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

g8rh8rMD said:
Wells Fargo keeps telling the world at every opportunity they get, that they want nothing to do with this program. You should take them at their word.

Depends where you are. If in NE Fl, VyStar is doing everything they can to help customers get loans through this program. Stick to your local/regional banks and credit unions for best results.

I have no proof, but a lot of anecdotal evidence, plus common sense.
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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
 
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I will come flesh my PPP journey out with more detail later, but just wanted to quickly say I have made more progress with a small local credit union (121 Financial) in the past 48 hours than I had with BOA in almost 3 weeks. I'm still not approved, but I am more optimistic right now that I will be than I have been at any point in this process.

If you haven't gotten a PPP loan approved and believe you are entitled to one, apply immediately at a local credit union with SBA ties. Go to PPP general info page on the SBA website and they have a locator. That's how I found 121 Financial. $60B of this new round of funding was earmarked for small lenders. In addition, lots of rumors are flying around that the big banks have such a long queue already in place that you have little to no chance with a new (or somewhat recent) application. Apply everywhere small you can!
 
For_The_U said:
I will come flesh my PPP journey out with more detail later, but just wanted to quickly say I have made more progress with a small local credit union (121 Financial) in the past 48 hours than I had with BOA in almost 3 weeks. I'm still not approved, but I am more optimistic right now that I will be than I have been at any point in this process.

If you haven't gotten a PPP loan approved and believe you are entitled to one, apply immediately at a local credit union with SBA ties. Go to PPP general info page on the SBA website and they have a locator. That's how I found 121 Financial. $60B of this new round of funding was earmarked for small lenders. In addition, lots of rumors are flying around that the big banks have such a long queue already in place that you have little to no chance with a new (or somewhat recent) application. Apply everywhere small you can!
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PNC announced not accepting new apps until their current backlog is worked through.
 
We were approved and told it would arrive in 2 days. This was 4 days ago. Now there is more BS to go through apparently. I’m just glad it’s off my plate and on to the next persons...
 
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caneofny said:
We were approved and told it would arrive in 2 days. This was 4 days ago. Now there is more BS to go through apparently. I’m just glad it’s off my plate and on to the next persons...
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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.
 
Empirical Cane said:
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.
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I think I’ve stated this before so I apologize if I am repeating myself. We applied for 4 loans under 4 different EINs. We were approved on 2 loans, first 5.2m and next was the 10m max. The 5.2 was supposed to be delivered this week and the other 10 later.

I honestly do not know the status of the other 2.

so you’ve seen loans paid out? I’m glad to hear that. Don't want everyone being held up.
 
caneofny said:
I think I’ve stated this before so I apologize if I am repeating myself. We applied for 4 loans under 4 different EINs. We were approved on 2 loans, first 5.2m and next was the 10m max. The 5.2 was supposed to be delivered this week and the other 10 later.

I honestly do not know the status of the other 2.

so you’ve seen loans paid out? I’m glad to hear that. Don't want everyone being held up.
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Very few paid out. I think maybe 4-5 of the 20+ applicants I know (myself included).
 
Empirical Cane said:
Very few paid out. I think maybe 4-5 of the 20+ applicants I know (myself included).
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I heard today that there were questions about availability of other funds. Almost like now after approval, if there are means to other cash holdings Or bank revolvers, we don’t wanna pay.
 
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Empirical Cane said:
Thoughts?
www.cnbc.com

Billionaire whose company got $4 million from PPP says 'I didn't prevent' others from getting funds

Trevor Milton, the founder and CEO of Nikola, said on "Power Lunch" that his company qualifies as a small business despite its high valuation.
www.cnbc.com www.cnbc.com

Technically allowable, not a good look.
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He should be forced to pay it back on his taxes if he won't volunteer. This whole situation is crazy, my mother in law works at a very lucrative residential complex in Delray Beach and a very wealthy family received a lot of money that they didn't ask for. They checked their accounts and it was there, they were shocked and are giving it all back. They are wondering how and why they got it when they didn't ask for it and don't need it. Meanwhile, thousands of small businesses desperately need that money to literally keep the lights on.
 
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I applied for 2 Companies the Monday after the program launched when our Bank got its application form through Compliance (small EEs) under $50k each. We were told APPROVED several days after and then needed further documentation added to the app as criteria was better defined. BOTH companies rec'd funds yesterday (Popular Bank). They kept in touch with us throughout and all received will be used for payroll.
 
Just this moment received word that the SBA has approved my PPP loan. This was through the small local credit union (121 Financial) I applied with last Thursday. Yep, applied 4/23 and am approved 4/28. I applied to BOA on 4/6 and still haven't heard a **** thing. Granted, some of that early delay was on me as I didn't have a document they needed, but they have really let me down. Both re getting my critical PPP loan approved but also just the sheer lack of communication (or ability TO communicate) re PPP app. I am going to move all of my law firm banking to 121 Financial once I get this interruption behind me. They have earned it! For the first time, I truly felt like a tiny apple on the ginormous BOA tree that they couldn't give one rat's *** about. I will not bank like that ever again.

I am hopeful some of you have received/will receive similarly good news.
 
For_The_U said:
Just this moment received word that the SBA has approved my PPP loan. This was through the small local credit union (121 Financial) I applied with last Thursday. Yep, applied 4/23 and am approved 4/28. I applied to BOA on 4/6 and still haven't heard a **** thing. Granted, some of that early delay was on me as I didn't have a document they needed, but they have really let me down. Both re getting my critical PPP loan approved but also just the sheer lack of communication (or ability TO communicate) re PPP app. I am going to move all of my law firm banking to 121 Financial once I get this interruption behind me. They have earned it! For the first time, I truly felt like a tiny apple on the ginormous BOA tree that they couldn't give one rat's *** about. I will not bank like that ever again.

I am hopeful some of you have received/will receive similarly good news.
Click to expand...

we received the 10m yesterday but are returning. And we shut down the 5.2 that was approved for another EIN. Apparently there was a clause that can hold the head of a company legally accountable if they are able to obtain funding in some other way? Since we are capable we aren’t taking it. Anyone else hear this?

If it’s stated earlier in thread I apologize for missing.
 
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caneofny said:
we received the 10m yesterday but are returning. And we shut down the 5.2 that was approved for another EIN. Apparently there was a clause that can hold the head of a company legally accountable if they are able to obtain funding in some other way? Since we are capable we aren’t taking it. Anyone else hear this?

If it’s stated earlier in thread I apologize for missing.
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Respectfully, if your companies are in a position to give back $15M, you probably didn't need it, and shouldn't have applied for it to begin with. I love that every loan over $2M is apparently going to be audited. The intended beneficiaries of PPP were local restaurants and stores that need $50k or $100k to keep paying their employees, or independent contractors or sole proprietors that have taken huge Covid related hits and would be filing for unemployment if they were W-2 employees (if they could even access unemployment). It wasn't intended for big companies with multiple subsidiaries that can take or leave $15 million. Your situation is exactly why people are ****ed off about PPP. If you didn't give it back, I hope the government would have eventually come for it.
 
caneofny said:
we received the 10m yesterday but are returning. And we shut down the 5.2 that was approved for another EIN. Apparently there was a clause that can hold the head of a company legally accountable if they are able to obtain funding in some other way? Since we are capable we aren’t taking it. Anyone else hear this?

If it’s stated earlier in thread I apologize for missing.
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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 pretenses--signatory (that would be me) personally liable to liquidate debt to US Gov


From what I understand, they will audit 100% of CARES P3 at $2MM.
 
duke4heisman said:
He should be forced to pay it back on his taxes if he won't volunteer. This whole situation is crazy, my mother in law works at a very lucrative residential complex in Delray Beach and a very wealthy family received a lot of money that they didn't ask for. They checked their accounts and it was there, they were shocked and are giving it all back. They are wondering how and why they got it when they didn't ask for it and don't need it. Meanwhile, thousands of small businesses desperately need that money to literally keep the lights on.
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Wait...what?? They didn't apply for a PPP loan, yet they received $$$ for a PPP loan?? Or are you referring to stimulus check money??
 
For_The_U said:
Just this moment received word that the SBA has approved my PPP loan. This was through the small local credit union (121 Financial) I applied with last Thursday. Yep, applied 4/23 and am approved 4/28. I applied to BOA on 4/6 and still haven't heard a **** thing. Granted, some of that early delay was on me as I didn't have a document they needed, but they have really let me down. Both re getting my critical PPP loan approved but also just the sheer lack of communication (or ability TO communicate) re PPP app. I am going to move all of my law firm banking to 121 Financial once I get this interruption behind me. They have earned it! For the first time, I truly felt like a tiny apple on the ginormous BOA tree that they couldn't give one rat's *** about. I will not bank like that ever again.

I am hopeful some of you have received/will receive similarly good news.
Click to expand...
Man that's good to hear that someone got approved...now hopefully the $$$ arrives!
 
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