you'll probably want to reach out to your bank asap...doesn't sound like they're on top of it.
PPP's starting to fund
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Last: 5 yr ago by Pelayo
We were approved over the weekend. What is the typical time frame from approval to funding?
still a lot of unknowns out there, but 5-10 days is what i've heard.
I did. Bank said "we never received your application"...My quick response was, "here's all the docs I sent with time stamps on them, that's on you".Hincemm said:
you'll probably want to reach out to your bank asap...doesn't sound like they're on top of it.
Miraculously, they found the application after that email.
Owner - Mosquito and Pest Authority | www.bugsbite.com
Applied the 1st day for loan at my bank. Heard nothing until today. Since I am a Director at the bank, Treasury has not determined if I can even borrow from my community bank of 25 years as a customer. Bank President has sent repeated emails to SBA about mine and other board members and have received nothing confirming either way. Reluctant to go to another bank I'm not associated with and get in the back of the line or stay the course as my banker advises in hopes of being allowed to be a customer of the bank I've been a customer of for 25 years.
Purgatory!
Purgatory!
Just an FYI to those still in limbo - please contact your bank again asap to make sure things are lined up. Apps received, loan approved, docs being prepared, approximate funding date, etc.
We got a memo this afternoon that said about 80% of the fund had been used up as of noon today. It also mentioned that apps were being submitted at a much more rapid pace now that so many banks finally got things figured out toward the end of last week. Some say this round of funding will dry up within the next 24 hours, with the release of additional funds still TBD. Our office has basically wrapped everything up at this point, but I realize that's not the case for a lot of banks out there.
Make sure your people are on top of this. Wouldn't want anyone to miss out as things draw to a close.
We got a memo this afternoon that said about 80% of the fund had been used up as of noon today. It also mentioned that apps were being submitted at a much more rapid pace now that so many banks finally got things figured out toward the end of last week. Some say this round of funding will dry up within the next 24 hours, with the release of additional funds still TBD. Our office has basically wrapped everything up at this point, but I realize that's not the case for a lot of banks out there.
Make sure your people are on top of this. Wouldn't want anyone to miss out as things draw to a close.
If it is "SBA approved" but not officially funded are we at risk of getting left out?
Hincemm said:
still a lot of unknowns out there, but 5-10 days is what i've heard.
Praying this is true.
Premium said:
If it is "SBA approved" but not officially funded are we at risk of getting left out?
You should be ok, but I'd double check with your banker in the morning to make sure they've got everything in place for you. They should be to the point now where you can start getting solid answers on the timeline for signing and funding.
$230 Billion has gone out the door.
- Mnuchin @ evening presser
- Mnuchin @ evening presser
if you have an SBA loan number, your money is reserved.Premium said:
If it is "SBA approved" but not officially funded are we at risk of getting left out?
I had my application in by noon on April 3. I used a small private bank that helped me with loans when I originally opened my practice. I got a response that my application was received but it has been nothing but crickets since. I called this am for an update and still have no response.
I've cut my staffs hours to about 50% and probably not paying myself the next couple of pay periods. I've spoken with them and they will be fine with the next few pay periods as they will get their IRS refund checks. Beyond that, it would make more since for them to file for unemployment as they will get more then I will be able to pay. There is simply no way to maintain the overhead I have when I'm only seeing 40% of the patients I typically would. I'm really hoping/needing those funds come in. It will be the only way to cover rent and other operating expenses and still be able to pay my staff.
I've cut my staffs hours to about 50% and probably not paying myself the next couple of pay periods. I've spoken with them and they will be fine with the next few pay periods as they will get their IRS refund checks. Beyond that, it would make more since for them to file for unemployment as they will get more then I will be able to pay. There is simply no way to maintain the overhead I have when I'm only seeing 40% of the patients I typically would. I'm really hoping/needing those funds come in. It will be the only way to cover rent and other operating expenses and still be able to pay my staff.
No material on this site is intended to be a substitute for professional medical advice, diagnosis or treatment. See full Medical Disclaimer.
Got my funding just before noon today.
I'm very happy with Plains Capital Bank.
I'm very happy with Plains Capital Bank.
As a former president once said, I feel your pain.
Loan was approved Friday night, not yet funded. We'll see if I make the cut. Asking for volunteers to furlough and take UE for May with the hope of bringing them back in June. Thinking about asking for mortgage deferrals on the buildings. Have you asked about rent abatement or reduction?
Loan was approved Friday night, not yet funded. We'll see if I make the cut. Asking for volunteers to furlough and take UE for May with the hope of bringing them back in June. Thinking about asking for mortgage deferrals on the buildings. Have you asked about rent abatement or reduction?
No material on this site is intended to be a substitute for professional medical advice, diagnosis or treatment. See full Medical Disclaimer.
Pelayo said:
Thinking about asking for mortgage deferrals on the buildings. Have you asked about rent abatement or reduction?
You absolutely should. It's important for people to remember that the PPP loans are not the only way to get relief. Along with 700+ PPP loans, my office also deferred the payments on about $200MM in loans for the next 120 days. Converted an additional $100MM from P&I to interest only. Banks are willing to help, and if your mortgage holder doesn't offer, just flat out ask them. I hope you get everything you need.
I guess I shouldn't have gone through Bank of America. Filled out the form within 12 hours of it going live. Responded to their request for documents (940 / 941) within 2 hours of getting the email and... crickets.Gramercy Riffs said:
Just an FYI to those still in limbo - please contact your bank again asap to make sure things are lined up. Apps received, loan approved, docs being prepared, approximate funding date, etc.
We got a memo this afternoon that said about 80% of the fund had been used up as of noon today. It also mentioned that apps were being submitted at a much more rapid pace now that so many banks finally got things figured out toward the end of last week. Some say this round of funding will dry up within the next 24 hours, with the release of additional funds still TBD. Our office has basically wrapped everything up at this point, but I realize that's not the case for a lot of banks out there.
Make sure your people are on top of this. Wouldn't want anyone to miss out as things draw to a close.
It is probably too late to start the process over with another bank. The only good news is it appears that a 250B+ boost to the PPP will probably occur.
I'm on hold with the SBA now, and I am caller number 2,270! I feel like I won the lottery!
Gumby said:
Our application was accepted, rejected, re-accepted, re-rejected, re-re-accepted. It was rejected for information that was missing but not required. It was also rejected because we didn't submit an IRS form that is not relevant for our organization and they already had the forms that applied.
Our latest message was you are good - we will contact you if there are any problems.
Expect to be contacted
Most commercial landlords are going to allow rent deferrals, what we are doing is typically offering three months of reduced or deferred rent and that amount has to be re payed interest free over the next 6 months to a year. We are also requesting P&L's and other financial information as there are some tenants (especially larger ones) that can weather the storm but are trying to take advantage of the situation and try and get something for free. In other words, we are willing to help tenants get through this, but nothing is going to end up being "free".Pelayo said:
As a former president once said, I feel your pain.
Loan was approved Friday night, not yet funded. We'll see if I make the cut. Asking for volunteers to furlough and take UE for May with the hope of bringing them back in June. Thinking about asking for mortgage deferrals on the buildings. Have you asked about rent abatement or reduction?
jeffdjohnson said:
The only good news is it appears that a 250B+ boost to the PPP will probably occur.
Where are you seeing this? I know Congress was working on this last week but it got shot down by the dems and I'm pretty sure no one is in session right now.
I don't lease, largely for this reason.1939 said:Most commercial landlords are going to allow rent deferrals, what we are doing is typically offering three months of reduced or deferred rent and that amount has to be re payed interest free over the next 6 months to a year. We are also requesting P&L's and other financial information as there are some tenants (especially larger ones) that can weather the storm but are trying to take advantage of the situation and try and get something for free. In other words, we are willing to help tenants get through this, but nothing is going to end up being "free".Pelayo said:
As a former president once said, I feel your pain.
Loan was approved Friday night, not yet funded. We'll see if I make the cut. Asking for volunteers to furlough and take UE for May with the hope of bringing them back in June. Thinking about asking for mortgage deferrals on the buildings. Have you asked about rent abatement or reduction?
I think a lot of CRE firms/owners are going to be taking reduced rent or sitting with some empty centers.
No material on this site is intended to be a substitute for professional medical advice, diagnosis or treatment. See full Medical Disclaimer.
You are correct. Looks like I was viewing information from last week.TAMC11 said:jeffdjohnson said:
The only good news is it appears that a 250B+ boost to the PPP will probably occur.
Where are you seeing this? I know Congress was working on this last week but it got shot down by the dems and I'm pretty sure no one is in session right now.
Funded today! Looking forward to telling my employees this pm
I would put 100% confidence in the program to be fully-funded. Particularly now with loans actually funding and employer behavior (in regards to retaining and paying employees) changing due to the loans funding.TAMC11 said:jeffdjohnson said:
The only good news is it appears that a 250B+ boost to the PPP will probably occur.
Where are you seeing this? I know Congress was working on this last week but it got shot down by the dems and I'm pretty sure no one is in session right now.
No one in either party is going to want to be on the wrong side of a program that appears to be showing results in weeks.
That being said, I fully expect their to be some pork added to the funding along with target requirements for HUB/MWSBE businesses.
Hearing from attorney who's watching the suggestions for final rules that the EIDL loans will be much smaller than advertised. And that if you do get the thirty year EIDL you have to pay pack the PPP with it and forego a lot of the 'loan forgiveness'. Anyone else hearing the same?
No material on this site is intended to be a substitute for professional medical advice, diagnosis or treatment. See full Medical Disclaimer.
puryearag85 said:
Funded today! Looking forward to telling my employees this pm
Do you see this as a true stop gap from firing? If things are the same way 2 months from now we will have to strongly consider furloughs - PPP helps a ton!
I've told our employees when we applied for it and I'll tell them we got it, when the funding clears. Hope they realize the seriousness of it all - and don't treat it like a vacation!
Pelayo said:
Hearing from attorney who's watching the suggestions for final rules that the EIDL loans will be much smaller than advertised. And that if you do get the thirty year EIDL you have to pay pack the PPP with it and forego a lot of the 'loan forgiveness'. Anyone else hearing the same?
Yes, I heard like $1K per employee or something like that and it's not additional $ to the PPP.
puryearag85 said:
Funded today! Looking forward to telling my employees this pm
Congratulations to you and your employees! Had you already been notified that it was approved? And what bank, if you don't mind me asking?
Right, that's for the up to 10K "grant". I was talking about the full loan up to 2 million @3.75% 30 year amort.Premium said:Pelayo said:
Hearing from attorney who's watching the suggestions for final rules that the EIDL loans will be much smaller than advertised. And that if you do get the thirty year EIDL you have to pay pack the PPP with it and forego a lot of the 'loan forgiveness'. Anyone else hearing the same?
Yes, I heard like $1K per employee or something like that and it's not additional $ to the PPP.
No material on this site is intended to be a substitute for professional medical advice, diagnosis or treatment. See full Medical Disclaimer.
The company my wife works for received their PPP funding today.
Been told for years to move to a local community bank and I've not done it. Will be doing so after this is all over with. Beyond frustrated with this process and how my bank has handled it.
Sent you a direct message regarding director eligibility...check again with your bank. Directors are eligible as of about noon today.
just signed the docs should have it in 2 days.
Formerly Willy Wonka
to follow up on wonka's post, and for those getting funded...
if we sign our edocs with SBA/bank on Friday, any idea when to expect the funds in our account. is it the 2 days stated in the above post?
if we sign our edocs with SBA/bank on Friday, any idea when to expect the funds in our account. is it the 2 days stated in the above post?
I applied within hours the first day. My business banks with a local bank. Still not even approved, let alone funded.
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