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February 1, 2022 — The SBA re-opened EIDL Advance applications on January 17, 2022. Find out more about the brand new rules in our guide to EIDL Grants.
The COVID-19 pandemic has filled the whole world with uncertainty. Parents are homeschooling their kids, many businesses have closed their doors or changed their operations, and workers happen to be let go. If you’re a small company owner looking for financial relief, you might face another uncertainty: when you’ll actually receive your Small Business Administration (SBA) Economic Injury Disaster Loan and Emergency Advance.
Many small business owners facing financial challenges have applied for and therefore are waiting to hear about their EIDL loan status. If you’re among the thousands which have submitted their applications, congratulations — you’re one step closer to obtaining the relief your business needs. However, just like other SBA loans, the EIDL program isn’t exactly the fastest source of funding. The addition of the Emergency Advance through the Coronavirus Aid, Relief, and Economic Security (CARES) Act and expedited processing of loans has made it possible to receive funds faster than ever before. However, many business people are still at nighttime about when funding will come through.
If you’ve applied for the EIDL and therefore are waiting not-so-patiently for much-needed financial relief, you’re within the right place. In this article, we’ll consider the methods for you to check your loan status, what you’ll have to do so, and even methods to identify potential scams.
3 Places To Check The Status Of the EIDL Application
The information below is sourced from the SBA website. Unfortunately, some merchants are reporting that whenever contacting the SBA, they have discovered that there is certainly not a way to check the status of your EIDL application. We presume this is due to our prime amount of applications the SBA has received. Remember that some tips of contact may not work at this time around.
There are three ways to check your EIDL application status, and all are directly with the SBA. Keep reading to explore these techniques for verifying the status of the loan application.
Online With the SBA Website
If you submitted your application online, you can check the loan status with the SBA website. This is actually the quickest and simplest way to ensure the status of the EIDL. Please note when you applied with the expedited COVID-19 portal, you will be not able to check your status online.
You may also log into the SBA Economic Injury Disaster Loan Portal using the current email address or password with which you registered when completing your online application. Once you’ve logged in, you’ll be able to check the status of the loan.
You may also access the SBA Assistant. This also necessitates the password used when trying to get the loan. With these portals, you will see information associated with your application, such as the application number, the current status, and also the date the status was last updated.
By Phone
You may also get the status of your EIDL application by phone. This can be used method should you submitted the application online or by mail. Call 1-800-659-2955 (the SBA Disaster Assistance customer support center) and request Tier 2. These reps can answer questions about the applying process and your EIDL loan status. Should you applied through the COVID-19 portal, the SBA will contact you, however, you might be able to get answers by calling the toll-free number.
If you mailed inside your application, this is actually the best way to discover the loan status, as you won’t have a password to visit the internet portal. Around the plus side, this process enables you to talk to an SBA rep that will answer your questions, even if these go beyond finding out your loan status. On the other hand, though, you may be stuck securing, as other business people will also be inquiring about the EIDL program and loan statuses.
By Email
You may also reach out to the SBA by email to learn more about your loan status or question the EIDL program. All emails ought to be forwarded to the disaster assistance customer service team at disastercustomerservice@sba.gov. Make use of this method for those who have additional questions regarding the program or submitted your application by mail. Otherwise, you’ll be better served while using online portal to check the status of the loan.
What You’ll Have to Look at your EIDL Status
What you’ll need to look at your EIDL status varies depending on how you contact the SBA. The simplest way is thru the online portal. If you are using this method, you’ll require the username you selected when filling out the application. You may also make use of the email address that you simply used when registering. Additionally, you’ll have to enter passwords to access the portal.
If you call in, you won’t possess a username or password, so you’ll have to provide additional information. If you applied online, have your application number ready. You may also have to verify more information, like the name of the business, federal tax ID, and/or your legal name.
If you email the SBA, make sure to provide your legal name and your application number (should you applied online). You may also be required to submit more information, just like your company name, federal tax ID, or any other identifying information.
If you applied with the COVID-19 portal, the SBA come in connection with you concerning the next steps.
Watch Out For These EIDL Application Status Scams
Whenever there’s money involved, you can be certain that there’s a scammer out there looking to go, and EIDL funding isn't any exception. Should you receive an email, double-check that the sender’s address ends in sba.gov. Some emails look legit, even using the SBA’s logo, so ensure that you look over the e-mail and check the address before responding. If you’re still unsure, use the current email address or telephone number in this post or the contact information found on the SBA web site to get in contact.
Do not send any personal information until you’ve verified the person you're speaking to is actually an SBA representative. Some emails might be phishing attempts to get private information regarding your business, as well as your banking account information.
Remember, you need to simply be utilizing the SBA website to check your EIDL application status. Avoid websites that request payment to expedite funding or provide the status of the loan.
You can report any suspected fraud online or by telephone.
FAQs About Checking Your EIDL Status
I haven't got an application number. Can one still check my status?
If you applied through the COVID-19 portal, you will have to wait until the SBA contacts you regarding your loan status, even if you come with an application number. Some applicants haven’t received an email or telephone call from the SBA but did receive a deposit within their banking account in the SBA by having an attached application number.
If you requested an EIDL outside the COVID-19 portal, you can call the SBA’s toll-free number to ask about your loan status.
I've tried contacting the SBA but haven't heard anything. What do I actually do now?
Unfortunately, many small business owners have found it hard to find out the status of the loans and also have experienced delays in receiving their funds. The bad news is the fact that borrowers that applied through the COVID-19 portal may not receive an update for a few days or perhaps weeks.
Remember, many small business owners are seeking financial relief. Combine this with hiccups in this new program, and it’s easy to see why there are delayed responses. Though it can be a pain, simply hold back until you obtain further instructions or communications in the SBA. This may be also in the form of a deposit to your bank account. Hopefully, more information will become available in the near future to provide further guidance for borrowers.
The SBA pulled my credit. Does which means that I'm going to be getting a loan soon?
When checking your credit report, you may notice that the SBA has pulled your credit. Although some borrowers have reported receiving funds a few days after their credit was pulled, others remained as waiting on their own funds despite their credit being pulled. In other words, this shouldn’t be used to gauge whether or not your loan was approved or will quickly be funded. Again, wait for communications from the SBA, and don’t forget to check on your company banking account.
I gave the SBA the wrong banking account number, and I can't access my loan. What can I actually do?
If your money number or other information on the application is incorrect, contact the SBA Disaster Assistance customer support center at 1-800-659-2955. Your data can be corrected over the phone. Be prepared to provide information to ensure your identity, just like your application confirmation number.
I entered my own banking account, and my bank put a hold on my loan. What can I do?
Unfortunately, some borrowers which had funds deposited right into a personal banking account encountered holds and freezes due to their banks’ policies. In case your loan is on hold, speak to your bank or financial institution to determine the next steps you need to decide to try access your money. In some instances, borrowers could get their funds released by giving the bank with loan paperwork, business licenses, along with other documentation.
Be Persistent & Good Luck
Whether it’s been days since your status around the loan portal has been updated, or you’ve been placed on hold whenever you call, getting the status of your EIDL loan and advance could be frustrating. Delays in processing loans — and other business people seeking answers — make things a bit chaotic for the time being. Just remain persistent, and you’ll be successful to get a status update.
If one way doesn’t meet your needs, try another. Make sure to have any additional questions ready should you call or email, so you can get the answers you'll need more proficiently. And if your status remains unchanged today, repeat the process tomorrow.
Need to explore the financial possibilities for you? Take a look at our COVID-19 hub to locate resources, tips, and advice to assist your online business weather the storm. Good luck!
