Many small business owners reported that they received an email from the SBA explaining how to calculate their EIDL (Economic Injury Disaster Loan) advances. But how long does it usually take before you receive this letter, to receive a down payment on the loan? Is the SBA SIDL portal account real? This is what entrepreneurs say when looking for funding during a coronavirus pandemic.
SBA portal Actual account
Many business owners stated that they received the same email from the SBA regarding the SIA, indicating that they were entitled to a maximum of $10,000 – $10,000 not guaranteed in advance. The e-mail looks like this.
Following the adoption of the CARES Act, the SBA offered small entrepreneurs and non-profit organizations affected by COVID-19 the opportunity to receive an advance payment of up to $10,000. The deposit is available as part of a complete application for the SIA and will be transferred to an account that you will indicate shortly after submission. In order to ensure that as many applicants as possible can get help during this difficult period, the amount of your advance will be determined by the number of people you had before the disaster (i.e. from 31 January 2020). The advance pays $1,000 for each employee up to a maximum of $10,000.
The entrepreneurs point out that they have received the advance payment within a few hours to two days after receipt of this e-mail.
The term applies to a subgroup called Small Business. Editor u/SuperFast123 wrote that they received a letter with a letterhead six hours after receiving the letter: Create your account on the SBA Disaster Crediting portal with economic losses. The portal also informed them about the amount they would receive. They have not yet received the deposit, but have received confirmation that it will arrive six hours after receiving the general SBA EIDL advance mail. Another man stated that they received the email from the portal about 20 hours after receiving the pre-email.
This is what the portal looks like, shared by you/adamlames and confirmed by other small entrepreneurs.
One Reddit person wrote that most business owners received their advance payment within 24 hours of receiving a massive email. Another wrote that the deposit can take up to two days after receiving the mass email and can complete the request for the portal.
In general, it seems that when you receive an email with the amount of your deposit, you will receive it within a day or two. This is of course not guaranteed, as there have been some problems with the SBA SIA applications. But this is what entrepreneurs have experienced so far.
Forbes said that some companies could only get loans up to $15,000 in total because of the limited funds available, but some business owners said they were offered up to $500,000 or more. Mr Forbes indicated that you can write to [email protected] to ask questions, but the report is notoriously slow to respond.
But what about the total amount of the loan, not just the advance? Reddit, u/kitehigh911 said they met on March 16 and received full funding from the SIA yesterday. You said the SBA would call and email you after you accepted the loan offer and that you would have to sign the documents and scan them back to the SBA. Others stated that the SBA called them shortly before they received a full credit offer to confirm the information. So make sure you pick up the phone when you’re waiting for loan approval. Maybe you’ll get a call from the SBA.
According to the COVID Loan Tracker, 1.5% of the 6,860 small businesses reporting received SIA subsidies and 4% PPP loans.