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SBA PPP loan thread
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04-14-2020, 04:03 PM | #89 |
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04-14-2020, 06:16 PM | #90 | |
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04-14-2020, 06:19 PM | #91 |
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04-14-2020, 06:56 PM | #92 | |||
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04-14-2020, 08:19 PM | #93 |
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04-15-2020, 12:17 AM | #94 |
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04-16-2020, 12:19 PM | #95 |
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PPP funding exhausted per CNBC. Unclear what happens to applications in process. Presumably additional funding is needed to be approved (or bank takes on risk) for any more funding to occur.
Small business loan program hits $349 billion limit and is now out of cash https://www.cnbc.com/2020/04/16/smal...tivity.Message
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04-16-2020, 12:27 PM | #96 |
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Just got a notification from my bank today as well that my application has been approved, funds should be arriving soon. I use signature bank for my business, it's a much smaller bank but they have been great so far. Hopefully many others will be getting their approvals soon!
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04-16-2020, 12:54 PM | #98 |
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Is there a cut off as to when applications were already submitted? Or is it just for new applications? I applied the first day the PPP was opened and uploaded all of my documents last week and I haven't heard a thing. I got a phone call saying everything was good and that has been all. There is no one at BoA knows a fucking thing about when I will get approved or funded. This whole thing is so frustrating.
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04-16-2020, 01:02 PM | #99 | |
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04-16-2020, 02:51 PM | #100 | |
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They gave me a 32 digit confirmation number, and they say it is in process. I'm not going to hold my breath, I mainly applied because I know (as a small business owner) that weather I get anything or not, I will be paying for it in the long run. |
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04-16-2020, 03:24 PM | #101 | |
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04-16-2020, 03:41 PM | #102 | |
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When I first started calling to inquire about the PPP they were quick to say, 'we aren't accepting applications for that, but we can get an 'XYZ' Loan started for you' |
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04-16-2020, 03:52 PM | #103 | |
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Smaller banks have been much more responsive by all accounts. They have an incentive to win new banking customers. Big banks have an opportunity to win some good PR by being responsive but they just don’t seem to care about reputation. Wells in particular had a chance to win back some reputation points but didn’t do it.
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04-16-2020, 04:18 PM | #104 | |
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If the banks think the business has a chance of not surviving this mess, they are not approving the applications. I will be honest, I applied on a Monday /Tuesday with a bank I didn't have an account with and got my funds by that Friday. The only reason it was that smooth is because that bank really wanted me to move our future business from Wells Fargo to them. Don't get me wrong, we need the cash, but it's unfair that we got it quicker than people that applied before us just because the bank "wanted" us more. |
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04-16-2020, 04:29 PM | #105 |
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My experience is the banks are prioritizing by the strength of their relationship with the borrower. That probably aligns with the customer’s strength as well, since stronger customers work harder to cultivate their bank relationships.
I also think, using that relationship, some pushing and nudging is appropriate to move the application along. In terms of fees, the program was $350 billion with $339 billion for loans and $11 billion for fees. The bank earns a fee for participating and completing the loans, has no risk of loss and doesn’t use its own capital. Pretty sweet. And doing one of these loans doesn’t stop the bank from offering additional loans to the borrower, but they’d need to do credit reviews for that. |
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04-16-2020, 09:14 PM | #107 |
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Did anyone with a big bank get their funds? Big banks being BofA, Wells Fargo, Chase or Citibank? I know that Wells Fargo dropped the ball as I submitted my paperwork and I'm still sitting here twiddling my thumbs and seeing that funds have run out. I'm holding my breath too as I just don't see any incentives for big banks to participate in giving out "free" money to their clients.
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04-17-2020, 12:25 AM | #108 | |
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The whole thing was very poorly handled by Chase and people online are saying they are having to wait for hours on hold to get anyone on the phone about account related things. |
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04-17-2020, 06:42 AM | #109 | |
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