DENIED the EIDL LOAN? Here's How to File an Appeal | Step-By-Step Instructions

Today, I am going to go through the step-by-step guide of how to file an appeal/letter of reconsideration for your EIDL Loan or EIDL Grant. Let’s get started!
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The first thing you need to know is why you are filing an appeal and why you were initially denied - you need to have a full understanding of why you were denied and whether or not an appeal is justified.

For example, if were denied based on credit but since that in denial your credit has improved, that is a valid (and often successful) basis of an appeal.

On the flip side, if you were denied because your business wasn’t affected enough by Covid-19 to justify EIDL funding, and this is in fact true, then you don’t really have a basis for an appeal.

Once you know your reason, you can then start constructing your appeals packet.

The first thing you will want to include is a letter of reconsideration - think of this as the “cover letter” for your appeal.

You can use the letter of reconsideration template I have included in this description (see below).

Once you have constructed the letter of reconsideration, the next step is to gather evidence. Any evidence that can help your case - bank statements, P&L statements, proof of paying down debt and balance sheets can all be helpful pieces of evidence.

Profit & Loss Templates HERE:
https://corporatefinanceinstitute.com/resources/templates/excel-modeling/profit-and-loss-pl-statement-template/
https://www.freshbooks.com/accounting-templates/profit-and-loss

Balance Sheet Template HERE:
https://www.vertex42.com/ExcelTemplates/balance-sheet.html

Once you get your evidence together, you will want to form it into an EASY TO READ PDF document. Do not keep it a word, save it as a PDF, and make sure all the pages are in the right order. I’d suggest naming the file something along the lines of “Letter of Reconsideration XXXXX” or “App XXX Recon”

You are now ready to send your appeal!

For your email make the subject something along the lines of “Letter of Reconsideration Application No. XXXXX”

For the body of the email, I would suggest just using the same text as the letter of reconsideration (See below)

Then, you will send the email to this email address: pdcrecons@sba.gov

Once you send it, that is it! I hope you guys found this video helpful, if you did, make sure to hit that LIKE and SUBSCRIBE Button! All info and templates can be found below!

LETTER OF RECONSIDERATION TEMPLATE:

App No. XXXXXX
Dear: Reconsideration Department

I am writing requesting a reconsideration of the denial of my SBA EIDL loan application No. XXXXXXX. It appears I was denied due (INSERT DENIAL REASON HERE).
I'm requesting a letter of reconsideration due to (INSERT WHY YOU NEED TO BE RECONSIDERED)

EXAMPLES:
“My credit score has improved from x to x, and I now qualify for the loan per the credit requirement in the EIDL program. Please re-pull my credit and you will see the improvement in the credit report”
“Though the SBA determined that my business was not negatively affected by the Covid-19 Pandemic, I have attached bank statements, Profit & Loss Statements and Balance sheet proving otherwise”

I appreciate you taking the time to reconsider my application. I hope my explanation clears things up so I can get approval and be able to save my business. If you have any questions, please let me know and I can assist in this process any way I can.

Sincerely,
YOUR NAME

SEND YOUR APPEAL HERE: pdcrecons@sba.gov

SBA HOTLINE PHONE NUMBER: 1(800)-659-2955
SBA HOTLINE EMAIL: disastercustomerservice@sba.gov
GET MY PAYMENT: https://sa.www4.irs.gov/irfof-wmsp/notice

Apply for the EIDL Grant Program HERE: https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/economic-injury-disaster-loan-emergency-advance

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#EIDL #StimulusPackage #Appeal

I am not a CPA, attorney, lender, or financial advisor. The content in these videos should not be construed as tax, legal, or financial advice...etc, and may be outdated or inaccurate; it is your responsibility to verify all information yourself. This is a YouTube video for entertainment purposes ONLY. IF stocks or companies are mentioned, Aubrey may have an ownership interest in them – Please do not make buying or selling decisions based on Aubrey’s videos. If you need advice, please contact a qualified professional.

Видео DENIED the EIDL LOAN? Here's How to File an Appeal | Step-By-Step Instructions канала Aubrey Janik