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

tcgrad1014 said:
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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Yep, I am growing convinced I will not be getting PPP either, at least not in this first wave. My payroll is much smaller than many.

I received an email today from BOA saying further documentation needed. It was me confirming that my cell # is correct on my online banking profile. Wtf! Granted, that means at least someone looked at my file today, but it also tells me they havent even finalized my app yet, much less submitted for approval. *sighs*
 
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swagu said:
I'm a commercial banker. Have had a couple clients get assigned ETRANS #'s over the weekend and expect them to get funded later this week.
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Funded later this week? Are there funds still available? Isn't Congress deadlocked and funds have been exhausted?
 
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Still "application under review".

Submitted ours with the first few hours link went live with our bank.
 
TheMatador said:
Funded later this week? Are there funds still available? Isn't Congress deadlocked and funds have been exhausted?
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There is debate on the first $350MM.

Banks were given carve outs of what they signed up at SBA. Por examplo, WF capped themselves at $10B and stopped taking apps once those amounts reached $10B.

They have not yet, however, submitted most of those apps to SBA.

So the question is: did WF (and other banks) have carve outs reserved, or did the appropriation exhaust and banks who were slow to submit no longer have funds even if they are still under their original carve out amounts?

An actual billion dollar question.


Time will tell.
 
when applications got approved by SBA and got an ETRANS #, then the funds were allocated from the program to that loan.

WF got capped because of penalties for the shady **** they pulled, but those penalties were lifted for this program a day or two after. Banks weren't given carve outs, it was first come first served in pretty much all regards. A lot of banks had problems setting up their internal processes which ended up ******** over their clients. PNC was a bloodbath and Chase was slow, too.

Businesses had to attest to only submitting one app, so you couldn't even hedge your bets. One of my old PNC clients tried to have me submit their app after PNC sat on their app for over a week.
 
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PNC stopped accepting new applications yesterday--they reached their pledged amount.

Does that mean apps previously submitted but "still under review" get funded as part of carve out, or are they out of luck?

Time will tell.
 
swagu said:
when applications got approved by SBA and got an ETRANS #, then the funds were allocated from the program to that loan.

WF got capped because of penalties for the shady **** they pulled, but those penalties were lifted for this program a day or two after. Banks weren't given carve outs, it was first come first served in pretty much all regards. A lot of banks had problems setting up their internal processes which ended up ******** over their clients. PNC was a bloodbath and Chase was slow, too.

Businesses had to attest to only submitting one app, so you couldn't even hedge your bets. One of my old PNC clients tried to have me submit their app after PNC sat on their app for over a week.
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PNC still sitting on ours--submitted within hours of link going live.

🤬
 
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“Pending” could mean they didn’t start reviewing your app yet and if that’s the case you could be out of luck because all the money is gone. And weren’t these loans capped at $10-15K? I think approved loans were reduced to that amount.

Fir example, you applied for and were approved for $200K but it was reduced to $15K. I’ve heard stories like this
 
The Svengali said:
“Pending” could mean they didn’t start reviewing your app yet and if that’s the case you could be out of luck because all the money is gone. And weren’t these loans capped at $10-15K? I think approved loans were reduced to that amount.

Fir example, you applied for and were approved for $200K but it was reduced to $15K. I’ve heard stories like this
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CARES P3 was limited to 2.5 times trailing 12 months of averaged payroll.
 
Empirical Cane said:
Still "application under review".

Submitted ours with the first few hours link went live with our bank.
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As an update we got our funding yesterday. About to hire back 135 people that have nothing to do but hopefully will be ready to go in 8 weeks. Pnc came through but required major pushing on our relationship manager the whole way.
 
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For_The_U said:
@Andrew closed the COVID forum for the week, so please do NOT make this a thread discussing COVID or politics. I just want to know if any of you who were applying for PPP loans have received anything yet? Don't care why or why not, just if you have received funds (or even more recent correspondence from your bank) and when. I've received nothing. No contact at all since I was asked to upload the supporting documents a week+ ago. Thanks!
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My brother’s business applied as soon as the application was available. Received a confirmation of receipt. Then nothing until he was told that the program is out of money.
 
Plzwork4 said:
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...
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The program was too cumbersome. They should have sent a wire transfer to each business for an amount equal to 20% of prior year’s expenses. Next tax filing if you fired people then it is a loan. If you didn’t fire people, it is a tax free grant.

The design was absolute ****. The objective was to get businesses cash to let them keep afloat and not fire people. This was not the way to do it.

By the way, other countries have done much better than we have. Some countries actually have well functioning governments.
 
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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The big banks care about the big loans. Bigger loans = bigger fees. It’s how those ****ers role.
 
prinmemo said:
The program was too cumbersome. They should have sent a wire transfer to each business for an amount equal to 20% of prior year’s expenses. Next tax filing if you fired people then it is a loan. If you didn’t fire people, it is a tax free grant.

The design was absolute ****. The objective was to get businesses cash to let them keep afloat and not fire people. This was not the way to do it.

By the way, other countries have done much better than we have. Some countries actually have well functioning governments.
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If you think there was a great and easy plan for big gov't to rapidly get funds to all small businesses in America you are dreaming. Everything the federal gov't does is slow and has a million issues. Again, people who want to permanently depend on our gov't for everything are laughable. Obviously this is when we need them, in times of a severe crisis...however, in normal day to day they need to fix our roads and bridges, keep us safe from other bull**** communist ****hole countries, and protect our individual rights.

The biggest issue with the plan in my opinion was the big corporate banks. They let everyone down. We bailed them out a few years ago from their poor business decisions, and now they **** all over the same people that gave them another chance. I got my loan pretty quickly b/c I went to my smaller bank that actually gave a **** about my business. The gov't had the right idea...they should be able to distribute the funds to banks who in turn get the money to who needs it.

Edit: I just read your newer post...you are spot on there!
 
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