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OT: PPP Loans (NOT FOR COVID DISCUSSION OR POLITICS)

For_The_U said:
Thanks, guys. Do you happen to know if making a second application will mess you up? I would think it likely would. There are 3 local credit unions that were listed on the SBA's PPP site. I went through BOA because it was my understanding you were best to use your current bank, especially if you have a banking and lending relationship with them already, which I do. But I'm now starting to regret not going through one of the smaller local ones.
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My bank told me to apply at other banks to get it done faster.
 
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For_The_U said:
Agree. I think it's an absolutely brilliant program in its design. But the procedure re actually getting funds into the hands of those who urgently need it is proving to be a disaster. Many businesses cannot make it two more weeks without funding. Literally.
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Agreed. This is always the case when it comes to nationalized funding. Federal gov'ts are lumbering bloated bureaucracies...they take a while to get there but they pack a huge blow when they finally do. This is why I laugh when people want to nationalize more industries...
 
For_The_U said:
Well well well...

I went reading online to see what other experiences people were having with BOA. A lot of people had new documentation posted onto the 3rd party portal that needed filling out, but didn't receive any notification about that. Turns out, I'm in that boat. There is a loan calculation page (even though those figures were submitted as part of the app) and a new app addendum in there since last time I checked. Definitely didn't get a notice. Anyways, I am filling them out right now and uploading. I'll be sure to post here with any updates.

Anyone else with BOA, go to your Intralinks account ASAP and see if new docs have appeared in there.
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Not with BoA but same exact thing happened. Read on another message board about this "new documentation". Didn't get an email or phone call.
 
My business is deemed essential, medical, and business is great for us. No need for PPP, but If I told you the truth about what's really happening re some medical supplies/devices it is a shame and unbelievably purely political.
 
For_The_U said:
Agree. I think it's an absolutely brilliant program in its design. But the procedure re actually getting funds into the hands of those who urgently need it is proving to be a disaster. Many businesses cannot make it two more weeks without funding. Literally.
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Agree but it is still frustrating because the fastest way to have accomplished this would have been to cut payroll taxes. And neither Dems nor GOPs would sign off because Americans would have been so ecstatic that it would have been very difficult to re-implement. #careerchoices
 
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Gator Hatar said:
My business is deemed essential, medical, and business is great for us. No need for PPP, but If I told you the truth about what's really happening re some medical supplies/devices it is a shame and unbelievably purely political.
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please pm, I'd be very interested in hearing if you are willing to share
 
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Go Canes!! said:
This program is basically passing paying unemployment and furlough benefits from the government to the employer.

I can see the thought process behind it. Overall it has it's flaws but I think it's good overall.
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I get the idea...it's just been a train wreck
 
Our loan request was just funded. It probably depends on the bank and how far up the list you are, but payments are live boys.
 
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westcoastcanes said:
Our loan request was just funded. It probably depends on the bank and how far up the list you are, but payments are live boys.
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Awesome! Mind if I ask what bank that came from? or if not comfortable saying... is it a big one, local credit union, etc?
 
For_The_U said:
Awesome! Mind if I ask what bank that came from? or if not comfortable saying... is it a big one, local credit union, etc?
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Not a national bank, but one of the larger regional banks, and it is publicly traded. I am in the same state as its holding company is headquartered, and our firm has a strong relationship with the bank.
 
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For_The_U said:
My path was confusing and frustrating...

The only entity I could find taking apps at midnight that first Thursday was Ameris Bank via email. So I sent one. I did that because I wanted to get in line and I had read BOA wasn't going to be ready for up to two weeks.

But that next day at noon I learn BOA's online application is open. So I go through and apply there since they are my current bank and a lender of mine. No documentation sent at time of application with BOA, unlike Ameris. Seems fine and I get an immediate acceptance (not approval) email. I was worried the fact I had previously submitted to Ameris may cause me issues, like being kicked out of the early queue for fraud screening due to a double application.

That Saturday I get an email from some Vice President of commercial funding with Ameris who says they changed their application form and need me to resubmit with the new form and one additional support document (and email to him, not reapply generally). However, before I could respond to him and mention the BOA app, I got a separate email from Ameris (which was a general email to many, unlike the direct one I got from the VP guy) that said they would be handling their own customers first due to demand and that we should apply with our own bank if we have one. Ok, that's probably a good thing I'm thinking since I was worried about that double app situation and had already applied with my bank. So I wrote the VP guy back and said disregard. He wrote back and said "Thank you for letting me know".

On Monday (4/6) I got an email from BOA saying they were ready for me to upload documents through a 3rd party site. I went within the hour and uploaded everything. I have not heard a thing since that day.

What really concerns me is I have no reason to believe my application was approved. If it was approved and I was just waiting for funding, that'd be one thing. But I feel completely left in limbo right now and have no means of inquiring.

I'm starting to kick myself both for not moving forward with that Ameris VP who had contacted me directly (though, of course, the "we are only working with our customers" mandate came after his initial email to me), and for not applying through a small local credit union initially. But at this point, I think the only option that makes sense for me is to hold on with my BOA app and hope for the best.

I appreciate the input, fam. Please continue posting here with updates, if you don't mind. I'll do the same. And thanks to everyone who has posted for keeping this thread on track. Wasn't trying to spite Andrew's rule by any means.
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Wow that’s funny you mention Ameris Bank...where are you located? I work in the IT field doing data conversions and they are one of my clients. I had never heard of them before since they are/were a small bank in GA (I’m in the Central FL area). I started working with them back during the last financial crisis around 2010 when the FDIC was shutting down banks and Ameris would take their portfolio over. I’ve done about 7-8 data conversions for them over the years.

Sorry didn’t mean to get side tracked with the backstory...but I just started another data conversion with them and can confirm they are getting flooded with these PPP applications.
 
For_The_U said:
Thanks, guys. Do you happen to know if making a second application will mess you up? I would think it likely would. There are 3 local credit unions that were listed on the SBA's PPP site. I went through BOA because it was my understanding you were best to use your current bank, especially if you have a banking and lending relationship with them already, which I do. But I'm now starting to regret not going through one of the smaller local ones.
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I heard Charles Payne the other day say that the small community banks seem to be doing much better job than the big banks. He is my go to guy for finance stuff. Dude is wicket smart and does his own homework on issues. I am not the trusting type but he comes close to trustworthy. Not sure if making a second app will hurt you. Try asking someone at community bank. These loan have a high percentage whig for the bank which is very attractive to small banks. The big boys still just see small loan equals small dollars regardless rate.
 
For anyone having trouble with their local lenders, this sounds like a viable option depending on the size of your request. I imagine PayPal and Square would be able to act quickly on loans under $1MM due to their technical prowess. Anyone that has ever worked at a traditional lending institution knows technology is never a strength. Now it's showing.

www.marketwatch.com

Square and PayPal finally have a chance to prove they can beat the banks

This is the chance that fintech companies have been waiting for, says BTIG analyst Mark Palmer.
www.marketwatch.com www.marketwatch.com
 
Funding likely to be gone today. The lender I put in with is now saying they are prioritizing larger payrolls. Hopefully Congress funds it again or I'm out of luck.
 
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