SBA EIDL loan Reconsideration Recon email Advance Status Update letter

[Modee]

In some cases where the SBA is intending apparently to send you the EIDL loan advance, but some information on your application does not match, they will send you an email asking you to Click the green Update Information link, and re-enter your bank account name, bank account number, and routing number. This may be because the account name, number, routing number, address or phone number your bank has one file for you do not match the information you presented to the SBA in your EIDL loan application.

The letter reads:

We are reaching out in regards to your request for an EIDL advance as part of application number XXXXXXXX. 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 has been processed separately. As a reminder, you do not have to be approved for a loan in order to receive the advance.

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 reserved 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:
  1. Account is opened using your business legal name matching the values entered in the business information section.
  2. Account has your business address and phone number matching the values entered in the business information section.
  3. 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.