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Did you file for PPP?
- Thread starter Texas_Signmaker
- Start date
That's great to hear!!!
Good to see that your workers are taken care of during these unprecedented times. Take care and be safe...
Texas_Signmaker
Very Active Signmaker
There is no public information about PPP out of money. WSJ reported that as of Saturday morning 182 billion out of 350b has been issued. Your bank may have run out of their allocated amount, but I've not seen anything about it being empty yet.
Christian @ 2CT Media
Active Member
Chase, Wells Fargo, and Mountain America all told me the same thing on Friday.
Notarealsignguy
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I talked to a local bank late friday afternoon and they weren't aware of this either. Couldnt find anything online.
Christian @ 2CT Media
Active Member
Certain banks have hit their allotments is what it is. That's why they are asking for more money. Chase and BofA have filed nearly 200 billion already according to Forbes.
All the more reason not to use the investment banks and stick to locally owned brick and mortar banks.
Texas_Signmaker
Very Active Signmaker
Incorrect information. But as of NOW they officially ran out.
https://www.cnbc.com/2020/04/16/sma...49-billion-limit-and-is-now-out-of-money.html
kcollinsdesign
Old member
The PPP loan program started accepting applications on 4-3-20. We contacted our accountant on 4-6-20, and submitted to our bank on 4-7-20. We were contacted on 4-10-20 saying the loan application was "in committee". On 4-14-20 we had to make an insignificant adjustment to our basis. Today we are being told the money has run out.
Two of our competition have already received money. One has been approved and is waiting. All three began their application process a few days after we did.
Tipping the scales like this is irresponsible and damaging. Getting this loan was like winning the lottery. We had to shut down ops and send our employees home. Already I have turned over three jobs to the competition because we cannot pay our employees. Meanwhile, the bills keep coming in, including one for $350.00 from the accountant. Something very wrong here!
Two of our competition have already received money. One has been approved and is waiting. All three began their application process a few days after we did.
Tipping the scales like this is irresponsible and damaging. Getting this loan was like winning the lottery. We had to shut down ops and send our employees home. Already I have turned over three jobs to the competition because we cannot pay our employees. Meanwhile, the bills keep coming in, including one for $350.00 from the accountant. Something very wrong here!
Christian @ 2CT Media
Active Member
It actually wasn't incorrect. Those banks had allocated funds and those funds were allocated to certain regions. Our banks in our region were out last Friday.
Notarealsignguy
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You made it sound like the program was out of money. The banks set their own allocations for this, the program itself doesn't have anything to do with that. A local bank is your best bet unless you're some real big cheese.
Christian @ 2CT Media
Active Member
Well now the entire program is out of money.
Probably in the minority here, but I'm pretty impressed with the program all things considered. Uncharacteristic partnership of business and government efficiency if you think about it. CARES act sign d 4/27. Just over a week for Treasury dept and SBA to roll out program. Banks processed 349 BILLION in loans within the next two weeks. My regional bank normally has 10 employees working SBA and they assigned 50 to work around the clock getting the loans processed. Everyone who was approved will have their money 10 days from now at latest.. Sure, lot's of questions, hand wringing, sort of like working on the car while its going down the road, but somehow it worked.
Best thing to do here is to contact your Democrat congressmen and women and encourage them to pass the additional funds for this program without adding pork to it.
Signed Out
New Member
It all depends how fast your bank processes your application. I submitted at 9:30am on 4/3 with a smaller regional bank. They must be slow at processing. Finally earlier today I was informed that I was "one of the lucky ones" who got approved before the funds ran out... And that I should keep an eye on my email for the next few days for the docusign. Now I've been talking with several business owners who applied after me and received their money last week and early this week... they were all with bigger banks like BOA. Knowing this I asked my bank what has taken so long and why, even after being approved and money is earmarked for us by SBA, are we waiting days for the docusign? Without directly telling me and throwing themselves under the bus... it's because they were slow at processing. Sorry for the rant just ticks me off. Yes the application was easy, didn't need a CPA and never had to make and adjustments or provide additional info, my bank just was slow.
Our bank is a local brick and mortar bank. I talked to the loan officer on the first day and she emailed me what I would need to submit. I was able to prepare all the documentation myself using our Quickbooks and saved copies of our 941's. Submitted the documentation by email to the loan officer, she asked me for one correction on the application the next day, the following day a Docusign and an hour later the money. There was a weekend in the middle of that, but I believe the speed depends on the bank itself. Maybe at a regional bank the problem is that the people at your branch are dipping from a larger pool of funds, and have to keep going up to submit what you've submitted and wait for response, adding layers of inefficiency.
Notarealsignguy
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We applied through PNC the first day and still never heard anything. Sent in an info form to Wells Fargo and told we were in line then got an email yesterday that we could fill out the app. We have accounts at both banks and have been with Wells Fargo since 97. We went to a small local bank last friday, were approved yesterday and we dont have anything with them. That ticked me off.