I became aware of this change in policy yesterday but have been holding off on announcing it until I could confirm with multiple sources. Unfortunately it does appear to be true. This sudden change was not expected and I'm not sure the reasoning why it is no longer allowed.

I understand how devastating this news is for many of you with damaged credit from COVID-19 and that many of you were already in the process of adding a co-borrower or were planning on doing so. It looks like if you didn't not get it processed by the cut off date of the 20th it won't happen. As it stands the only option I'm aware of is working to improve your score above 570 on the vantage 3.0 model the SBA uses and the

I am receiving a flood of emails regarding people attempting to fund their EIDL loans via web or app based "e-banks" such as Chime, N26, paypal, netspend, cash app, etc the list goes on. I highly recommend not using any of these. The funding department has advised there is a high degree of probability these loans will not fund to these accounts. If bounced back it will take a minimum of 2 weeks for the funds to route back to the SBA before you can reattempt funding with a different account. Not only that but they are considered by the SBA as high risk account types due to an elevated number of fraud reports, which creates further delays and review conditions.

You may have a friend or collea

As most of you already know, the EIDL Advance/Grant program has ended and the full 20 billion in funding for the advance has been exhausted. The option has been removed from new applications. Getting funding for the advance as a new applicant at this time will not be possible.

There is some remaining confusion I wanted to clear up due to some misinformation going around on social media and also from customer service reps. If you have an older application that was approved for the grant or you were approved for grant reconsideration, there still may be a chance you will be funded. There is a final reconciliation taking place today Tuesday 7/14 and Wednesday 7/15 in which several hundred tho

Hi Everyone,

With EIDL apps opening back up my e-mail volume has become even higher than normal. During peak times I am getting multiple emails per minute. I am currently at 871 unread e-mails but working non-stop to answer as many as I can. Please note that, if I miss your email it is basically impossible for me to go back and try to answer as then I would be hopefully behind on current emails. I am happy to try and help as many people as I possibly can. I will do what I can where I can.

My suggestions to reach me are as follows:

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1. Always read the FAQ first to see if your question is addressed. If you were denied always call tier 2 support first to find out as much informa

• Advance: For those who did not receive your Grant/Advance either because you were denied the loan, the loan is pending, invalid/wrong bank info, or you already got your loan deposit but no Grant: a solution almost here. The SBA is preparing to send an email out that will have a link with instructions to log into a new EIDL Advance Portal that will allow you to confirm or correct your banking information. Once this process is complete the Advance funds will be disbursed. The process has already begun and more applicants will be notified in the coming days.
• Processing times: Right now the SBA is seeing major delays with processing/underwriting of applications once you accept the offer in

I was advised that currently the SBA is experiencing various issues with the portal including glitches surrounding loan docs (only effecting those showing approved in portal). They are pushing 20-30K approvals a day now and the system is getting backed up. There also appears to be a delay in funding for those who already signed and are expecting a disbursement. Right now 5-7 days is not unusual. More in some cases. I'm told there is a sync issue between the SBA funding system (ETRAN) and the rapid portal software used. If you do not get your deposit as expected do not be alarmed. If anyone is experiencing these issues this may be a good thread to post them.

UPDATE: 6/1 Issues surrounding d

^(**LAST UPDATED 8/01**)

OFFICIAL FREQUENTLY ASKED QUESTIONS AND ANSWERS FOR r/EIDL

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PURPOSE:

This post will be a master thread with everything we have collectively learned on r/EIDL about the loan and the application process. It will be updated on an ongoing basis and will always contain the most current information. Things change frequently at the SBA with policy and you should check back on this thread on a regular basis.

Please post any questions not covered and I will respond and add them here.

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INDEX OF QUESTIONS:

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1. How do I get in touch with customer service phone support?
2. What are my chances of being approved for this lo

A few pe3ple have asked for this, so I will post it for everyone. You can expedite your request for a co-borrower by having this ready to go. The form is available here:

SBA Form 3501 - Adding Co-Borrower

Instructions for filling out form:

Only fill out the following:

Line #14 - Add the co-borrowers information under owner #1

Line #15 - Answer question for co-borrower.

Line #16 - Answer question for co-borrower.

Sign page 10, co-borrower signs.

Attach and send with your co-borrower request to [email protected] with your application number.

For weeks I've been getting reports and messages about getting invited to the portal only to find the link takes them to the login page and they cannot create an account. Even every resource I've communicated with at SBA could not find a resolution. Today I found out from a user on our group, who wanted to stay nameless, that discovered this fix and I am passing it on.

Follow these steps

1. Open the email to create your portal account. Right click on the green button that says, "create your account". Click "copy link address" or "copy hyperlink" depending on your browser.
2. Use a VPN service, such as NordVPN, to connect to a VPN server in different state than yours, preferably on the oppo

Reddit fixed my chat!!

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It's heartbreaking to see someone reach out and I am unable to respond when I have an answer or a way to help. I can DM people directly outside chat but its a very messy system and badly designed. Anyone have any ideas on a private chat platform? Reddit admins suggested I used telegram but not many use that.

Great news for some folks. u/Chance-Patience. This would allow you to gain reconsideration without having to boost your own score. You can also have them repull your own credit if your score goes above the 570 threshold. The closest approximation to the score they are using is credit karma TransUnion (yes it's Experian but not available on credit karma).

Keep in mind this is "unofficial" news and policy. Your milage may vary, but multiple confirmed reports of this being done.

We all want to help each other and excitedly share ways we have made progress. Recently, a lot of direct contact details have been shared for people that work at the SBA. Unfortunately, it is being abused and people are using those contacts to request general status updates, portal invites, or in attempts to expedite their application ahead of the normal process.

They are aware of reddit and know who is sharing this info. Management has reached back out and requested not to have these details shared. One manager said he was overwhelmed by recent inquiries and it's making it very difficult to effectively do their work. They want to help us, but please only reach out in cases of urgent need o