jeffdjohnson said:

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cgh1999 said:

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Who wants to bet the SBA site crashes at 9:31 cst on Monday? Our bank is one of hundreds (likely thousands) using a specific software provider for processing these loans. We have a ton of loans all in a queue ready to go when we hit send. Rumor has it that Chase has 200,000+ in a similar queue.

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I don't see how all $320B+ is not already accounted for. What a ****ed up system in which the fortunes of some business may be decided by a lenders WiFi speed.

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It's infuriating to watch this program pick the winners and losers. Looks like my business will be one of the losers.

Ag in tu land said:

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jeffdjohnson said:

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cgh1999 said:

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Who wants to bet the SBA site crashes at 9:31 cst on Monday? Our bank is one of hundreds (likely thousands) using a specific software provider for processing these loans. We have a ton of loans all in a queue ready to go when we hit send. Rumor has it that Chase has 200,000+ in a similar queue.

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I don't see how all $320B+ is not already accounted for. What a ****ed up system in which the fortunes of some business may be decided by a lenders WiFi speed.

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It's infuriating to watch this program pick the winners and losers. Looks like my business will be one of the losers.

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Why do you say that?

cgh1999 said:

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Ag in tu land said:

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jeffdjohnson said:

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cgh1999 said:

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Who wants to bet the SBA site crashes at 9:31 cst on Monday? Our bank is one of hundreds (likely thousands) using a specific software provider for processing these loans. We have a ton of loans all in a queue ready to go when we hit send. Rumor has it that Chase has 200,000+ in a similar queue.

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I don't see how all $320B+ is not already accounted for. What a ****ed up system in which the fortunes of some business may be decided by a lenders WiFi speed.

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It's infuriating to watch this program pick the winners and losers. Looks like my business will be one of the losers.

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Why do you say that?

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When the dust settles and second round of funds are all gone, we'll have plenty of businesses that didn't get in and won't survive.

Ag in tu land said:

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cgh1999 said:

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Ag in tu land said:

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jeffdjohnson said:

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cgh1999 said:

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Who wants to bet the SBA site crashes at 9:31 cst on Monday? Our bank is one of hundreds (likely thousands) using a specific software provider for processing these loans. We have a ton of loans all in a queue ready to go when we hit send. Rumor has it that Chase has 200,000+ in a similar queue.

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I don't see how all $320B+ is not already accounted for. What a ****ed up system in which the fortunes of some business may be decided by a lenders WiFi speed.

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It's infuriating to watch this program pick the winners and losers. Looks like my business will be one of the losers.

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Why do you say that?

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When the dust settles and second round of funds are all gone, we'll have plenty of businesses that didn't get in and won't survive.

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But why are you certain you won't get any $?

Ok folks. The SBA supposedly reopened this sucker at 9:30 CST this morning.

Anyone who got screwed on the first round, please post about results on the second round.

I just keep hitting F5 on my inbox

For the bankers:

We saw the portal opened early. I got a dozen or so apps in before 9:30 cdt. But the approval form has changed. I have an app number but no loan number on the approval sheet.

You guys seeing anything different?

We are not even able to currently access the site for processing....

The site is pretty much just down at the moment.

itsyourboypookie said:

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Ok. We have more clarity on our EIDL.

We are paying a company 2k to hold our hand through the rest of the process.

Looks like we will qualify for a minimum of 250k, which would require no collateral.

If we go higher, we could collateralize some of our which would essentially drop our interest rate from 6.5% 20 year am to 3.75% 30 year am.

Still not sure how the process works, which is why we hired a guy to help us through it.

He said it will take 4 weeks.

As for the PPP, it looks as if we are somewhere in the que with PayPal. Even though we can't get in contact with them lol.

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Would you pass along your consultant contact?

Bonfire1996 said:

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For the bankers:

We saw the portal opened early. I got a dozen or so apps in before 9:30 cdt. But the approval form has changed. I have an app number but no loan number on the approval sheet.

You guys seeing anything different?

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updat: I had to go back I to each app and click submit again to get the SBA loan number. That sucked.

Works now intermittently, but slow and frequently kicks me out

I think you could make a Hollywood movie about the PPP. Some of the stuff coming out is both unbelievable and extremely believable.

Looks like the small business Los Angeles Lakers are next in line to give back some money.

Some potentially good news.

Some mechanics. Looks like large banks (with 15k applications ready) could send over $25B worth in one shot. I think a lot of whether people get the loan will depend on if you were in the original XML file.

Loan sizes are definitely smaller. I got 12 apps in before it bogged down to where it isn't worth it to wait around, input half the app, only to get kicked out.

I'll come back in tonight at 9:00 pm and blast through my last 20 apps.

My assistant who is inputting to ETRAN has gotten 4 apps in since 9:30. System ground to a snail's pace right off the bat.

jeffdjohnson said:

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I think you could make a Hollywood movie about the PPP. Some of the stuff coming out is both unbelievable and extremely believable.

Looks like the small business Los Angeles Lakers are next in line to give back some money.

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are you ****ing kidding me. **** all these mother ****ers.

SBA announced this afternoon that they are "pacing" the input of apps to ensure lenders have equal opportunity to input apps. Yes, the SBA has throttled their own website to slow this down.

Holy shlt.

Bonfire1996 said:

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SBA announced this afternoon that they are "pacing" the input of apps to ensure lenders have equal opportunity to input apps. Yes, the SBA has throttled their own website to slow this down.

Holy shlt.

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wow......That is one way to make sure the money doesn't run out in one day

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

We had already been processed and approved by PayPal, just not funded.

Our note and all the paperwork is already signed.

So we are as close to the finish line as possible.

Will keep y'all updated.

SmokeDog said:

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2 out of my 3 apps were approved last night and I have loan docs in my email this morning. They are confident that the last one will be approved today since it was the first submitted. The community banks were definitely the way to go.

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We applied with three community banks.

One told us they would only submit it we moved all of our accounts over with them.

But that was after our approval with PayPal.

Another said they weren't an SBA lender, but then were granted temp ability to do it. But never reached back out. Only reason we followed up with them was because they funded the loan that inspired this post.

The third gave us a canned answer about why we couldn't apply after holding our app for 4 weeks.

So I think everyone's small bank experience has been different lol.

At this rate we have maybe 3 days left before funds are gone.

So, is there about $200 billion still available for those borrowers who have not yet had their apps processed by SBA?

Got an email this morning that our app through BOA was submitted to SBA. Really hoping that means we'll have documents tomorrow? The one we did through Intuit hasn't been submitted to SBA yet.

You're going to see individuals slammed for this too. The info will be public - I hope everyone who signed up understands that. We've had a few large customers decline it simply because they didn't want to catch heat for it. Then again, one of our largest individual customers pocketed about $2MM through various entities that didn't need it either (we didn't process those - his choice). It happens. And you'll be able to see everyone who got some.

Pelayo said:

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itsyourboypookie said:

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Ok. We have more clarity on our EIDL.

We are paying a company 2k to hold our hand through the rest of the process.

Looks like we will qualify for a minimum of 250k, which would require no collateral.

If we go higher, we could collateralize some of our which would essentially drop our interest rate from 6.5% 20 year am to 3.75% 30 year am.

Still not sure how the process works, which is why we hired a guy to help us through it.

He said it will take 4 weeks.

As for the PPP, it looks as if we are somewhere in the que with PayPal. Even though we can't get in contact with them lol.

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Would you pass along your consultant contact?

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Yes. What's best way to contact you?

Found out my loan was secured today.

If you are with one of these big banks and they're dragging their feet, then I would very much recommend that you blast them on Twitter or some other social media. I blasted my bank on a twitter thread started by Mark Cuban and immediately was contacted by my bank's Twitter account for my contact info.

After sending contact info on Sunday, I received an email at 10pm on Sunday. Received a phone call from corporate last week on Monday. Finally got my application finalized and submitted on Wednesday. Application was sent to underwriting last Thursday and I was approved by SBA today. No doubt in my mind they moved me to the front of the line.

DeangeloVickers said:

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The government passed this bill...you can't get mad at any business who gets money that the government allocated....is $200 too much? Is $200 million too much?!?! Where is the line.

Did Lakers deserve that money? They are a business...they followed the guidelines are trying to do what is best for their business...thy have to pay Anthony Davis and Lebron and they are not working....

Faux outrage over it isnt any better...

It REALLY pissed me off the politicians shaming the companies who got to much...both sides of the isle...YOU PASSED THE DAMN BILL

It's like me telling my kid they can eat ice cream for dinner....getting to the dinner and shaming him in front of the whole family.

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Well, presumably these businesses are being run by adults and not children.

itsyourboypookie said:

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Pelayo said:

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itsyourboypookie said:

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Ok. We have more clarity on our EIDL.

We are paying a company 2k to hold our hand through the rest of the process.

Looks like we will qualify for a minimum of 250k, which would require no collateral.

If we go higher, we could collateralize some of our which would essentially drop our interest rate from 6.5% 20 year am to 3.75% 30 year am.

Still not sure how the process works, which is why we hired a guy to help us through it.

He said it will take 4 weeks.

As for the PPP, it looks as if we are somewhere in the que with PayPal. Even though we can't get in contact with them lol.

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Would you pass along your consultant contact?

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Yes. What's best way to contact you?

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If you don't mind me asking how did you arrive at the min of $250k?