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FAQs About SBA EIDL Loans & Targeted Advances For COVID Relief

    Chris Motola
  • 121 comments
  • Updated on:
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Chris Motola

Chris Motola

Expert Analyst & Reviewer at Merchant Maverick
An expert in personal and business loans and financial health, Chris Motola has been writing about small business finance and payments for over 5 years. He has been cited in various industry publications, including Forbes Advisor, GoBankingRates, and Medium. Chris is a graduate of the University of Central Florida.
Chris Motola
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121 Comments

Responses are not provided or commissioned by the vendor or bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the vendor or bank advertiser. It is not the vendor or bank advertiser's responsibility to ensure all posts and/or questions are answered.

    JT

    I received the Targeted Advance EIDL grant….can I apply for more funding through the SBA, or would this have been determined when they reviewed the information for the Targeted Advance?

      Erica Seppala

      Hi JT!

      In order to receive an EIDL Advance, you are required to submit an application for the EIDL loan. You do not have to be approved for or accept the loan to receive the Advance. In other words, the application you submitted before receiving the Advance was for both the EIDL loan and the Advance. You can check if you were approved for a loan by visiting the SBA portal. If you can’t find any information or have additional questions about your application or loan status, reach out to the SBA by phone at 800-659-2955 or by emailing disastercustomerservice@sba.gov. Good luck!

        Charnecia Waggoner

        My Loan Was Approved Aug 3rd And Still Haven’t Received Finds Yet Does Anyone Know How Long It Will Take

          Jessica Dinsmore

          Hi Charnecia,
          Once you’re approved, you should get a disbursement within a week of approval. You can read more about the process in this post: SBA EIDL Funding Timeline: What To Expect During Application, Approval, & Processing.

            Josie Orellana

            Hi i was approved for the targeted advance and the supplemental advance and sba sent the funds but my bank returned the funds because i have a personal account who can i contact to update my banking information.

              Jessica Dinsmore

              Hi Josie,

              We are so sorry to hear that! You’ll want to contact the SBA’s Disaster Assistance Processing and Disbursement Center. Explain your situation to them by phone or email. Bear in mind that you may have to be persistent and patient given the volumes of applicants the SBA is dealing with. Best of luck to you!

                Jake

                Hey I was wondering how long would it take to go from submitted to the next step of the process it’s been saying submitted for about a month now.

                  Erica Seppala

                  Hi Jake!

                  Unfortunately, there’s no set timeline as to how long it takes between submitting your application and documentation to receiving approval and having your funds disbursed. Some applicants received a response and had their funds in a matter of weeks, but others waited a month or longer. I would recommend reaching out to the SBA directly to find out more about the status of your application. Good luck!

                    melissa

                    i am wondering did anyone get the advance rejected by bank of america I DO NOT have a business account

                      Leslie

                      I was denied for the targeted advance and sta after I was approved and funded. But my bank rejected it. So instead of allowing me to updated update my banking information they send me papers saying I’m denied…. Htf can they deny me after they approve me and fund me??????

                        Jessica Dinsmore

                        Hi Leslie,

                        How upsetting! You’ll want to contact the SBA’s Disaster Assistance Processing and Disbursement Center. Explain your situation to them by phone or email. Bear in mind that you may have to be persistent and patient given the volumes of applicants the SBA is dealing with. Hopefully, this helps get you back on track–Please keep us posted.

                          Brett

                          So, my targeted EIDL says approved a few days ago but nothing about funding yet. I see you have said within 5 days ? Are you aware of anyone that has actually gotten the advance in 5 days or less? Also, if I have the approved on my portal, does that mean it has gone through all of the hoops? Something tells me that the person I spoke with on the phone and sent all of my documents to is just a reception type of thing and even though it says approved there are still “higher” approvals needed???

                            Jessica Dinsmore

                            Hi Brett,

                            We’ve seen funding timelines of all variations, and no two seem to be alike. Most EIDL applicants will receive a funding decision within 21 days. If you’re approved, you should get a disbursement within a week of approval. As for the length of time between your status being updated to “funded” and actually being funded? Only the SBA will likely be able to explain why they’ve updated your status to funded, and where they sent the money. So your best bet will likely be to contact the SBA for clarification and follow up with the bank they’ve sent the funds to.

                            Regarding your approval–we’ve seen reports of approvals changing to “error” or denials. So, you’d be wise to hold off on celebrating until the money has actually hit your bank account. Good luck!

                              Renee Anderson

                              Hi,
                              I recently was approved for the EDIL Targeted Advance Grant. I was wondering once it says approved how long will it be until I receive the funds to my bank account? I’m not sure if it’s the same as the loan and I have to wait until it says funded or not.

                                Jessica Dinsmore

                                Hi Renee,

                                Most EIDL applicants will receive a funding decision within 21 days. If you’re approved, you should get a disbursement within a week of approval. That said, we’ve been seeing a lot of reports of statuses being updated to “funded” but no funds deposited immediately. So, it seems there may be a longer delay in that process that you may want to anticipate.

                                  Tiffany Nichole Bowman

                                  I was just wondering if you are approved for the grant do they give you the entire amount the whole 5000 or is it some kind of formula based on what your company taxes looked like? Thanks!!

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