in E-Tran (CAWEB), Active-Undisbursed. Just waiting on closing docs now.

Is it too early for a cocktail? Holy cow.

Edit because everyone will ask: App #330015XXXX

Update 5/12 9pm eastern: Approval email received and closing documents available to sign!

You all are great. Special shout-out to u/cue378 for all of the super informative posts. Here's my timeline:

• App #330015XXXX
• Applied 3/30 around noon Eastern
• Grant received 4/16
• NO personal credit pull (unless it was a soft pull; waiting on my Experian print report)
• Experian business credit pull 5/6
• Portal received this afternoon 5/9

That's it! Also, for those service businesses with conflicting info RE: COGS. Mine is zero and was not an issue at all.

Now I'm going to go pour the biggest cocktail and relax. To those of you still waiting -- keep the faith, it's coming!

edit to add: yes, I know I'm still waiting for the official approval email, but I'm stoked.

I received a Nav.com alert that my business Experian credit had an inquiry on 05/06. I originally applied 03/30 (3300151***), grant received 4/16 but no personal Experian credit pull.

Spoke with Tier 2 last week who said credit was in fact pulled and there was an offer, etc., etc., and to just wait for the portal.

Anyone see anything similar? Experian business pulls right before portal links?

https://www.washingtonpost.com/business/2020/05/07/sba-disaster-loans/

SBA had no comment. Congress is demanding answers and wants daily reports now.

Maybe Congress will consider more funding for this program now...

==

SBA slashes disaster-loan limit from $2 million to $150,000, shuts out nearly all new applicants

Shortage of money and crush of applications leads the Small Business Administration to close its portal to most businesses and limit the size of loans.

By Aaron Gregg and Erica Werner May

https://www.youtube.com/watch?v=Vrjo9LbeyTQ

General Hummel = Treasury / SBA

Captain Darrow = ALL OF US, especially at 0:51

Iconic scene. Also good for collecting money owed to you.