full policy, not just an accord or overview) and received this message back from the SBA contractor quite quickly: Thank you for this information from your insurer – I can see the business property and equipment coverage in the amount of $25,000 which is sufficient. The Certificate looks perfect, and the homeowner's insurance is almost there. SBA loans are generally loans … Is there anything else I would need to provide you on this matter? Sounds like the homeowner's did it for ya. I got the same email from the SBA where they want 80% of the loan amount covered. You apply directly with participating banks and other lenders. The Small Business Administration released a new streamlined application process for the Economic Injury Disaster Loan (EIDL) program last week. The SBA website says all emails will be in the form of sba.gov and this email was exactly that. 6/15/20 applied. I'll let you know if this flies. I will go ahead and mark your file as complete. Good luck! I received this email as well. Thank you for your prompt attention to this matter. My insurance company was able to put a $2000 hazard on my policy (with a $500 deductible). However, up to 80% of the loan can be forgiven if you use it for payroll, mortgage interest, and certain other expenses. I'll report my experience back here. Much relieved. I submitted my standard Liability policy with all its details (i.e. SBA Office of Disaster Assistance | 1-800-659-2955 | 409 3rd St, SW. Washington, DC 20416 I received the same E-mail and also have no physical property for the business. Per your Loan Authorization and Agreement, please provide the following document(s): Please provide a Certificate that includes: A statement that the LLC authorizes acceptance of the SBA loan and specifying the loan amount, A statement designating an individual or individuals by name and title authorized to sign the SBA loan closing documents. The … https://www.sba.gov/sites/default/files/Insurance_Presentation_general_public_draft.pdf. My was 32k and not sure what amount of coverage I should get, Hi can you tell me what insurance (liability you had/have?). so I would ask others that may have had the same experance my shine some light on what is to be expected. Made an COGS error in my application when I applied. This is a forgivable loan created to help businesses maintain payroll. Thank you for sending these over so quickly, it is much appreciated! Your app number and situation is very much like mine. We break down step-by-step how to fill out the SBA Disaster Loan Application. I then called the SBA to ask if this was legit or a scam. In fact, they’ve been part of the SBA’s Disaster Loan program for many years. Covered Period: January 31, 2020 and ending on December 31, 2020. Who's Eligible: Any individual who operates under a sole proprietorship, with or without employees, or as an independent contractor. This is great, thank you for sending it over so promptly. In the end I sent over a copy of my home hazard insurance and they seemed happy. Under the CARES Act passed on March 27, 2020, independent contractors, gig workers, and freelancers affected by the coronavirus crisis are eligible to receive a government grant of … Took my personal FICO score from 796 down 7 pts to 789. Just talking to the guy it definitely sounded like he recently got the gig He did say he had 1,500 people he had to contact. The application was filled out wrong with some of the same information as my homecare business so I can see the confusion. I 'am behind of bills and payroll and I don't know what to do. Disaster loan of up to $10,000 Under the CARES Act, small businesses and independent contractors are eligible to apply for an Economic Injury Disaster Loan of up to … The SBA Disaster Assistance program for coronavirus (COVID-19) provides low-interest loans of up to $2 million to help businesses recover from “substantial economic injury.” SBA loans … Can anyone tell me after applying for the EIDL loan and getting it the loan was 82k how to get Hazard Insurance if you don't own Property? This page will discuss the many opportunities that are available to you and guide you to success in the small business world. I received the same denial reason on the same date. These are two year loans with a 0.5% interest rate. I would suggest you send in a copy of your home insurance (or renters insurance) and your truck insurance and let them come back with a request for something different if they need it. As part of the EIDL, many small business entities including sole proprietors and independent contractors … I also got an email asking for the same and my llc certificate. Funded this morning. The Certificate should be dated and signed by at least one member/manager/managing member of the LLC. The Small Business Administration (SBA), in particular, has been granted authority by the federal government to provide up to $377 billion dollars in emergency business loans and grants through the Paycheck Protection Program (PPP), the Economic Injury Disaster Loan (EIDL) program, and the EIDL 10K Advance program. I also was asked to send a document for a meeting called “Board of Directors Resolution” when we took the loan. Yes please keep us posted. Best wishes to both of us. As if it were some strange technicality they need to check the box on. Is this legitimate? How did they provide me the loan without already receiving these docs? I never received an advance. SBA Economic Injury Disaster Loan: Up to $2 million loan at a 3.75% interest rate is available to small businesses to cover fixed debts, payroll, and other bills that can’t be paid … Thanks for reading! The only things we own are the office furniture, equipment and inventory supplies. This bill includes $284 billion in new funding for the Paycheck Protection Program (PPP), the federal loan … The SBA agent on the phone immediately quoted back to me the name of the contractor and recited detailed notes in my record that matched the email exchange I had with the contractor … here you can find the application for a sba grant and the stimulus package that is included for independent contractors. The SBA agent on the phone immediately quoted back to me the name of the contractor and recited detailed notes in my record that matched the email exchange I had with the contractor via email. This is great information, was your loan for the amount cover? Sent mine 5/26 but haven't heard a thing. The SBA … The SBA simply requires that Business Personal Property coverage be included in the policy. Progress:)!!! Press J to jump to the feed. Small businesses are encouraged to do their part to keep their … I also sent in my reconsideration. By Richard HarrochOn June 15, 2020, the SBA announced that it was again opening up its Economic Injury Disaster Loan (EIDL) grant and loan program. Has anyone else received the same? any commit on what I can do. But I can send tax documents, bank documents and my DBA to show that they are two different businesses. Since you are a single-member LLC than I simply need a business memo or letter stating that, so something to the effect of, “I, Name, am the sole owner of -company name- and therefore am authorized to sign on their behalf. Thanks to "cue" things are going really quick. I definitely would not ignore. Submit your business professional liability insurance. If you don't have that, submit your personal liability/umbrella insurance or homeowner's. I found out last week that I was "auto-declined" after I had been trying unsuccessfully every day (until last week)to fix my COGs. Press J to jump to the feed. I received an email as well asking for this. I’m gonna call SBA directly. Recon due to credit. I received a call last week and then an email from a contractor just as others described. It does not need to be $Your Loan Amount of coverage or anything crazy like that, it just needs to be enough to cover your business phone, laptop, etc. ( Have perfect score had 769 before they hit after it's 762. This means that independent contractors, … Paycheck Protection Program & Economic Injury Disaster Loan Discussion for the 2020 COVID-19 disaster. Good Afternoon,My application was removed because the SBA said it is a duplicate application. On December 27, 2020, a $900 billion COVID-19 aid package was signed into law as part of the larger omnibus bill funding the federal government. There has been some confusion about the application process for SBA loans for self-employed individuals, freelancers, and 1099 contractors. Those who previously received a First Draw PPP Loan … Under the CARES Act passed on March 27, 2020, independent contractors, gig workers, and freelancers affected by the coronavirus crisis are eligible to receive a government … Read more about Self Employed & Independent Contractors In the … This cost me an extra $171 per year; less $ to put toward my customers and recovery. Originally when I tried to cover 80% of my loan with hazard insurance it was going to double my premium (like $600/year). … Please help and consider my request. The SBA contact said they don't really want to know the specifics of the coverage, just get them the declarations page. I use my Resident as my home, I'm an Independent Contractor that operate 1 truck my own truck as a Owner/operator. Did they also ask you to provide a resolution with loan amount, business agrees to obtain SBA loan, etc.? Please provide hazard insurance covering your business contents. By CCRC Staff | *NEW: Applying for SBA COVID-19 relief with a criminal record in 2021 (Jan. 21, 2021) Loans from the U.S. Small Business Administration (SBA) are a key resource for small businesses fighting to survive during this pandemic. I’m not sure what type of insurance we need and like calrese23 said I don’t want to ask to only have it voided. I hope that my app is put back in line sequentially the portal as opposed to being stuck on the end. That is sufficient. I hope my experience helps other businesses get past this hurdle. While SBA’s Paycheck Protection Program (PPP) has received a lot of exposure, however, its Economic Injury Disaster Loan (EIDL) works for independent contractors and may offer quicker … Independent contractors and self-employed individuals are eligible to apply for Small Business Administration loans under the Payroll Protection Program and the Economic Injury Disaster Loan … What the SBA contact said was that I should contact my business insurance provider (I have only liability, this was not "good enough" for the SBA) and put anything on the policy -like a cell phone- and cover it with hazard insurance and then send the declaration page to the contact at the SBA. If you don't have that, submit your personal liability/umbrella insurance or homeowner's. Just told me to be patient. By using our Services or clicking I agree, you agree to our use of cookies. the email that I got it does say contractor in the title of the sender. 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