DENIED the EIDL GRANT?! Here's How to File an APPEAL

If you were denied the EIDL grant or loan, let's walk through some of the steps and things you need to keep in mind if you want to file an appeal on that denial decision.
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More and more people are reporting that their loan request for the EIDL program was denied, but did you know that this denial can be appealed?

The EIDL program has been around for a long time, it is a program that was designed to help businesses in times of emergency - like natural disasters, pandemics...etc. So, because of that, there have been processes put into place that allow for applicants to appeal the decision - but how does this appeal process work? Let’s go over it!

According to two different SBA websites, you have 6 months to submit an appeal to the SBA - this MUST be done within 6 months, but also keep in mind that because of the fact you have 6 months, you want to make sure you don’t rush the process - take your time, be thorough and don’t rush the process, but also make sure to submit it in 6 months.

The other important thing to remember when submitting your appeal is that you only get ONE chance to submit your appeal - so make it count.

The first thing you’ll want to do is you’ll want to wait for your official denial letter to come into the mail. Now, this is tough - because a lot of people have not received an official denial letter. But, it’s important to wait for this - because not only does it have important info on how to submit an appeal, it also has the information on WHY you were denied. It’s important to understand why you were denied, that way you can provide an argument as to why that reason is not accurate and why you DO deserve the grant.

Next, fully understand why the SBA denied you. There are a number of reasons why you could have been denied. If your business was too new, if your business didn’t show significant losses, if your business is too “risky” - all of these and more are reasons the SBA could use to deny you.

When submitting your appeal you will need to provide an argument as to why this reasoning is incorrect. So, if the SBA is stating that your business didn’t suffer enough losses from the pandemic, it’s your job to show that it isn’t true and that your business DID suffer losses. You can do this by showing P&L statements from 2017, 2018 and 2019, and then comparing those numbers to 2020 - and comparing those numbers should be able to show a drastic difference which should show the SBA that you do need the loan.

If for example, the SBA said your business was too new to justify the loan, you could present evidence that though your business is new, it is scaling fast, growing and because of this you are deserving of the loan.

There are dozens of examples, but the point is that you need to provide an argument, with supporting documentation, that your business is deserving of the EIDL program.

Once you have all your information, make sure to compile it in an easy to read and easy to understand the document. You want the SBA rep to easily be able to go through and accept your appeal as possible - make it EASY for them.

Once you have all the information compiled, it’s time to send it in for an appeal. Refer to your denial letter as to where you should send the appeal.

The timeline of an appeal denial/acceptance is unclear, and it is unknown how long you have to wait in order to get word on what the status of your application is. With that being said, considering the huge backlogs I would expect to wait a while, and it could be a few months if not longer until you hear anything.

I hope that you guys enjoyed this video and I hope it gave you some insight into the appeals process. Make sure to hit that LIKE button and SUBSCRIBE button, and I will see y’all in the next video.

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 once it reopens HERE: https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/economic-injury-disaster-loan-emergency-advance

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READ THE HEROES ACT HERE: https://www.govinfo.gov/content/pkg/BILLS-116hr6800ih/pdf/BILLS-116hr6800ih.pdf

RESOURCES:
https://www.sba.gov/sites/default/files/2018-06/SOP%2050%2030%209-FINAL.PDF
https://www.sba.gov/sites/default/files/articles/EIDL_Information_and_Documentation_-_3-30-2020_FINAL_2_pm.pdf

#EIDL #Stimuluspackage #Grant

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.

Видео DENIED the EIDL GRANT?! Here's How to File an APPEAL канала Aubrey Janik