UPDATE 6/10/20:
Sec. Carranza indicated today that new EIDL applicants will begin to be accepted next week — they are still working through the queue of previous applicants, but as they get a handle on that, the system will be available again (currently it is only available to farmers). I have a client who applied on April 8th who received their loan this past week, so I can confirm that they really are still in-motion… when you see money suddenly show up in your bank account with “SBA TREAS” in the description, that’s probably it.
As of 11:15 am Central Time, April 27th, this is the news (above) from the SBA website on Economic Injury Disaster Loan (EIDL) funding. To me, it sounds like they’re saying that unlike the PPP, the EIDL did maintain a queue of existing applications. More to come soon — check back on their website regularly.
Gusto recently released a solid, comprehensive write-up on the EIDL with step-by-step instructions on how to apply. Check it out.
I’m also getting a lot of questions about random amounts that are showing up in the accounts of folks who applied for both EIDL and PPP — so here are a few tips:
- Remember, the EIDL funding comes straight from the SBA, not a bank, and so the bank feed description will usually read something like “SBA Treas.” Whereas PPP comes from the bank through whom you applied.
- Also, EIDL funds tend to be even numbers, whereas PPP funding is more often for odd amounts (and you’ll usually know what this is before the amount arrives).
- You will always have to sign for a PPP loan before it is disbursed. Whereas you may receive the EIDL advance with no paperwork beyond the initial application, and no notice ahead-of-time that it will be funded.
Presumably there should be less confusion between these amounts and the IRS Stimulus Checks, as those are for personal accounts, versus EIDL and PPP, which are for business accounts.
Please see my original post on the topic for more information on EIDL.
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