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re: Has anyone actually been funded through any of the SBA programs?
Posted on 4/7/20 at 1:45 pm to PrettyLights
Posted on 4/7/20 at 1:45 pm to PrettyLights
mine got funded today, PPP loan.
1st payment due 11/2020, 17 payments interest only and then an 18th payment of the principal
standard forgiveness terms as outlined
1st payment due 11/2020, 17 payments interest only and then an 18th payment of the principal
standard forgiveness terms as outlined
2
Posted on 4/7/20 at 1:47 pm to cgrand
When did you submit docs to your banker? When did your banker submit your application?
Posted on 4/7/20 at 1:52 pm to PrettyLights
submitted on friday.
just signed the loan docs, money is in my account (fronted by the bank i assume)
the loan docs are a standard bank business loan, with the SSBA/PPP language added. 1% over two years.
i acknowledge that i am getting preferential treatment from my banker in this case, as far as processing and funding speed. just wanted to let you guys know that the wheels are moving
just signed the loan docs, money is in my account (fronted by the bank i assume)
the loan docs are a standard bank business loan, with the SSBA/PPP language added. 1% over two years.
i acknowledge that i am getting preferential treatment from my banker in this case, as far as processing and funding speed. just wanted to let you guys know that the wheels are moving
Posted on 4/7/20 at 2:16 pm to cgrand
Sounds like your bank is the wheels
Posted on 4/7/20 at 2:22 pm to cgrand
Good for you, not sure I'm happy for you or so jealous I'm pissed 
Posted on 4/7/20 at 2:23 pm to Penn
I had some time to kill so I'm on hold with SBA to check status of my EIDL grant.
Should be with a rep in about 20-30 min based on the last notified position in "line".
My business banking institution isn't participating in the PPP (local/regional CU) so I'm going with a bank that, while I know a few business bankers, I am not a customer of. Trying to do my best not to hound them since I'm new and likely not a priority of theirs.
Should be with a rep in about 20-30 min based on the last notified position in "line".
My business banking institution isn't participating in the PPP (local/regional CU) so I'm going with a bank that, while I know a few business bankers, I am not a customer of. Trying to do my best not to hound them since I'm new and likely not a priority of theirs.
Posted on 4/7/20 at 2:51 pm to Golfer
Just got off phone with SBA. He was very helpful and polite. Said based on the information he can see, my application for EIDL will be approved and funded by no later than Friday.
Said to call back on Saturday (wait time is less than 10 minutes on weekends) if I'm not funded on Friday.
Said to call back on Saturday (wait time is less than 10 minutes on weekends) if I'm not funded on Friday.
Posted on 4/7/20 at 3:10 pm to cgrand
Thanks for the insight. You received a much quicker response from the SBA than I thought was possible based on my previous experience with them.
Oddly enough my banker emailed me this afternoon and notified me that our application has been submitted to and approved by the SBA. No timeline for funding yet.
Oddly enough my banker emailed me this afternoon and notified me that our application has been submitted to and approved by the SBA. No timeline for funding yet.
Posted on 4/7/20 at 3:17 pm to PrettyLights
quote:
Thanks for the insight. You received a much quicker response from the SBA than I thought was possible based on my previous experience with them.
i never dealt with the SBA, only my banker.
this is going to come down to individual business banking relationships in many cases, i'm afraid
Posted on 4/7/20 at 3:31 pm to Golfer
When did you apply for the EIDL?
Posted on 4/7/20 at 3:33 pm to Penn
Monday 3/30
Posted on 4/7/20 at 3:37 pm to Golfer
i do have a question i've not seen answered anywhere.
the funding is supposed to be for 8 weeks of payroll and business expenses. does that mean you have to spend the entire loan amount within 8 weeks of the loan date?
does anyone know?
the funding is supposed to be for 8 weeks of payroll and business expenses. does that mean you have to spend the entire loan amount within 8 weeks of the loan date?
does anyone know?
Posted on 4/7/20 at 3:50 pm to cgrand
Current guidance is what you spend in the 8 weeks following the date you receive the PPP loan can be forgiven if it meets the 75% payroll, etc.etc.
You don't have to spend the entire loan amount within 8 weeks but as it stands now anything after 8 weeks for any reason wouldn't be forgiven
You don't have to spend the entire loan amount within 8 weeks but as it stands now anything after 8 weeks for any reason wouldn't be forgiven
Posted on 4/7/20 at 4:01 pm to cgrand
quote:What bank?
mine got funded today, PPP loan.
1st payment due 11/2020, 17 payments interest only and then an 18th payment of the principal
standard forgiveness terms as outlined
Posted on 4/7/20 at 4:04 pm to NOSHAU
neighbors federal credit union
i started with chase but after i saw the volume they were getting i jumped
i started with chase but after i saw the volume they were getting i jumped
Posted on 4/7/20 at 4:14 pm to cgrand
quote:Yeah, it seems the smaller banks are moving much quicker than the larger banks.
neighbors federal credit union
i started with chase but after i saw the volume they were getting i jumped
Posted on 4/7/20 at 4:35 pm to Golfer
shite
Applied before that
Applied before that
Posted on 4/7/20 at 4:39 pm to cgrand
I apologize if these questions have already been answered.
But what if an employee quits during the eight weeks? Is the business owner punished with non forgiveness of the loan if the payroll usage drops below 75 percent?
Also, what if the business is not back to pre corona levels at the eight week mark, and we have to furlough some employees again. Is there any non forgiveness penalty is that scenario?
But what if an employee quits during the eight weeks? Is the business owner punished with non forgiveness of the loan if the payroll usage drops below 75 percent?
Also, what if the business is not back to pre corona levels at the eight week mark, and we have to furlough some employees again. Is there any non forgiveness penalty is that scenario?
Posted on 4/7/20 at 4:49 pm to cgrand
Was there a loan closing process? My banker informed me that the bank and the SBA had approved the loan they were just waiting on guidance on the closing process before proceeding.
Posted on 4/7/20 at 4:54 pm to ykevin25
my advice to you is that whatever average monthly payroll you submitted on your loan application is, you make certain that you spend that much on payroll for the next eight weeks. You figure out how to do that
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