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re: Has anyone actually been funded through any of the SBA programs?
Posted on 4/9/20 at 2:13 pm to VABuckeye
Posted on 4/9/20 at 2:13 pm to VABuckeye
quote:
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.
I called that early on. There's more money to be made, bigger customers are a priority, and frankly bigger customers are less likely to default.
I'm not sure what the solution is, I only asked for 50-75% of what I likely could have to be conservative and increase my chance of getting it quicker. Now, it looks like I should have asked for the full amount.
Lot of companies doing a money grab here that aren't missing much business.
Posted on 4/9/20 at 4:41 pm to baldona
quote:Could be the case. However, many may not yet be missing most of their business, but the longer this goes on and the uncertain nature of the future would seem to make it difficult for a company to pass now and be in a fix later (given that the money will be gone).
Lot of companies doing a money grab here that aren't missing much business.
Posted on 4/9/20 at 4:48 pm to VABuckeye
quote:
VABuckeye
Hey bro, have you gotten any response or feedback from your bank since yesterday?
Posted on 4/9/20 at 5:12 pm to presnapclap
Most of you small business owners need to listen to this webinar. Lots of misinformation out there. SCORE is the nonprofit arm of the SBA. They are doing tons of things like this now.
Coronavirus Webinar
Coronavirus Webinar
Posted on 4/9/20 at 5:18 pm to presnapclap
As far as banks go, getting the SBA approval is easy if they have access to ETRAN. If they do not and are using an agent, then it will take longer for a "bank approved" borrower to get "SBA approved". Again, documentation is the holdup with most banks now. Remember, if you borrow and use the proceeds on anything other than payroll, then there is strong chance the nonpayroll portion will not be forgiven. Keep track of how your business uses the proceeds - very important.
Posted on 4/9/20 at 5:30 pm to presnapclap
Good news for me. Hancock is E-tran compliant as far as I can tell.
I did just get confirmation from them that the EIDL is applied for directly with the SBA and not your bank
I did just get confirmation from them that the EIDL is applied for directly with the SBA and not your bank
Posted on 4/9/20 at 6:23 pm to Jerrysworld
None of our clients have funded the EIDL direct from the SBA / US Treasury. Have many funded for PPP through banks.
Meanwhile, Cap One is sitting the grandstand instead of getting in the game.
Meanwhile, Cap One is sitting the grandstand instead of getting in the game.
Posted on 4/9/20 at 8:13 pm to tgrbaitn08
Thing yet. Placed a call today and got a we about you email to send a not to. Thanks for asking. We’ll keep digging in like we always do.
Posted on 4/9/20 at 8:47 pm to Jerrysworld
Friend of mine texted earlier and said he received his PPP today. Not sure when he applied though.
Posted on 4/9/20 at 10:43 pm to PrettyLights
quote:
Based on what?
Based on the fact that I am originating these first hand.
Posted on 4/10/20 at 7:44 am to Jerrysworld
Our PPP is officially funded with money in the bank. Phew. I guess that buys us two months until this thing blows over...hopefully. Still too many unknowns for me to let my guard down.
Posted on 4/10/20 at 8:08 am to BottomlandBrew
One of our companies received their PPP funds yesterday from JPM.
This post was edited on 4/15/20 at 5:10 pm
Posted on 4/10/20 at 8:13 am to presnapclap
quote:
Remember, if you borrow and use the proceeds on anything other than payroll, then there is strong chance the nonpayroll portion will not be forgiven.
I thought it was able to be used on PR and a few other items like utilities, rent, interest on some things.... No? It asked for those figures on the application along with PR.
Posted on 4/10/20 at 8:13 am to BottomlandBrew
Same here. Signed everything on Tues, got funded today.
Looks like it takes about 72 hours, but that could depend on the bank.
Now I'm waiting on guidelines of how to account for the forgiveness part and what backup they will need for the 8 weeks.
Looks like it takes about 72 hours, but that could depend on the bank.
Now I'm waiting on guidelines of how to account for the forgiveness part and what backup they will need for the 8 weeks.
Posted on 4/10/20 at 8:28 am to Enfuego
quote:
Our of our companies received their PPP funds yesterday from JPM.
When you say companies, did you guys have issues with the affiliate rules?
Posted on 4/10/20 at 9:27 am to reb13
Also, what other stipulations are in these things? The owner of my wife’s company says they were not taking a loan because of certain stipulations that would disqualify or prevent them from taking the money. Not sure what those would be (other than the fact one of the partners is a billionaire..)
Posted on 4/10/20 at 10:22 am to NOSHAU
quote:
Could be the case. However, many may not yet be missing most of their business, but the longer this goes on and the uncertain nature of the future would seem to make it difficult for a company to pass now and be in a fix later (given that the money will be gone).
But they should be handling that down the line. My Revenue is down over 95% right now, its basically at 0. March 14 it went down 50%, the following week down 75%, this past week was 0%, and I finally have something small next week but still down over 90% next week.
I only have 4 employees total and plenty of personal savings that I can float my business on. But as far as I know there was very little in this Program to differentiate business that were basically 100% put out and businesses that just took a small hit. If they are funding larger small businesses that barely are taking hits before little guys like restaurants that is complete BS.
Posted on 4/10/20 at 11:14 am to tgrbaitn08
quote:
Hey bro, have you gotten any response or feedback from your bank since yesterday?
Nothing from PNC. Black hole.
However, I was contacted on another forum by the president of a small bank in West Texas. He's working with us personally. It's nice to find personal service in all of this mess and someone that is willing to help. He's probably going to earn all of our banking business.
Posted on 4/10/20 at 5:30 pm to VABuckeye
Good to hear. Hope it works out
Posted on 4/10/20 at 5:36 pm to shawnlsu
Got approved today from the banker I found in Texas. I think I've sent 10 referrals to him already.
Not a loan number. Approved loan and awaiting funding done in two hours. Dude is solid as a rock.
Not a loan number. Approved loan and awaiting funding done in two hours. Dude is solid as a rock.
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