hey what's up everybody Ryan Nguyen here thanks for joining us today if you
haven't already, I can't believe I'm saying this, SMASH that like button don't
click on it, you got to smash it and while you're at it
smash the subscribe button as well to stay up to date on all the developments
that we'll be bringing to you. Ok so today we're gonna talk about the process of
the EIDL application and the loan process because if you apply for it
they're probably wondering where the fuck is all my money
I'll bring some clarity on that as it's also gonna be confusing since all the
different news sources or everything you're reading is probably giving you
conflicting information I mean you're seeing something from CBS that's
different from ABC or NBC or CNBC CSPAN MSNBC you get the point..
BBC NYT LBC and the OPP. Anyway the majority of you probably apply for the
EIDL after the SBA had implemented their streamlined application process
that application takes about 15 maybe 20 minutes to apply for online and this is
what's known as phase one of the process and this new streamlined
application process is what we'll be talking about primarily in this video. So
we're seeing the SBA take about a month or so from the time that you completed
the initial application to getting funding in your account for the EIDL
grant so what's gonna happen is they'll just send money into your bank account.
They won't notify you you'll just wake up one day and they'll just be in your
bank account and now this is the grant portion there's also the loan portion.
The grant portion is calculated at $1,000 per employee up to $10,000 so
after they do this they're gonna do a quick credit check on Experian so if you
have a credit freeze in place be sure to unfreeze it as soon as possible because
that could cause delays in the process after the credit check the SBAshould be
reaching out to you via email to create an online an online portal or online
account with their website so that you can jump on
and start uploading documents and communicating with your loan officer.
This is called phase two when you have to upload more documents in order for
them to verify your assets and your income so the things that they're going
to need are three years of tax returns business and personal they're going to
request for transcripts of your tax returns for those three years as well
they're going to need SBA Form 2202 which is the scheduled liabilities. They
need SBA Form 1368 which is the additional filing requirements form. Then
you need form SBA 413D which is a personal financial statement.
They'll need that for each owner that owns more than twenty percent or
more of the company and then lastly they're gonna need the EIDL supporting
information form and I'll link all these forms in the description below so you
can have access to it beforehand. You might be a little surprised you
thought that application was done after you did your 15-minute application but
no way there's no way the SBA is going a loan up to two million dollars with just
a 15 minute application and no verifying information so this step right here is
really important. Any delays in the process here can mean the difference of
you getting funded or not and that's because this loan is so popular, there's
so many people applying for it any delays in the process can get you bumped
to the back of the line maybe not to the back but you know those the loan offers
is gonna keep processing applications as they come in so any delays is gonna push
you back further it would be a good idea to have these documents done before
getting assigned the loan officer so you can just send them over to them
immediately. And this part can be so overwhelming for a lot of people and
that's why our company helps a lot of our clients with this step specifically
preparing all those forms and getting all the all the required documentation
together and if you're interested in that we'll show you how what kind of
programs were offering in the link in our description below and how we're
helping our clients so after you send all that information over to
them they're gonna verify and review all that stuff and that's just going to move us
on to phase 3! This is where you get funded
this is where they close up the loan application because you got approved!
Congratulations now you have 30 years to pay back this loan and then now you can
pat yourself on the back because you did i!