Important updates today directly from a high-level SBA contact on EIDL loan and advance programs. This update includes information on the Inspector General Identity Theft report and what to do if you want to double check that your identity hasn't been used in a fraudulent EIDL loan or Advance. This update also includes timing for for Targeted EIDL Advances and Targeted and Supplemental EIDL Grant progress.
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How to Check on SBA EIDL Identity Theft?
The SBA Office of Inspector General released a report last week that found around 900,000 instances of potential EIDL loan and Advance fraud.
The majority of cases were flagged by the SBA or banks before loans or Advances could be disbursed to fraudsters. Despite that, around 112,000 EIDL Loans, total over $6 billion, and around 98,000 EIDL Advances, totaling over $468 million, distributed.
Many of these have already been flagged and recouped by the SBA or the Inspector General, however, many fraud victims may not be aware their identity has been stolen.
If you want to double check to see if you've been affected, you can check your credit for any hard credit inquiries that you don't recognize. The SBA solely used Experian for credit checks.
There are free credit check resources, one being www.annualcreditreport.com. It's advisable to check back all the way to March 2020 to be on the safe side.
If you think someone has stolen your identity to apply for an EIDL loan or Advance, you can contact the SBA’s Customer Service Department at 1-800-659-2955 (TTY: 1- 800-877-8339) or disastercustomerservice@sba.gov.
And finally, here is specific information on what to send the SBA if you have been affected, including going to IdentityTheft.gov to report any identity theft situation.
How to Get in Line for Targeted EIDL Advances?
According to the SBA, over 4.5 million small businesses and sole proprietors have received email invites to apply for Targeted EIDL Advances, if they qualify. These are folks in Priority Group 1 (applied last year and received part of the $10,000 Advance) and Priority Group 2 (applied last year but didn't receive anything).
The SBA has also said it is very likely that the SBA will open up to new applicants "soon" since there is plenty of funding left for Targeted EIDL Grants.
They will prioritize people who have applied for EIDL loans since December 27, 2020 — so if you want to get in the line now and are interested in an EIDL loan — you can apply here.
What's the Targeted and Supplemental EIDL Advance Progress?
As of Friday May 9, around 100,000 small business owners or sole proprietors have been approved for the Targeted EIDL Grants, according to data published from the SBA.
In addition, Supplemental Targeted EIDL Grants – that's the extra $5,000 — started being approved and distributed last week.
Here's what you can expect in your portal and by email for the Supplemental Targeted Advances.
It's expected that there will be significant more progress on approvals for both Targeted and Supplemental Advances this coming week.
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