PPP or SBA funds, get any?
- Thread starter TATE
- Start date
No but but I’ve been on the other side. Lot of people work very hard to make that program available for their customers.
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Applied for the $10,000 SBA loan/grant....Got nada as of yet.
I got mine today.
What they've done with that one is they're going to give $1,000 for each employee you have instead, up to a maximum of 10K. The money will just show up in your listed bank account. It should be there already or any time now, just go online and check your bank account.
The advance does not have to be paid back.
Here's the letter I got:
Dear Applicant,
On March 29, 2020, following the passage of the CARES Act, the SBA provided small business owners and non-profits impacted by COVID-19 with the opportunity to obtain up to a $10,000 Advance on their Economic Injury Disaster Loan (EIDL). The Advance is available as part of the full EIDL application and will be transferred into the account you provide shortly after your application is submitted.
To ensure that the greatest number of applicants can receive assistance during this challenging time, the amount of your Advance will be determined by the number of your pre-disaster (i.e., as of January 31, 2020) employees. The Advance will provide $1,000 per employee up to a maximum of $10,000.
Are you with a bank? I feel sorry for my rep at Bank of America. On the PPP, they literally have had several hundred thousands of applications, if not a million, requiring documentation and haven't gotten through them yet. My rep is keeping an eye on it for me but the reps didn't have access to the information until recently. No business has the manpower to process this amount of loans on the spur of the moment.
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My neighbor's son, is in the speciality Lock Business, he applied for the same SBA/Grant/Loan, on day one of the processes.
Last we he got $1,000.00, NOT the $10,000.00 promised amount. He was told supply of money ran out because of demand.
I trust Ken, he I seldom complains about much. He jokingly said a grand was better then a zero.
Work IT in Farm Credit (lending to farmers and rural America). Some banks work with SBA and had software to integrate with them already. But if you used their web portal, it was like every high demand website. Would crash, slow down, kick you out, etc. It would take up to 45 minutes to key one application that you already had fully vetted. And you needed a special login with them that took a couple days to get setup. So we were trying to get logins. We had shifts of people keying day and night just to get things in. We are now scrambling to onboard into a software platform so we can more quickly process applications for round 2. That money will go in a sneeze.
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Man you guys must be in a pressure cooker. I feel for you.
Bank of America used a company called Intralinks. We applied the first day it was available (I believe April 10) and I was able to get all my documents to load, but it was not easy and it was a little complicated - no real explanation or instructions. The problem was B of A put their own landing page on the Intralinks website and their landing page was overloaded. It probably made no difference since B of A simply couldn't get to all of the applications to submit to SBA. We are one of their commercial accounts with a senior VP rep and they couldn't even get to us. The 2nd round of funding should be approved tomorrow. They are probably going to have to fund everybody regardless.
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Some of these excuses I'm hearing across the country is silly. They know who qualifies for the money, they have names, names of the businesses and of course addresses,
Write the phucking checks and let Pony express handle it would be much more efficient !
Write the phucking checks and let Pony express handle it would be much more efficient !
I think the mistake was compunded by putting PPP relief in with loans that would have to be paid back. The loans should have been offered separately and the companies who qualified for PPP relief (those who didn't lay off their employees) get preference. The loan is still an asset to the SBA while the true PPP relief money is not. They are basically loaning money to companies who have laid off employees who are in turn collecting unemployment. This is double dipping the available funds.
It was all put together so fast, it was half thought out and therefore half-assed.
We received our $10,000 EIDL advance today. I applied on 3/31.
I applied for PPP grant money on 4/7, thru TD Bank online. Didn't receive anything.
Yesterday I was finally contacted by TD. They had me rework my SBA PPP application to match the information that was provided on the TD Bank loan application. It was submitted (finally) yesterday. Now it will be a waiting game again to see if we get any of the funding.
I applied for PPP grant money on 4/7, thru TD Bank online. Didn't receive anything.
Yesterday I was finally contacted by TD. They had me rework my SBA PPP application to match the information that was provided on the TD Bank loan application. It was submitted (finally) yesterday. Now it will be a waiting game again to see if we get any of the funding.
I don’t think that’s true. I think you have to document that you didn’t lay-off your employees and retained them on your payroll to be eligible. I think the scenario you described would expose a business to fraud charges.
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Nope, it's true. The loan is one thing and forgiveness is documented after the fact. Any small business can apply for the loan but if you lay people off, their salaries will have to be paid back.
Some businesses have received the money but can't reopen by local lock downs and will have to pay the salaries back.
Here's exactly what PPP loans say:
The CARES Act established the PPP as a new 7(a) loan option overseen by the Treasury Department and backed by the SBA, which is authorized to provide a 100% guarantee to lenders on loans issued under the program. The full principal amount of the loans and any accrued interest may qualify for loan forgiveness if the borrower maintains or rehires staff and maintains compensation levels. However, not more than 25% of the loan forgiveness amount may be attributable to nonpayroll costs.
Loan payments will be deferred for six months; however, interest will continue to accrue during the six-month deferment. No collateral or personal guarantees are required.
Here's an example of what I'm talking about, there are many in the news: https://www.cnbc.com/2020/04/14/jun...pp-loan-not-enough-to-bring-workers-back.html
Not only that, once the money is spent, some of these companies will be in bankruptcy anyway without having hired back their workers. It was poorly though out I'm afraid.
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