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EIDL - Seems to easy now?


pandmel
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I applied for an EIDL loan on Thursday 6/18/20. Got a hard inquiry on personal credit

late Friday afternoon. 6/19/20

 

On Saturday 6/20 received an email from SBA to create an account and login

to verify my ID. Got the typical Lexus questions to verify my identity.

 

In less than an hour got notification that loan was approved and I needed to

login and sign closing documents. Was not asked for any type of tax returns,

p & l, 4506 etc. 

 

I signed the documents.

 

Account went straight to funding.

 

$188,000 at 3.75 for 30 years

 

Kind of surreal to me.

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On 6/20/2020 at 8:06 AM, pandmel said:

I applied for an EIDL loan on Thursday 6/18/20. Got a hard inquiry on personal credit

late Friday afternoon. 6/19/20

 

On Saturday 6/20 received an email from SBA to create an account and login

to verify my ID. Got the typical Lexus questions to verify my identity.

 

In less than an hour got notification that loan was approved and I needed to

login and sign closing documents. Was not asked for any type of tax returns,

p & l, 4506 etc. 

 

I signed the documents.

 

Account went straight to funding.

 

$188,000 at 3.75 for 30 years

 

Kind of surreal to me.

Same deal..got the PPP loan and kind of forgot I filled out app in April for this. I get and email and 10 days later got 118k loan with those great terms. Just parked it in my business account.  The PPP was way more hoops and now looks even more with loan forgiveness changes.

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  • 1 month later...
On 6/20/2020 at 8:06 AM, pandmel said:

I applied for an EIDL loan on Thursday 6/18/20. Got a hard inquiry on personal credit

late Friday afternoon. 6/19/20

 

On Saturday 6/20 received an email from SBA to create an account and login

to verify my ID. Got the typical Lexus questions to verify my identity.

 

In less than an hour got notification that loan was approved and I needed to

login and sign closing documents. Was not asked for any type of tax returns,

p & l, 4506 etc. 

 

I signed the documents.

 

Account went straight to funding.

 

$188,000 at 3.75 for 30 years

 

Kind of surreal to me.

what did you put for revenue and cogs?

just wondering how you got over $150k

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On 7/23/2020 at 5:24 PM, nukleuz said:

what did you put for revenue and cogs?

just wondering how you got over $150k

That is a typo.  $148,000 is correct

 

Revenue 480 ish

COGS     120 ish

 

Reason for "ish" is I called accountant and got exact number over the phone and input them on online app.

 

Received a total of 150K 2K was a grant not a loan.

 

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On 7/23/2020 at 5:24 PM, nukleuz said:

what did you put for revenue and cogs?

just wondering how you got over $150k

I just applied last night like 5pm, and, says im approved for $89,400 today. Not sure if amount is lower than yours because of how late im applying or what, but, this is huge for me. Need to refinance like 200k worth of debt...This will enable me to get non loan shark like rates. 

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Thanks! Does anyone know what they require for the EIDL? Did they ask for tax documents? or drivers license information? Please feel free to share I hate scrambling to look for things. Would like to know so I can get my accountant to prepare for me.

 

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