PPP/EIDL: Has Your SBA Number Expired? Do You Have an SBA Loan? Here’s How to Check

SBA numbers ostensibly expire within ten days of being acquired. Lenders have within that ten calendar day window to fulfill the loan. Here’s how you can check on your EIDL/PPP status.

The Capital Access Financial System

The US Small Business Administration runs a website called the Capital Access Financial System. This is open to both lenders and borrowers.

You’ll note that the link reads “sba.gov.” This is important. There are many scams out there. Do not click on links that are not from a .gov site.

If you have been given an SBA number, you can create an account as a “borrower” on this site. Once you log into the site, select “Borrower Search” and it should reveal any outstanding loans.

You mileage may vary with this site. However, if you have an EIDL loan approved, it will also show up on this site. Thus, as long as you have one SBA number, you should be able to see any SBA loans under your name.

Note: Some people have reported that they either can’t create an account, or that their account is blocked swiftly thereafter. At least one person has stated that they were able to get their account unblocked by calling in.

Unfortunately, this type of self-serve research is what most small business owners have been reduced to. Lenders are not returning calls, and SBA representatives (both Tier 1 and Tier 2) seem to be giving conflicting information regarding loans.

The “Tier 2” Trick for EIDL

Be advised that the Tier 2 trick doesn’t seem to work any longer. Small business owners were advised to call into the SBA, ask for a “Tier 2 representative,” and then ask them to send them their “portal login.” The portal login is what was sent when loans were ready to be accepted.

Unfortunately, it seems as though this was really just a glitch — Tier 2 representatives could send portal logins, but that didn’t mean the portal in question was valid. Small business owners were receiving portal logins that appeared to offer them a loan that had not been approved yet or had not been properly processed.

Tier 2 representatives no longer seem to have the ability to send out these portal logins; loan officers now need to be involved.

Ready Capital / Lendio Update

Most people are going to be checking on this because they have an application in with Ready Capital / Lendio. Lendio processed applications en masse on 4/16/2020 and has not been able to fund any of these loans. These loans were set to expire on 4/26/2020, after which no one knows whether they will still be honored as guaranteed by the SBA.

Lendio has claimed that thousands of people have been funded. Not one of these people have been able to come forward.

Presently, ReadyCapital has proven to be chiefly responsive through their Facebook page. Phone calls go unanswered. If messaged with an application number, ReadyCapital seems willing to look up the status — but, again, no one seems to have been funded yet.

You Probably Shouldn’t Cancel Your Loan

For those in lender limbo, it’s possible to have your current SBA number canceled and start over with other lenders. However, by most accounts all Round 2 funding has already been taken by people who were on wait lists.

It’s a risk: It’s possible that you could cancel your SBA loan now and be entirely unable to get another spot. This means that for the most part, people need to sit tight and wait it out — it simply isn’t guaranteed another lender will be able to provide funds.

If lenders aren’t able to provide funds, and instead (as many suggest) hoarded applications under the optimistic belief they would be able to process them, it’s not unlikely that a class action suit might follow.

If you’ve had a Lendio PPP loan funded, we’d love to hear from you. Send us a message if you’d be willing to share your timeline and story.