Applied 4/6 Credit pulled 5/16 received portal invite 6/3 Confirmed Identity and bank info. 6/3 Received approval/loan docs 6/4! Now just waiting for funds!
@NicoleKe
4 жыл бұрын
Okay. 🙄
@katemiller7874
4 жыл бұрын
Thanks for the timeline. Waiting for them to accept the figure we sent back
@leomannpictures
4 жыл бұрын
My funds just showed up in my account in less than a week after signing. No email or other notifications. Check your account frequently!
@jeremyv11000
4 жыл бұрын
Did you get advance?
@bash547
4 жыл бұрын
When did u eat dinner
@majormael8942
4 жыл бұрын
Thanks Englisch is my second language but the way you explain it is very helpful Thanks again
@nnasir1471
4 жыл бұрын
I applied for EIDL on March 30th. SBA pulled my credit in April and I have not heard anything back from SBA. I have excellent credit, I have been in business for the last 16 years, and my business was doing great before the pandemic hit. The only reason that I could think of is my age, I am in early my 70s and that could have been the reason why SBA is sitting quiet, waiting for the appropriation funding to run out, they won't say anything (approved or not approved). I personally know a lot of business owners who got EIDL loan and they applied after I did. This is very sad because I can use the funds to stay in business but SBA doesn't think that I am going to live long enough to payoff the loan.
@EdtheFinanceGuy
4 жыл бұрын
Im an Accountant for 40 years...Just started my own you tube channel.... i enjoy watching your videos
@philanderson1200
4 жыл бұрын
My portal had a loan for 150k only. I suppose I could have called and asked for less but the ppp funding was all I needed. Thankfully my business has gotten busy as pre COVID level
@rezarectmusic9691
4 жыл бұрын
Got the first email 3 days ago. Filled it out and accepted confirmed amount yesterday. On your app is being processed stage rn. Fingers crossed. My biz needs this!
@Tommylee1242ATGMAILDOTcom
4 жыл бұрын
Contact +1(706)6755424 on whatsapp Or via mail@ tommylee1242@gmail.com (he does not take upfront payment) if you need help Hacking your PayPal, To fix your credit card, To fix your credit score, Western Union hack, To hack into your cheating husband phone, Bank account, PayPal, Instagram verification, facebook and many more.. His fast and reliable............
@nathanieljames1981
4 жыл бұрын
How many days after did you get the sign closing documents email
@renamanvelova7753
2 жыл бұрын
Man thank you for being informative enough not waisting time doing just unnecessary talking explaining how and why it would require collateral totally didn’t know probably why I was denied. You cleared up alot subscribed . Oh and watching other videos on the same topic gave me a headache. Sometimes it feels like some KZitem channels hold information hostage you know they know exactly what to do but won’t just give it to you rather make you waste your time trying to get you to like them, You don’t . Like I don’t need a personality and opinions on crap dude your video should be half hour to explain .
@ClaraCFO
2 жыл бұрын
Rena - thanks so much for the feedback! I am always trying to make my videos shorter so I don't waste my viewer's time! I appreciate the feedback and am so thankful you found it helpful! Thanks for the sub
@jasonhitch660
4 жыл бұрын
Email portal came today for $5.5k. No grant for any $. SBA said bank # was wrong. We changed it but they said no idea if and when grant will show up. She said don’t call every day for 30 days.
@cb4canes
4 жыл бұрын
Similiar happened to me... I was offered 5,700$ I changed the amount to 1,000$, never received the grant nor have I received the loan. I recently got an email asking specifically what type of AG business I have and what my costs were for 12 months prior to the ‘Rona
@samuelavalos2147
4 жыл бұрын
Do you need a loan to settle your debt or to pay off your bills? Have you been turned down constantly by your Banks and other financial institutions just because you have a low credit score? Do you need a loan or funding for any reason such as, * Holiday Loans * Vehicle Loans * Real Estate Loans * Business Loans * Mortgage Loans * Construction Loan * Home Loans * Investment Loan * Debt Consolidation Loans * Personal Loans Note: We give out loan at affordable interest rate yearly. Interested persons should contact us via email:capitalloan011@gmail.com to enable us open a loan processing file. Warm Regards,
@thesurvivalist.
4 жыл бұрын
The interest from the first year raised the principle, so it is best to start paying right now!
@jaroslavszabo3899
4 жыл бұрын
SBA PPP or EIDL loans. Question: Will SBA report it to Credit Bureaus as regular loans, or it will be hidden as mortgages?
@akovacsrealtor
4 жыл бұрын
Individual lenders report SBA loans (including 7(a) loans which the PPP program falls under) to credit bureaus, the SBA itself doesn’t report to credit reporting agencies. Since these loans are made by the SBA, EIDLs should not appear on personal or business credit reports. However, for loans of $25000 or more, the SBA files a UCC-1 filing which can appear on business credit reports and may impact your ability to get other financing.
@MA-lq6eb
4 жыл бұрын
NICELY DONE! THNX FOR SHARING DARLIN👍
@Revolutionized
4 жыл бұрын
I watched almost all of your videos, not sequentially but based on the need. I should admit that I have got the best advises from your videos in comparison with all the rest so please accept my deepest appreciations. By the way, you have one of the most beautiful eyes I have ever seen. Thank you
@zuspiro79
4 жыл бұрын
I had the same exact thing happen with the verification part at the end of your video lol. I applied on April 11th. I got my first email on July 27th. Never got a second email but then today, the SBA calls me to ask why I haven't signed the loan docs. I'm like, "um, I haven't gotten an email saying it was approved to proceed. So then, the representative sends another email herself through the portal which was very similar to the first one. Let me just vent about one more thing, I got a measly offer of 2200.00 bucks. It costs me a hell of a lot more than that to operate but I'll take anything i can get. LOL! Yay, government workers! They're the best!
@hazeleyesgreengrey8438
4 жыл бұрын
This video is the best i've seen all the other video's are not as clear. This so well explained about the process. I just got the email today and i was wondering what the rest of the process was. Thank you for this amazing video.....
@ClaraCFO
4 жыл бұрын
Yay! So glad it's helpful for you!!!
@Tommylee1242ATGMAILDOTcom
4 жыл бұрын
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@Scott-xq2dm
4 жыл бұрын
It only take 1 day to see the fund in the bank account after I signed the loan.
@nathanieljames1981
4 жыл бұрын
How many days did it take to get the sign closing documents email?
@mrsmoland
4 жыл бұрын
He said "it only take 1 day"
@chrisdenajones7156
4 жыл бұрын
Stephanie Moland I called and got threw after two hours on hold it was approved ready to distribute my funds my account at my bank had to verify and I called my bank now tomorrow should be ready for me to sigh
@daishanewsomednp6956
4 жыл бұрын
I sign for my loan 07/17/20 when will I get it?
@chrisdenajones7156
4 жыл бұрын
Daisha Newsome how long it take to get the email to sigh the closing documents is question I have been grayed out for two weeks now can’t finish up ? Thanks for any info
@2jrinc
4 жыл бұрын
You can ask for an increase with reconsideration and updated documentation
@ClaraCFO
4 жыл бұрын
Yes, won't be an easy-peasy process I imagine!
@lululim4656
4 жыл бұрын
@@ClaraCFO Great video! I was qualified and accepted $77K, I thought I would take the maximum loan for now as I couldn't gauge what I needed with uncertainty of the future. I thought I could pay back what I didn't need early. BUT after seeing your video and Kwok brothers, now I want to take just $25K. Is there anyway I could change this loan amount?
@mohamedadam3512
4 жыл бұрын
Please, I would like to know when the interest kicks in for the EIDL loan? Payment starts in one year, so does that mean if I pay the full amount b4 my payment kicks in will I avoid paying interest?
@HeatherRiderCoaching
3 жыл бұрын
Super helpful. It's not obvious that you can modify the amount of the loan. The red "review and accept the amount" link is poor design.
@thatssospirit342
4 жыл бұрын
This was extremely helpful.
@jeremyv11000
4 жыл бұрын
With second wave coming take max loan Just my opinion
@sistertonya743
4 жыл бұрын
Thank you so much this is better understanding of this SBA loan you break it down so simple 💪
@ClaraCFO
4 жыл бұрын
Great to hear!
@samuelavalos2147
4 жыл бұрын
Do you need a loan to settle your debt or to pay off your bills? Have you been turned down constantly by your Banks and other financial institutions just because you have a low credit score? Do you need a loan or funding for any reason such as, * Holiday Loans * Vehicle Loans * Real Estate Loans * Business Loans * Mortgage Loans * Construction Loan * Home Loans * Investment Loan * Debt Consolidation Loans * Personal Loans Note: We give out loan at affordable interest rate yearly. Interested persons should contact us via email:capitalloan011@gmail.com to enable us open a loan processing file. Warm Regards,
@chrissmith2922
4 жыл бұрын
So after you complete steps 1 & 2 Verify Identity and Electronic Disbursement (bank info) does that mean you are approved and you will receive email to complete step 3 Sign Loan Documents? How many days did you have to wait after completing steps 1 & 2 to receive Step 3 email from SBA? I’ve done Steps 1 & 2 but it’s been 2 days so a little worried Well as I was writing this question I just got the SBA email to complete Step 3 - so if anyone wants to know I received Step 3 email 2 days after completing Steps 1 & 2!
@ihavecosmetics3216
4 жыл бұрын
Thanks Chris for the update -- was trying to figure out how long after Step 1 & 2 .... Stay Safe!
@chrissmith2922
4 жыл бұрын
Leisea Wipf it took 2 days for SBA to email me loan documents for signature so expect the email by end of the week
@andreshervanian8283
4 жыл бұрын
Something tells me the only way the SBA will question what you spent the $ on is if you default on your payments. Technically, if I pay the loan monthly with interest... why would they care what you do with the money? Any thoughts?
@Tommylee1242ATGMAILDOTcom
4 жыл бұрын
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@Sketchesz
4 жыл бұрын
..hey Hannah, have you heard about the changes the house passed on the PPP loan? ( Forgiveness application changed from 8 weeks to 24 weeks and loan repayment period has been extended from 2 yrs to 5 yrs)
@alienfleet3702
4 жыл бұрын
As well as a change to a 60/40 split instead of 75/25
@ClaraCFO
4 жыл бұрын
Until it is law, I won't speculate. It does seem like there's support for it though. When (or if) it becomes law, I will definitely do an update!
@hungnguyen-pg5gq
4 жыл бұрын
Hi Clara.What is the collateral?
@EC1wJC
4 жыл бұрын
I was told to use Microsoft Edge or Internet Explorer by an SBA REP when i called the #. They mentioned Safari and Google Chrome caused application errors
@Tommylee1242ATGMAILDOTcom
4 жыл бұрын
Contact +1(706)6755424 on whatsapp Or via mail@ tommylee1242@gmail.com (he does not take upfront payment) if you need help Hacking your PayPal, To fix your credit card, To fix your credit score, Western Union hack, To hack into your cheating husband phone, Bank account, PayPal, Instagram verification, facebook and many more.. His fast and reliable............
@arsenekabore4683
3 жыл бұрын
After the offer and after you select the needed amount, can they decline your loan, or the next step is the signing of closing documents?
@jasminhabibovic7961
4 жыл бұрын
Hi. Will EIDL loan effect PPP loan ? Can you explain, please. PPP loan $5000 and EIDL probably $9000 but I haven’t agreed yet on EIDL.
@irfanahmed6799
4 жыл бұрын
Applied SBA loan in April 4 th got $1,000 in April 22nd forgot about it then got email to confirm more documents on may 28tb same day got approval and funds were in my account in 3 bussiness days . Many of my friends applied same day haven’t heard from anyone . So folks good luck
@urmantaqi3253
4 жыл бұрын
Thank you for very valuable information. Best wishes.
@rohitkothari3890
3 жыл бұрын
Can you tell me what are the criteria they use to determine the maximum EIDL loan amount offered? Is it like PPP where its 2.5*Monthly payroll? Thank You.
@ClaraCFO
3 жыл бұрын
The max is $150k, but the SBA determines the max they will offer you.
@rohitkothari3890
3 жыл бұрын
@@ClaraCFO whats the minimum? Thanks
@graceliu5198
4 жыл бұрын
I received my eidl grant already, now I got the email to create account to request the loan, my question is : I don't need the loan, do I just ignore the email, or do I have to do anything?
@graceliu5198
4 жыл бұрын
ROYAL'TEE KINGDOM CITIZENSHIP thank you!
@CJ-ov1uu
4 жыл бұрын
ooh, that was my question too, altho i have not received a grant yet. so to confirm, i'll get the $1000 grant just automatically and then offered a loan in the email, which, i have no operating expenses so I ignore?
@kristiwalker1092
4 жыл бұрын
I am in the same situation
@jeremyzzhu4587
4 жыл бұрын
You can just ignore that loan offer and still got that 1k grant money? I thought you have to complete all the steps and sign the closing docs and then you can get the loan and grant money together!
@jeremyzzhu4587
4 жыл бұрын
Kristi Walker how many days have you been waiting for your grant money to come after you applied ?
@richardcontell1314
4 жыл бұрын
Very misleading regarding the loan above $25k and the collateral. I was eligible for $39k and after watching your video I only accepted $25k as I didn't have anything to sign as collateral. It turns out you only have to pledge the full amount you are eligible for and do not have to sign anything specific as a guarantee. Now I left $14k on the table that would have made a big difference for me! Double check your info before giving advice.
@ClaraCFO
4 жыл бұрын
The guidance is clear on the collateral requirements.
@richardcontell1314
4 жыл бұрын
@@ClaraCFO The collateral requirements above $25k were lifted for covid 19. In your comments you will notice a lot of people who accepted more than $25k and were not asked any collateral.
@andrewesquivel5442
4 жыл бұрын
Where is the $10,000 grant during all this? If I got the first email asking me to approve a loan amount, does that mean the $10,000 will come automatically as well?
@eyeamthateyeam86
4 жыл бұрын
Great question.
@jeronwilliams6671
4 жыл бұрын
Same question I have .. No one is answering !
@ClaraCFO
4 жыл бұрын
You'd have to contact the SBA in regards to the EIDL advance (www.sba.gov/funding-programs/loans/coronavirus-relief-options/economic-injury-disaster-loan-emergency-advance). For additional Small Business PPP resources you can check out: learn.claracfo.com.
@samuelavalos2147
4 жыл бұрын
Do you need a loan to settle your debt or to pay off your bills? Have you been turned down constantly by your Banks and other financial institutions just because you have a low credit score? Do you need a loan or funding for any reason such as, * Holiday Loans * Vehicle Loans * Real Estate Loans * Business Loans * Mortgage Loans * Construction Loan * Home Loans * Investment Loan * Debt Consolidation Loans * Personal Loans Note: We give out loan at affordable interest rate yearly. Interested persons should contact us via email:capitalloan011@gmail.com to enable us open a loan processing file. Warm Regards,
@nagift89
3 жыл бұрын
When is the emails coming
@NicolesReviews
4 жыл бұрын
Do I need to have my documents to verify my loss of finances?
@TheChocolate_Roze
4 жыл бұрын
yes up to 3 to 5 years
@ClaraCFO
4 жыл бұрын
Thank you for your question. Unfortunately, we can't answer all of the specific questions we receive. We encourage you to check out the other Small Business PPP/EIDL videos posted in our channel as well as the resources we’ve compiled here: learn.claracfo.com
@chrissmith2922
4 жыл бұрын
Thanks for the awesome video / info!
@miguelmagallmm
4 жыл бұрын
What about if you don’t want to get the loan?
@Wowimhungry9
4 жыл бұрын
Miguel Magall don’t sign the documents
@gugy68
3 жыл бұрын
I rather get a PPP with forgiveness. The EIDL rate is pretty high and you will need to repay. Yes, it's important for some businesses but as a sole independent contratcor it does not work for me.
@kimrojas2332
4 жыл бұрын
I’m with others that weren’t aware of the fact they needed collateral for loans over 25k. Can I change the amount we borrow if I’ve already accepted the higher amount they offered?
@rebeccaseidman8573
4 жыл бұрын
I asked the same question. Someone responded no. I am not sure. When I called and spoke to tier 2, they said they would put the request in to my loan officer, but I haven't heard anything yet.
@aharonbenyisrael8387
4 жыл бұрын
Same thing happened to me I thought it was a solicitor saying I can borrow 56,700 so I took it down to $25,300 with what I needed and that locked me in right there before the contract, so I lost a $100 and added collateral for $300 I had in my account, we should be able to pay that for those who want to be $25,000 or less without penalty because it seems like that's the amount they really wanted you to take, or had callers to call and explain it's not worth it to go a lil over 25k for these reasons, very misleading, is there a number I could call?
@briandevillier9850
4 жыл бұрын
Thank you mam. This information was very helpful.
@dennisbarrow4519
4 жыл бұрын
I got an email concerning my reconsideration from the SBA and this is what it said.We have reviewed your request for reconsideration of disaster loan application. Based on our review, we have determined that the file should be reactivated for further consideration. The case file has been assigned to a loan officer and tax transcripts ordered from the IRS. Once transcripts are received the loan application will be reviewed by an underwriter. These files are maintained in chronological order and assigned in accordance with the current workload. What do you think that truly means and what do you think the time frames are?
@mariatavarez9968
4 жыл бұрын
Thank you this is a great 👍 information very well appreciated 🙏
@mail06513
4 жыл бұрын
Thank you for the walk through.
@5rootsrock
4 жыл бұрын
Thank you so much! I had no problem with being verified online.
@carlosglz
3 жыл бұрын
Hello there, how would I go about scheduling a private consultation for my business? Just want to make sure I have some questions answered before we apply.
@ClaraCFO
3 жыл бұрын
You can book a clarity session with us here: claracfo.com/strategy-sessions/
@mikeobrien3205
4 жыл бұрын
Thank you. Mine also says that it wasn't able to verify my identity online. However it says that that step is completed. I just finished it up at the end of last week so I have not gotten further with it
@mxaguila
4 жыл бұрын
Question: How does the EIDL Advance get affected by taking out the EIDL Loan? As of now, I understand the EIDL Advance offsets the forgiveness amount for the PPP. Does this still hold true if you take out the EIDL Loan as well? I do have a PPP Loan at the moment, and if taking out the EIDL Loan cancels the reduction in forgiveness due to the Advance then I’m all for it. Thank you!
@gorilla4143
4 жыл бұрын
Yes.... accepting the EIDL reduces the Forgiveness amount of the PPP Loan
@shirleywordmiller158
4 жыл бұрын
Great! Thanks for the details!
@ClaraCFO
4 жыл бұрын
Our pleasure!
@user-ot6em3yt4k
4 жыл бұрын
Thank you, GOD BLESS
@baldwinhillzbrattt
4 жыл бұрын
The same thing happened to me ... as far as verifying my identity ... it’s said it couldn’t verify me ... then it said I was vetoed after I submitted the app. So I guess everything should be okay, it’s probably a small glitch in the system. 💯
@erickalfonso1461
3 жыл бұрын
Did you ever get approved after the identification issue?
@peterlafreniere5178
4 жыл бұрын
What happened to your grant/advance in this whole process? There has been a lot of different information from parties from day one to the present concerning the 1-10,000 grant from the sba.
@collinmills4322
4 жыл бұрын
I received my advance over a month ago, and should receive my loan within the next day or two-ish. They are combing all grants with the principal loan amount now. You still do not have to repay the grant...and I was told that you should receive both disbursements within the same business day. I suppose they got tired of people taking the advance and declining the subsequent loan offer.
@Karen-jp1ns
4 жыл бұрын
I got offered a loan that I didn't ask for, but I heard nothing about an advance
@akcj1
4 жыл бұрын
Is the collateral business collateral or personal?
@ClaraCFO
4 жыл бұрын
Thank you for your question. Unfortunately, we can't answer all of the specific questions we receive. We encourage you to check out the other Small Business PPP/EIDL videos posted in our channel as well as the resources we’ve compiled here: learn.claracfo.com
@alexpatel5072
4 жыл бұрын
I got mail and saw my application No but I couldn't create portal why...I need help please
@sharonbones4903
4 жыл бұрын
Mail officer Donald - wiliamdonald6@gmail.com
@LanceEkum
4 жыл бұрын
Appreciate the video - thank you! One question: What if I only want the grant portion ($1000) of the EIDL and not the loan. Is there a way to take $0? I called the SBA earlier today and they told me to send an email saying that I want to withdraw my loan application. I think that means I'm good - but I didn't get a real warm fuzzy talking the person from the SBA. So - if you have any further info on that, that would be great.
@miguelmagallmm
4 жыл бұрын
Yes, good question... I would like to know also if I don’t want the loan...
@zrobert66
4 жыл бұрын
Except the loan. Your loan amount (you choose) will be deposited and then the Grant. After, return your loan if you like. If you haven’t gotten the grant but you got a loan offer; your grant is there but something is probably wrong with your banking info you submitted. Example your routing number. They need the direct deposit route number and not the wire. Of course, your account number needs to be correct and the name on the account. Blessings
@zrobert66
4 жыл бұрын
WildL23 Hello, yes they wouldn’t have email you. Most likely because they’re slammed with calls emails etc. but if you applied earlier March 29 April 16 you should be ok if not 🤷♂️ Blessings
@zrobert66
4 жыл бұрын
WildL23 Hello, your welcome. If you were offer the Loan and excepted the EIDL loan and you then corrected the bank info; then your money is on the way. I don’t have an answer to your question by midnight. I don’t work for the SBA. Sorry, you can call them and get in right away. Good luck to you
@zrobert66
4 жыл бұрын
WildL23 Hello again, could’ve should’ve 🤷♂️ idk brother. Just trying to help you with info Best of luck Blessings
@benzun9600
4 жыл бұрын
I got the "approval" email for Create your SBA Economic Injury Disaster Loan Portal Account. Once you accept terms and it says processing. How long did it take for final approval and funding?
@chrissmith2922
4 жыл бұрын
I was in same situation - I completed steps 1 and 2 and then 2 days later got SBA email to compete step 3 - Sign Loan Docs
@michelejoelschannel7311
4 жыл бұрын
@@chrissmith2922 have you received funding yet?
@chrissmith2922
4 жыл бұрын
Joel Andrew Serafini no - I just signed loan today - waited 2 days to get loan documents
@michelejoelschannel7311
4 жыл бұрын
@@chrissmith2922 Sweet! God Speed dude
@soofiaahmed4548
4 жыл бұрын
Once you sign the document it'll be in your account with in few days.
@antoinejameson2683
4 жыл бұрын
Got the first email this morning
@Tommylee1242ATGMAILDOTcom
4 жыл бұрын
Contact +1(706)6755424 on whatsapp Or via mail@ tommylee1242@gmail.com (he does not take upfront payment) if you need help Hacking your PayPal, To fix your credit card, To fix your credit score, Western Union hack, To hack into your cheating husband phone, Bank account, PayPal, Instagram verification, facebook and many more.. His fast and reliable............
@eulywade9745
4 жыл бұрын
How long did it take for you to get the email?
@antoinejameson2683
4 жыл бұрын
@@eulywade9745 2 months dear but is probably faster now
@eulywade9745
4 жыл бұрын
Antoine Jameson I just applied on Monday. I hope it’s faster.
@antoinejameson2683
4 жыл бұрын
@@eulywade9745 Ok cool
@nguye1971
4 жыл бұрын
Great work. Thanks for sharing Clara. We just went through the same process and got funded. Looks like the interest starts to accrue even though the payment could be deferred up to one year.
@ClaraCFO
4 жыл бұрын
Yes!
@Tommylee1242ATGMAILDOTcom
4 жыл бұрын
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@benzun9600
4 жыл бұрын
How long did it take to process and fund?
@sophiawilliam1318
4 жыл бұрын
I applied for a $50k loan I got approved signed closing documents and still I haven’t been funded it’s 10days now. Please I need your help what could be the problem ?
@Real_monstermikefishing
4 жыл бұрын
DM atom_invisible on IG for more information she helped me
@marwanshidawa744
3 жыл бұрын
what if i need to decline the loan . i don't want to accept it at all because no longer need it .
@ClaraCFO
3 жыл бұрын
No action has to be taken. If you don't accept it, you won't get the loan.
@marwanshidawa744
3 жыл бұрын
@@ClaraCFO Thank you so much .
@patriciomora9663
4 жыл бұрын
Super valuable vlog!
@TerryJulianLive
4 жыл бұрын
Watch in 1.5x speed
@davidbrooksphd2062
3 жыл бұрын
On the PPP 3508S forgiveness application is asks for the EIDL Advance Amount. My EIDL was approved and funded for the full amount, I did not receive an advance so do I put $0.00 on the 3508S where it asks for the "advance" amount?
@ClaraCFO
3 жыл бұрын
If you did not get an advance, you can put your EIDL loan number there, but put $0 in the advance amount space. I got your email, and I will be sending you an email back shortly!
@clintonurling8216
4 жыл бұрын
How long was a "few days" between the application processing and the second email stating the loan was approved?
@Dophill260
4 жыл бұрын
Can I share the time frame for comparison reasons?
@clintonurling8216
4 жыл бұрын
@@Dophill260 yes
@SewonSon
4 жыл бұрын
clinton urling Portal was opened on 5/25 and the loan is approved today (5/30). Yes, they work on weekends as well. One of my friends has the similar time frame. I assume you’d get the approval in/about 5 days. BTW, did not get my grant yet but many said they get their grant the same day as the loan.
@Dophill260
4 жыл бұрын
@@SewonSon thanks
@ClaraCFO
4 жыл бұрын
Mine was also 4-5 days between initial acceptance and approval.
@clearsolutionsbymarie
4 жыл бұрын
Thanks for the video Hannah. If I just want the $1,000 advance (the grant amount I am eligible for and do not have to pay back), do I reduce my total loan amount on my application to $1,000? Or, is the advance completely separate from the total eligible loan amount, in which case do I simply do not complete the loan application?
@armandomusanga8438
4 жыл бұрын
Can someone respond to this please? I also got approved for a $22,000 loan but I just want the grant what should we do ?
@swiftyoverfifty
4 жыл бұрын
I have read 3 people so far asking this question and I have done so many google searches of the same. No one seems to know! This is what I want, also.
@armandomusanga8438
4 жыл бұрын
Jennie Logsdon Martin I actually was able to get them on the phone; they told me that the grant will be automatically deposit in your bank account (just got mine) no action is required for that if you did that first application like everyone. However, the second email about how much money you get approved for, that’s just A LOAN and you’ll need to pay it back. If you don’t want it, just leave it alone, don’t do anything on that portal. Hope that helps 😊
@swiftyoverfifty
4 жыл бұрын
@@armandomusanga8438 OK! That's great! I heard that you had to check some tick box, and I was so afraid that I didn't check that! Wherever it was!!! Thank you so much! I did accept a part of the loan they offered, and I doubt that I would have, had I known what you just told me!
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4 жыл бұрын
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@hasmukhm
4 жыл бұрын
Use of the EIDL loan: Say Hotel revenue = $90K; Operating expenses = $70K; If we pay the operating expenses of $70 from the EIDL loan; We have $90K available to do whatever we please except we can't pay distribution per their rule; Question: Can we use the $90K for Property Upgrade?
@Tommylee1242ATGMAILDOTcom
4 жыл бұрын
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@ClaraCFO
4 жыл бұрын
Unfortunately, we can't answer all of the specific questions we receive. We encourage you to check out the other Small Business PPP/EIDL videos posted here in our channel as well as the resources we’ve compiled here: learn.claracfo.com
@nicolem5950
2 жыл бұрын
my portal only shows $5400 with no slider thingy to choose a smaller amount. The loan officer told me I am approved for up to $21600. I mentioned my portal only says the $5400 and they couldn't explain why...
@irina7news
4 жыл бұрын
Can you please help me if I get a grant but never gotten an offer for a loan. Thanks in advanced
@ClaraCFO
4 жыл бұрын
Unfortunately, we can't answer all of the specific questions we receive. We encourage you to check out the other Small Business PPP/EIDL videos posted here in our channel as well as the resources we’ve compiled here: learn.claracfo.com
@samuelavalos2147
4 жыл бұрын
Do you need a loan to settle your debt or to pay off your bills? Have you been turned down constantly by your Banks and other financial institutions just because you have a low credit score? Do you need a loan or funding for any reason such as, * Holiday Loans * Vehicle Loans * Real Estate Loans * Business Loans * Mortgage Loans * Construction Loan * Home Loans * Investment Loan * Debt Consolidation Loans * Personal Loans Note: We give out loan at affordable interest rate yearly. Interested persons should contact us via email:capitalloan011@gmail.com to enable us open a loan processing file. Warm Regards,
@samuelavalos2147
4 жыл бұрын
Do you need a loan to settle your debt or to pay off your bills? Have you been turned down constantly by your Banks and other financial institutions just because you have a low credit score? Do you need a loan or funding for any reason such as, * Holiday Loans * Vehicle Loans * Real Estate Loans * Business Loans * Mortgage Loans * Construction Loan * Home Loans * Investment Loan * Debt Consolidation Loans * Personal Loans Note: We give out loan at affordable interest rate yearly. Interested persons should contact us via email:capitalloan011@gmail.com to enable us open a loan processing file. Warm Regards,
@irina7news
4 жыл бұрын
Samuel Avalos thank you
@samuelavalos2147
4 жыл бұрын
@@irina7news You are welcome have you contact them yet?
@KingVonAllegra
4 жыл бұрын
Thanks so much!🌹
@ClaraCFO
4 жыл бұрын
Thank you!
@mightygod8437
4 жыл бұрын
How much days did it take to get the email after processing to sign document
@nathanieljames1981
4 жыл бұрын
That's what I'm waiting for. I setup portal and stuff. Just waiting to sign closing documents been 3 days now
@mightygod8437
4 жыл бұрын
Nathaniel Malik James I got the $1000 grant in 3 working day
@mightygod8437
4 жыл бұрын
Nathaniel Malik James got it today
@nathanieljames1981
4 жыл бұрын
@@mightygod8437 how long did it take.? I made my portal Saturday?
@mightygod8437
4 жыл бұрын
Nathaniel Malik James I sign up last Friday get the portal email Sunday I create account get money this morning 4am still waiting for loan agreement to sign it
@SuperFadango
4 жыл бұрын
I received my PPP loan a month ago and just received this email. My question is would my PPP forgiveness be affected if I accept the EIDL loan? Great content! keep it coming.
@ppowell1212
4 жыл бұрын
As I understand it, yes, the first 10K is reduced from PPP forgiveness, but check with your CPA
@ClaraCFO
4 жыл бұрын
Thank you for your question. Unfortunately, we can't answer all of the specific questions we receive. We encourage you to check out the other Small Business PPP/EIDL videos posted in our channel as well as the resources we’ve compiled here: learn.claracfo.com
@trevormcmanis
4 жыл бұрын
Thank you for sharing this information. Can you pay off the loan as early as you would like without prepayment penalties? 🙏ty. Troy
@ClaraCFO
4 жыл бұрын
Yes - no prepayment penalties!
@omaradan9448
4 жыл бұрын
@@ClaraCFO Thank you very much for sharing the information. How long it will to receive the singing documents after you accepted the offer?
@Tommylee1242ATGMAILDOTcom
4 жыл бұрын
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@norme7102
4 жыл бұрын
Is it unusual for a sba loan official to request a voided check, saying there is an error in the banking info I provided? Portal shows no error and I’m skeptical about providing banking info to someone who contacts me saying they are from sba.
@almo33YO
4 жыл бұрын
Norm E I had to send one along w my schedule c. I had flipped two digits in my application. Diucle check it’s from a .gov email. She responded within an hour to let me know it was verified and passed it on to the next level and I was approved by end of day.
@mikegutierrez2621
3 жыл бұрын
Wondering if you are for hire for cpa ,tax prep, bookkeeping, payroll. Please advise
@ms.hawkins7919
4 жыл бұрын
You can increase the loan after you accept
@jessicasills941
4 жыл бұрын
How
@epianguiano7880
4 жыл бұрын
are the EIDL loans only for agricultural businesses only?
@ClaraCFO
4 жыл бұрын
No, but if you haven't applied already, they are only accepting loans now for Ag businesses.
@epianguiano7880
4 жыл бұрын
@@ClaraCFO Thank you for the reply, I did apply and received the EIDL $1000. But that is all I got, I am thinking I never actually applied for any other loan since I only did it directly thru SBA.COM
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4 жыл бұрын
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@bash547
4 жыл бұрын
I don’t want the loan... I only want the $1,000 grant. I don’t see a decline button for the loan so I did nothing. Just got an email telling me to complete the application or it will be withdrawn? Do I just let the application expire and hope they still send me the $1,000 grant?
@ClaraCFO
4 жыл бұрын
Per the SBA the EIDL Advance has been discontinued. Note: All available funds for the EIDL Advance program have been allocated. By law, SBA is not able to issue EIDL Advances once program funding has been obligated and is no longer available. EIDL loan applications will still be processed even though the Advance is no longer available. www.sba.gov/page/disaster-loan-applications
@davidames145
4 жыл бұрын
I was informed by the SBA that my EIDL application was approved, and they sent me the email you described in the video above. I don't need the loan now. Is there something I should do to decline the loan? Or is just doing nothing sufficient to NOT take the loan. Thanks!
@jayc4715
4 жыл бұрын
Good question..i guess you could just not sign the last acceptance
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4 жыл бұрын
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@bash547
4 жыл бұрын
jay c - I don’t think you can get to the acceptance page without accepting the loan. I got an email to complete my application or it will be withdrawn but I don’t see a decline button for the loan so I don’t see how I can move forward with the processing. I’m waiting for the $1,000 grant which an SBA agent said I don’t have to do anything to receive.
@jayc4715
4 жыл бұрын
@@bash547 just wait..youll get it..i got mine today..they told me its 2 different deals..
@bash547
4 жыл бұрын
jay c - ok, but if my application is withdrawn for not completing it, I don’t see how it can be 2 different deals because I only have 1 application with an application number. Guess I have no choice but to wait and let it expire because i don’t see a decline button and I won’t click accept for a loan I don’t want.
@jays7047
4 жыл бұрын
One u confirm the amount u want, can u change it? And how? Been stuck with it.
@ClaraCFO
4 жыл бұрын
I think you would have to contact the SBA if you want to change it now.
@cathyrenick8562
4 жыл бұрын
@@ClaraCFO; I called SBA, they said they are only doing Agricultural loans. Now I'm wondering what did I sign up for as I thought it was a grant. I did received a confirmation number.
@amyindelibleink
4 жыл бұрын
So what if I do accept alone that's more than I need. Can I pay half of it off as soon as I get it?
@ClaraCFO
4 жыл бұрын
Unfortunately, we can't answer all of the specific questions we receive. We encourage you to check out the other Small Business PPP/EIDL videos posted here in our channel as well as the resources we’ve compiled here: learn.claracfo.com
@nima5000000
4 жыл бұрын
Hi, it is so easy helpful advice. Have a question, I need $40000 EIDL loan. I am self employed. How can I apply? I am really hard time during this pandemic
@ClaraCFO
4 жыл бұрын
You can apply through the SBA covid19relief.sba.gov/#/
@theupwardteamatexprealty1204
4 жыл бұрын
Hi Clara, Great content! I did receive $1,000 advance. Then got the same email to create account through the portal. This was on May 28th around 4:30pm. However, it still says processing. I did call SBA and they are very nice but could not give me a time line one when I will get loan docs to sign. I called a few times and each time I got a different person all very nice. When should I expect next steps and/or loan docs? The work weekends and I am in the 5th day. This loan will be so helpful for my business and I hope it comes through. Thanks again and looking forward to your response. :-)
@reginaldhudson1456
4 жыл бұрын
Hey Carolina... I’m waiting also! I signed on 5/28
@longnhard9955
4 жыл бұрын
Received $29,000.00. They did not ask for collateral...
@aharonbenyisrael8387
4 жыл бұрын
I think it's automatic they didn't ask me either so I thought I was ok until I watched her video!
@richardcontell1314
4 жыл бұрын
you only need to pledge collateral in case you don't pay. They don't ask you to sign anything specific as a guarantee. She is giving wrong info
@paulpierret4921
4 жыл бұрын
Did you get the grant before creating the portal
@jackiecarr2012
4 жыл бұрын
What are closing documents you have to sign?
@ClaraCFO
4 жыл бұрын
They are EIDL documents from the SBA.
@lchimera
4 жыл бұрын
Hi I’m wondering once you fill out the acceptance and submit your application, are we still waiting for approval like credit check etc..?
@ClaraCFO
4 жыл бұрын
No, once you sign paperwork, it's just a matter of getting funded.
@jocelynleyva6936
4 жыл бұрын
Keep us posted please!
@chrissmith2922
4 жыл бұрын
I was in same situation - I did steps 1 & 2 and two days later got official loan sign email to complete step 3
@lchimera
4 жыл бұрын
Isela Salazar I’m signed into the portal, and today got an email from the sba loan officer confirming my bank account. Did not notice them pulling my credit.
@chrissmith2922
4 жыл бұрын
Lc Le same thing for me - I got portal email Monday - credit pulled Monday - filled out steps 1 (verify identity) and 2 (bank info) and then today Wednesday got email of official acceptance to sign loan documents - so basically if u get loan offer / email to portal you are approved- just takes a few days to get loan documents processed
@MeredithLouden
4 жыл бұрын
If you don't have real estate, what else can be used as collateral for loans over $25k? Can inventory be used?
@ClaraCFO
4 жыл бұрын
Thank you for your question. Unfortunately, we can't answer all of the specific questions we receive. We encourage you to check out the other Small Business PPP/EIDL videos posted in our channel as well as the resources we’ve compiled here: learn.claracfo.com
@pearlgirl5643
2 жыл бұрын
Yes
@gaddyify
3 жыл бұрын
do you have to have collateral for loans over 25.000 for nonprofits?
@ClaraCFO
3 жыл бұрын
yes
@gaddyify
3 жыл бұрын
@@ClaraCFO Ok, but what type of collateral?
@alvetaedwards6
4 жыл бұрын
My Portal does Not look like yours is it because im on my phone
@fitnessq9277
4 жыл бұрын
Great video! I own a small used car dealership, am I able to used the EIDL loan to purchase used vehicles for my inventory? I don’t want to accept the loans unless I am able too.
@ClaraCFO
4 жыл бұрын
Oh man, I can't advise on this. Interesting question though. Since it's inventory to you!
@fitnessq9277
4 жыл бұрын
Clara CFO Group it’s very confusing because one of there “not allowed” spending rules is purchasing fixed assets, which vehicles are fixed assets. At the same time though, they are the key source of inventory for the business.
@gorilla4143
4 жыл бұрын
Here's a great video to help you with that question. https: //kzitem.info/news/bejne/l3mJ2n6lioBhq6Q
@davidwc2675
4 жыл бұрын
FitnessQ Vehicles in a car dealership are not fixed assets, they are inventory. Vehicles such as work trucks for say an hvac company are fixed assets.
@ravineupane73
4 жыл бұрын
how to sign up sba for eidl loan? its still processing they say when i called.
@ClaraCFO
4 жыл бұрын
So you already applied? Then you just need to wait!
@ravineupane73
4 жыл бұрын
@@ClaraCFO okey😏
@Apollo_Sebastian
4 жыл бұрын
Prior to the SBA sending this to us, have they done their due diligence with the application, ie.. credit report check, documents supplied reviewed or is it after we verified the amount we want, identity and banking information and submit for processing? I would greatly appreciate your help. Thank you.
@abbykatherine2615
4 жыл бұрын
Thank you for another great video. I have a (probably dumb) question about the collateral requirement for loans in excess of $25,000. Say for example that I would want to sell company equipment (like a car or tractor) that was used as collateral. I am now required to contact the SBA and ask for permission to do this first? Or am I misunderstanding this?
@Tommylee1242ATGMAILDOTcom
4 жыл бұрын
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@ClaraCFO
4 жыл бұрын
Unfortunately, we can't answer all of the specific questions we receive. We encourage you to check out the other Small Business PPP/EIDL videos posted in our channel as well as the resources we’ve compiled here: learn.claracfo.com
@samuelavalos2147
4 жыл бұрын
Do you need a loan to settle your debt or to pay off your bills? Have you been turned down constantly by your Banks and other financial institutions just because you have a low credit score? Do you need a loan or funding for any reason such as, * Holiday Loans * Vehicle Loans * Real Estate Loans * Business Loans * Mortgage Loans * Construction Loan * Home Loans * Investment Loan * Debt Consolidation Loans * Personal Loans Note: We give out loan at affordable interest rate yearly. Interested persons should contact us via email:capitalloan011@gmail.com to enable us open a loan processing file. Warm Regards,
@marial.5301
4 жыл бұрын
Sorry for my misunderstanding, once the company already received EIDL ($2000), does it mean that company need to ask again those $2000 through this account? I assume that initial EIDL that was transferred to the account is forgivable. Why do we need to ask one more time?
@jimfarnum6291
4 жыл бұрын
Can you reduce the loan amount after you accept the amount and before your loan is approved? I called and it appears to be a hassle...
@ClaraCFO
4 жыл бұрын
I would imagine this would be a hassle since you've already told them how much you want.
@salonenvysuites6262
4 жыл бұрын
we were forced to loan our business $100k for an uplift on our new space in December 2019. We moved into the space 2/15/20 and then the pandemic shut us down 3/25/20. we planned to pay ourselves back fairly quickly when we first lent it. Can we pay ourselves back with the EIDL loan?
@fernandocalleros4504
4 жыл бұрын
Do you know if the EIDL loan if taken out will be or appear on your personal credit report? If so, will it show up shortly after you receive the loan, or after the 12 months?
@ClaraCFO
4 жыл бұрын
They did get your SS number, but I am not sure!
@jaroslavszabo3899
4 жыл бұрын
@@ClaraCFO Yes, I have a similar question. Is the SBA reporting to Credit Bureaus? PPP, EIDL loans? If yes, then as secured loans? Thank you for answer.
@Tommylee1242ATGMAILDOTcom
4 жыл бұрын
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@carlosfrances01
4 жыл бұрын
I apply like around may 19 and they told me they only accepting agricultural bussines .. are they still accepting only those type of bussiness ??
@tracerocks
4 жыл бұрын
Supposedly to reopen to everyone next week.
@ClaraCFO
4 жыл бұрын
Small business owners and qualified agricultural businesses in all U.S. states and territories are currently eligible to apply for a low-interest loan due to Coronavirus (COVID-19). www.sba.gov/funding-programs/loans/coronavirus-relief-options/economic-injury-disaster-loans#section-header-3
@alvincruz29
4 жыл бұрын
Hi! I have seen conflicting info on this and I’d like some clarification. You mentioned that the funds can be used to pay (business) credit card. Are there certain restrictions on this? i.e. The card charges must be AFTER covid-19 was classified as disaster nationwide? Or can we payoff existing business credit card balances? Thank you!
@ClaraCFO
4 жыл бұрын
I have heard conflicting thoughts too. My thoughts are that credit cards are current accounts payable. As long as they were used to pay for business expenses (not to purchase fixed assets or personal expenses), then they should be valid for eidl fund use.
@alvincruz29
4 жыл бұрын
Thank you. With unclear guidelines that are open to different interpretations, it’s difficult decide whether or not to accept the approved EIDL loan. :(
@AndreS-ie7if
4 жыл бұрын
@@alvincruz29 Im in the same situation. Ive already accepted the loan... around 130K. Im hesitant to use any funds, given the restrictions. Then again, if I use the entire loan to continue paying all business expenses with it, and I continue taking larger draws... how can this be a problem? Im technically using the funds to pay business expenses. I can even put the entire amount in a separate bank account, and begin paying all expenses with those funds. Makes sense?
@udesai02
4 жыл бұрын
If I borrow and pay back in 12 months, is the loan interest free?
@ClaraCFO
4 жыл бұрын
No - you still accrue interest over the year where payments are deferred.
@talwindergehlon3699
4 жыл бұрын
If some one decline the loan means return the loan amount what to do?
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