EDC Business Alert- SBA Loan Denials, How to Inquire about SBA Loan Status and More!

“IT ALWAYS SEEMS IMPOSSIBLE UNTIL IT IS DONE”- NELSON MANDELA

EDC has been proud to walk alongside nearly 5,000 businesses in Ventura and Santa Barbara County who have been navigating every possible resource to move forward and thrive. Your courage and perseverance has been inspiring and we know that many of you have faced tremendous obstacles.

In response to questions around SBA loan denials, unknown loan status, unemployment benefit concerns and much more, we offer the following guidance.

ASSISTANCE WITH SBA LOAN STATUS AND DENIAL

HAVE YOU APPLIED FOR SBA’S EIDL LOAN AND NOT HEARD STATUS?

If you have applied for an Economic Injury Disaster Loan (EIDL) and have not heard from the SBA on approval or denial status, please let our team know. We will contact the SBA on your behalf to inquiry of the status of your loan application. Email your full name, application number (which should start with a 3) to info@edcollaborative.com with the subject reading as “SBA EIDL Loan Status Unknown.” Note: If you have received an EIDL advance with no further communication from the SBA, please be patient as they are processing an unprecedented number of applications at this time. You should consider the loan advance a status of receipt of your loan application.

WAS YOUR ECONOMIC INJURY DISASTER LOAN DENIED?

Individuals have up to 6 months to reapply for consideration for an Economic Injury Disaster Loan (EIDL) loan after a denial. If you have been denied, you can reapply for consideration by first emailing pdcrecons@sba.gov. Note: At this point, we are not aware of a path for reconsideration of a loan amount that has been approved for an amount lower than what was expected or needed.

EDD UNEMPLOYMENT OVER PAYMENT CONCERNS

DO YOU BELIEVE YOU HAVE BEEN RECEIVING AN OVER PAYMENT?

If you believe that you may be receiving an over payment of unemployment benefits considering your previous wages, we recommend the following:

INFORMATION ON COMMERCIAL AND RESIDENTIAL EVICTIONS

CALIFORNIA EXTENDS MORATORIUM ON EVICTIONS UNTIL JULY 28TH

Are you currently a commercial tenant? Governor Newsom has issued an Executive Order implementing a statewide moratorium on evictions through July 28th. If you are currently renting and unable to pay rent due to financial hardship and the impact of COVID-19, we encourage you to inform your landlord by completing a Notice of Coronavirus-Related Inability to Pay Rent in order to preserve your rights as a tenant. For more information on Covid-19 moratorium related eviction guidelines in Ventura and Santa Barbara County please visit this website.

ECONOMIC DEVELOPMENT COLLABORATIVE WEBINARS

NAVIGATING BUSINESS CLOSURE OR RESTRUCTURE?

Last week the EDC hosted a webinar regarding business closure and restructure. See here. Attorney William Bealle, from Beall & Burkhardt, shared great information and answered questions around bankruptcy, restructure and also landlord/tenant issue. Will can be reached at 805-966-6774 for consultations.

BEST PRACTICES FOR MANAGING FEDERAL FUNDING THROUGH QUICKBOOKS

Have you received federal funding and are unsure how to document expenses and seek loan forgiveness? EDC SBDC Advisor, Juliana Ramirez, will provide best practices in accounting for federal funding and answer questions live.

Wednesday, June 3rd @ 9:00 am.

REBUILDING FOR PROFIT DURING DISRUPTION

Are you considering a new business model? Have you been wondering how to restructure your business or have you considered what needs to change in order to thrive? Communications and Business Disruption Resource Director, Clare Briglio will share ideas on how to rebuild a business designed for profit during moments of disruption. Topics will include, letting go of what is no longer working, renewing your business model for a new era and creating alternative communication strategies to help your business thrive.

Wednesday, June 3rd @12:30 pm

To set up an appointment with an EDC SBDC Advisor, please call 805.409.9159.