- How to Check the Status of Your EIDL Loan Application
- What to Do If Your Loan Application is Denied
- How to Get the Most Out of Your EIDL Loan
You can check your Eidl Loan Status on the SBA website . To do so, you will need to log in to your account and click on the “My Loans” tab. From there, you will be able to see the status of your loan.
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How to Check the Status of Your EIDL Loan Application
The first step is to visit the SBA’s EIDL website and log in with the same user ID and password that you used to apply for the loan. Once you’re logged in, click on the “My Account” tab at the top of the page. Then, click on the “Loan Status” link. On the next page, you’ll see the status of your loan application and any other relevant information.
Check the Status of Your Application Online
The best way to check the status of your Economic Injury Disaster Loan (EIDL) application is online through the Small Business Administration (SBA) portal.
To check the status of your EIDL application:
1. Go to https://disasterloan.sba.gov/ela/.
2. Enter your application number and click “Check Status.”
3. You will see one of three messages: “In Process,” “Approved,” or “Denied.”
If your loan is approved, you will receive an email notification from the SBA with instructions on how to complete the loan process. If your loan is denied, you will receive an email notification from the SBA with instructions on how to appeal the decision.
Check the Status of Your Application by Phone
If you applied for an Economic Injury Disaster Loan (EIDL) through the Small Business Administration (SBA), you may wonder how you can check on the status of your application.
The best way to check on the status of your EIDL loan application is to call the SBA Customer Service Center at 1-800-659-2955 (TTY: 1-800-877-8339).
When you call, please have the following information ready:
-EIN or SSN
What to Do If Your Loan Application is Denied
The Eidl loan program is a great resource for small businesses who may be struggling during the Covid-19 pandemic. If your loan application is denied, don’t worry! There are a few things you can do to try and get your loan approved.
Review the Reasons Why Your Loan May Have Been Denied
The first step is to review the reasons why your loan may have been denied. The SBA will send you a notice that will outline the reasons for the denial. The most common reasons for denial are:
-Not enough collateral
-Bad credit history
-Unable to demonstrate ability to repay the loan
-You are in default on another federal loan
If you believe that the SBA made a mistake in their decision, you can appeal the decision by submitting a written request for reconsideration within 30 days of receiving the notice of denial.
Appeal the Decision
If your small business loan application is denied, don’t give up – you have the right to appeal the decision. The appeals process gives you an opportunity to present new information or clarity on any misunderstandings that may have led to the denial.
To start the appeals process, you’ll need to submit a written request to the lender within 60 days of receiving notification of the loan denial. In your appeal, be sure to include:
-Your name, business name and address, and loan number (if applicable)
-The reason(s) for why you believe the decision was incorrect
-Any new information that wasn’t included in your original application (for example, updated financial statements)
-Your contact information (phone number and email address)
Once your appeal is received, the lender will review your case and make a new decision. If they deny your appeal, you have the right to submit a second appeal within 30 days. This second appeal must include new information that wasn’t presented in your first appeal.
Reapply for an EIDL Loan
If you’ve applied for an EIDL loan and been denied, you may be wondering what to do next. The good news is that you can reapply for a loan through the SBA. If you’ve already been approved for an EIDL, you can also check on the status of your loan through the SBA.
To reapply for a loan, you will need to complete a new application and submit it to the SBA. You can do this online or by mail. Be sure to include any new information that may have changed since you last applied, such as your business’s financial situation.
Once you’ve submitted your new application, the SBA will review it and make a decision. If they approve your loan, they will send you a commitment letter detailing the terms of the loan. You will then have 10 days to accept or decline the loan.
If you have any questions about reapplying for an EIDL loan, you can contact the SBA directly. They will be able to help you with the process and answer any questions you may have.
How to Get the Most Out of Your EIDL Loan
The first step is to get your loan number from the SBA. You will need this in order to check your EIDL loan status. You can find your loan number on your loan documents or you can call the SBA customer service number at 1-800-659-2955. Once you have your loan number, you can check your EIDL loan status online.
Use Your Loan for Working Capital
If you have applied for and been approved for an EIDL loan, you may be wondering how to best use the money. The most common use of EIDL loans is for working capital, which can be used to pay things like rent, payroll, inventory, and other operational expenses.
While you can use your loan for other purposes, it is important to note that the SBA’s disaster assistance rules prohibit using EIDL funds to refinance long-term debt or make investments. If you are found to have used your loan for these purposes, you may have to repay the loan in full.
If you are not sure how to best use your EIDL loan, we recommend speaking with a small business consultant or accountant to get started.
Use Your Loan to Cover Rent or Mortgage Payments
The CARES Act designates that businesses can use EIDL loans for “any other ordinary and necessary expenses that may be incurred” because of the pandemic. This could include “rent, mortgage payments, utility expenses, and repairs,” according to the SBA.
One key way to use your EIDL loan is to cover your monthly rent or mortgage payments. With many small businesses forced to close their doors or operate at reduced capacity due to the pandemic, this can help ease some of the financial burden you’re facing.
Keep in mind that you’ll need to start making payments on your EIDL loan within a year of receiving the funds, with repayment terms of up to 30 years. So if you’re able to get back on your feet quickly, you may want to consider using the loan for other purposes such as inventory or employee salaries.
Use Your Loan to Pay for Inventory
One way to ensure that you can keep your business running smoothly is to use your EIDL loan to pay for inventory. This will help you keep your shelves stocked and your customers happy. In addition, it will help you avoid having to dip into your personal savings or take out a second loan to cover unexpected costs.