[NEWS] Big U.S. Banks to Be Temporarily Locked Out of Small Business Lending Program-SBA (4/29 2:30 PM EDT) small business |
- [NEWS] Big U.S. Banks to Be Temporarily Locked Out of Small Business Lending Program-SBA (4/29 2:30 PM EDT)
- Who else is still waiting for PPP and not able to sleep?
- PPP approved. Tiny local bank. Contacted them today for the first time and the entire process took literally one hour, start-to-finish
- Just received my EIDL grant!
- The Emotional Toll of the PPP Loan Process
- The SBA needs to be sued into oblivion.
- I hate Chase and it’s PPP
- Bluevine is the new savior!
- Re: EIDL 10K Grant/PPP ***Congressional Letter to SBA & Treasury***
- Questions about PPP
- Another letter from Senators to the SBA concerning EIDL (4/28)
- New lawsuitsuit filed against the SBA over the EIDL grants and funding
- Florida Businesses Sue SBA Over Delayed/Changed EIDL Loans
- SBA Announcement (Wednesday April 29 2020)
- Interesting info re. the $10K grant/advance!
- 2.6M applications is the target for PPP
- Is anyone else moving their accounts out of a big bank?
- EIDL Short Form Only
- EIDL advance received
- theory on eidl loan portal
- Being self employed has its risks, but its better than being tied to a corporation.
- Chase PPP update - "Sent to SBA for processing"
- For fitness owners...
- I applied to 7 PPP lenders.. here are my reviews to help you!
- Gusto Payroll rolling out a new PPP forgiveness report (4/29)
| Posted: 29 Apr 2020 11:42 AM PDT https://www.nytimes.com/reuters/2020/04/29/us/29reuters-health-coronavirus-banks-lending.html The Small Business Administration on Wednesday said it would be temporarily closing its Paycheck Protection Program (PPP) for small businesses hurt by the novel coronavirus to all but the country's smallest lenders, in a bid to give them fair access. The agency said it would only accept loans from banks with assets of $1 billion or fewer as of 4 p.m. EDT (2000 GMT) on Wednesday, lasting through to midnight. "SBA and Treasury will evaluate whether to create a similar reserved time again in the future," the SBA said. [link] [comments]  |
| Who else is still waiting for PPP and not able to sleep? Posted: 29 Apr 2020 07:52 PM PDT What a mess this has all been, hopefully a better day tomorrow 🤷🏻♂️ [link] [comments]  |
| Posted: 29 Apr 2020 03:12 PM PDT I'm speechless. I can't believe this saga is over. We first contacted Chase about the PPP back on March 25 before the CARES Act even passed out of the Senate. We completed our application with them on April 5 (the first day they accepted any applications). I've spent countless hours on the phone with them since trying to get updates and prod things along. We also applied in R1 with a regional bank we have an old account with. We've applied with countless fintechs (Paypal, Divvy, Lendio, Square, etc.). We even wrote letters to our congressional representatives a couple of weeks ago. I can't tell you how many hours I have spent on this over the last month, not even counting the hours on this sub and twitter, trying to stay up to date. Then this morning, I called over a dozen small banks in both states that we operate. Heard back from one bank today that my business partner has a personal account with and the loan officer has eaten in our restaurant a few times. I uploaded documents to him and 30 minutes later he emailed me back saying we are approved and funds are reserved. Guys, if you are in the same depressed, anxiety-ridden boat that I have been for the last month, do not give up. Call the tiniest local banks you can RIGHT NOW and keep calling until you find one that is willing to take your application today. With the SBA's guidance and rule limiting applications this evening to small banks, they are hearing back from the SBA immediately and have already cleared their queues. Call them!! Good luck! [link] [comments]  |
| Posted: 30 Apr 2020 12:02 AM PDT I was putting my kids to bed when something told me to check my account. So I did and almost passed out when I saw this "ACH CREDIT SBAD TREAS MISC PAY ON 04/30" for the amount of $1000. I applied on 4/3. Very small business with no employees. I'm honestly pretty shocked because I did not think I was going to receive this grant. I'm very grateful nonetheless :) [link] [comments]  |
| The Emotional Toll of the PPP Loan Process Posted: 29 Apr 2020 01:41 PM PDT First of all, the concerns expressed here in no way, shape or form compare to the pain of those who have lost loved ones to COVID-19, of those who have had to endure hardships on the frontline of this crisis. God bless them all. I am, however, surprised by the emotional toll that this PPP process is taking, and I am sure many others are feeling the same. Yes, the process of preparing and submitting applications is stressful, as it seemed like every lender has a different interpretation of the requirements, and wants the data cut a slightly different way. Yes, the process of waiting for the lenders to review the applications is stressful. And yes, the process of waiting for the SBA to render a decision is stressful. If the SBA ever approves my app, I am sure the process of waiting for the funds to be deposited will be stressful as well, since the lending bank is not "required" to fund the loan post-approval. I am finding, however, that the most stressful piece of this is the all my mental second guessing of whether I did the "correct" things to maximize the probability of getting a loan approved. Did I apply to enough lenders, or too many? Did I interpret questions correctly, and provide the correct information? Is there some unseen landmine I should have anticipated? I guess this stress is related to the potential downside of making the wrong decisions. For small business, it goes beyond the dollars and cents. Without this loan, bankruptcy is a real possibility for my small business. But, to me, even worse than losing the business I've spent the last 20 years creating is the prospect of looking my 12 employees in the eye and telling them I can no longer pay them. Like a lot of small business owners, I think, they are my extended family. Prior to starting my own small business, I worked for several large companies, and on a few occasions had to do mass layoffs of a room full of people. This is far worse, however. These employees are my friends. I see them in church, at the ball-field, and in the grocery store. I know their kids and spouses, and have been to their graduations and weddings. They have been tremendously loyal to me. I kid you not – I would rather get this damn virus and take my chances than have to let these people go. The guilt and remorse associated with potentially making a wrong decision that puts these people's livelihood at stake is brutal. As small business owners, we are used to, for the most part, controlling our own destiny. That's one of the things we love about running a small business. However, this PPP loan process is so random, and such a black box, I feel totally helpless. I'm not the only one, I am guessing. While I appreciate the fact that there this program was created and funded, did the process need to be so random and arbitrary? Hopefully if, God forbid, something like this ever arises again, there is a better process in place that is understandable, manageable, and equitable. Sorry for the long post. Don't mean to be a whiner, but felt like I had to air out a few emotions, as others in the same boat may be feeling this way as well. Good luck all. [link] [comments]  |
| The SBA needs to be sued into oblivion. Posted: 29 Apr 2020 12:11 PM PDT Nothing but lies, neglect, and ignoring Congress and Senate. They dont have the lawful authority to change the laws that were written, plain and simple. They instruct reps to lie to us. It is not a first come first serve basis, obviously. Their own employees are confirming this. How is this being allowed? Its gone on long enough and enough people have been buried, lied to, and neglected. Many of us applied over a month ago and we are continually given a run around. There is no communication, no transparency, nothing but lies and ignoring people. When you call them you get nothing other than an idiot who has no business slinging ice cream out of a truck, let alone working in a government call center. I think we need to take action. [link] [comments]  |
| Posted: 29 Apr 2020 05:27 PM PDT Chase is worthless. Been doing business with them for 20 years. Applied on April 4th for round 1. My application sat in limbo until I pressured " my guy" the night before funds ran out. He said I don't know what happened people who applied days after you have gotten approved and your app was never assigned. So he calls in a favor and gets it approved through chase and they plan on sending it the next morning. Of course funds ran out. "You should be one of the first approved for round 2" I was told. I've gotten one yes one update in 4 weeks. So i wait for round 2 to start. 2 days later nothing. Get an email from "my guy" telling all His clients how difficult it's been. He can't get access to anything and you can't get any updates. He doesn't know if you our 2 or 162,000 in line. Wtf? Really? So i had enough and went through a small bank yesterday with whom I've never done a dime of business with. Don't know the loan officer and the bank is 250 miles away from me. I get him all my "stuff" in to him yesterday at 5 pm. He puts in my application at 10:30 am this morning and i get an approval email by 1:30 today. I mean really? Chase has lost me forever! What a waste of time. They are despicable, Fraudulent and criminal( we all Know what they did in round 1) ! [link] [comments]  |
| Posted: 29 Apr 2020 07:25 PM PDT Bluevine came through! I applied 4/27. Called today and found out I had a doc missing. I submitted it and just received an SBA loan number. I can't believe how fast they moved while all of my other apps are still pending. I just finished signing the note and it said to expect the ACH in a few business days. I can't believe it. After weeks of torture and lack of sleep, I'm so relieved I could cry. [link] [comments]  |
| Re: EIDL 10K Grant/PPP ***Congressional Letter to SBA & Treasury*** Posted: 29 Apr 2020 11:36 PM PDT "It's unclear if the SBA will follow the recommendations in the letter or simply proceed with the employee-based model. Reached for comment, a spokesperson told Fast Company, "We typically don't comment on congressional letters."" [link] [comments]  |
| Posted: 29 Apr 2020 06:21 PM PDT Okay, just going to post a stream of consciousness based on questions I've seen tonight...I work for a big bank, if you want to bash me scroll on, I dont care I've worked in the industry for 20 plus years and heard it all. 1....you will get emails saying your loan is submitted to the SBA, if it's from a large bank, your docs have been reviewed and approved...IF you get an SBA number you will be funded in a day or two, maybe three. 2...large banks submit big ass files of approved loans, SBA doesnt need to review anything if the questions were not answered correctly the system wont accept them. 3....The SBA is throttling large Banks, not sure why other than it gives smaller banks time to key manually to etran..but they do get their own 60 billion on funds just for them too 4....the SBA does not fund anything, banks are expected to fund the loans out of their funds until loan forgiveness in 8 weeks or until the sell the loans to the treasury or service them for 2 years. 5....Most banks continued to underwrite loans after the first batch of funds were gone, which is why there are so many at the SBA now. 6...the banks will have to review documents for forgiveness, we haven't gotten specific guidance, but that's going to take time too so be patient. 7....if you want forgiveness, document, document, document...not sure what will be acceptable but document the hell out of your spend. ok that's all I can think of at the moment, but hopefully it helps someone with questions [link] [comments]  |
| Another letter from Senators to the SBA concerning EIDL (4/28) Posted: 29 Apr 2020 07:05 PM PDT I know these are getting old and probably are for show, but just wanted to post to offer a sliver of hope. https://www.cornyn.senate.gov/sites/default/files/EIDL%20Letter.pdf TLDR; Return grant formula to what it was supposed to be, not a per employee cap. In the letter they seem to think that the loan amount had still been reduced to 15k. (But only 40k out of 4.9 million businesses have been funded though so I guess they don't have much data to go off of.) On a side note, is something REALLY messed up happening with the EIDL loans? I was funded around the 35k mark on 4/24 (Friday) and only about 5k EIDL loans have been processed since then? That's a rate of 1k applications per day! [link] [comments]  |
| New lawsuitsuit filed against the SBA over the EIDL grants and funding Posted: 29 Apr 2020 12:18 PM PDT |
| Florida Businesses Sue SBA Over Delayed/Changed EIDL Loans Posted: 29 Apr 2020 11:25 PM PDT |
| SBA Announcement (Wednesday April 29 2020) Posted: 29 Apr 2020 11:59 AM PDT Paycheck Protection Program (PPP) Lending Operations Update – Wednesday, April 29, 2020 SBA and Treasury value all lenders and their small business customers. To ensure access to the PPP loan program for the smallest lenders and their small business customers, starting at 4 p.m. today EDT through 11:59 p.m. EDT, SBA systems will only accept loans from lending institutions with asset sizes less than $1 billion dollars. Please note, lending institutions with asset sizes less than $1 billion will still be able to submit PPP loans outside of this time frame. Please also note that lenders with asset sizes greater than $1 billion will be able to submit loans outside of today's 4pm -11:59pm EDT reserved processing time. This reserved processing time applies today April 29, 2020. SBA and Treasury will evaluate whether to create a similar reserved time again in the future. SBA and Treasury continue to monitor loan system performance and will continue to provide frequent updates to the lending community. [link] [comments]  |
| Interesting info re. the $10K grant/advance! Posted: 29 Apr 2020 02:56 PM PDT I posted the stuff below as responses in a different thread, but I thought I'd share this information with the community at large because it concerns the $10K grant/advance. The information comes directly from 2 different tier 2 SBA representatives and are exact quotes. I'm just putting this out there and am not intending to confirm or deny the information these two SBA reps have shared. I admit, however, that both do sound very knowledgeable and credible. I spoke to one within the last hour, while the other representative spoke to a longtime friend of mine earlier. He recorded their conversation and played it back to me and gave me his approval to publicly share it. Consequently, I'm sharing these in this separate thread in addition to their having been posted earlier in a different, related thread. I've had to slightly edit it to make it sound intelligible as an initial post here and not part of the original thread in which it was contained. The words below are culled from my posts this afternoon in the other thread, with SBA quotes as indicated. ...A friend of mine, who found out he was declined for an EIDL & never received the grant, was verbally told today by a tier 2 rep the following: "...you were declined based on a review of your credit. Therefore, you are also ineligible for the grant." A further comment by the SBA rep. also said this: "Advances are not guaranteed or promised. If you are denied an EIDL loan without having received a grant prior to having applied for the loan, you automatically become ineligible to receive the grant. That would be like just throwing money out the window to anyone and everyone in the country who asks for it, and that's not what Congress intended nor how the SBA operates." Now, I'm not some expert in this, but that does NOT sound like what the $10K grant situation was supposed to be like! Oh, I realize many people were declined for a loan but did receive a grant, but I believe they received said grant before their decline was decided; or they at least had their grant APPROVED before the overall loan was denied. BTW, I literally just got off the phone with a polite, helpful tier 2 rep. Among 1 or 2 other things, I chatted with her about the grant, and I asked her what happens if someone is eventually declined for the loan. Responding to our discussion regarding those who have NOT received a grant and who have applied for an EIDL, she was polite but emphatic when she said this: "Once you are declined for the EIDL, you are declined for everything, grant included. You cannot receive the grant once you're declined for the EIDL." Those were her exact words, which, IMHO, seems to go against the intent of Congress in crafting the law dealing with the grant/advance. I did ask her a follow-up question regarding the grant. Specifically, I asked her if she might know why many people who applied for an EIDL seemed to relatively quickly receive a grant while others like me and many folks here have yet (if ever) to receive the grant and may never will. I asked her this because I was under the impression that the grants were pretty much automatic (though I didn't use the term "automatic when speaking to her). She replied, "It is entirely up to a loan officer to decide whether an applicant will receive the grant and if so, how much. I'm not in the loan department, so I can't get into any more details, but from what has been explained to me, each grant request is reviewed by a loan officer, and it is done independently and separately from the loan request itself. The loan officer reviewing the grant request has the sole discretion to approve or not approve the grant request, and the officer looks at many things. A person's credit may not initially be a factor, but once a credit score is pulled, it can and often does factor into a loan officer's decision to approve the grant or not. To sum it up, Mr. NNNNN, the decision to award the grant is entirely subjective. It was designed to be, because we are dealing with taxpayers' money here and have to be careful and prudent with these funds." If what this rep. said to me is accurate, this really changes many people's perspective on the grant, because it sure seems to me that that wasn't Congress's intent on creating it. [link] [comments]  |
| 2.6M applications is the target for PPP Posted: 29 Apr 2020 03:34 PM PDT I'm hoping this makes some people feel better. So doing some really rough math, the 300B round two should support roughly 2.6M applications based on the 115k average loan amount. Based on Tuesday's numbers they've processed roughly 600,000 applications. If you're already submitted to the SBA there's a strong likelihood that you'll squeak in here. Stay patient and stay hopeful folks. [link] [comments]  |
| Is anyone else moving their accounts out of a big bank? Posted: 29 Apr 2020 10:42 AM PDT Hi everyone, the overwhelming opinion online and from people I know is that big banks are not making it happen for small businesses. We are being ignored and passed over in the PPP process in favor of their larger clients. Everyone that I know personally that has received PPP funding got it through a smaller bank. Lawsuits have been launched and I'm sure we'll get a "promise" that the government will look into it. I am planning to do the one thing that I can and vote with my money by moving all of my accounts (business and personal) from a big bank to a local bank. I've been thinking of organizing a Big Bank Walkout or something of the sort - one week after the lockdown where we all walk into the big banks, close our accounts, and tell them why. I don't want my business on their balance sheets if this is how we're going to be treated. I wanted to gauge interest on here to see what others thought. [link] [comments]  |
| Posted: 30 Apr 2020 03:46 AM PDT Hey, all. I thought I'd share my progress with my EIDL application thus far. My business is in Illinois FWIW. Applied 4/3 (short form only) Generic SBA email received 4/14 Advance recieved 4/30 No credit pulls No portal invite No loan offer [link] [comments]  |
| Posted: 30 Apr 2020 03:40 AM PDT |
| Posted: 29 Apr 2020 08:49 PM PDT sbaleaky last week said ppl are stuck at creditpull stage and not getting portals which he said techs started fixing it. this monday ppp started, eidl grants are moving forward but no movement at all on portal invites at least to no one on reddit since friday. it is impossible that they havent fixed the stuck issue. if there is any slightest movement, even as little as 900 loans a day, we need to see people with portal invites. i have a feeling they put every app on hold on purpose for some reason. my theory: they are waiting untill ppp is all done and gets disbursed. and in the mean time as for EIDL, they are just catching up the grants AUTOMATICALLY BY COMPUTERS. LOs at SBA are not redirected to do ppp work. theyve got to have beem instructed to just hold, do all the due diligence WITHOUT SENDING portal invites but putting reviewed apps on cue. reasoning behind is, eidl is limited. so is ppp. ppp gets processed far faster than eidl for obvious reasons. alot of business owners might be just fine with ppp and eidl grant. sba is testing the waters and hope once ppp is done, small business owners will tend to request lower loan amount and that lousy 50bn compare to whats alotted to ppp will get distributed to more businesses. so probably by mid next week, once ppp runs out, eidl loan will have some movements? any thoughts? [link] [comments]  |
| Being self employed has its risks, but its better than being tied to a corporation. Posted: 29 Apr 2020 09:27 PM PDT I've always told my kids to do what you love and you will never work a day in your life. That is true. But what else is true, is that if you do something you are qualified for, that is easy for you, and will make you an obscene amount of profit is better than "doing what you love." Make that money first, then do what you love. But if you can't do what you love, do what is easy and makes you coin. My son is an AWESOME artist and I know that making money through original art is difficult. But, if he can find a way to use his skills, doing something unoriginal, without being an employee, then I'm gonna back him 100%. Because I know that behind the scenes he's working on an idea bigger than what the corporations are looking at. Small business is going to make it through this. I'm convinced of that. What I am concerned about is the SBA putting corps that technically qualify before small businesses. Already happening, I know. [link] [comments]  |
| Chase PPP update - "Sent to SBA for processing" Posted: 29 Apr 2020 05:20 PM PDT Received this a few moments ago. Was previously in stage 3 since April 22. I am pleased to let you know that we sent your PPP application to the SBA for processing. We're working closely with the SBA as they're receiving a tremendous response this week. We don't know timing yet, but we'll email you as soon as the SBA notifies us of their decision on your loan. I'm proud that our teams worked tirelessly to deliver more than 220,000 applications – including yours – to the SBA this week. And we'll continue to process and submit additional applications until PPP funds are exhausted. Thank you for being a Chase Customer, Sincerely, Jennifer Roberts CEO, Chase Business Banking [link] [comments]  |
| Posted: 29 Apr 2020 08:15 PM PDT What are you guys doing to create profit? What will you guys do when the gym opens? [link] [comments]  |
| I applied to 7 PPP lenders.. here are my reviews to help you! Posted: 29 Apr 2020 08:13 PM PDT Hi everyone so I have applied for 6 lenders Wells Fargo - Pure crap, the big banks dont care about small business don't even bother, its rare to even get a look from them. Paypal - Great and fast however everyone knows and has applied so the line is extremely long, I process transactions through PayPal but I know they're swamped. On Deck - Seems promising at first because customer service is great however none of my 4 entities were approved which raises questions Kabbage - Easy and simple but a bit worried about the long line process however did manage to get 1 approved Funding Circle - They work through cross river bank and everything was denied so I won't bother with them however they do have a pretty quick process so may be different for others Bluevine - AMAZING approved overnight however they can only approve one entity per person so be careful which you submit Credibly - AMAZING as well, had all companies approved and I think it was because they just started becoming a SBA lender on Monday so lines were short and especially today with the 8 hour big bank freeze. All my apps are at the SBA due to this lender so I'm waiting now and been hearing great things Fundera - Not a easy application so I submitted but not expecting much Lendio - Haven't applied but ive heard nothing but bad things of them approving and waiting weeks so stay away I would say Please post your own experiences so we can share the knowledge!! From my experience I say apply to blue vine, PayPal, Kabbage and especially credibly! [link] [comments]  |
| Gusto Payroll rolling out a new PPP forgiveness report (4/29) Posted: 29 Apr 2020 03:54 PM PDT From the Gusto Payroll Dashboard:
I contacted their customer service and was told it should be available in a few hours. I would anticipate this will go through some revisions as the SBA and Treasury Dept provide further clarifications about forgiveness criteria. As an aside, Gusto provided a PPP report to help businesses calculate their loan amounts from "Payroll Expense" calculations and that report was updated a few times while the SBA provided clarifications in the early days i.e. 4/3 - 4/10. [link] [comments]  |
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