[KenB925]

Originally Posted by Spgm5

Just got a call today. My application has been approved and should have funds my Thursday morning.

What bank is processing it?

[hubbahubba]

Originally Posted by RickFLM4

Just received an email with this information:

Dear Applicant,
On March 29, 2020, following the passage of the CARES Act, the SBA provided small business owners and non-profits impacted by COVID-19 with the opportunity to obtain up to a $10,000 Advance on their Economic Injury Disaster Loan (EIDL). The Advance is available as part of the full EIDL application and will be transferred into the account you provide shortly after your application is submitted. To ensure that the greatest number of applicants can receive assistance during this challenging time, the amount of your Advance will be determined by the number of your pre-disaster (i.e., as of January 31, 2020) employees. The Advance will provide $1,000 per employee up to a maximum of $10,000.

You may be eligible for another loan program, the Paycheck Protection Program, which is available through participating lenders. Below is a comparison of the two loan programs:

I received that as well, thank you for posting it!

[hubbahubba]

Originally Posted by Spgm5

Just got a call today. My application has been approved and should have funds my Thursday morning.

Fantastic news, congrats! I also am curious as to what bank? Please let us know that it did indeed fund on Thursday. Again, congrats!

[Spgm5]

Originally Posted by hubbahubba

Fantastic news, congrats! I also am curious as to what bank? Please let us know that it did indeed fund on Thursday. Again, congrats!

Originally Posted by KenB925

What bank is processing it?

Originally Posted by hubbahubba

Fantastic news, congrats! I also am curious as to what bank? Please let us know that it did indeed fund on Thursday. Again, congrats!

It's a local bank. Iberia Bank

[TrevorM3]

Originally Posted by Spgm5

Just got a call today. My application has been approved and should have funds my Thursday morning.

'is this for the EIDL 10K? or a loan?

[Spgm5]

Originally Posted by TrevorM3

'is this for the EIDL 10K? or a loan?

For the PPP loan. Still waiting to hear back about EIDL

[RickFLM4]

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

[Zara]

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!

[quick]

Got mine approved too and we went through a local bank (Wesbanco)..

[DocL]

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.

[RickFLM4]

Originally Posted by DocL

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.

The program was first come first served until funds were depleted. I’m guessing anyone already approved should get funding and their commitment counts towards the determination of funding cap being reached. Also guessing that if a business has not yet received approval / commitment they have to hope it has been approved but just not communicated yet. Otherwise, if applications are in process but not committed, I think there needs to be congressional approval for more funding for additional commitments to be made (unless bank decides to lend on its own, which seems unlikely in most cases). Then again, who really knows with any level of certainty...

[KenB925]

Originally Posted by RickFLM4

The program was first come first served until funds were depleted. I’m guessing anyone already approved should get funding and their commitment counts towards the determination of funding cap being reached. Also guessing that if a business has not yet received approval / commitment they have to hope it has been approved but just not communicated yet. Otherwise, if applications are in process but not committed, I think there needs to be congressional approval for more funding for additional commitments to be made (unless bank decides to lend on its own, which seems unlikely in most cases). Then again, who really knows with any level of certainty...

I put in an application with Bank of The West, I got it in very early, and was badgering them before they would accept applications.

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.

[RickFLM4]

Originally Posted by KenB925

I put in an application with Bank of The West, I got it in very early, and was badgering them before they would accept applications.

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.

That’s exactly my thought as a sole proprietor. But my bank still has me on a wait list for an application as funds run out.

[KenB925]

Originally Posted by RickFLM4

That’s exactly my thought as a sole proprietor. But my bank still has me on a wait list for an application as funds run out.

The cynical (Realistic?) part of me thinks that the banks don't want to process this because it doesn't benefit them as much as a 'traditional' loan would, therefore they don't care if the funds run out on us.

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'

[RickFLM4]

Originally Posted by KenB925

The cynical (Realistic?) part of me thinks that the banks don't want to process this because it doesn't benefit them as much as a 'traditional' loan would, therefore they don't care if the funds run out on us.

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'

I think there’s an element of truth to that. They earn more fees and interest on conventional loans. They are less worried about reduced risk and have a big appetite for rewards.

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.

[dsad1]

Originally Posted by KenB925

The cynical (Realistic?) part of me thinks that the banks don't want to process this because it doesn't benefit them as much as a 'traditional' loan would, therefore they don't care if the funds run out on us.

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'

In my opinion what is happening is that they are prioritizing businesses by their strength instead of by who applied first.

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.

[2000cs]

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.

[TrevorM3]

for you SBO, the loan has to be done inside a bank?


are fund "out" for this already?

[Yessir]

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.

[dreamingat30fps]

Originally Posted by Yessir

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.

I applied with Chase as soon as their online app was working. Not a word. I got a voicemail from someone at chase (local branch I'm guessing) asking if I had any questions about my account or the PPP loans. I immediately called back and got their voicemail, left a message, haven't heard back from them either.

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.

[2000cs]

Originally Posted by Yessir

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.

PNC. Funded.

[hubbahubba]

Didn't see a dime. Here's to hoping that after the weekend the folks in DC can quit playing politics, and help the rest of us.