Top 7 Reasons the SBA EIDL Loan Gets Declined & How to Ask for Covid-19 EIDL Reconsideration

Описание: Have you been declined for COVID-19 EIDL Loan from the SBA. What could be the reasons for that decline? How to apply for reconsideration.

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DISCLAIMER

This video is intended for education purposes and should not be taken as legal or tax advice. You should consult with your financial professionals about your unique financial situation before acting on anything discussed in these videos. Freedomtax Accounting and Multiservices Inc. is providing educational content to help small business owners become more aware of certain issues and topics, but we cannot give blanket advice to a broad audience. Freedomtax Accounting and Multiservices Inc. or its members cannot be held liable for any use or misuse of this content.

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LINK TO SBA GUIDELINES AND FAQ RELEASED 9/14/20 - https://www.sba.gov/document/support-...

LINK TO SBA DOCUMENT SOP 50 30 9 FOR INFO ON QUALIFIED ALIEN - https://www.sba.gov/document/sop-50-3...

I’ve been declined for COVID-19 EIDL. What could be the reasons for that decline?

Decline reasons are unique to the applicant. The most common reasons for a decline are:

• Unsatisfactory credit history. Because EIDL is a government loan, federal regulations require applicants to meet minimum credit standards to qualify.

• Unverifiable information. If an applicant does not respond within 7 days to requests for additional information from loan officers, their application may be declined. Request a reconsideration to reactivate your application.

• Ineligible non-US citizen status. Applicants must be US citizens, non-citizen nationals, or qualified aliens. Refer to SOP 50 30 9, Appendix 7 for further information.

• Business activity not eligible.

• Economic injury not substantiated. There are two possible reasons for this decline: 1) The economic injury is less than the amount received for the EIDL Advance; or 2) The information submitted does not indicate an economic injury.

• Character reasons. Applicants may be declined if they have been convicted of a felony in
the past five years; or ever been engaged in the production or distribution of any product or service that has been determined to be obscene by a court of competent jurisdiction; those who are currently suspended or debarred from contracting with the federal government or receiving federal grants or loans; and/or those who are presently subject to an indictment, criminal information, arraignment, or other means by which formal criminal charges are brought in any jurisdiction.

• Failure to respond. If applicants do not respond to emails asking for additional information or to sign loan closing documents, the application will typically expire after 60 days.