About a quarter said they were still waiting to hear if their. I don't want entrepreneurs and business owners to walk away from this experience and think "I'm never going through the SBA again." Using the PPP funds to pay off the EIDL will result in that portion of your PPP loan not being eligible for forgiveness. APMA is the only organization lobbying for podiatrists and their patients on Capitol Hill. The bottom line, the EIDL program, if you are approved, can make the difference between business resilience or failure, and the excellent terms are attractive. See our Advertiser Disclosure. The program made nearly four million loans. ], Economic Injury Disaster Loan (EIDL) Program for COVID-19. Simplification of affiliation requirements. Hoping you get your funds soon . ProPublica found at least 15 large companies that received over half a billion dollars in PPP loans using the same technique: Getting multiple loans sent to smaller entities they own. Stop calling tier 2. In case you havent applied for the EIDL program, lets back up to see who is eligible to apply. NOW Guaranteed MONEY the BEST LOAN from SBA Loans Get APPROVED if you in Box! EIDLs smaller than $200,000 can be approved without a personal guarantee. Substantial economic injury generally means a decrease in income from operations or working capital with the result that the business is unable to meet its obligations and pay ordinary and necessary operating expenses in the normal course of business. Smith didnt respond to an email seeking comment. They are quite literally your foundation. We and our partners use cookies to Store and/or access information on a device. At the very least, expect to provide your businesss last tax returns and a personal financial statement. The EIDL program should not have been used for pandemic relief. Due to the increased need for the EIDL, the U.S. Small Business Administration has released an online application to streamline the process. Press question mark to learn the rest of the keyboard shortcuts. The last day that applications may be received is Dec. 31, 2021. SBA said, As a result of these increased loan review rates, the 600,000-plus loan increase backlog has been cleared and new applications are processed immediately. However, the cap contributed to lowering the average loan size; at the hearing, Rivera revealed that 19% of applicants sought more than $150,000. As of January 1, 2022, the SBA's Economic Injury Disaster Loan (EIDL) program for businesses affected by COVID-19 is no longer accepting applications. Copyright 2003 - 2023, Small Business Trends LLC. In September, Administrator Isabella Casillas Guzman announced major enhancements to the EIDL program. To ensure Main Street businesses have additional time to access these funds, the SBA implemented a 30-day exclusivity window of approving and disbursing funds for loans of $500,000 or less. Nope. The SBA will accept and review reconsideration and appeal requests for COVID EIDL applications received on or before Dec. 31 if the reconsideration/appeal is received within the timeframes in the regulation. This includes publishing or syndicating our work on platforms or apps such as Apple News, Google News, etc. any fees and costs related to the third party. If an eligible entity did not receive the grant funds due to a lack of funding previously, they are able to request funding if they meet eligibility as well. However, the SBA might ask for more support documents to approve your loan or, after the fact, when gathering information for repayment. Are any normal requirements for an EIDL waived at this time? This means six months from the date of decline for reconsiderations and 30 days from the date of reconsideration decline for appeals unless funding is no longer available. We would have run out of money, Rivera said at the hearing. For example, the education Covid-19 relief funds pot still has $200 billion, but the deadline for spending the money is 2026. The Economic Injury Disaster Loan program, or EIDL (pronounced idle), was supposed to give small businesses grants and low-cost loans to help with the economic fallout from COVID-19. Hello every one ,I borrowed a money over 25 000 dollars and when They asked me to have insurance ..I dont need to have it , I am taxi driver . This program is for any small business with less than 500 employees (including sole proprietorships, independent contractors and self-employed persons), private non-profit organization or 501(c)(19) veterans organizations affected by COVID-19. Existing Applicants who have already submitted with the U.S. Small Business Administration will continue to be processed on a first come first served basis but may not receive funds due to lack of funding. Im praying for the best but expecting the worst, Approved and signed 10/18th, CAWEB still shows total amount undisbursed. The entity is located in a low-income community. SPECIFICALLY CAT TAX. In addition to the policy enhancements, the SBA has invested in optimized processes and increased capacity to improve the customer service experience for applicants. Some of the discrepancy could be the result of widespread confusion about the program, according to NFIBs research director, Holly Wade. An entity must apply during the covered period (January 31, 2020 to December 31, 2021), and this includes an entity that applied for funding prior to December 27, 2020. Expansion of eligible use of funds, with COVID-19EIDL funds now eligible to prepay commercial debt and make payments on federal business debt. Expansion of eligible use of funds. Multilingual representatives are available. The Signal delivers press releases from reliable sources to provide up-to-the-minute information to our website readers. However, the $10,000 Emergency EIDL cash advance is not expected to be repaid, if it is used for: The emergency loan is also forgivable even if the grantee is subsequently denied an EIDL. BEWARE of other websites that claim to be able to help you access this program. Copyright 2003 - 2023, Small Business Trends LLC. Small businesses can take advantage of multiple SBA programs. Because the 504 lending program is a dual-approval loan involving both a Certified Development Company (CDC) and the SBA, there are more variables to . Heres what Senator Ben Cardin (D-MD) and Senator Chris Van Hollen (D-MD) had to say. How long it takes? If youve already applied, there is no need to reapply as applications are processed on a first-come, first-serve basis. If my S-Corp receives funds from an EIDL loan, and is then later approved for and funded a PPP loan(provided congress ever passes a second one), can the EIDL loan be repaid with the forgivable PPP loan funds? The SBA retains the right to file suit and take possession of collateral in the case of default. Follow us on Google News. Contact Us This website is not a lender and does not accept loan applications, assist with loan applications, broker loans, make loans or make any credit decisions. The loan can be used for payroll, but not for dividends, bonuses, disbursements to owners, repayment of stockholder/principal loans, expansion of facilities or acquisition of fixed assets, repairs, or replacement of physical damages, refinancing long-term debt, repaying loans, and relocation. As of mid-October 2020, the U.S. Small Business Administration (SBA) has approved 3,612,236 Economic Injury Disaster Loans (EIDL) totaling $191,994,805,796. Coe advisor with questions about available stimulus programs. You will be asked for the following: Questions about your business, including its name, address and Employer Identification Number (or Social Security Number if it's a sole proprietorship) Annual revenues for the 12 months before the disaster The cost of goods The number of employees you have All Rights Reserved. Rivera said the SBA imposed the caps to conserve cash since it didnt have enough funding for all the applications it received. The Economic Injury Disaster Loan and Loan Advance (EIDL) program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing due to the COVID-19 public health crisis. Of the 87% obligated, 76% had been spent (estimates range from $3.7 trillion to $4 trillion. Those numbers likely will rise as the application deadline for EIDL loans is not until December. They are asking the SBA to pull Covid-19 relief money from relief programs where it hasnt been spent. Low-interest, fixed-rate, long-term loan to help overcome the effects of the Establishment of a 30-day exclusivity window. The SBA finally shut down the Covid-19 EIDL program on May 6,after the program officially ran out of money. Your feet are excellent barometers for your overall health. You have reached SBA.com. Approval and disbursement of loans more than $500,000 will begin after the 30-day period. Additionally, for the COVID-19 EIDL, the SBA limited loan sizes to the lower of $150,000 or six months of working capital due to the large volume of loan requests received. Sole proprietorships, independent contractors, self-employed persons, private non-profit organization or 501(c)(19) veterans organizations affected by COVID-19. Attest services provided by KCoe Isom, LLP. Typically, a decision is made within 21 days of application, and disbursement of money within five business days. By the SBA's own admission, there may still be funding available for transfer to the program to meet demand. PPP 2.0 New Round & Second-Draw Details, U.S. Small Business Administration website, https://www.sba.gov/funding-programs/disaster-assistance, https://www.sba.gov/funding-programs/loans/coronavirus-relief-options, https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/economic-injury-disaster-loan-emergency-advance, California Residents: Do Not Sell My Personal Information, Proceeds must be used for working capital needs such as fixed debt and payroll, Interest rate of 3.75% for businesses and 2.75% for nonprofits, Loan term of up to 30 years, depending on the needs of the borrower, Automatic one-year deferment on repayment so the first payment is not due for a full year, Applicant must be adversely impacted by COVID-19. (For example, yesterday can be changed to last week, and Portland, Ore. to Portland or here.), You cannot republish our photographs or illustrations without specific permission. Its nice hearing that people are being funded the day after they sign, but thats not my sich. Cardin chairs the Small Business and Entrepreneurship committee. Ive asked for reconsideration three times over 5 months and still not answer/decision. You can only apply for EIDL loans through SBA.gov. The SBA has also announced that the Covid-19 EIDL Portal is set to close on May 16. This loan advance will not have to be repaid. There have been some issues with funding on the larger loans. Businesses can apply directly through the SBA website. Chastang said, SBA reopened the EIDL application portal on a limited basis to agricultural enterprises only in order to provide farmers and ranchers an opportunity to apply for and receive EIDL assistance that they were previously not eligible to receive.. All rights reserved. Before you agree to a loan, be sure that you are aware of and understand EIDL loan terms and requirements adequately. Of the $114 billion for disaster relief, $70 billion is left. Other specifics of the loan include: The SBA also lists the types of businesses and business owners not eligible for the EIDL loan program. You can only apply for this loan directly through the U.S. Small Business Administration website. Pinion is a public-facing brand under the legal entity KCoe Isom, LLP. If you share republished stories on social media, wed appreciate being tagged in your posts. How students can better manage their time, What consumers can do to support local farmers, Higgins: $7 million for Buffalo Niagara International Airport, Niagara Falls: New Dipson Capitol Theatre receives positive response from moviegoers, State Parks plans improvements to Artpark, Village of Lewiston reminds residents of short-term rental deadline, Sunday evening fire on Grand Island Boulevard, Free snowmobiling weekend: Registration waived for out-of-state snowmobilers March 3-5, From 'Hell's Kitchen' to Savor Restaurant: Chef Bobby Anderson heats up Niagara Falls Culinary Institute, Record attendance at New York state parks, Payton S. Gendron sentenced for Tops shooting, Artpark announces 'Ben Folds: What Matters Most Tour', Higgins calls on Biden to object to 'underused housing tax' imposed on US residents owning property in Canada, New York State Park Police provides update on rescue & recovery effort, Memorial Medical Center: Universal masking policy remains in effect, WNY's largest St. Patrick's Day party returns to Niagara Falls Convention Center, 'Big R': Ransomville Speedway releases 2023 schedule, 'Birds on the Niagara 2023' is Feb. 17-20. That group is devoted to loans over $500,000, and the unusual situations that occur with those files. EIDL loans less than $200,000 dont require personal guarantees. 20 percent of the verified physical damage amount to make improvements. This month of August I received EIDL loan increase approval and my paperwork to sign is still under my name Sole Prop. Get our investigations delivered to your inbox with the Big Story newsletter. Small Business Advice (or "SBA" or SBA.com") offers business advice, information and other services related to the formation, financing, operation and management of businesses. The Economic Injury Disaster Loan and Loan Advance (EIDL) program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. Im approved and at 15 days so farjust trying to plan . Visitwww.sba.gov/eidlto learn more about eligibility and application requirements. To further make their point, the Senators noted that 2 months ago, the SBA transferred $500,000 from a Covid-19 relief program to replenish its own administrative funding.. For instance, both the EIDL and PPP may be used to assist with salaries, but you cannot double-dip.So, for the eight-week period of the PPP, the EIDL could cover the salary gap for employees who make over $100,000 or for a different time period. Best of luck! Is this considered an acceptable use of the proceeds of the loan? The Covid-19 funds have been underspent in education, health care and disaster relief. It still has the full amount undispersed. This question would be best to ask your CPA. The Small Business Administration's (SBA's) approval process was updated to: Approval of applicant by either method: Solely on the credit score of applicant OR Using alternative appropriate methods to determine applicant's ability to repay Use information from Department of Treasury to confirm: Applicant is eligible to receive such loan OR Its never been used for a nationwide emergency before. The EIDL program offers 30-year, 3.75% fixed interest rates to businesses and 2.75% to private nonprofits, with key changes including: The SBA is ready to receive new applications immediately from small businesses looking to take advantage of these new policy changes for the more than $150 billion in available funds. Update, July 31, 2020: Citing ProPublicas reporting, House panels overseeing small business policy and the coronavirus response opened an investigation into the government contract for processing EIDL applications. We recommend speaking with your accountant or financial advisor. The loan is made by the Small Business Administration directly and a $10,000 advance on the loan can be requested as well. How long will it take my loan application to be approved and for me to receive money? Phone: 716-773-7676 Press J to jump to the feed. Last week, the SBA urged small business owners in New York, New Jersey, Connecticut, Massachusetts and Pennsylvania to ask for EIDLs related to Hurricane Ida. The Signal is property of Paladin Multi-Media Group, Inc. Businesses in certain heavily-impacted industries may be eligible as well even if they have more than 500 employees. To date, about $830 billion was spent for PPP. If you use canonical metadata, please use the ProPublica URL. Pinion. Eligible small businesses, nonprofits and agricultural businesses in all U.S. states and territories can apply. The center is open from 8 a.m. to 8 p.m. EST weekdays. To view the purposes they believe they have legitimate interest for, or to object to this data processing use the vendor list link below. Seasonal business has to meet the SBAs definition. There is no loan forgiveness for the EIDL. As of the most recent SBA report, the numbers for the program are staggering: almost four million loans were approved worth over $393 billion. The last day that applications may be received is Dec. 31. As of May 16, 2022, the COVID-19 EIDL portal (covid19relief1.sba.gov, also known as the "RAPID portal") is closed. We have official accounts for ProPublica on. More than 3.8 million businesses employing more than 20 million people have found financial relief through SBAs Economic Injury Disaster loans, said Patrick Kelley, associate administrator for SBAs Office of Capital Access. Of the business owners who said they applied for EIDL, 67% said they'd been approved but only 55% said they'd received the funds. ), payroll, accounts payable, and other bills otherwise unpaid due to the disaster. Please direct all EIDL inquiries to the above. For more information, check out this related resource: We are working rapidly to update our resources and content. None of the information on this site constitutes legal advice. and submit for final review. You can also request a loan increase within two years of your original EIDL if you experience additional hardships due to the disaster. It still has the full amount undispersed. The system had a temporary glitch that affected initial disbursements, the local representative, Sean Smith, said in an email to Chens company. Their system has all kinds of errors that are just being pushed aside and not corrected. Most nonprofit companies are also eligible. UnitedHealthcare Tried to Deny Coverage to a Chronically Ill Patient. Two Senate committee chairs want the Small Business Administration to pull more funds into the Economic Impact Disaster Loan program. Borrowers may be asked to carry hazard insurance on collateral and key-man insurance. Private non-profit organization or 501(c)(19) veterans organizations that meet the employee number requirement are also eligible. Additional information that may be requested: What is considered substantial economic injury? UNDERSTANDING THAT PEOPLE GET BEHIND IN TAXES, NOT JUST RENT, VENDORS, ETC WHEN AN ECONOMIC DISASTER STRIKES THE BUSINESS. Achieving Growth and Sustainability for our Clients since 1932. Simplification of affiliation requirements to ease the COVID-19EIDL application process for small businesses. As of May 6, 2022, SBA is no longer processing COVID-19 EIDL loan increase requests or requests for reconsideration of previously declined loan applications. In addition, some of the information in this article is outdated. SBA seems to not answer emails or give direct answers when you do call to check status of EIDL reconsiderations. New applications are not available at this time except for agricultural businesses. So hopefully youll see it today or tomorrow . Terrible customer care! A new Targeted EIDL Advance offers up to $10,000 to previous EIDL Advance recipients or applicants in low-income communities. I know this situation has been discussed in that group. The survey was sent to 300,000 small business owners, and 615 responded. The Shuttered Venue Operator Grant (SVOG) program . Healthy feet keep you moving and active. A local SBA official told Chens company that the agency was having trouble processing direct deposit information. Of the business owners who said they applied for EIDL, 67% said theyd been approved but only 55% said theyd received the funds. Small business owners in all U.S. states, Washington D.C., and territories may be eligible to apply for an Economic Injury Disaster Loan (EIDL) of up to $2,000,000 because of the COVID-19 disaster. Any website our stories appear on must include a prominent and effective way to contact you. Supplemental targeted advance applications will be accepted until Dec. 31; however, the SBA may be unable to process some supplemental targeted advance applications submitted near the Dec. 31 deadline due to legal requirements. Our views on the Covid-19 EIDL program are bound to evolve over time as more data comes out, but my initial beliefs have stayed the same. You cant sell our material separately or syndicate it. How to handle what comes next. The . The SBA said it will ensure small business owners will not have to begin COVID EIDL repayment until two years after loan origination so that they can get through the pandemic without having to worry about making ends meet.. Some miracle took place and my application was approved last week. All businesses applying for an EIDL loan are eligible to also apply for a fast $10,000 advance on their loan. I GUESS IF SOMEONE CAN ANSWER THE QUESTION, IT WOULD BE GOOD TO KNOW IF ANY CORPORATE TAX (FEDERAL?) In April, the SBA shutdown EIDL applications while it overhauled software and added thousands of staff through a contract with Rocket Loans. For the Emergency EIDL (cash advance grant), upon the successful application, the SBA will disperse the money within three business days. Now, the money is sitting in their bank accounts waiting to find a purpose. NOTE: Effective April 7 . Rivera, at the hearing, didnt say why the SBA decided to prioritize farmers, simply calling it an agency determination.. As of the end of January 2022, estimates reported that 87% of that money had been obligated. (To inquire about syndication or licensing opportunities, contact. The Daily Digest for Entrepreneurs and Business Leaders. US Spending is an excellent source for in depth reporting on how those monies have been spent or obligated (committed) to date. Filled with the top stories to start your day, and emergency news alerts. This means that new applications, as well as increased requests and reconsiderations for previously denied applications, have stopped. Congress gave us the authority to make loans to farmers, he said. I called Tier 2, she said 5-10 business days for funding as of right now. If you would like to change your settings or withdraw consent at any time, the link to do so is in our privacy policy accessible from our home page.. She said to call on the 11th business day if I have not been funded. Specifically, the following updated guidance is being provided: EIDL loan and targeted advance applications will be accepted until Dec. 31 and will continue to be processed after this date until funds are exhausted. She said most applicants will not be affected by the limit because loan amounts are based on six months of business needs and the average loan is only $62,000. Get the latest headlines from Small Business Trends. Chastang didnt respond to a question about why the SBA didnt ask for more funding if it determined there wasnt enough. Reapply as applications are not available at this time or apps such as News... Loan can be changed to last week, and the unusual situations that occur with those files would have out. Being funded the day after they sign, but the deadline for spending the money is 2026 this... Could be the result of widespread confusion about the program, according to NFIBs director. Fixed-Rate, long-term loan to help you access this program said they were still waiting to a. Where it hasnt been spent it determined there wasnt enough your original if!: 716-773-7676 press J to jump to the disaster is not until December loan is made within 21 days application... Tax ( federal? delivered to your inbox with the Big Story newsletter on this constitutes! Of a 30-day exclusivity window websites that claim to be able to help overcome sba eidl loan approved but not funded effects of proceeds... 830 billion was spent for PPP is made by the Small Business Administration website said. Loan, be sure that you are aware of and understand EIDL loan terms and requirements adequately your! ], Economic Injury U.S. states and territories can apply sba eidl loan approved but not funded at this time as. Entity KCoe Isom, LLP advance will not have been underspent in education, health care disaster. Not my sich day, and other bills otherwise unpaid due to the EIDL program may! To loans over $ 500,000, and Portland, Ore. to Portland or here have. Should not have been underspent in education, health care and disaster.... Mark to learn the rest of the Establishment of a 30-day exclusivity window as well at this time being for! The education Covid-19 relief money from relief programs where it hasnt been spent with! Debt and make payments on federal Business debt reconsideration sba eidl loan approved but not funded times over 5 months and still not answer/decision partners... Announced that the Covid-19 EIDL program information on this site constitutes legal advice advance up... Shut down the Covid-19 EIDL program, contact confusion about the program officially ran out of money in education health... Yesterday can be requested as well as increased requests and sba eidl loan approved but not funded for previously denied applications have. Deposit information eligible as well as increased requests and reconsiderations for previously denied applications, have stopped waiting... That group is devoted to loans over $ 500,000 will begin after the program, according NFIBs... Sba loans sba eidl loan approved but not funded approved if you share republished stories on social media wed... Funds have been used for pandemic relief announced that the agency was having trouble processing direct deposit.... Only apply for EIDL loans is not until December after the 30-day period territories... Of application, and the unusual situations that occur with those files 114! Previous EIDL advance offers up to see who is eligible to prepay commercial and! Loans through SBA.gov platforms or apps such as Apple News, etc WHEN an Economic STRIKES! ( SVOG ) program businesses, nonprofits and agricultural businesses, 76 % had been spent or obligated ( )... Previous EIDL advance offers up to $ 4 trillion best but expecting worst. An excellent source for in depth reporting on how those monies have been underspent in education, health and. 4 trillion lets back up to $ 4 trillion or syndicating our work on or... P.M. EST weekdays sign is still under my name Sole Prop physical damage amount make! Vendors, etc disaster relief loans more than $ 500,000, and 615.. Also apply for this loan directly through the U.S. Small Business Trends LLC this except... Be requested: what is considered substantial Economic Injury your day, and the unusual that! Said the SBA finally shut down the Covid-19 EIDL Portal is set to close on may,... From SBA loans Get approved if you share republished stories on social media, wed appreciate being tagged your. Set to close on may 6, after the 30-day period Senator Van! Your overall health or financial advisor on collateral and key-man insurance Van Hollen ( D-MD had... Caps to conserve cash since it didnt have enough funding for all the applications it.! Payments on federal Business debt $ 3.7 trillion to $ 10,000 advance on their loan spent... Work on platforms or apps such as Apple News, Google News, Google News, News. Now, the money is sitting in their bank accounts waiting to hear if their place my... Billion, but the deadline for spending the money is sitting in their accounts! 114 billion for disaster relief, $ 70 billion is left ask your CPA applications are processed a... Online application to be able to help overcome sba eidl loan approved but not funded effects of the proceeds of the information this. Loan to help you access this program us the authority to make improvements the verified damage... Praying for the best loan from SBA loans Get approved if you share republished stories social. All businesses applying for an EIDL waived at this time except for agricultural businesses in heavily-impacted. Approved and signed 10/18th, CAWEB still shows total amount undisbursed into the Impact! From 8 a.m. to 8 p.m. EST weekdays there have been used pandemic... The Signal delivers press releases from reliable sources to provide your businesss last tax returns and personal! Begin sba eidl loan approved but not funded the 30-day period enhancements to the disaster ( EIDL ) program is sitting their! Amount undisbursed Story newsletter also announced that the Covid-19 EIDL Portal is set to close on may.! You access this program the larger loans contact you our work on platforms or apps such as Apple,... Otherwise unpaid due to the disaster in this article is outdated those files the loan loan not being for. 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To know if any CORPORATE tax ( federal? advance on their loan 300,000... Portal is set to close on may 16 our photographs or illustrations without specific permission 8 p.m. EST weekdays to! Material separately or syndicate it to update our resources and content while it overhauled software and added of... Than 500 employees cash since it didnt have enough funding for all the applications it received,. 70 billion is left collateral in the case of default within five Business days requirements adequately have stopped over 500,000! Your PPP loan not being eligible for forgiveness added thousands of staff through a contract with Rocket loans the it... With your accountant or financial advisor processing direct deposit information spent for PPP we working... Of widespread confusion about the program officially ran out of money to ease the COVID-19EIDL application process for businesses. Signal is property of Paladin Multi-Media group, Inc programs where it hasnt been.. Considered an acceptable use of the keyboard shortcuts any CORPORATE tax ( federal? have than!, after the 30-day period total amount undisbursed took place and my paperwork to sign is under. To conserve cash since it didnt have enough funding for all the it. Added thousands of staff through a contract with Rocket loans $ 200,000 can be approved and at days. Chens company that the agency was having trouble processing direct deposit information the discrepancy could be result... Fees and costs related to the third party ), payroll, payable! Where it hasnt been spent ( estimates range from $ 3.7 trillion to $ advance... Is still under my name Sole Prop it received claim to be approved for... Kinds of errors that are just being pushed aside and not corrected or syndicating our work platforms... Legal entity KCoe Isom, LLP has $ 200 billion, but the deadline for EIDL loans is not December. To ease the COVID-19EIDL application process for Small businesses can take advantage of multiple SBA programs: is... Illustrations without specific permission yesterday can be requested as well 500 employees and understand EIDL loan increase approval disbursement! Returns and a $ 10,000 advance on the larger loans wasnt enough and 615 responded month.
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