COVID Loan Tracker: Here is what is happening with SBA EIDL Advances
COVID Loan Tracker was started by small business owners Duncan and Rita MacDonald-Korth to help their fellow small business owners understand when PPP and EIDL advance money starts flowing. The site works by crowdsourcing knowledge on applications and loan disbursements. Our goal is to help the small business community and empower journalists with the data they need to keep the government accountable.
So one of the most inspiring things about COVID Loan Tracker are the emails we are getting from fellow small business owners telling their stories and sharing insights. This one we actually found through a connection on FB and wanted to share it here more widely. Below is a quote from a small business owner who had an in-depth conversation with an experienced SBA worker. EIDL Advances have been even more of a disaster than PPP loans, but less talked about. These loans were promised to be delivered in three days by the SBA and it has now been nearing two weeks with almost no money (only 4 businesses out of 2117 reporting), and businesses are dying as a result. And not only is the money late, but it is in significantly smaller amounts than anticipated.
“I called the SBA and I actually talked to someone who has been with them for a long time and knew what he was talking about. He explained to me why had the hard pulls in my credit. I was one of the original ones who sent everything in with the 2000 (application) number. As soon as that was received they pulled. Then when we had to reapply they automatically pulled again. I was told one one of many calls in that I should apply yet again which was the 3rd pull on my credit. He was able to look up my application. The one in the 3300 and saw that it was pending inqueue and I should hear something by Monday. He also said that there is so many duplicates that they have to go through them to make sure they are duplicates and that is slowing them down. Also he told m ethat they are capping loans at 15,000.00 plus the grant of 10,000.00 for a total. Of $25,000.00, if you meet the requirements of the max 15,000.00 some will be lower. You do get $1000.00 per employee for the grant. He said they had to throw the "up to 2 million" out the window when they received millions of applications. He said they are working 24 hrs aday to get these done. I hope this info helps!"
- EIDL grants
- PPP loans
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