This is the longest part of the loan application process. Unfortunately, the only part of the process you really have any control over is the application, which you can accelerate by having documents and information handy when you’re filling it out. The application was submitted and then reviewed very quickly. Then, one of the business owners had to create an SBA online portal account to check the status of their EIDL loan application, and most importantly, electronically sign the approved loan agreement documents in order to get the funds deposited into your business bank account. I was very lucky and was able to apply for the California EIDL within hours of it becoming available to businesses in California on March 16. 721 19. th. Proof of Hazard insurance is due within 1 year of loan disbursement. EIDL proceeds can be used to cover a wide array of working capital and normal operating ... U.S. Small Business Administration . Denver, CO 80202 . Initial Call for the SBA: they will call you before your credit score has been pulled. Credit Score Checking: once your credit score is pulled by the SBA it seems to take 30 days to receive an automated EIDL loan portal invitation. Sign in to Your Account Access your SBA Economic Injury Disaster Loan Portal Account to review your application and track your loan status. The EIDL documents require a Board Resolution to be submitted within 6 months of loan disbursement. After decisioning, SBA legal prepares the closing documents to send to the borrower. I take you thru the SBA loan portal starting with the email you receive from SBA after you get your EIDL advance. The next day I got an email from the SBA for a couple of extra documents … Although there is no definite deadline for businesses to spend the EIDL, the SBA states the loan should be used for … Street . We have heard from a few owners who have an EIDL that they have received notices from an SBA case manager requesting them to submit a Resolution of Board of Directors and Hazard (business liability insurance) to the SBA. After receipt of the signed documents the funds are direct deposited typically in 3 -5 business days. Frequently Asked Questions about the COVID-19 Economic Injury Disaster Loan (EIDL) As SBA programs go, EIDL loans are blazing fast, but you’re still looking at a wait time of three to four weeks before you can get relief. On mailed payments, be sure to include: ... information or to sign loan closing documents, the application will typically expire after 60 days. Administration, an agency of the Government of the United States of America (hereinafter called "SBA"), in the form required by SBA, the following documents: (a) Application for a loan or loans, the total thereof not to exceed in principal amount $___________, maturing upon such Instructions and best practices for preparing a loan closing package for the 7(a) program. A statement designating the person or persons by name and title authorized to sign the SBA loan closing documents Read the Fine Print. Small businesses, small agricultural cooperatives and most private nonprofit organizations located in a declared disaster area and which have suffered substantial economic injury may be eligible for an SBA Economic Injury Disaster Loan (EIDL).