Paycheck Protection Program...did you file and have you gotten any funds yet?
Chase bank.
Online transaction initiated Apr 3. Place in line held, but no online app available.
Checked back periodically on website throughout weekend and Monday.
April 7, encountered live website. A couple of attempts throughout the day, website appeared unable to handle the traffic.
Application submitted late April 7, including uploading of docs. Confirmation email received.
No status indication as far as I can tell. Just wait and see I guess.
April 08, 2020, 06:24 PM
Aeteocles
quote:
Originally posted by bwl5: There is something fishy going on with my local bank, First Bank in North Carolina. Contacted them last week about applying and told they were not accepting applications. Sent me an email late Friday. I got the documents and emailed them yesterday with a question about clarification of what additional documents they needed above the 940's and 941's. Sent another email today about not receiving a response. Got a phone call from the branch manager saying they were already over subscribed.
From the beginning the branch manager has tried to dissuade my company from applying for the loan. I kept asking her when she was accepting applications, never heard a reply, so I just filled out the doc from the treasury department website and emailed that and other documentation that I think they would need to her.
I was so upset, I contacted customer service and asked to speak to the regional VP. He returned my call and started spouting off tons of excuses. I finally asked him, "so you are basically telling me to go pound sand." He said yes, and that if they got any additional funding he would let me know. I was appalled.
Does anybody know of a contact in the SBA who is handling these loans. What happened does not seem kosher looking at some of the posts in this thread.
Not so fishy. Wells Fargo was also over-subscribed and they weren't taking my application either.
Funds are first come, first serve. You might already be too late.
April 08, 2020, 06:29 PM
bcereuss
Submitted to small local bank Friday the 3rd of April; submitted by bank Sunday the 5th; approved Sunday. Bank had 5 business days to disburse from approval date; SBA has (as of Tuesday night, April 7th, extended that to 10 business days.
April 15, 2020, 04:50 PM
kkina
Has anyone received funds yet?
I had to submit additional documents several times. They are still "reviewing my application".
Uploaded 1099's and other doc's to local bank on Monday morning 04/13/2020 waiting...This message has been edited. Last edited by: SummersAtTheLake, April 17, 2020 06:56 AM
April 15, 2020, 05:47 PM
F12517
Yes we've applied... No, we haven't received funds.
April 15, 2020, 05:48 PM
stoic-one
2 small local companies owned by friends of mine received their money today, both have been digging holes in credit lines to pay their employees.
I learned a lot about the various loan programs in order to help my clients. I knew there would be lots of questions. I have fielded a lot of questions and reviewed some loan packages for clients.
Chase has been the worst. I have heard of no one who applied at Chase getting funded.
In Houston, local and regional banks have been the way to go. However, I have also gotten reports that BoA has gotten these processed and funded well. In Houston, BBVA, Commercial Bank, Prosperity, and Co-merica have gotten loans completed to my direct knowledge. I believe that some of the loan packages are not fully compliant with the CARES act, but if you want and need the money, this may not be the time to try to negotiate the terms with the bank, which are probably not inclined to negotiate these smaller loans anyway.
The SBA seems to not be processing EIDLs efficiently, and no one I know of has gotten the $10K grant that was supposed to be funded within 3 days of making the application for an EIDL to the SBA. Apparently that has caused a stink with some congressmen and senators who have criticised the SBA for dicking around and saying it could cut back on the 10K grants.
I also hear that PPP money will be gone by the end of the week.
The fish is mute, expressionless. The fish doesn't think because the fish knows everything.
April 16, 2020, 09:39 AM
BamaJeepster
Funding is done as of about 30 minutes ago. No longer an option for banks entering PPP loans on SBA site.
We were able to get 95% of our loans approved and funded - ~1296 loans for 227MM. Mid sized regional bank, with people working around the clock from the Friday since we started taking them thru last night in anticipation of the funds running out. Our team knocked it out of the park and helped a whole lot of families.
“Facts are stubborn things; and whatever may be our wishes, our inclinations, or the dictates of our passions, they cannot alter the state of facts and evidence.” - John Adams
April 16, 2020, 10:54 AM
rsbolo
I have not gotten so much as a whisper. I have no idea where I stand.
____________________________ Yes, Para does appreciate humor.
April 16, 2020, 10:57 AM
Kevbo
PNC had my fucking application for 12 days and never submitted it to the SBA. Their application portal went live on 4/4 at 5 am, I had my SBA number in the 4 digits by the afternoon. I spoke to my healthcare banking representative as recently as Monday and was told my loan was “in underwriting”. As of this morning it still showed as “in process” on their website where you could check status
Unless the SBA comes through with the EIDL I’m headed to chapter 11.
If there is more money I need the name of your bank...clearly my mistake was being a PNC customer
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If the meek will inherit the earth, what will happen to us tigers?
April 16, 2020, 11:02 AM
jhe888
That is the second report I have heard that all the PPP money is gone. I don't know if applications in process are included or if money was set aside for those.
The fish is mute, expressionless. The fish doesn't think because the fish knows everything.
_________________________________________________________________________ “A man’s treatment of a dog is no indication of the man’s nature, but his treatment of a cat is. It is the crucial test. None but the humane treat a cat well.” -- Mark Twain, 1902
April 16, 2020, 11:07 AM
BamaJeepster
quote:
Originally posted by jhe888: That is the second report I have heard that all the PPP money is gone. I don't know if applications in process are included or if money was set aside for those.
It's definitely done as far as current funding.
It depends where in the process the application was. If the bank was still underwriting it, then it's a no go unless more funding is made available. Once entered in the SBA system a confirmation is given and if you have that you should be good to go. If you don't have SBA confirmation you will probably have to wait until more funding is made available.
We ended up getting 96% of our loans funded - 228.5MM. It required working every night and day since the Friday when we started accepting applications. The only downtime was for a few hours on Easter Sunday, but our people didn't want to take off long because they knew the funding was tight.
“Facts are stubborn things; and whatever may be our wishes, our inclinations, or the dictates of our passions, they cannot alter the state of facts and evidence.” - John Adams
