21-Mar-2022

Eidl Loan Increase — Here's What Your Sba Portal Should Look Like

Hey, everyone, this is Ryder from skip it's. Friday, april 23rd, important update today, clarifying. Some of the questions you've had about the all loan increases I'm going to go over some information on the portal. Many of you are still having issues with the portal.

We have screenshots here to help you through that and good news on the supplemental, five thousand dollar all grants. We've heard back from our contact. More good news is coming. In addition, we've posted new grants and funding. Information on the app today.

Thanks as always for tuning in be sure to watch until the end hit subscribe and turn on the alerts. We are going to continue to give you significant updates with all these programs. So you don't miss out on any action that you need to take. And I hope you have a great weekend ahead and the SBA announced that the shuttered venue operators grant will reopen tomorrow.

They called that breaking news. Of course, the only thing breaking with the smog was the website, but finally. They say they've stress tested it, and it's ready to go tomorrow. We've posted details on our blog and app. Let me just pull up the latest grant opportunities for premium users. We did a roundup today.

We also did an in-depth piece on the ten thousand dollar grant. I talked about earlier this week, but today there's a few new grant programs, including twenty thousand grants for home service. Businesses, ten thousand grand for women, owned businesses and more state-level grant programs.

You can take a look. On the app, if you want to start a free 15-day trial, I do recommend doing it today because prices are going up again, you can get it free for 15 days, just click, see new grant opportunities on the app. And I've added in details to what I'm about to talk about all the screenshots related to the SBA portal.

What to look out for it's been very glitchy been frustrating for some of you. But the key is persistence, and I'm going to show you that in a minute. And the goal at the end is to get to a green. Button that looks like this that says, your loan modification is being processed, join hundreds of thousands of folks using our free app consider upgrading today, here's. What your SBA portal should look like your loan modification is being processed, whatever amount of course, it's going to range wildly. This is the maximum loan amount.

You can get it says amount confirmed a few things I want to point out now yesterday, I read what our SBA contact advises folks to do to log in request more funds. If they. Want to you should be getting emails today tomorrow about the increase. And if you still have things to take care of when you log in, you should see a blue button to request more funds, you'll, be able to toggle, and everyone has a different range by the way. This preset ranges. Let me make myself smaller here.

Some of you have asked, can you adjust the range? This range is based on information you provided to the SBA on that original application, maybe over a year ago now, based on your 2019 revenues and.2019 expenses so that's, how they calculate this. I went over the formula, how they calculate this in a couple of days ago, if you want to go check out those past videos.

Now the problems you've been having is this site is glitchy. They are improving it in real time. So sometimes it times out, for example, you may hit accept it'll time out you have to log out then log back in so here's. What I recommend right now. Go double-check your SBA portal. If you haven't yet, if you don't see a green box like this action, Is probably still required on your end that could mean need to scroll below and sign some documents sign the 4506 t, sign the agreement. They have DocuSign right on the portal if it's blue, chances are there's still action for you.

For example, it may look like this submit for processing. That means you still have pending action. Once you click submit for processing you'll, see a modal like this confirm again, and it should change to green.

So if you take away one piece of advice today, it's to log in to.Double-check your portal, if you haven't yet and all of these screenshots, not only on our app, but you can go to sbalonestatus.com that redirects to a blog post with all of these screenshots. And as we find out more information, we will update it there on the post. Okay. The other piece is the started running operators grant will finally reopen again, on April 8th think about it. That was a couple of weeks ago. Now they tried to roll it out.

It had major bugs. They've stress tested it. They've said, this is a few. Times it's ready to go. So if you want to start preparing, you can read our post, we go over whose eligible, how much you can get what you can use it for our applications open for everyone?

Can it be combined with the PVP? The answer is, yes, you have to deduct what you got for the PPP from the shutter venue operators grant. We also did a detailed post on the restaurant revitalization fund feel free to go check that out by the way there's a new bill that's been proposed where self-employed folks would. Get a bigger, slice of the remaining 51 billion in PPP lawmakers introduced this bipartisan PVP flexibility for farmers ranchers, and the self-employed act here's.

What the bill looks like I'll go into more detail about this as we learn more, but it would be retroactive. According to summary of the proposed law retroactivity would go back to December 27th. Of course, many of you have been wondering about this. Can you get retroactive changes on the net versus gross income here's? What it says rather than.

Using net income, which removes taxes and other expenses. These borrowers may now use gross income, which allows them to book higher loan amounts. This is amazing news. We've talked about it a lot on this channel.

I've talked about earlier this week, some PVP changes according to a summary of the proposed law retroactivity would go back to december 27, 2020. While we're on the SBA portal. Of course, there's 15 billion dollars for extra five thousand dollar targeted all grants.

So it means a million. People are going to be able to get an extra five thousand dollars the key qualifications. So far are that you have to have qualified for a targeted all grant. So you've had to have filled out the application here on the SBA website.

However, in an interview with Isabel Guzman, she talked about having more flexibility for this 15 billion dollars I'm optimistic about that, especially because it would be more equitable in my opinion. Many of you who've been shut out of the targeted, because you don't. Qualify under the low income provision see that as unfair you're on the wrong side of the street, you are low income.

You just happen to live in a wrong area based on census data. So I'm, hoping Guzman continues to rethink that, but that's coming very soon. Our SBA context said, we would know more by the end of this week. I haven't seen a press release yet, but we're, waiting more information today. And over the weekend we'll be watching that too so be sure to subscribe. So to get an alert if and when news. Comes out about those extra five thousand dollar grants that's, the quick update for today.

Thanks so much for tuning in and liking this video. So more people see it, most importantly, stay well, stay healthy hit. The subscribe button above my head have a great weekend, and I'll see you tomorrow you.