Are EIDL loans being processed?
EIDL loan applications will still be processed, even though the Advance is no longer available.
Applicants who have already submitted their applications will continue to be processed on a first-come, first-served basis..
How long does the EIDL loan take to process?
21 daysOnce a borrower applies for an EIDL, approval timelines can vary depending on volume. Typically, a decision is made within 21 days of application, and disbursement of money within five business days. Borrowers are assigned individual loan officers for servicing the loan.
How do you know if your EIDL loan is approved?
You can also find out the status of your EIDL application by phone. You can use this method if you submitted your application online or by mail. Call 1-800-659-2955 (the SBA Disaster Assistance customer service center) and ask for Tier 2. These reps can answer questions the application process and your loan status.
How long does it take to hear back from SBA disaster loan?
21 daysHow long will it take: The average for SBA to issue a Disaster Loan decision is 21 days. Within that time frame, a loan specialist will be in contact with you to figure out the amount and parameters of the SBA disaster loan. Once the loan documents are signed, funds are deposited via ACH within 3 to 5 business days.
Can my EIDL loan be forgiven?
Economic Injury Disaster Loan (EIDL) and the Paycheck Protection Program Loan (PPP) loans are eligible for some degree of loan forgiveness. The EIDL advance grant is forgivable, up to $10,000. EIDL advance grant forgiveness is automatic. PPP loans up to $10 million can be forgiven.
Is the EIDL loan based on credit score?
EIDL doesn’t require a guarantor for loans up to $200,000 and instead these are made purely on credit score. Because there are different credit bureaus, the level of impact to your credit score depends on which organization is pulling your credit.