Welcome to today's Skip Q&A! I've done a 2 minute intro video below, but here's how this will work: This is part of our effort to help as many of you as possible and bring our community together (in a safe space away from the YouTube spammers).
1) We've posted some of the pre-submitted questions below
2) We have a Disqus forum at the bottom of the page and Ryder will be actively replying to questions on Friday July 23rd from 2pm PST to 4pm PST
3) We'll be updating this page throughout the day and you'll be able to come back anytime to see past responses
Responses to Common Questions
Will the EIDL Loan Increases Move Faster?
It appears likely. The data we've seen over the past 2 weeks shows a slight increase, based on our survey data. Second, the SBA told us this morning they're about to announce a solution to speeding things up... Stay tuned.
Will There Be Another Shot at PPP Loans?
As of this moment, it does not appear likely, however, some lawmakers are talking about it.
Why Are So Many People Having Portal Errors?
If you are seeing an "error" message on your portal, it may be because your bank is not accepting it. The SBA is also aware of some technical issues and "trying" to fix them, so we hope this is part of their forthcoming announcement.
Why Does the Portal Show Incorrect Information?
Similar answer as above, the SBA has had technical issues that we believe they're trying to fix. The good news is, there have been discrepancies between the front end and the back end reality of your application, so it's a known problem they're working on.
Is it better to apply for EIDL loan increase or a new EIDL loan?
It depends, but if, say, you have a different business that hasn't applied for an EIDL loan before, it may be quicker to apply as if for a new EIDL loan, based on processing times we're aware of.
Will the EIDL loan be forgiven?
It's not likely, but that's a discussion that's being floated among some lawmakers.
How long does it take to receive funds from an EIDL increase, from application to funds in hand? Â
It depends. Most people are still waiting, and have been waiting for 2-3 months or more. The key is getting a loan officer to look at your application and review everything.
How long does it take for the SBA to correct an error and send the money?
It depends as well. We've heard of people waiting several months. It's best to try to take to a Tier 2 representative if you can and get someone by email to explain the situation.
More answers coming soon... :)
📌 IMPORTANT NOTE: If you're reading this within our app, click here to email yourself a link to this post. You'll need to open this up on your phone browser or computer due to technical limitations.