- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Winter Olympics
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
re: Has anyone actually been funded through any of the SBA programs?
Posted on 4/8/20 at 8:29 am to Jerrysworld
Posted on 4/8/20 at 8:29 am to Jerrysworld
Our firm has submitted over a hundred EIDL & PPP Loans to more than a dozen banks. Nothing has funded as of today.
The logistics are mind boggling compared to the Katrina disaster program. A nation wide disaster with every small business applying from coast to coast.
The individual stimulus checks should begin to deposit next week.
The initial EIDL “advance” as early as this week. I keep hearing, “Really need that $10K”. Many overlooked the “up to” $10K phrase. Do not be disappointed or angry when the check hits. EIDL is funded by the Treasury.
PPP loans are processed & funded by local banks, butt the SBA parameters for the bank guarantees have not been issued to the banks is the latest I have heard. Wells Fargo exhausted their $10B allocation in less than 24 hours & shut down the portal, so the available funds are going fast.
All will need additional funding to support the magnitude of these programs.
The logistics are mind boggling compared to the Katrina disaster program. A nation wide disaster with every small business applying from coast to coast.
The individual stimulus checks should begin to deposit next week.
The initial EIDL “advance” as early as this week. I keep hearing, “Really need that $10K”. Many overlooked the “up to” $10K phrase. Do not be disappointed or angry when the check hits. EIDL is funded by the Treasury.
PPP loans are processed & funded by local banks, butt the SBA parameters for the bank guarantees have not been issued to the banks is the latest I have heard. Wells Fargo exhausted their $10B allocation in less than 24 hours & shut down the portal, so the available funds are going fast.
All will need additional funding to support the magnitude of these programs.
2
Posted on 4/8/20 at 8:36 am to tigernnola
I applied early for both programs, and honestly I’m not sure I will see dollar one
Posted on 4/8/20 at 9:04 am to tigernnola
quote:
Wells Fargo exhausted their $10B allocation in less than 24 hours & shut down the portal,
A couple of my clients reported their bank's portal was also closed. BBVA Compass was one. I forget the other.
We've processed a dozen or so applications for clients and none of them had received any funds as of yesterday morning.
Posted on 4/8/20 at 2:19 pm to cgrand
Glad your made it through> I can't get any info out of my bank .
I had my stuff ready Friday
Now, on Wednesday, I still can't find out if my application has made it to the SBA.
I'm a lot less impressed with my bank than I was.
I had my stuff ready Friday
Now, on Wednesday, I still can't find out if my application has made it to the SBA.
I'm a lot less impressed with my bank than I was.
This post was edited on 4/11/20 at 5:29 am
Posted on 4/8/20 at 6:45 pm to VABuckeye
quote:
From the poli board he appears to be a conspiracy theorist.
Can you name what conspiracies I theorize about?
Since I am a conspiracy theorist and all
Posted on 4/8/20 at 6:58 pm to YF12
The one where you keep saying the government will find a way to frick you over on this. No offense intended.
Posted on 4/8/20 at 7:02 pm to VABuckeye
quote:
The one where you keep saying the government will find a way to frick you over on this. No offense intended.
That is a conspiracy theory?
That the government will find a way to frick us over?
Posted on 4/8/20 at 9:51 pm to Jerrysworld
We have 3 companies with 3 separate PPP apps. First one was approved Monday or Tuesday and the $ hit our account this evening. Other 2 were approved today so we may have all of the $ by Friday. Roughly $450k between all 3. Pretty surreal feeling. Will definitely help relieve some of the pressure. Bank is Synovous.
This post was edited on 4/8/20 at 9:54 pm
Posted on 4/9/20 at 12:22 pm to BLM
Talked to bank
Approved by them, waiting on sba approval
Approved by them, waiting on sba approval
Posted on 4/9/20 at 12:45 pm to cgrand
Within a couple hours of submitting our PPP application on Monday, we realized the # employees we listed were the FT equivalent for last year and we are actually 1 lower this year due to a couple of PT'ers leaving late in 2019.
Was no way we were going to call and redo the app, and just got approval this morning. So, we figure we have time to read thru the rules since they change daily and make it work - can we give raises to cover the overage, can we hire a p/t worker for 8 weeks only - or file a document explaining the error.
Otherwise, we just got a 1% loan with no collateral.
Was no way we were going to call and redo the app, and just got approval this morning. So, we figure we have time to read thru the rules since they change daily and make it work - can we give raises to cover the overage, can we hire a p/t worker for 8 weeks only - or file a document explaining the error.
Otherwise, we just got a 1% loan with no collateral.
Posted on 4/9/20 at 12:57 pm to Penn
Checked operating accounts this morning...money is in for all 3 apps. Feeling pretty blessed based on everything I’m reading.
Posted on 4/9/20 at 1:07 pm to Penn
quote:
Talked to bank
Approved by them, waiting on sba approval
Same here - 2 applications out for around $2.5m total.
Posted on 4/9/20 at 1:19 pm to Penn
quote:which bank?
Talked to bank
Approved by them, waiting on sba approval
Posted on 4/9/20 at 1:22 pm to NOSHAU
Chase
Posted on 4/9/20 at 1:26 pm to Jerrysworld
Banks are waiting on a promissory note from the SBA. Word is that banks will fund on shelf documents and then submit the guarantee to the SBA along with the borrower application and the lender application. Supposedly, when you are approved, the bank has to fund initially, perhaps a portion of the loan, within 10 days.
If the proceeds are used for anything other than payroll, then the borrower will likely owe the bank a the balance after forgiveness for payroll.
If the proceeds are used for anything other than payroll, then the borrower will likely owe the bank a the balance after forgiveness for payroll.
Posted on 4/9/20 at 1:28 pm to presnapclap
It's starting to look like the big banks are cherry picking the bigger applications. This will come back to bite them in the arse and it may put a lot of truly small businesses out of business.
Posted on 4/9/20 at 1:28 pm to Jerrysworld
4/9/20 Update - Got SBA approval today on one of my 3 applications. Signed and sent back to banker, he said money will be in my account in the next 36 hours. Said the other 2 apps should be approved today as well.
He said his region has processed as a year's worth of loans in 4 days.
Iberia Bank
Edit: Just received docs for the second of three loans. Signed and returned.
A few interesting points: The first approval was forwarded to me by my banker from a commercial manager in Birmingham. The second approval was from a commercial closer in Metairie.
Also, the largest and the smallest of the 3 loans have been approved so far. One for $170K and one for $670K. No rhyme or reason that I can see.
He said his region has processed as a year's worth of loans in 4 days.
Iberia Bank
Edit: Just received docs for the second of three loans. Signed and returned.
A few interesting points: The first approval was forwarded to me by my banker from a commercial manager in Birmingham. The second approval was from a commercial closer in Metairie.
Also, the largest and the smallest of the 3 loans have been approved so far. One for $170K and one for $670K. No rhyme or reason that I can see.
This post was edited on 4/9/20 at 1:48 pm
Posted on 4/9/20 at 1:38 pm to BLM
quote:
Checked operating accounts this morning...money is in for all 3 apps
I bet that was a good feeling. We were notified this morning we are queued for closing. Just awaiting our turn.
quote:
So, we figure we have time to read thru the rules since they change daily and make it work - can we give raises to cover the overage, can we hire a p/t worker for 8 weeks only - or file a document explaining the error.
We are wondering the same. I fired someone not one week before all this BS happened, plus overtime is going to be a lot lower than average, so I know I'll have some extra at the end of the eight weeks that needs payed out to get forgiven. I'd like to bonus it to everyone if the rules say that's kosher. Lord knows my guys deserve it after working through all of this. We'll see.
Posted on 4/9/20 at 1:40 pm to BottomlandBrew
All of that, including the firing one week before thing. Gonna make it work though
Posted on 4/9/20 at 1:49 pm to BottomlandBrew
quote:
I know I'll have some extra at the end of the eight weeks that needs payed out to get forgiven. I'd like to bonus it to everyone if the rules say that's kosher.
That's what we are expecting as well. We plan on bonusing it out but coding it as regular wages so it will mix in with theweekly/monthly payroll reports to be turned in for forgiveness.
Page 4 of 6
Popular
Back to top
Follow TigerDroppings for LSU Football News