“While PPP has gotten the bulk of media attention, millions of small business owners are just as upset about EIDL Advance payments”, says Duncan MacDonald-Korth, co-creator of COVID Loan Tracker. “The problem was so bad that we decided to build a tracking tool to help small business owners understand where their application stood”.
COVID Loan Tracker, which started last month to help small business owners find out when and where PPP money was flowing, says that the SBA has not been paying EIDL Advances on the “first come first serve” basis that they promised. “We have mountains of evidence showing that the SBA is not paying these in the order they were received”.
EIDL Advances were supposed to be $10,000 paid to each applicant within three business days. Fast forward around seven weeks and most have still not received it, and those who do only get $1,000 per employee.
As a response, COVID Loan Tracker has built a tracking tool that helps small business owners see where they are in the SBA’s process. In particular, it shows whether others who applied at the same time have been paid, or if those who applied later have been paid ahead of you.
Instructions for the EIDL Advance Tracker:
1. Fill out the survey
2. Refresh the page
3. Enter your application number into the tracker and it will automatically show results (note: you may have to wait 10 seconds or so for the tracker to reflect your survey submission)