PSA: PLEASE Be Curteous & Patient When Talking to SBA (aka. Chill-Out!) small business |
- PSA: PLEASE Be Curteous & Patient When Talking to SBA (aka. Chill-Out!)
- Whoa! EIDL deposit came in today!
- PPP approved through... Chase. Who would have guessed?
- Seriously... why did we even have to apply?
- So apparently PPP is down and EIDL applications suffered a huge data leak?
- Eidl adv received
- Silicon Valley Bank to Donate all Fees from PPP to Pandemic Relief
- Public companies took far more small business loans than first thought — here’s the latest tally
- Its time to face the truth...They don't really care about us.
- Chase PPP Round 2 Success
- They should have run EIDL and PPP through IRS, not SBA
- The fu*&king Lakers too?
- Soo... should I stop paying taxes now or later?? ����
- EIDLADV and EIDG - Any difference?
- EIDL APP: 33018* Update GRANT RECEIVED
- PPP- Bye Bye Chase, SQUARE kicked your ass!!!
- PayPal is at least being honest about my status
- EIDL approved and obligating! (Timeline)
- Freelance Estimating?
- any startups need free labor? we have junior python programmers for free
- PPP email from Credibly
- SBA says it has processed more than 100,000 PPP loans by more than 4,000 lenders today (4/27)
- Evidence of SBA EIDL minimum credit score being 560
- Hope for "silent" EIDL applications
- It’s a felony to harass or threaten a government worker (SBA/IRS)
| PSA: PLEASE Be Curteous & Patient When Talking to SBA (aka. Chill-Out!) Posted: 27 Apr 2020 03:00 PM PDT I just called tier 2 support and was devastated (goosebumps and everything) when, who turned out to be a very nice & helpful lady, answered the phone on the verge of an anxiety attack. Turns out that the last person she just got off the phone with was beyond disrespectful to her. While she couldn't give me details, the tone in her voice was enough for me to realize what she just went through. Look everyone, we're all going through hard times. And while I understand that a lot is at stake, and a lot of people feel wronged, we CANNOT mistreat the people that are put in place to help us. They're not the decision makers, and I cannot imagine a situation where resorting to foul language and yelling could possibly help get you ahead. In fact, it will only set you back. PLEASE PLEASE PLEASE be respectful and courteous to your peers in general, but especially these agents who spend their whole day answering difficult phone call after difficult phone call. /End Rant [link] [comments]  |
| Whoa! EIDL deposit came in today! Posted: 28 Apr 2020 04:22 AM PDT I applied on 4/2 and haven't heard anything, called SBA a few times with no success, no credit pull, nothing. Checked bank accounts this morning to find the full advance deposited. I have been discouraged and felt abandoned this whole time. I'm just posting to let anyone who feels discouraged like I did to stay patient and keep your head up. [link] [comments]  |
| PPP approved through... Chase. Who would have guessed? Posted: 28 Apr 2020 03:13 AM PDT Submitted on 4/6. I got all the generic emails everyone else seems to have got. Never heard another peep. Got an email this morning saying I was approved. Chase portal shows approval as well. There is hope... Application number 05TX211xxxx [link] [comments]  |
| Seriously... why did we even have to apply? Posted: 27 Apr 2020 02:59 PM PDT Just like taxes for 95% of the country... the government already had all of the payroll info. They should have just sent money and let us accept or reject it. This circus wasn't even needed. Automate a program to send a % of a companies payroll last year and voila , 95% of cases handled. Allow appeals for the remaining 5%. All we were doing was taking info they already had and did some simple math. Except this way it turned into a giant clusterfuck. [link] [comments]  |
| So apparently PPP is down and EIDL applications suffered a huge data leak? Posted: 28 Apr 2020 04:01 AM PDT |
| Posted: 28 Apr 2020 04:00 AM PDT Called yesterday and was told my bank account could not be verified - so I give them another bank acct info ... they put it in notes - but this morning the grant showed up in the original account Applied - 4/2 Appl num 33 0164...... Credit pulled 4/23 [link] [comments]  |
| Silicon Valley Bank to Donate all Fees from PPP to Pandemic Relief Posted: 27 Apr 2020 07:29 AM PDT Lots of bigger banks are receiving a lot of criticism right now, so I wanted to highlight Silicon Valley Bank. While the majority of their clients are in tech, many of them are also small startups with only a few employees or just the founder(s). Despite a few initial hiccups in the system they set up for PPP causing applications to be delayed by a week, they were still able to submit and fund their clients during the first round. We're a small startup (small PPP loan). and received our notice of SBA acceptance the day the first round ran out, and received our wire last week. A few minutes ago SVB announced they are donating all fees from CARES to COVID-19 relief efforts. It would be great to see other big banks do the same. Full e-mail from the CEO below:
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| Public companies took far more small business loans than first thought — here’s the latest tally Posted: 27 Apr 2020 10:57 AM PDT "That includes $126.4 million for three public companies affiliated with Texas hotelier Monty Bennett. One of those firms, Ashford Hospitality Trust, applied for $76 million in 117 separate loans, according to regulatory filings." https://www.cnbc.com/2020/04/26/small-business-loans-public-companies-took-855-million.html [link] [comments]  |
| Its time to face the truth...They don't really care about us. Posted: 28 Apr 2020 04:50 AM PDT Hello fellow small business owners. Once we embrace the facts regarding the performance of the "ppp program", and it's miscellaneous offerings, one thing should be crystal clear to you. Governments, Banks, and the upper echelon of financial entities, love BIG business. I won't rehash all the facts you already KNOW, but may be refusing to accept. (Entrepreneurs tend to be optimists). However I appeal to your sense of reason. Mathematically speaking, The total ppp/EIDL amounts allotted thus far, is but a minor bandaid on an ever increasing velocity towards total implosion of the small businesses in America. IF, and I do mean IF, you find yourself in one of the lucky few who will receive the financial assistance...i would consider that to be your final help...there will be no cavalry coming to save us. Why is that important to realize and accept? Simply, once you realize that, it creates a clean and quiet space in your head, and will help shape the important decision horizons that are barreling towards us. There will be NO going back to normal. Take are of yourselves an families FIRST. That is what wall street, bankers and politicians are doing. Grandma would always remind me..."More important to see what they do, than what they say". I have you all in my prayers, blessings and peace, to you and yours. [link] [comments]  |
| Posted: 27 Apr 2020 06:02 PM PDT Just got the email. Single member LLC approved for the single employee maximum. Funds to be deposited in 3 days. 05TX212XXXX [link] [comments]  |
| They should have run EIDL and PPP through IRS, not SBA Posted: 27 Apr 2020 02:33 PM PDT Wouldn't it have made more sense? The IRS has all of the data they need on this. Active business? Check. Number of employees? Check. Gross revenue - COGS? Check. They could have run a report and pushed out direct deposits. The IRS is built to handle huge volumes of submissions in waves (April 15 for example). The SBA doesn't work well in the best of times, why would it work under a torrent of sudden applications? Seems like a massive snag in the policy. [link] [comments]  |
| Posted: 27 Apr 2020 09:59 AM PDT |
| Soo... should I stop paying taxes now or later?? ���� Posted: 27 Apr 2020 07:02 PM PDT The federal government and state government audits me on a regular. I have an FFL and a Dealership at the same location I applied for this EIDL for, was declined today. For what reason you say? Ohh they said they can't find my business name. They "Officially Declined" me on 4/17. No denial email, no letter not shit. Took calling T2, 20 times to get an answer.. they said that they can't find my business on the "SOS" registry, which is impossible. I had to register my business with the damn state to be here. Is a requirement before they issue my actual Dealership License. Not only that I have a FFL in this location. The ATF audits me on a regular. Same as the State for my vehicles I sale. It's literally mandatory thing that occurs no matter what. I've also have authority myself to store people's information socials, all there info for Experian and run credit myself! For my dealership. Your telling me... they can't figure out I'm a real business so they decline me officially without a call or an email. & I have to twist there call them 20 times to get this answer. It's been 10 days since I've been declined just found out today. Have 60 days to appeal. But have to receive the letter first. So without denial letter I can't appeal. 10 fucking day's have already gone by without a letter. Totally bogus unfair lending. For all I'm concerned the SBA should be broken completely up after this one.... 👍 [link] [comments]  |
| EIDLADV and EIDG - Any difference? Posted: 28 Apr 2020 05:07 AM PDT On 4/15 I received a $10K deposit labeled SBAD TREAS 310 EIDLADV. I thought it was the grant as I never still to this day received a portal invite or heard anything back about a loan. However I'm reading that people are getting deposits at EIDG for the grant. Is EIDLADV also the same thing, or what's the difference? [link] [comments]  |
| EIDL APP: 33018* Update GRANT RECEIVED Posted: 28 Apr 2020 04:59 AM PDT Good Morning Applied 04/03 04/06: sent email to SBA formally requesting my 10k advance in writing (also called) *important if these lawsuits, demand letters, and congressional chatter amount to anything Business Type: Sole Proprietorship App #: 33018* Credit Pull: ***NONE*** Grant Received: 04/28 Grant Screenshot No communication other than generic email on 04/14. I did call yesterday and was told my app had made it to the loan dept - no other info given. That was the first call anybody said they could actually see my application; I had called previously a few times and the calls were pretty much worthless except for my own personal amusement. Not sure why my credit hasn't been pulled - I will say I do have a separate EIN for my SP not sure if that has anything to do with it. I also applied for my LLC (04/06 app #: 33024*) - no movement other than generic email on 04/14 Edit: Called 877 number - said I am waiting to be assigned a loan officer - unsure how long this would take but that is when I should get portal and next steps. No current loan offer or denial in system. [link] [comments]  |
| PPP- Bye Bye Chase, SQUARE kicked your ass!!! Posted: 27 Apr 2020 07:12 PM PDT I had my application in and done with Chase on April 6, spoke with the banker assigned to my account and everything was good, then for 18 days heard nothing, calls and emails were ignored until on the 24th Chase finally told me I was at stage 2!!! Friday I get an email from square to apply with them, 12 hours later I get email I'm verified and ready to go, and just now got an email that they got me in on time and just waiting for the SBA #. Chase should take lessons if nothing else on communication with customers from square!! Looks like another 30 days or so and I can shit can Chase and I swear I will never look back!! Just got this from Square: Dear Daniel, The SBA began accepting PPP loan applications starting Monday, April 27 at 10:30 a.m. EST / 7:30 a.m. PST. Your PPP loan application through Square Capital has been verified and is now with the SBA for review. However, we're still waiting to hear back from them. Please note that SBA review times may be longer than usual due to PPP application volume. If approved by the SBA, you'll receive a confirmation email from us with your Loan Agreement and funds will be deposited into your Square-linked bank account after SBA approval. We'll keep you updated via email and your Square Dashboard, where you can also see your loan application details. Thank you, The Square Capital Team [link] [comments]  |
| PayPal is at least being honest about my status Posted: 27 Apr 2020 04:57 PM PDT Here's an email I literally just received. "Dear XXX Thank you for submitting your application for the Paycheck Protection Program loan through PayPal. Additional program funding allocated by the US Government for the Paycheck Protection Program became available on Monday, April 27. However, the SBA is limiting the number of applications that each provider can process through the SBA to only a few hundred per hour. Your application is complete and is in line to be processed through the SBA as soon as we are able. Given the SBA application processing volume controls, we anticipate that it will take several days for us to process completed applications through the SBA and to receive the required SBA loan numbers in order to proceed with funding. We will communicate updates through email. Our contact centers do not have access to the status of your loan, so they will be unable to provide any updates if you call. Sincerely, The PayPal Paycheck Protection Program Loan Team" Bank of America, where I submitted in the first hour on April 3? NOTHING. ETA: I submitted my PayPal application Thursday 4/23 in the evening and was frankly shocked at how fast they responded, how clear the process was, how fast they sent us loan docs to sign. Basically it feels teed up to have us do everything we can do in advance. [link] [comments]  |
| EIDL approved and obligating! (Timeline) Posted: 28 Apr 2020 05:33 AM PDT Called in to SBA customer service this morning and was very relieved to hear that the rep told me my loan was approved and is obligating and I should receive the closing docs shortly. My timeline for reference: App number 330161xxxx
I will update when I get funded to complete the timeline. Good luck everyone. [link] [comments]  |
| Posted: 28 Apr 2020 05:13 AM PDT I'm thinking about doing some freelance estimating and wanted to get an idea if this is something people would be interested in. I know estimating can be a full time job at some companies but I think a lot of that time is being wasted. The pay would be structured in a way that I get paid only if we win the bid. I was thinking something like 2-3% of the bid price. What do you guys think about this idea? [link] [comments]  |
| any startups need free labor? we have junior python programmers for free Posted: 28 Apr 2020 03:45 AM PDT any startups need free labor? we have junior python programmers for free due to COVID 19 alot of our college folks have their internships and FT offers canceled, DM me if you guys are interested in hiring free labor. [link] [comments]  |
| Posted: 27 Apr 2020 08:29 PM PDT "Additional funds for the Paycheck Protection Program (PPP) were replenished today and your application was submitted to the SBA upon releasing the funds at 10:30 am EST. As you may have heard, their system crashed upon open due to the large volume of incoming applications. We have confirmation that your file was submitted, but we do not yet have an update from the SBA with regards to the status. We will provide updates as we receive further information from the SBA regarding the status of your application, but please understand that your file is in a great spot and we are staying on top of the process. Thank you, Credibly" Got this email from Credibly tonight 4/27. This looks very promising. More promising than my PayPal submit or my Kabbage Submit.... what's y'all thoughts on this email! Cue where you at brotha? [link] [comments]  |
| SBA says it has processed more than 100,000 PPP loans by more than 4,000 lenders today (4/27) Posted: 27 Apr 2020 05:12 PM PDT "SBA says it has processed more than 100,000 PPP loans by more than 4,000 lenders today by 3:30 PM EDT. Its systems are strained because there are double the number of users accessing it compared to any day during round 1 of PPP." EDIT1: From Fox Business News 4/27: "Small banks also complained larger lenders were able to submit applications in bulk, requesting loans on behalf of 15,000 businesses, while smaller lenders were limited to a single application at a time. The SBA modified the bulk processing threshold to 5,000, though several smaller bankers question the need for a minimum at all. " [link] [comments]  |
| Evidence of SBA EIDL minimum credit score being 560 Posted: 27 Apr 2020 07:57 PM PDT Here is some evidence I found that the minimum credit score requirement for EIDL is 560 (even in respect to COVID19): I found this on the Google Cache today: https://webcache.googleusercontent.com/search?q=cache:Q9I--uqIndAJ:https://ctsbdc.com/wp-content/uploads/2020/04/COVID19_ResourceGuide_03312020.pdf+&cd=10&hl=en&ct=clnk&gl=us The original document has since been taken down from the website (hence having to pull up a "text" version of it from Google Cache, which looks all clunky...) Note that it says "*Best Practice: If your credit score is below 560, we recommend uploading an explanation for the SBA to consider." (this is under the section "IS MY BUSINESS ELEGIBLE?"). And from all of the reports that I'm reading on Reddit, they seem to be using either Experian VantageScore, or Experian FICO 2. NOT FICO 8!!! [link] [comments]  |
| Hope for "silent" EIDL applications Posted: 27 Apr 2020 02:19 PM PDT Applied short form 3/30 36001, credit pull 4/17, no communication whatsoever. Called 877 T2 number this morning and had application reviewed. Rep indicated bank account has been "verified" and there were no other notes which was "a good sign". Told to expect a loan offer this week as they were given the "go-ahead" to process applications again this morning with additional funding. "Loan offer may come before grant". As the previous SBA insider noted, several folks are stuck in the position after a credit check and before a grant and/or loan offer –– appears there is hope if in limbo here, and silence does not mean denial! [link] [comments]  |
| It’s a felony to harass or threaten a government worker (SBA/IRS) Posted: 27 Apr 2020 04:39 PM PDT Seeing a lot of well deserved impatience and panic around SBA/IRS response and updates. Please keep in mind that threatening or harassing a government worker because you can't control a situation and feel the need to get aggressive with a person on the phone or in an email is a felony. You may get off the phone or done writing that email feeling happy you "let it out all out and spoke what's on your mind"...but these people are not only humans but part of the society we live in whether near or far they still had to go through the process of being hired, don't make there job harder or your life harder. The government will prosecute all those to the fullest extent in due time, so make sure you watch your words and tone, interpretation is a funny thing in court. [link] [comments]  |
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