I just wanted to get a quick update out there to you if you have issues with your EIDL loan and closed businesses. The SBA now has a new (SBA) loan portal interface that you can log into.
The former interface was called CAFS. It was Capital Access Financial System. And now they have their own SBA loan portal, which is a little easier to navigate.
It appears to be a little more user friendly, and they’ve added some functionality in there that you’ll wanna know if you’ve got an EIDL loan on a closed business.
When you log in, you will see all of your new (in the new format) you will see all of your loans. If you have multiple loans, they’ll all be displayed under a person’s name if you were the one who registered for it.
Under each of the loans, there’s a section that allows you to send a message and it has some pre-formatted topics and a dropdown. And the first one is business closure.
So I would suggest that you pop in there, go to send a message and drop down and hit the business closure.
On my recent call to the SBA, if you’ve seen that video yet, we were told basically they still don’t have any great information, but when you email the SBA about a business closure, you should attach the disillusion paperwork from your Secretary of State to prove that the business is dissolved.
So there is no place in this new messaging portal to attach that disillusion, so you may wanna do both.
So my recommendations today are to send a message through the SBA loan portal to get that process started.
Secondly, I would suggest also emailing the service center, whether you’re in the Birmingham or the El Paso Service Center. Send that message and attach your articles of dissolution from the Secretary of State filing where you dissolve the business.
Those should be putting us into the next step. There’s still no clear pathway, but this is as clear as we have right now.
We’ll keep you posted on any new things, but in the meantime, do go set up that new portal. It will also allow you to update. If you have any address, or email changes, or phone number changes in that portal.
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Donna Bordeaux, CPA with PYOPAccounting.com
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