We got our approval last night and the money hit this morning. 100% of the requested amount through Chase.

I really do think they will put more funds into the program. Hopefully soon.

If they don’t, it would be extremely unfair to those who applied and were waiting. Soul crushing, actually.

That’s a good word for it, especially since it sounds a lot like individual banks had individual procedures for how this got done, and because of that where you banked actually determined if you got funding or not

Oh, and if I didn’t need to get kicked in the balls again, CNN (I know, my wife sent me the link) is reporting that the email the SBA sent banks included the tidbit that they would not be able to maintain the queue of applications....so it looks like when the next amount of money shows up we get to start all over again!

quote:

Originally posted by irreverent:
If they don’t, it would be extremely unfair to those who applied and were waiting. Soul crushing, actually.

I know how stressed I was waiting to hear back. I feel sick for those who didn’t get funded before it ran out. I really hope they add more money to the program!

Just an FYI, don't know if this belongs here, but it appears the US Chamber of Commerce is offering grants:

quote:

VITAL TO OUR ECONOMY

Small businesses are the foundation of our communities and our economy. Employing nearly half the American workforce, companies like yours keep our neighborhoods running and make them feel like home.


We know you’re facing multiple challenges right now, and every dollar counts.


Funded by corporate and philanthropic partners, the Save Small Business Fund is a collective effort to provide $5,000 grants to as many small employers as we can. We hope these supplemental funds will help you get through the next days and weeks.

https://savesmallbusiness.com/

quote:

Originally posted by 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.

Good for you and your folks.

My zip code doesn’t qualify.....

quote:

Originally posted by stoic-one:
Just an FYI, don't know if this belongs here, but it appears the US Chamber of Commerce is offering grants:

quote:

VITAL TO OUR ECONOMY

Small businesses are the foundation of our communities and our economy. Employing nearly half the American workforce, companies like yours keep our neighborhoods running and make them feel like home.


We know you’re facing multiple challenges right now, and every dollar counts.


Funded by corporate and philanthropic partners, the Save Small Business Fund is a collective effort to provide $5,000 grants to as many small employers as we can. We hope these supplemental funds will help you get through the next days and weeks.

https://savesmallbusiness.com/

quote:

Originally posted by Kevbo:
My zip code doesn’t qualify.....

I have no idea what their criteria is.

I just checked several zip codes locally, and they all qualified.

Approved / Received today through our local bank.

Amount was about the average small business requested.

quote:

Originally posted by stoic-one:

quote:

Originally posted by Kevbo:
My zip code doesn’t qualify.....

I have no idea what their criteria is.

I just checked several zip codes locally, and they all qualified.

Acc. to their website, "- Be located in an economically vulnerable community". (My zipcode also did not qualify).

Approved last night and received this morning from our local bank. 100%

It was Bank of America who screwed my company. Never even got to talk to BofA rep or get confirmation that the app was in the hands of the SBA.

quote:

Originally posted by 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

Funds are done, per my friend who's a regional manager for Renasant Bank. He thinks there will be at least one more dip from the well. He did tell me he got my number from SBA, which apparently means the funds are "set aside" for my loan. No idea if that is accurate or not.

Supposedly I'm in the system and IBTL, lol. We shall see.

I've got a very strong feeling that there will be another round. At least that's how we're looking at it. Unfortunately, the details/interpretation and subsequent roll out of the program left a lot to be desired. Next round should be better prepared. Disappointed with the regulator's initial response regarding the unclear KYC requirements and indemnity requirements that caused the delays.

Mr. Trump seemed optimistic and assertive when asked about a second round of funding during today's presscon. It's a matter of the Dems giving up some ground on their laundry list of totally unrelated and unreasonable funding demands.

quote:

Originally posted by Kevbo:
That’s a good word for it, especially since it sounds a lot like individual banks had individual procedures for how this got done, and because of that where you banked actually determined if you got funding or not

Oh, and if I didn’t need to get kicked in the balls again, CNN (I know, my wife sent me the link) is reporting that the email the SBA sent banks included the tidbit that they would not be able to maintain the queue of applications....so it looks like when the next amount of money shows up we get to start all over again!

Your impression is correct as far as the procedures on getting this done. The SBA provided very little guidance at the start and a lot of important questions were unanswered. The big banks waited to get answers and were trying to implement automated solutions up until the end.

Banks of our size just immediately implemented manual solutions and started taking applications, underwriting and submitting to the SBA for approval. We had shifts of relationship managers collecting the documentation and communicating with customers, groups dedicated to keying the loans into our underwriting platform and then groups who had loan approval authority giving the final approval, and then we had a couple of people with access to key the loans into the SBA platform entering them around the clock. We had one loan this morning at 10:10 AM that got approved and another that was ready at 10:12 that did not have the option to submit and we knew that the funds were out at that time.

We are still taking and processing applications all the way up the stage where they get keyed into the SBA site - if it gets funded again we will have a stack ready to go. These are all applications that were submitted in the past 2 days - everything prior to that (and most that were submitted up until yesterday) we managed to get SBA approval on. Most have already been funded, the rest will be in the next couple of days.

My heart goes out to you and any others who did not get the help they needed, it was very touching seeing and hearing about the reactions of our customers when approved for these loans. It was one of the best feelings I've had in my career knowing how many people our team were able to touch and help.

I was approved yesterday and we are supposed to receive our funds within 3 business days. Approved what we requested. Hoping it funds. Could be just enough to keep my doors open and 18 employees employed.

Have experience with government after Katrina. I am here from the government to _______ you. I would not wish that HELL on anybody. One word I learned and I am a small business owner is PATIENCE. It will all work out. I lost my business and my home was toast. Young kids. I made it. Only business was chain saw sharpening in my parking lot. I ended up with NO assistance from the government. I am still here and this is just a bump in the road for me because I worked my ass off for many years.

My business is really hurting. People are scared shitless. No one wants to see a medical professional. M

I got stuck in derms office this morning and TV was on. Topic of conversation was dental problems. That will not create anxiety. Advice was to not eat popcorn.

Rant off.

I applied for both EIDL and PPP. Didn't receive either. I'm angry, feel betrayed.

We're still working. But, don't know if I'll ever collect what's due us. Largest target market we serve is hospitals. They're all broke now. Hospitals depend on surgeries to generate revenues. Those all ceased last month. The expenses associated with covid treatment are going to bankrupt them. They'll all need bailouts to pay me.

I can tell you this, we're going into cash conservation mode.

This message has been edited. Last edited by: mjlennon,

My company uses UBS for our 401k. they were able to refer us to a company called Newtek Solutions because Wells Fargo couldn’t get their head out of their asses. They were able to take our application, got sent to SBA about 4pm on Tuesday, got closing documents today about 2pm with BA number and approval. Have not yet gotten funds, but look to receive them in 2-5 days per the lender.