{"id":414,"date":"2020-12-12T04:35:00","date_gmt":"2020-12-12T04:35:00","guid":{"rendered":"https:\/\/floridacfogroup.com\/?p=414"},"modified":"2024-05-09T12:07:33","modified_gmt":"2024-05-09T12:07:33","slug":"the-sba-eidl-reconsideration-process-turning-a-no-to-yes","status":"publish","type":"post","link":"https:\/\/floridacfogroup.com\/dev\/blog\/the-sba-eidl-reconsideration-process-turning-a-no-to-yes\/","title":{"rendered":"The SBA EIDL Reconsideration Process: Turning a NO to YES!"},"content":{"rendered":"\r\n<p>If the SBA denies your EIDL loan application, the SBA will notify you in writing outlining the specific reasons for the denial. Any applicant whose request for a loan is declined for reasons other than size (not being a small business) has the right to submit information to overcome the reason or reasons for the decline and to request SBA reconsideration of the application.<\/p>\r\n\r\n\r\n\r\n<p>To achieve a favorable outcome, a request for reconsideration must contain significant new information that was not presented in the original application to overcome the denial.<\/p>\r\n\r\n\r\n\r\n<p>A few of the reasons for an SBA denial include:<\/p>\r\n\r\n\r\n\r\n<ul><li>Business activity is not eligible<\/li><li>Unsatisfactory credit history<\/li><li>Unverifiable Identity<\/li><li>Multiple Applications were filed for the same entity<\/li><\/ul>\r\n\r\n\r\n\r\n<p>No matter what the reason for the SBA\u2019s denial all \u201c<em>Requests for Reconsideration\u201d <\/em>follow basically the same format and the SBA provides forms that make the process a little easier.&nbsp;<\/p>\r\n\r\n\r\n\r\n<p>Documents to be Included for a Successful Reconsideration Decision<\/p>\r\n\r\n\r\n\r\n<ul><li>A written request for RECONSIDERATION to the SBA that includes the SBA Application Number, Entity Name, and a brief explanation of why the request is being made.<br><\/li><li>Supporting Documents that should be included with every Reconsideration<ul><li>SBA Form 3501 and 3502 (EIDL Application)<\/li><\/ul><ul><li>IRS Form 4506T for the entity (Request for Transcript)<\/li><\/ul><ul><li>SBA Form 2202 for the entity (Schedule of Liabilities)<\/li><\/ul><ul><li>2018 or 2019 Tax Return for the entity (Complete with all schedules)<\/li><\/ul><ul><li>Copy of Driver\u2019s License or US Passport (owner\/applicant)<\/li><\/ul><ul><li>Copy of a Voided Check for the entity&nbsp;&nbsp;<\/li><\/ul><\/li><\/ul>\r\n\r\n\r\n\r\n<p>Depending on the SBA\u2019s reason for denial you may need to include additional documents that support your reasoning for a reversal.&nbsp; Such as:<\/p>\r\n\r\n\r\n\r\n<ul><li>Financial Statements for the entity<\/li><li>Copies of Recent Credit Report (showing improvement)<\/li><li>Entity Structure Documents<\/li><li>Anything that will support a decision to Approve&nbsp;<\/li><\/ul>\r\n\r\n\r\n\r\n<p>All documents need to be attached to an email individually in a PDF format, clearly named by including the form number when applicable.&nbsp; Once the documents are prepared, they can be submitted by putting the Application Number in the Subject Line of the email to: <a href=\"mailto:PDC.Reconsideration@sba.gov\">PDC.Reconsideration@sba.gov<\/a>.&nbsp; You will receive a confirmation email once the SBA has received your request.<\/p>\r\n\r\n\r\n\r\n<p>Good Luck!<\/p>\r\n\r\n\r\n\r\n<p>Carl Falletta<br>Partner, Florida CFO Group<\/p>\r\n","protected":false},"excerpt":{"rendered":"<p>If the SBA denies your EIDL loan application, the SBA will notify you in writing outlining the specific reasons for the denial. Any applicant whose request for a loan is declined for reasons other than size (not being a small business) has the right to submit information to overcome the reason or reasons for the [&hellip;]<\/p>\n","protected":false},"author":6,"featured_media":450,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","content-type":"","om_disable_all_campaigns":false,"inline_featured_image":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[4],"tags":[],"acf":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/floridacfogroup.com\/dev\/wp-json\/wp\/v2\/posts\/414"}],"collection":[{"href":"https:\/\/floridacfogroup.com\/dev\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/floridacfogroup.com\/dev\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/floridacfogroup.com\/dev\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/floridacfogroup.com\/dev\/wp-json\/wp\/v2\/comments?post=414"}],"version-history":[{"count":9,"href":"https:\/\/floridacfogroup.com\/dev\/wp-json\/wp\/v2\/posts\/414\/revisions"}],"predecessor-version":[{"id":4195,"href":"https:\/\/floridacfogroup.com\/dev\/wp-json\/wp\/v2\/posts\/414\/revisions\/4195"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/floridacfogroup.com\/dev\/wp-json\/wp\/v2\/media\/450"}],"wp:attachment":[{"href":"https:\/\/floridacfogroup.com\/dev\/wp-json\/wp\/v2\/media?parent=414"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/floridacfogroup.com\/dev\/wp-json\/wp\/v2\/categories?post=414"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/floridacfogroup.com\/dev\/wp-json\/wp\/v2\/tags?post=414"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}