I have a applied for the PPP loan for payroll and the original Covid 19 disaster relief loan and have really heard nothing so far. The PPP loan thru Chase and the other thru SBA. Anyone get an approval or get a check yet? Desperately trying to keep my people employed and keep my business of 8 years alive but business is down 70%. I think Arizona will open up soon, but we all know that business will take 3 to 6 months to get back to normal, if ever?
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Has anyone actually received PPP funds or any other type of SBA loan funds to save their small businesses.
- Thread starter 79steeler
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Yeah. The Chase's of the world tend to be slow as shit. I've worked for big.
Pull the SBA application from them, and get it into the hands of an aggressive local bank. ASAP.
We've taken, entered, approved, signed, and disbursed probably 40 loans, first approvals on day #1 of the program being opened.
If I sound proud of that, it is because I am proud of that. We give a shit, and the way I figure, that money is better in the hands of my community's small businesses than it is in Washington DC.
Mine was approved last week and funded Friday. As above I am with a small town local bank. The big boy banks don't care about small business or have personal relationship with clients. Like scott above says local banks give a shit. My local banker needs my business deposits running through as much as I need him.
You had to apply the first day to be approved quickly , those who lagged might might not get funds if they ran out already thats why government is trying to add to the pot. Nancy Pelosi is holding it up until she gets all her pet projects money first before the American workers, she is the Anti-Christ supported by the devil.
My application was approved last week by the SBA for the PPP, but I have not received the funds yet. I'm supposed to this week though. We shall see.
Go local. We are processing right now like it’s going out of style trying to get them all uploaded tonight. System at SBA occasionally going down. Trying to get all the locals business approved. Once uploaded we are receiving approval almost immediately.
Concur. It’s a “go like hell” loan program, and Bankers don’t get in a hurry about much. It’s also been a rare opportunity for small- to medium-sized institutions to be a nimble adversary to “Big Box”.
The last one I keyed into CAFS today was still an approval, and I’d give it a solid 85% that we’ll fund it by 10 am.
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Remember the SBA 10k grant that was seperate from the payroll thing?
They sent out a mass email saying its now only 1k per employee you had last year up to 10k. Too bad, so sad and then included a link to apply for the payroll stuff.
Talk about making up shit as you go. Fuck those guys.
They sent out a mass email saying its now only 1k per employee you had last year up to 10k. Too bad, so sad and then included a link to apply for the payroll stuff.
Talk about making up shit as you go. Fuck those guys.
But hey,California is giving money to illegals and you just know they'll steal funds from somewhere.
The thought process is about protecting employers and employees, not giving handouts.
2 employees getting $5,000 each versus 10 employees getting $10,000 split amongst them all surely does not seem equitable to you? It still isn’t, but the new rule is a helluva lot closer.
I’m surely not in favor of writing the rules as they go, which HAS been occurring, but if you look at the timeframes given by Chief to the Treasury, and thus dumped on the SBA... for chrissake, you cannot really blame the SBA for not having everything hammered flat.
But schyeah. Fuck “those guys”.
While you’re waging war, I’ll inform
you: not a DIME of taxpayer money has even been leant yet, via PPP. We’ll see if we get our money back on time or not, but at least we’ve busted our asses to try to fulfill the promises of Chief Cheeto, which however poorly executed or planned, will probably ACTUALLY help the working Joe and Jane.
Whatever. Even if the means are a little fucked up...you keep looking for a solid reason why I should stop using an Executive mandate to help my customers pay their employees....in the face of every American with a pulse being just GIVEN 4 digits.
I’ll wait.
......
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Ok got my 10k in quick cash yesterday. Supprised me never heard anything about it, it just appeared. Talked to Chase about PPP loan and they said they are working on it and should have in a week???? The 10k was nice but not even close to a weeks payroll for my company.
My wife does this for a living. she's been absolutely swamped the last two weeks processing PPP loans. Working 12+ hours a day and weekends from home.
FYI - the funds ran out last night apparently. EDIT: sometime this morning they are expecting it to run out
shes working on some today that are 10 days old. she said more like 15-20 days for funds to hit from time of application
(suntrust/bbt/truist)
FYI - the funds ran out last night apparently. EDIT: sometime this morning they are expecting it to run out
shes working on some today that are 10 days old. she said more like 15-20 days for funds to hit from time of application
(suntrust/bbt/truist)
It's gone. She'll be home on time tonight, same as the rest of us hope to be.
E-Tran is no long accepting applications.
shes working from home anyway. she'll still be busy - she was before the PPP loans started. but maybe she won't have to do weekends
My small local bank wouldn't mess with the PPP loans. My accountant was working with another small local bank to get them in. He took piles of applications for his clients on the first application day. The bank sent mine in on 4/7 and I received my funds for the full amount applied for on 4/13. The fact my local bank wouldn't do them is hurting them. Several people just opened new accounts at the other bank when they got their money.
I waited a over a week for Wells Fargo to get an app. got one this morning. Completed it and was in doc upload and sign phase. First upload lost connection. Got email that they got my app. Incomplete but they got it. Can't call any one to access online. So I guess They either call or just say eff you, I don't know. Clusterfuck maybe because they did not want to do it anyway.
After this shit is done time to re-evaluate my Wells banking. I run a shit load of money through that bank. I can run it through some other.
Yes I know its gone, but I wanted to be in if more comes.
After this shit is done time to re-evaluate my Wells banking. I run a shit load of money through that bank. I can run it through some other.
Yes I know its gone, but I wanted to be in if more comes.
Was approved on Sunday and told I needed to upload payroll docs and would e-sign and get funds. Haven't heard back since except a form letter today letting me know the money has run out. Not sure if I got in under the wire or SOL. Gotta assume SOL.
It's been a shit show since it started. I began the process on March 24th initially setting up an account directly with the SBA as directed. That was ditched and moved to "your bank". Started the process as soon as it went online and responded immediately after receiving emails and actually called and talked w/ reps twice. There were several fuck ups on their end, admitted in form emails, and I'm disappointed thus far. US Bank if you're curious.
It's been a shit show since it started. I began the process on March 24th initially setting up an account directly with the SBA as directed. That was ditched and moved to "your bank". Started the process as soon as it went online and responded immediately after receiving emails and actually called and talked w/ reps twice. There were several fuck ups on their end, admitted in form emails, and I'm disappointed thus far. US Bank if you're curious.
One of the girls in accounting said the folks I do consulting for, received theirs on Monday of this week. They received a huge chunk BTW. If it's based upon 2.5X month base, my pin is going to get much heavier I can assure you.
I have one doc to sign tomorrow and then the funds are in my account.
Wells Fargo and Chase bank are waaaay to big.
You’re just a number. Always always always keep your money local. My banker literally lives two houses down from me. First name basis. Hell, my two dogs got out once and she called me personally and kept my dogs at her house till I could get them. That’s personal service.
You’re just a number. Always always always keep your money local. My banker literally lives two houses down from me. First name basis. Hell, my two dogs got out once and she called me personally and kept my dogs at her house till I could get them. That’s personal service.
Congress needs to get of their asses and get this done. 250 billion more will not be enough either. I'm guessing this should have been a trillion dollars for small business right from the start. Nancy Pelosi is the anti-christ!
yea, even half a bil. won't begin to cover it. Of course NY,NJ, and CA are asking for a half trillion just for them.
I get your point, but this was mainly about the SBA 10k 'grant'. It has little to do with employees as thats what the payroll protection thing was for. If you had 10 employees in 2019, WTF is 1k per going to do? Chances are you don't have them anymore anyways.
Also, if this were even remotely true that its for employees, why have the seperate larger payroll protection thing? Makes absolutely no sense.
When the grant was initially rolled out on the SBA site to apply it did not say anything at all about employees (hell, it literally stated this was availble for sole proprietors) nor anything about a per person allocation or anything. Then you applied, heard nothing, and then someone made some 1k per employee bullshit up afterwards. No banker, person at the SBA or otherwise that I spoke to prior to the mass email mentioned this; it didn't exist before someone invented this calculus and pushed it out to everyone. Have a seperate thing for employees and payroll, actually have language to tell sole props to apply as well as this primarily being for operating costs (they literally had the language on the SBA page) and then pull this at the end; this was changed, pure and simple.
I have seen a few upsides to this whole thing:
- All the McMansions near me that were built and are empty are going to be on deep clearance within a few months
- The usual bullshit with contractors/workers who don't show up 90% of the time has already changed and now they need me WAY more than I need them
- Next to no spam calls and even spam regular mail is at a minimum
- If you know what to buy in the stock market you're going to double your money by the end of the year
Nothing yet, still waiting
App sent in to wells fargo on 04-13-20
April 15, ppp agreed and the ppp allocation was sent in.
Wells fargo received ppp application received by wells Fargo on 4-16.
Waiting for next step to come.
App sent in to wells fargo on 04-13-20
April 15, ppp agreed and the ppp allocation was sent in.
Wells fargo received ppp application received by wells Fargo on 4-16.
Waiting for next step to come.
Clusterfuck!
My company banks with a small(ish) bank so applied for PPP the first morning applications were being accepted. Talked to the bank's SBA guy who answered most questions with "we're not sure", they haven't told us yet", we're waiting on the SBA for that info", etc. Sent him the form and all the required reports and other documentation. He did state that an updated application form was in the works and they were supposed to have it a day or so before so I may have to do another form - fine. I checked in the next week and the bank was swamped and were not sending out new forms. I never got the required form and the bank has allocated all funds so we're screwed until a new round of funding comes through.
My company banks with a small(ish) bank so applied for PPP the first morning applications were being accepted. Talked to the bank's SBA guy who answered most questions with "we're not sure", they haven't told us yet", we're waiting on the SBA for that info", etc. Sent him the form and all the required reports and other documentation. He did state that an updated application form was in the works and they were supposed to have it a day or so before so I may have to do another form - fine. I checked in the next week and the bank was swamped and were not sending out new forms. I never got the required form and the bank has allocated all funds so we're screwed until a new round of funding comes through.
Applied last week week and recieved funds today. As someone stated above we have a good relationship with a small bank that is in top of their game. I recieved 128k. I also applied with another business I have at a local credit union. We have not heard anything or recieved any funds. I think it depends more on the bank and their willingness to push things through to help their businesses during this time.
Hang tight, Herb. They MAY have gotten your application into the E-TRAN system, and gotten an approved loan number. If that is the case, you're still "in"...it just might take them a few days to get caught up to your loan in the actual document/loan funding stack.
That being said, stay on their ass. They only have 10 calendar days to close it with you, and FUND it into your account.
...and if they send you something to sign, drop everything and do that, and drive it to them, if need be.
Oh, I'm on it. But I have confirmed I am NOT "In" and I've shared my frustration with them. The handoff from the SBA to the banks is a mess but my bank compounded matters by dropping the ball on me. Some branches apparently worked through that weekend to get the applications out to customers but our local guy didn't so I'm screwed for now.
I applied 3 weeks ago ,hand delivered to the bank and haven't received jack shit.
Around here unemployment is running out.no more $$$,period.i know where all this is going as i mentioned in another thread.
Around here unemployment is running out.no more $$$,period.i know where all this is going as i mentioned in another thread.
Tell that to the police arresting business owners. Tell that to the politicians who artificially destroyed markets and industries with the virus scam.
I do think any business owner who shut his doors deserves to go under for being a coward. Now if they were opened and were trying and their market tanked because of the corrupted politicians then that’s a different story altogether
read an article awhile back that stated how many billions of this money went to chinese owned business's here in the US
Denied both as we do not employ enough people. So much for "small businesses". Didn't even send a jar of Vaseline with the denial.
My accountant encouraged me, but I want as little to do with gov as possible. There are always strings attached. So I declined his offer to set up the paperwork on my behalf and left it alone.
I wish gov could offer me the same courtesy.
I wish gov could offer me the same courtesy.
You guys all misspelled "Government Slush Fund and Personal Favors Program" (I mean it happens a lot) The older I get, the more I feel like our government is broken and corrupt beyond repair.
I'll go take my meds and hopefully you small business make out of this ok.
I'll go take my meds and hopefully you small business make out of this ok.
