The more documentation you can provide, the better. Regardless of business entity, however, there are a number of things that you absolutely must have, and a few things that will definitely help along the way.Įach application must include the front and back of a driver’s license or government-issued ID for each business owner who owns more than 20%. Additionally, include a valid voided check, complete business tax returns (ideally from 20), a complete and signed application, a document proving you were in business before Feb. Didn’t Receive An SBA Number + SBA Errors and Hold Codes If you can, go above and beyond by providing any of the following to prove your business legitimacy: articles of incorporation, utility bill showing the address of the business, a Secretary of State filing or EIN letter. If you don’t have an SBA number yet, it means that your application is likely incomplete. You need to provide all of the required documentation the more you give, the better. If you have provided all of the documentation and still don’t have an SBA number, it is likely that your application has been declined by the SBA or is under review. There are several different reasons an application may be under review. Borrower filled out the wrong application - First draw application was submitted to SBA but the borrower already had a first draw.First draw loan booked under the wrong TIN Type - Must be resolved with cooperation of first draw lender and the SBA as it’s only fixable within ETRAN.Duplicate submission - Borrower filled out an application with another lender and that other lender submitted it to the SBA.Here are the top 5 reasons that applications are being held by the SBA: The most common reason for a review is a duplicate submission, meaning the borrower filled out an application with another lender who has already submitted it to the SBA. Answer question 4 incorrectly on application - Borrower marked “yes” to question 4 (received EIDL between - ) when they should have marked “no”.Borrower needs to fill out second draw application. They didn’t receive their EIDL between those dates. First draw loan number cannot be validated - Borrower either entered invalid number or didn’t fill out a real number at all. If you have an SBA number but no contract yet, your application is likely undergoing or did not pass a fraud review, document review or a quality control review. To be proactive, provide any of the following: articles of incorporation, utility bill showing address, Secretary of State filing, EIN letter or other government-issued documentation to prove your business is legitimate and you are the business owner (the lender needs to connect the owner to the business with proper documentation). If you have received and signed a contract, but it hasn’t been funded, there could be a few reasons. Your application may have errors on the contract, including the wrong name, wrong bank routing number, or incorrect bank account number.
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