Banks have 10 calendar days to fund after they get the SBA approval doc on that particular loan.

Signing loan docs doesn't really trigger a timeline. The key is the 10 day deadline. We are documenting on day 5 and funding on day 9.

We submitted initial loan application request documents and support on 4/6, signed the official application and promissory note on 4/14 and were funded the same day. Our bank used a third party system to interface with the SBA and for the document submission process, so they didn't start accepting anything until 4/6.

The whole process was very simple and painless.

I signed the loan docs (not the application) yesterday at 4pm and the wire hit our bank at 2pm today.

My wife was funded today.

I reached out to my bank earlier today because I had not received any notification from them after submitting my application.

I was able to successfully submit my application on 4/5/2020 and my banker indicated that he received notification this morning that we will be closing 4/20/2020.

I am with Frost bank so I would be interested to see if the big banks have started funding for anyone (I don't think I saw this referenced in the thread). My wife's company submitted with Chase and they are hanging in the wind with no information.

Just funded

So, what is the best way/strategies etc to use the funds to be sure I get as much forgiven as possible?

kingj3 said:

---

So, what is the best way/strategies etc to use the funds to be sure I get as much forgiven as possible?

---

Payroll, rent, utilities, interest on all debt before feb 15. Group healthcare, retirement funds for employees

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.

---

You seem to understand this process and these loans better than most CPAs and bankers I've spoken with. I tried to PM you but it wouldn't go through. Could you spare 3-5 minutes for a quick question from a fellow Ag? If so, my cell is 972-365-0432.

Cody

I got a late night email from Chase that my loan has been approved and will fund in 3 business days! What's unknown to me if that means I have money reserved and it's on its way or that if the funds run out today I'm out of luck.

AgAttack said:

---

I got a late night email from Chase that my loan has been approved and will fund in 3 business days! What's unknown to me if that means I have money reserved and it's on its way or that if the funds run out today I'm out of luck.

---

I have this same question. My app was approved by the sba on Monday and am in the 10 day period to sign docs (which I haven't gotten yet) and get funded. It looks highly likely that funds will be depleted before the end of my 10 days. I am curious if the sba approval on Monday has already locked in my funding. Anyone in the know with some feedback would be greatly appreciated.

I have the same concern

Shout out to all the community banks that have their **** together compared to all the massive, "too big to fail" banks that dropped the ball.

Hopefully the Democrats will get their **** together and allow more funds to go into the system.

Million said:

---

AgAttack said:

---

I got a late night email from Chase that my loan has been approved and will fund in 3 business days! What's unknown to me if that means I have money reserved and it's on its way or that if the funds run out today I'm out of luck.

---

I have this same question. My app was approved by the sba on Monday and am in the 10 day period to sign docs (which I haven't gotten yet) and get funded. It looks highly likely that funds will be depleted before the end of my 10 days. I am curious if the sba approval on Monday has already locked in my funding. Anyone in the know with some feedback would be greatly appreciated.

---

my understanding is that if you got an e tran number from the sba, then your funding is secured.

My wife received approval last night at about 7pm. She applied on April 7 I think.

Bonfire1996 said:

---

If you have an SBA loan number, which the bank gets as your approval, your money is reserved in the $359 billion.

The "money" that's running out isn't actual money, it's the reserved portion of money. If your lender has the SBA approval, you are good.

---

once the bank gets the funds are there any further steps or verifications required for the bank before they make the funds available in your account?

bad news if you haven't received confirmation from SBA of acceptance...

https://www.cnn.com/2020/04/16/politics/small-business-loan-fight-congress-negotiations/index.html

Bonfire1996 said:

---

If you have an SBA loan number, which the bank gets as your approval, your money is reserved in the $359 billion.

The "money" that's running out isn't actual money, it's the reserved portion of money. If your lender has the SBA approval, you are good.

---

Thank you. My loan officer just confirmed this as well.

Pelayo said:

---

Bonfire1996 said:

---

If you have an SBA loan number, which the bank gets as your approval, your money is reserved in the $359 billion.

The "money" that's running out isn't actual money, it's the reserved portion of money. If your lender has the SBA approval, you are good.

---

once the bank gets the funds are there any further steps or verifications required for the bank before they make the funds available in your account?

---

Bank doesn't get funds, they use their own. The banks are supposed to reconcile your requested loan amount to your payroll backup data provided. The bank also has a responsibility to honor its BSA requirements which means verification of who you are. That should be it.

They may need entity docs to ensure you have authority to establish debt for your company.

The biggest thing is time. Everyone has to be closed and funded in order, day to day. We get 10 days to fund, so yesterday's must be processed before today's, no matter how easy today's are. I hope that makes sense.

Bonfire1996 said:

---

Pelayo said:

---

Bonfire1996 said:

---

If you have an SBA loan number, which the bank gets as your approval, your money is reserved in the $359 billion.

The "money" that's running out isn't actual money, it's the reserved portion of money. If your lender has the SBA approval, you are good.

---

once the bank gets the funds are there any further steps or verifications required for the bank before they make the funds available in your account?

---

The biggest thing is time. Everyone has to be closed and funded in order, day to day. We get 10 days to fund, so yesterday's must be processed before today's, no matter how easy today's are. I hope that makes sense.

---

What happens to the small business if the loan is approved, and the bank fails to meet the 10 days to fund?

Hincemm said:

---

bad news if you haven't received confirmation from SBA of acceptance...

https://www.cnn.com/2020/04/16/politics/small-business-loan-fight-congress-negotiations/index.html

---

Yep, I pretty much expected this. Looks like we missed out on round 1. I feel pretty confident there will be a round 2. As of now I'm not going to furlough or cut any employees. I will probably give it two more weeks on that end.

Speaking of round 2, anyone want to recommend a different (non BOA) bank to work with? May as well start the process now.

HowdyTXAggie said:

---

Bonfire1996 said:

---

Pelayo said:

---

Bonfire1996 said:

---

If you have an SBA loan number, which the bank gets as your approval, your money is reserved in the $359 billion.

The "money" that's running out isn't actual money, it's the reserved portion of money. If your lender has the SBA approval, you are good.

---

once the bank gets the funds are there any further steps or verifications required for the bank before they make the funds available in your account?

---

The biggest thing is time. Everyone has to be closed and funded in order, day to day. We get 10 days to fund, so yesterday's must be processed before today's, no matter how easy today's are. I hope that makes sense.

---

What happens to the small business if the loan is approved, and the bank fails to meet the 10 days to fund?

---

they should still be fine. The SBA loan Number doesn't have an expiration date.

I'd be worried if I were the bank not funding in 10 days. That's putting their fee income and SBA guarantee at risk in my opinion.

jeffdjohnson said:

---

Hincemm said:

---

bad news if you haven't received confirmation from SBA of acceptance...

https://www.cnn.com/2020/04/16/politics/small-business-loan-fight-congress-negotiations/index.html

---

Yep, I pretty much expected this. Looks like we missed out on round 1. I feel pretty confident there will be a round 2. As of now I'm not going to furlough or cut any employees. I will probably give it two more weeks on that end.

Speaking of round 2, anyone want to recommend a different (non BOA) bank to work with? May as well start the process now.

---

To help people. If you are on this thread and want to find a recommendation for a community bank, state where you are located.

Important note: you need to be prepared to move your whole relationship. That's what makes this program worthwhile for the banks. We could easily fill up our allocated buckets with our existing customer base. Bring your relationship and you bring value.

Bonfire1996 said:

---

jeffdjohnson said:

---

Hincemm said:

---

bad news if you haven't received confirmation from SBA of acceptance...

https://www.cnn.com/2020/04/16/politics/small-business-loan-fight-congress-negotiations/index.html

---

Yep, I pretty much expected this. Looks like we missed out on round 1. I feel pretty confident there will be a round 2. As of now I'm not going to furlough or cut any employees. I will probably give it two more weeks on that end.

Speaking of round 2, anyone want to recommend a different (non BOA) bank to work with? May as well start the process now.

---

To help people. If you are on this thread and want to find a recommendation for a community bank, state where you are located.

Important note: you need to be prepared to move your whole relationship. That's what makes this program worthwhile for the banks. We could easily fill up our allocated buckets with our existing customer base. Bring your relationship and you bring value.

---

yup....exactly what we had to. been using the same bank for 15+ years, but when they dropped the ball about two weeks ago and couldn't get their s together, we high-tailed to another local bank that could.

We were funded yesterday (thank goodness). We will not have to lay off any of our employees.

We're in College Station, so I'd be interested to know whom in the area would like our business if we can get in on the hopeful next round of PPP.

we just got funded, several of my clients got funded before us and we filed their applications after ours, so i was more then a little worried - but the money is in the bank now and we can stay open for the next two months anyway !!

Come on President Trump and Governor Abbott, get this state/economy back open and working !!

We didn't get funded. Amegy completely ***ked around and screwed us.

Bonfire1996 said:

---

jeffdjohnson said:

---

Hincemm said:

---

bad news if you haven't received confirmation from SBA of acceptance...

https://www.cnn.com/2020/04/16/politics/small-business-loan-fight-congress-negotiations/index.html

---

Yep, I pretty much expected this. Looks like we missed out on round 1. I feel pretty confident there will be a round 2. As of now I'm not going to furlough or cut any employees. I will probably give it two more weeks on that end.

Speaking of round 2, anyone want to recommend a different (non BOA) bank to work with? May as well start the process now.

---

To help people. If you are on this thread and want to find a recommendation for a community bank, state where you are located.

Important note: you need to be prepared to move your whole relationship. That's what makes this program worthwhile for the banks. We could easily fill up our allocated buckets with our existing customer base. Bring your relationship and you bring value.

---

I am in DFW. Would definitely be willing to move after this fiasco.

"There's an old saying in Tennessee I know it's in Texas, probably in Tennessee that says, fool me once, shame on shame on you. Fool me you can't get fooled again."

What part of dfw? My neighbor had luck with EECU (he had never banked with them before)

So we were approved, signed every thing, but won't be funded since the funds ran out

itsyourboypookie said:

---

So we were approved, signed every thing, but won't be funded since the funds ran out

---

I thought if approved you are locked in and the bank had 10 days to fund?

itsyourboypookie said:

---

Thank you for submitting your application for the Paycheck Protection Program loan through PayPal.

We recently learned that the initial $349B in funding allocated by the US Government for the Paycheck Protection Program has been depleted. It is, however, anticipated that additional funding may be designated by Congress for the program.

Your application is complete, and we have received all necessary documentation and your signed loan agreement, note and SBA application form. However, unless more funding is allocated to the Paycheck Protection Program by Congress, we will not be able to approve your application, submit your application information to the SBA or, subject to final review, fund your loan. Please do not reapply with us as this will only slow the process.

We appreciate your patience as we continue to work through this process. We will provide updates to you through email.

Sincerely,

The PayPal Business Financing Solutions Team

---