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

Plzwork4 said:
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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agree. The reason it is slow and has issues is that they want to give away money to the banks. The banks are charging billions of dollars of fees on loans they cannot lose money on.

Honestly, this was designed to give a handout to the big banks.
 
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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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Reduced to $15k total??? I’ve heard from our customers they received $10k to $15k in a couple of days and the rest would be sent 7-10 days later. At least that was their understanding. I am not on our SBA teams we have dealing with these so I’m not up on all the details just what we get sent in emails and what our customers have been telling us.
 
Empirical Cane said:
PNC still sitting on ours--submitted within hours of link going live.

🤬
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I’m curios to find out what other banks are doing Have they given you any update since the money ran out? We aren’t accepting new apps but are still working the ones we’ve recieved in hopes congress will pass the new bill and grant more funding.
 
NC_Canes_11 said:
I’m curios to find out what other banks are doing Have they given you any update since the money ran out? We aren’t accepting new apps but are still working the ones we’ve recieved in hopes congress will pass the new bill and grant more funding.
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Nada.

Zip.

Zilch

Nein.

Ningun.
 
Your mileage may vary.

Being pushed by Mark Cuban 👇

www.covidloantracker.com

COVID Loan Tracker — COVID Loan Tracker

COVID Loan Tracker is a community of 40,000+ small business owners reporting across all 50 states. Launched by two small business owners, we started with the mission to help inform other entrepreneurs with PPP and EIDL.
www.covidloantracker.com www.covidloantracker.com
 
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We bank with PNC. Got an email earlier today that we got approved and a loan specialist will contact us to finish completing the process. We checked the application status throughout the week, and were assigned an SBA number. Thank God! Its not a lot, but it will keep me from draining my savings to stay afloat and not have to layoff my people.
 
NC_Canes_11 said:
Reduced to $15k total??? I’ve heard from our customers they received $10k to $15k in a couple of days and the rest would be sent 7-10 days later. At least that was their understanding. I am not on our SBA teams we have dealing with these so I’m not up on all the details just what we get sent in emails and what our customers have been telling us.
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I certainly could be wrong but that’s what I heard. I’m not a small business owner but I heard this from friends that are.
 
I have my business and personal account with Wells Fargo. What are the chances of me getting a loan if I haven't filled out an application yet. Dont know if it matters but I have a home cleaning business doing carpets, kitchens and baths etc...
 
PNC informed they werent able to submit on time, we have to wait for round II.

🤬

Submitted a perfect application within hours of PNC accepting them at the beginning.

🤬🤬

Life goes on.
 
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24/7canes said:
I have my business and personal account with Wells Fargo. What are the chances of me getting a loan if I haven't filled out an application yet. Dont know if it matters but I have a home cleaning business doing carpets, kitchens and baths etc...
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I think all the money's gone, so I'm guessing your chances of getting a loan from empty coffers isn't great.
 
Empirical Cane said:
PNC informed they werent able to submit on time, we have to wait for round II.

🤬

Submitted a perfect application within hours of PNC accepting them at the beginning.

🤬🤬

Life goes on.
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That sucks. I have heard the same thing from other people about PNC. We were in the first few hours as well and got everything uploaded and sent without issue. I was worried we would get in either as someone said they were getting their big clients funded first. We are definitely not a big small business (5 employeess). I heard a lot of people had trouble uploading documents also. I hope you get it in the next go round.
 
Empirical Cane said:
PNC informed they werent able to submit on time, we have to wait for round II.

🤬

Submitted a perfect application within hours of PNC accepting them at the beginning.

🤬🤬

Life goes on.
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BS man. No reason to not get that done. Really sorry to hear that but you are not alone. We just about missed it too and we had it in on Saturday night. I was sending our banker other Bank's info to let them know they were dropping the ball and they ended coming through.
 
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coffeecane said:
BS man. No reason to not get that done. Really sorry to hear that but you are not alone. We just about missed it too and we had it in on Saturday night. I was sending our banker other Bank's info to let them know they were dropping the ball and they ended coming through.
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Submitted on 4 Apr at 0510 EST.

Validated by banker on 7 Apr at 2131 EST.

👹
 
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Well it's good to see Shake Shack returning their $10M loan, hopefully Ruth's Chris and others like them follow suit to help out smaller businesses this was designed for (aside from the second round stimulus coming).
 
prinmemo said:
The big banks care about the big loans. Bigger loans = bigger fees. It’s how those ****ers role.
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We prioritized our applications based on the time they were submitted regardless of relationship size or profitability. The fees on the actual PPP loans are nothing compared to the cost of processing them.
 
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