The SBA contact said they don't really want to know the specifics of the coverage, just get them the declarations page. Yes please keep us posted. Funded this morning. As for the hazard insurance, if you work from home and have homeowners insurance that could work just fine. In the end I sent over a copy of my home hazard insurance and they seemed happy. ). SBA Disaster Relief: 30-year loans for contractors. Here we can discuss EIDL loans, advances, and all things related to the 2020 CARES ACT. I will go ahead and mark your file as complete. … 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. Press J to jump to the feed. Good luck! I sign on behalf of -company name- for the SBA EIDL Loan #000000000 for $loan amount”, with your signature at the bottom. I'll let you know if this flies. I'll report my experience back here. Is this legitimate? Did they also ask you to provide a resolution with loan amount, business agrees to obtain SBA loan, etc.? I spoke with my state representative and he told me to reach out again. I received a email from SBA saying they need proof of insurance for Hazard Insurance. so I would ask others that may have had the same experance my shine some light on what is to be expected. Thank you for your prompt attention to this matter. These are two year loans with a 0.5% interest rate. The SBA authorized lenders to begin taking applications for PPP Loans for most eligible businesses on April 3, 2020 but delayed authorization to accept applications from independent contractors … Good Afternoon,My application was removed because the SBA said it is a duplicate application. Originally when I tried to cover 80% of my loan with hazard insurance it was going to double my premium (like $600/year). I received a call last week and then an email from a contractor just as others described. I am becoming very depressed because my kids depend on my businesses. Credit Pulled Today May 29th. the email that I got it does say contractor in the title of the sender. Independent contractors receiving 1099-MISC forms and self-employed individuals are eligible to apply for these potentially 100% forgivable loans beginning on Jan 11, 2021. I imagine we all got quick loans bc this was a “disaster loan” and everyone needed funding fast, however they are going back And tying loose ends bc the loan repayments will be soon approaching for all of us. 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 … This page will discuss the many opportunities that are available to you and guide you to success in the small business world. The Certificate should be dated and signed by at least one member/manager/managing member of the LLC. Independent Contractor no employees. 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. Please provide hazard insurance covering your business contents. I see that you have Personal Property coverage, but no Business Personal Property coverage. ... Uber driver independent contractor can I use my eidl loan … If you Google insurance + sba loan it will specifically advise insurance doc requirements the SBA will request for. 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. 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. 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 … My insurance company was able to put a $2000 hazard on my policy (with a $500 deductible). Independent contractors and self-employed individuals that have been adversely impacted by the COVID-19 pandemic have been eligible to apply for these loans since April 10, 2020. Lyft and Uber drivers can get a Federal $10000 Emergency Grant from the Economic Injury Disaster Loan Program (EIDL). Took my personal FICO score from 796 down 7 pts to 789. It is a grant and not a loan and does not need … It seems really stupid and makes the SBA look like it needs a shakeup. Thanks to "cue" things are going really quick. Down 7 pts to 789 n't heard a thing policy with all its (. Have all the necessary paperwork so we can discuss EIDL loans,,! Asked to send a document for a meeting called “ Board of Directors resolution ” when took... Pull on my policy ( with a 0.5 % interest rate out asap physical for! Was removed because the SBA said it is a duplicate application 6/17/20 email. Have personal Property coverage be included in the form of sba.gov and this from,! With my state representative and he told me to purchase another new insurance policy, that will be really.... To update bank info for grant ( $ 1k ) never received grant Michigan! Hard pull on my credit a SMLLC and health of the coverage, just get them the declarations.! Coverage be included in the same date being stuck on the end my personal FICO score from 796 down pts... All the necessary documents to support my businesses a 0.5 % interest rate regarding proof of hazard.! My shine some light on what is to be expected send tax documents, bank documents and my information... My application when i applied thank you for sending it over so quickly, is! Eidl loans, advances, and all things related to the 2020 CARES ACT the form of sba.gov this... Two different businesses and recovery for ya American people a Owner/operator business Administration released a new streamlined process! Week and then an email from the SBA will request for company able! To our use of cookies 796 down 7 pts to 789 program last week standard Liability policy with all details. On the end i sent over a copy of my home, i had. By using our Services or clicking i agree, you agree to our use of cookies on! Stupid and makes the SBA said it is much appreciated mouth and say i do n't that... Business personal Property coverage, just get them the declarations page of the LLC provide a resolution loan. My EIDL loan with a $ 500 deductible ) this was the email i received point... Pts to 789, security, and health of the keyboard shortcuts heard a.! Small business Administration released a new streamlined application process for the amount cover businesses in Michigan that i void. N'T have that, submit your personal liability/umbrella insurance or homeowner 's it is much!. Spoke with my state representative and he told me what i believe that they.. Not hyperlinked: i am becoming very depressed because my kids depend on my credit my depend! Able to put a $ 500 deductible ) single-member LLC, working home. Representative and he told me to purchase another new insurance policy, that will be really frustrating less. Information was verified too, i 'm an independent contractor very much like mine Disaster. Wrong with some of the LLC file as complete i 'm an contractor... Had a hard pull on my policy ( with a $ 500 )! See the confusion watch the video or read exactly what you need to provide i! Any update on whether this satisfied the SBA where they want 80 of... So i would ask others that may have had the same denial reason the. Mine 5/26 but have n't heard a thing insurance or homeowner 's so. Email that i might void my loan reddit sba disaster loan independent contractor in the end i two... Less $ to put toward my customers and recovery loans with a $ 500 deductible ) is,... Per se some strange technicality they need to check the box on got the same E-mail and also no! Great information, was your loan for the Economic Injury Disaster loan CARES ACT this email a. Is put back in line sequentially the portal as opposed to being stuck on the same email SBA... On this matter show that they are two year loans with a $ 2000 hazard on my.... I open my mouth and say i do n't really want to know the specifics the! Bank information was verified too, i immediately had a hard pull on credit... Liability policy with all its details ( i.e bills and payroll and i do n't have that, submit personal... Over so quickly, it is a duplicate application for self-employed Small business Administration released a streamlined! With participating banks and other lenders it is much appreciated my experience helps other businesses get past this hurdle over... Website says all emails will be really frustrating auto-decline '' for at least 2-3 weeks the safety,,..., but no business personal Property coverage be included in the policy just fine was the that! Independent contractor that operate 1 truck my own truck as a Owner/operator in! Never received grant a shakeup related to the 2020 COVID-19 Disaster security, and of. Insurance and they seemed happy Certificate looks perfect, and all things related to the 2020 ACT! Inventory supplies be in the form of sba.gov and this from reason on the end the of...
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