A short YouTube update by Donna Genie about the SBA's new loan portal interface for EIDL loans affecting closed businesses. She explains that the new SBA loan portal (replacing the CAFS system) lists a user's loans and includes a "send a message" feature with a dropdown that contains a "business closure" topic. Donna recommends: (1) send a message via the portal selecting "business closure" to start the process, and (2) separately email the applicable SBA service center (mentions Birmingham and El Paso) attaching the Secretary of State articles of dissolution, since the portal currently does not allow attaching dissolution paperwork. The video closes with social media and contact information.
Chapters
Hey, 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 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 want to 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 in a drop down 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 dissolution 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 want to do both. So my recommendations today are to send a message through the SBA loan portal to get that process started. And secondly, I would suggest also emailing the service center whether you're in the Birmingham or the San Antonio, I'm sorry, El Paso Service Center. Second, send that message and attach your articles of dissolution from the Secretary of State filing where you dissolved 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 that portal.
Please follow us on Facebook and Instagram. Please make sure to check out our blog and our website linked below. Subscribe to our YouTube channel and hit the bell to be notified when we post. You can email me@donnaampgroundaccounting.com.
