By Murray Wennerlund published 6-18-2020 updated 6-18-2020
RE: COVID-19 EIDL Advance for SBA Disaster Loan Application Number:
Dear Joe Doe
We are reaching out in regards to your request for an EIDL advance as part of application number #0123456789. We were unable to successfully verify and validate all of your information in order to process your advance. We would like to invite you to update your advance request with corrected information. Your EIDL loan application is still being processed separately. As a reminder, you do not have to be approved for the loan in order to receive the advance.
It is very important to note that updates made to your advance resubmission will also be applied to your pending loan application.
Please review the following instructions to ensure that we can successfully process your advance upon resubmission. It is very important that you double-check your information carefully before submitting. Some of the information may have been incorrect in your previous submission.
Business Information
Ensure that the legal name of your business is entered correctly and it matches your tax returns or other documentation from when your business was established, this would be your name in some cases such as a Sole Proprietorship or Independent Contractor where a separate business entity was not registered.
Double check that the business address is correct and formatted correctly.
Ensure the phone number is correct for your business.
Your business tax ID (might be an EIN or an SSN)cannot be edited as it is one of the main identifiers of your business and your application.
Bank Account Information
Double check that your account number and routing number are correct. They should be located at the bottom of your checks, if available. Log into your online banking account and locate that information there or contact your bank for confirmation.
Very importantly, make sure that the routing number provided is usable for ACH payments. Many applicants submitted routing numbers resreved for other types of payments which resulted in the inability to send them an advance.
Bank name should be the official name of the bank please contact your bank if you are unsure.
Ensure you provide a checking account to facilitate the ACH payment.
Double check that your account is still open and able to receive payments.
We were unable to approve many advances because the bank account was not associated with the business applying. Before resubmitting, you must make sure that the bank account you are providing satisfies the following:
Account is opened using your business legal name matching the values entered in the business information section.
Account has your business address and phone number matching the values entered in the business information section.
Account is opened using your business tax id (EIN or SSN if no EIN registered) matching the values entered in your initial application.
Common reasons why the account validation might fail would be business name changed since opening the account, using a personal account for business, account being in someone else's name such as a spouse or friend, reusing a bank account for multiple businesses.
If you do not have a bank account that satisfies the criteria above, it is very likely that your advance reconsideration request will fail again it is recommended to open a new bank account that is able to satisfy the requirements and submit your reconsideration request with that new bank account that is associated with your business.
If you have any questions regarding this matter, please contact us at 800-659-2956 (TTY: 1-800-877-8339).
Sincerely Jane D. S.
Solutions Found: Follow the link in the email and update your banking account and all associated information. If you are an independent contractor using your personal bank account be sure everything matches between your name, SSN and Account number with your EIDL Advance request.
It's being reported that this process as of today can take 3 to 7 days. (6-18-2020)