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Has anyone applied for forgiveness yet?

B not T

Vaguely yes. Vaguely no. What was explained to me by our institution (we STILL don't have etran yet...🤬) is this: 1) Fail to meet forgiveness criteria--pay it back 2) Keep more than forgiven forgiveness criteria--pay it back 3) IF loans determined to be obtained under fraudulent...

In their minds, its never enough.

Thoughts? https://www.cnbc.com/2020/04/24/billionaires-company-got-4-million-from-coronavirus-sba-fund.html Technically allowable, not a good look.

Very few paid out. I think maybe 4-5 of the 20+ applicants I know (myself included).

What is ballpark of funds received?? We app'd for mid-six figures. I've seen 7-figures funded and high-six. Not seen anything below those amounts yet.

PNC announced not accepting new apps until their current backlog is worked through.

Every banking executive I know wants nothing to do with CARES P3. Deep mistrust from TARP* and govt changing rules on a whim. *Bankers get ZERO sympathy from the 2008 Great Recession--and well deserved scorn

Your mileage may vary. 👇 https://www.forbes.com/sites/brianthompson1/2020/04/23/five-important-warnings-as-the-paycheck-protection-program-opens-back-up/

Point taken. Wholly disagree on "large swath". Some, sure. But rather a minority, and I would offer small one at that.

They never get it do they?

Is anyone else seeing issues like this? https://www.cnbc.com/2020/04/22/she-got-a-paycheck-protection-loan-her-employees-hate-her-for-it.html My staff has been very patient and understanding. I've not reduced hours, but getting closer to being forced to do so.

Bank put us in "Review Completed and Validated -- SBA submission queue". Anyone else seeing that from their lending institutions? Are we at the front of that line? The back? We submitted on 3 Apr. Who knows.

A banking executive told me his institution's model shows Rd II funds being exhausted within 48-72 hrs of SBA re-opening application portal. Remember the $350B was being earmarked for separate categories--not all eligible CARES P3 loan applicants will get a swing at all $350B. $50B = rural and...

👹👹👹🤬🤬🤬

Oh dear goodness.

Agreed. Not until Rd II anyways. Life must go on.

Submitted on 4 Apr at 0510 EST. Validated by banker on 7 Apr at 2131 EST. 👹