EIDL original 10,000 grant

Technical topics regarding tax preparation.
#1
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I had my clients apply for the original 10,000 EIDL grant (loan) back in March.

Only 1 of my clients received a 1,000 payment since the grant was changed to 1,000 per employee but no one else heard anything regarding the grant.

I was wondering if there was any way following up on the grants but could not find any.

Any ideas anyone?
 

#2
JR1  
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Western 'burbs of Chicago
Nope, and I've not seen ANY come in. I have seen 3-4 PPP deals finally cash....but no EIDL's....
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Remembering our son, Ben Jan 22, 1992 to Aug 26, 2011.
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#3
Gjkycpa  
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We have a client who applied for the EIDL grant and the PPP.
Just had $10,000 direct deposited into their bank account. They did not have 10 employees so I assume it was the PPP.
They have not received email, letter or remittance advice as to description of funds.
 

#4
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I got my $1,000.00 this morning. So that's the better part of two months rent paid for, which is really helpful as getting returns out the door with a clientele that skews elderly, doesn't do computer stuff and is (ahem) strongly discouraged from going anywhere in public right now.
 

#5
sjrcpa  
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Maryland
I had a client get $4,000 last week - for 4 employees. He has heard nothing else about the EIDL.
 

#6
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North Shore, Oahu
I received a $6000 EIDL last week (6 employees).

But now I'm learning it was for nothing because I was awarded PPP funds a couple of days later and it seems that this makes $6000 of my PPP not forgivable.
 

#7
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Northern MI and Coastal SC
I received the EIDL advance on 4/22 and SBA ran a credit check on me same day, but zero correspondence since. I have not heard of ANYONE receiving an EIDL loan other than, perhaps, the advance if requested. I just used the full EIDL advance to "almost" pay off a corporate credit card bill that came in with some hefty charges I forgot about.
 

#8
Gjkycpa  
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Corbin, KY
First of all this has to be the most confusing thing the government has ever done. I would rather prepare a 6251 AND 2210 annualized income by hand.

Anyway, I applied for the EIDL grant for my client and they received $1,000 for one employee. They forwarded me the following email, which I assume starts the process for the EIDL loan. Any input, or should I just proceed and request the loan amount based on my clients specific set of facts. Thanks for any response.



Create your SBA Economic Injury Disaster Loan Portal Account

Your SBA Application No. 3301460421 is ready for the next step. Create your SBA Economic Injury Disaster Loan Portal account to provide additional details or requested documents.


Create Account
 

#9
TaxDude  
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California
I've had several clients receive these loans. Here is the verbiage in the email I send them when they ask about the email they received, which your client forwarded to you:

Click on the link provided in the email to set up your portal. Once you’ve done that you’ll be asked to verify the following:

• Select the loan amount desired from an approved range.
• Verify Identity.
• Electronic Disbursement – verify your checking account information.
• Sign Closing Documents – review and sign the loan agreement. Please be sure to read the loan document carefully. There are restrictions on what the funds can be used for – must be for business purposes only.

Once you’ve performed these tasks they will process your request. Within 1-3 days you’ll receive an email to let you know your loan has been approved. Funding should occur within the next 1-3 days. They will fund the requested amount less a $100 funding fee. This is a 30-year loan with a 3.75% interest rate. Payments are due to begin in 12 months from funding date.
 

#10
Gjkycpa  
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Corbin, KY
Thanks.
That's just the info I was looking for.
 

#11
skassel  
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San Mateo County, CA
The $100 fee only applies for loans over $25,000 and pays for the third party UCC handling charge.
Steve Kassel, EA
 


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