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Did you file for PPP?

Discussion in 'General Chit-Chat' started by Texas_Signmaker, Apr 4, 2020.

  1. Texas_Signmaker

    Texas_Signmaker Very Active Signmaker

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    I heard it was a mess. Many banks just couldn't handle the influx of applications. Did anyone here get to file and receive $$?

    My bank did fine when I filed yesterday afternoon, but later in the day I noticed they stopped accepting apps and posted a message about them being overwhelmed. Haven't heard anything since I filed.
     
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  2. Notarealsignguy

    Notarealsignguy Member

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    The 2 banks we use arent taking applications yet. Only saw BOA was but only if you have an existing LOC or loan with them. Where did you file yours?
     
  3. Texas_Signmaker

    Texas_Signmaker Very Active Signmaker

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    My bank, BBVA.

    Looks like the banks were not ready for this at all.
     
    • Agree Agree x 1
  4. icedhot

    icedhot New Member

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    is this a 1% interest or forgiving loan?
     
  5. Jeremiah

    Jeremiah Member

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    Let's say you are a Terrible Businessman. You just lose money every month. You were ready to walk away. Then this comes up. Could you apply for the money ? There was a Grocery Chain near us, had many stores. In business for 75 years. Great profit and parents decide to retire. They gave business to their kids. Within 18 months the kids had lost everything ! No one in the world could believe it. All the stores are gone now. They were asking for help to get their business back on its feet .
     
  6. binki

    binki Premium Subscriber

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    We are waiting for a reply from our bank but we did apply for the $10K loan from the SBA. The state will let us slide on remitting collected sales tax for a year.
     
  7. Adirondack

    Adirondack New Member

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    It is 1% interest, but the loan MAY be forgiven if you meet certain circumstances, such as demonstrating you spent the money on allowable expenses including payroll, and didn't lay off your employees. There are details on each of those points available on the SBA website under th Payroll Protection Loan.
     
  8. icedhot

    icedhot New Member

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    thanks
     
  9. CalverleyDesign

    CalverleyDesign President - The Calverley Group

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    NorthStar Signs and Graphics applied - All Doc’s submitted - goes through SBA for approval - but at least we tried - will see -
     
  10. zspace

    zspace Merchant Member

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    Wells Fargo has a form to express interest, but not a full application. They also say it may be a long process and to consider other SBA lenders.
     
  11. Texas_Signmaker

    Texas_Signmaker Very Active Signmaker

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    Well, my bank asked for supporting documentation this morning so it looks like they are attempting to make progress. Submitted all they requested so we'll see what comes of it.
     
  12. Adirondack

    Adirondack New Member

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    My app and all requested docs were submitted late Friday afternoon, but its been a bit rocky. My regional bank acknowledged its been a challenge getting set up with the SBA, and the SBA was changing information to the banks as late as Thursday night, which set the banks back on getting things set up for their customers to apply. I was told my bank's lending team would be working all weekend to go through the applications that were submitted. So at least bank lending teams' jobs are secure for the moment! I do believe my bank is trying their best, but at the end of the day, we need those funds sooner rather than later!
     
  13. icedhot

    icedhot New Member

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    i have the application filled out. 1099 paper ready. what other documents are needed for california?

    thank you
     
  14. Red Ball

    Red Ball Very Active Member

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    We filed Thursday 11 am. My banker called yesterday, Sunday afternoon. Needed confirmation on a few things because of the shifting rules.
    They are working 14 hour days and weekends.
     
  15. SignosaurusRex

    SignosaurusRex Major Contributor

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    It's a real clusterf%#@! Of course , Bank of America seems to have their shi† together. They are Chinese controlled and ready to take your arse to the swamp. Before it's over...there will be a vast amount that won't be forgiven and will need to be repaid. The $$'s come to you via the U.S Government ...borrowed from China. Uncharted waters!
     
    • OMG / Wow! OMG / Wow! x 1
  16. Texas_Signmaker

    Texas_Signmaker Very Active Signmaker

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    Frisco, TX
    All that PPP and disaster relief is probably just a scam. No one will see a penny and that 350 billion is taken by the pigs.
     
    • Agree Agree x 1
  17. Notarealsignguy

    Notarealsignguy Member

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    I also and having a bad feeling this and im holding onto employees waiting. Hopefully its not the wrong move.
     
  18. icedhot

    icedhot New Member

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    i think so too. the EDIL was suppose to be 3 days approval - now it will take another 3 weeks for loan official to call you.
     
  19. Texas_Signmaker

    Texas_Signmaker Very Active Signmaker

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    Frisco, TX
    Well, here is an update. My bank called and was just missing one document. They had 8500 applications in 3 hours before they had to shut down the website. She said I had the most complete documentation shes seen all day (just one of my scanned documents came in too blurry). Anyway, she said they are going to send it off to whoever and should know soon. She said they will send over loan closing documents to sign and then fund it within 1 day. Fingers crossed!!
     
    Last edited: Apr 7, 2020
  20. unclebun

    unclebun Very Active Member

    I am using a local bank which is also our company's bank. Yesterday I called the loan officer there and got a list from her of the documents I'd need to send her. This morning I copied them and emailed them along with the application form, at about 11:30 am. She just called back at 3 pm and asked if the amount of loan she had calculated was OK, and when I said it was, she said she was putting it through. So it was relatively painless except for 20 minutes of document scanning. We shall see.
     
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