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SBA Loan Officer Q&A - Shared screen with speaker view
Kevin Hoult
16:15
Visit the WWU SBDC website:https://sbdc.wwu.edu/Request information:sbdc@wwu.eu
Kevin Hoult
16:58
Request Information
Kevin Hoult
17:00
sbdc@wwu.edu
Cynthia Brooks
33:08
How does a business keep the advance but deny the loan? How does a business ensure that the grant portion is forgiven?
Colleen
38:11
Repayment. I have received an EIDL and PPP. It sits in a separate account at my bank. If I don’t use the EIDL balance after PPP - can I pay it back in lump sum?
Barbara
39:46
It seems that sole proprietors did not receive an EIDL advance. Are there restrictions on the advance for sole proprietors?
emma
41:42
If you are approved for EIDL and can you ask for higher amount?
Miss Kelda
42:38
Is the EIDG different than the EIDL?
Seattle E32 Farideh Emami
42:44
I applied for EIDL on March 28 with starting loan number of 2. Later, I have applied and I have received a loan number starting with 3. About 12 days ago, I have received an email that I was approved for $1000!!! I have 13 employees. I am in a very difficult situation. I did not approve $1000 because that amount is not correct or able to helo me,
Barbara
44:07
can you please repeat the customer service email address? thank you
Emily Marston
44:14
I’ve read conflicting information on paying debt with the EIDL. What is the policy on paying debt? can you pay off a credit card in full, just the regular monthly payment, or none at all. what about loans? vendor debt? etc...
Jerry Petrick
44:15
Are the EIDLs capped (officially or unofficially) at $150k? the amounts being offered for businesses with sales of >$5mm are Injured much more than $150k
Monika Lange
44:39
The loan papers state to report other support received. How do you do that? Are SBA loan 7(a) payments by the SBA included in that? Relief by my landlord? Unemployment?
Eric Grimstead
44:45
disastercustomerservice@sba.gov
Monica Downen
45:10
if I received an email saying I qualify for a certain amount, but not yet final docs, is that the amount I will get? or is that the maximum possible amount, with the final amount TBD?
Sabrina Gómez
45:22
i received a ppp prior to knowing I was approved for EIDL who do I need to report this too?
Emily Marston
46:32
if I did not receive an advance but received all the funds at once does that mean I didn’t get a forgivable amount? need to know for ppp records.
Lori Michele Leavitt
47:23
Does the EIDL loan affect credit rating?
emma
47:58
so we should accept the loan and ask for higher amount?
Heather Theny
49:48
800-659-2955
Andi O’Rourke
51:35
What is the average time between having your application approved by a screener and getting connected to a loan officer?
HH
52:00
We received the grant on May 5 but we still haven't receive an email from EIDL loan officer yet. When do we expect the contact?
Jerry Petrick
53:26
Given the EIDL $ seems to be more flexible than PPP and covers a longer period why not increase the $ available for the EIDL instead of or in addition to the PPP $ if the goal is the increased survivability of small businesses?
Emily Marston
54:25
I have clients investing funds into online selling platforms, essentially opening a new revenue stream because they can’t sell in the store. is this considered expansion? are the funds spent on websites upgrades and such eligible?
Andi O’Rourke
57:29
I’m at -164.10 in my business checking right now; I don’t qualify for the PPP.
Andi O’Rourke
58:05
I applied in March and am a nursery business: I’m trying to grow food for the county. I’m really discouraged.
Seattle E32 Farideh Emami
59:42
Can you show the correct forms. After, I received 1/10th of amount on line form and send to. This made me worried about the online form is not coming from SBA. Should I accept and sign that online form? I can not trust the form! I am in need of money as well. What should I do?
asche rider
59:48
If someone is approved for an EIDL, finalizes the paperwork, but holds off on actually receiving the funds for up to 6 months (as previously mentioned in an answer), does interest accrue during that time? If it does accrue, and they end up deciding to not take possession of the loan funds, are they responsible for paying the interest?
Julie
01:00:32
I received a loan option from SBA for up to 30 year loan. can that be used for credit card payoff of business expenses?
Seattle E32 Farideh Emami
01:01:48
I have called many times for help, but never get the help I need. I have been waiting for someone take me through, All my approaches was not helpful!
CJ Seitz
01:02:41
We have food transportation companies asking if they can apply?
Colleen
01:04:12
We are at less than 50% revenue. In an effort to get customers I have rented a van and launched pick up / delivery. I have an EIDL - can I use these funds for that for now until we can meet all our expenses based on income.
Sherri Daymon
01:06:11
So no value added producers are included in Ag (ex: chocolate production or jared sauces)?
Kathy Bastow
01:06:46
Would be interesting to broaden the question to her about the use if EIDL to allow business to "pivot" into new areas in order to survive. So not just the prior question about investing in internet based options but all types of pivoting activities
CJ Seitz
01:06:48
Can Cynthia please get back to us regarding the question above. Can people use these funds to pivot? This is a unique situation. While EIDL can put the biz in a better position, we are operating in an environment of prolonged disaster - the effect may last years. Businesses need to invest in new ways of doing business
CJ Seitz
01:07:21
So are you saying just commodity ag?
CJ Seitz
01:08:09
Please research this.
CJ Seitz
01:09:01
Cynthia, this is the major issue - we cannot continue to do business they way we used to.
Jerry Petrick
01:10:37
What is the rationale supporting the mindset that the resources can't be used to actually be a better business...what is the benefit for approaching this disaster in this manner? Seems a real benefit for businesses to actively improve what they have done to achieve vitality.
Kathy Bastow
01:10:48
If the business used the funds to privot and were more successful in the new business. why would the SBA care how the funds were used as long as they are paid back.
CJ Seitz
01:12:02
SBA advisors, I think it is safe to say that these pivots are for survivability.
Monika Lange
01:12:13
I accepted my EIDL payout in April fearing that the money would run out if I wait. Now I am learning that I am accruing interest - it was not able to reach a loan officer at the SBA to ask questions - how do I find out how much I am accruing now? If I return all of the money, would I still have to pay?
Monica Downen
01:13:13
the problem with that is, we need to save for the 2nd and 3rd waves... we may he more "enriched" now, things will pick up then decline again... we must save for the rainy day, right?
Barbara
01:13:38
How do I find out who the loan officer is that was assigned to me?
Colleen
01:15:50
Thank you very much. Good information. We needed help, and it seems to be working for us.
Julie
01:16:23
did you say they were extending the window in which eidl and ppp need to be used?
Sherri Daymon
01:17:06
If a partial lump sum is paid back on the EIDL, won't the monthly payment stay the same, just the # of years reduced?
Kevin Hoult
01:18:24
Visit the WWU SBDC website:https://sbdc.wwu.edu/Request informationsbdc@wwu.edu
Seattle E32 Farideh Emami
01:18:29
can someone call me to let me know, where I am in the process. Help me with the EIDL loan? I am a minority and femal small business owner feel felt in rain,
Jerry Petrick
01:18:53
GREAT THANK YOU!
Elke Stevens
01:19:17
Thank you!
Monica Downen
01:19:19
THANK YOU!
Sabrina Gómez
01:19:22
thank you
Julie
01:19:31
thank you!
Barbara
01:19:47
Please post the link to sign up for the newsletter. Thanks.
Heather Theny
01:20:21
Some people saw an incorrect start time
Madeline Rosenvinge
01:20:49
https://visitor.r20.constantcontact.com/manage/optin?v=001UxqbawIW3JU48JGoE_TV_HpLmwOSxf-rKIkZFOE8Lxp0f1AfhtMISBJi3qNajYiIYEfTclZ5cCN15xrfMIhLAOloOy9_4eqK8qykxewKIUYHDJfHWpovj4AGE7HyjLd64As63qfiOP2SZp6Undkx-SlpgzKcgVAh
Madeline Rosenvinge
01:21:08
https://visitor.r20.constantcontact.com/manage/optin?v=001UxqbawIW3JU48JGoE_TV_HpLmwOSxf-rKIkZFOE8Lxp0f1AfhtMISBJi3qNajYiIYEfTclZ5cCN15xrfMIhLAOloOy9_4eqK8qykxewKIUYHDJfHWpovj4AGE7HyjLd64As63qfiOP2SZp6Undkx-SlpgzKcgVAh
CJ Seitz
01:21:23
https://visitor.r20.constantcontact.com/manage/optin?v=001UxqbawIW3JU48JGoE_TV_HpLmwOSxf-rKIkZFOE8Lxp0f1AfhtMISBJi3qNajYiIYEfTclZ5cCN15xrfMIhLAOloOy9_4eqK8qykxewKIUYHDJfHWpovj4AGE7HyjLd64As63qfiOP2SZp6Undkx-SlpgzKcgVAh
Madeline Rosenvinge
01:21:24
Sorry, the link isn’t pasting properly on my end
Madeline Rosenvinge
01:21:44
https://sbdc.wwu.edu/contact
Barbara
01:22:03
Thank you.