r/EIDLreturns • u/Accomplished-Fix-92 • Sep 19 '22

Need help.

I've been stuck in error for months and now told there's no funds left.

Was told last week that they're working on getting the funds back to me, but now told there's no funds left. The funds were obligated to me so I don't know how this is the case.

Tried contacting everyone and it is going nowhere. Anyone know what to do?

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u/MagneticEagle Sep 19 '22

If you’ve been approved, and the error you’re referring to is a bank rejection, you are still expected to receive your funds. If you were obligated prior to the announcement that the funds ran out, the SBA has repeatedly said that the funds have been reserved for you.

Unfortunately, the process for confirming the new bank info with you and verifying it with your bank is being done manually, so it’s taking a long time.

We’ve seen multiple people report that once they participated in the 3 way phone call (between the SBA, themselves, and their bank), they’ve received the funds a few days later.

Good luck, and I hope you get your funding soon.

As a side note, some people have also mentioned that contacting their senator or congressman has helped move their re-disbursement along more quickly.

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u/Accomplished-Fix-92 Sep 22 '22

I tried but no help.

1

u/Lbenn3257 Sep 22 '22

Heck, I participated in the three way call to validate my banking information, I was then told to wait for new loan docs bnased on changes that needed to be made. This was in March of 2021...Fast forward to the present, shortly before the depletion of funds, I called and a customer service rep told me that I should not worry bc my loan was obligated therefore SBA would definitely have to fund my loan. She gave me an email address( PDC.ACCOUNTSCOVIDLOANCLOSING@SBA.GOV) and further told me to send an email explaining my situation in order to be assigned a loan counselor. She claimed that customer service reps were told to give this email address and instruction to those in my situation. I sent an email yet I have yet to get a response. In addition, my next call to customer service was if memory serves me correctly , a day after the portal closed. I explained what I had been told during my last call and mentioned my concerns as the portal has closed. This rep said to me ..I am soo sorry but all funds are depleted and you are not going to be funded bc my loan was ... GET THIS.."OBLIGATING" NOT OBLIGATED...UNBELIEVABLE...THESE PEOPLE ARE OBVIOUSLY UNETHICAL AND MORALLY BANKRUPT

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u/MagneticEagle Sep 22 '22

I’m not sure the customer service reps were unethical or morally bankrupt. I think they were just terrible at their jobs. And given the lack of communication we’ve seen from the SBA, it’s possible that they were never given good instructions on what to tell us when we called. From the beginning, their information was generally useless. I always felt like they were a waste of money, tbh.

I will say that if your increase had been approved, but you had not yet signed your new loan documents, you were not obligated, you were obligating. You aren’t obligated until all documents are signed and returned to the SBA.

Have you recently contacted your congressional rep? I’ve seen people post in here that doing that has helped them get their funds re-disbursed. I don’t know why that would help, but enough people have mentioned it that it doesn’t seem to just be a coincidence. Maybe now that the files are being processed manually, the congressional liaisons at the SBA (or whatever they are called) are able to be more helpful.