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Small Business Support Group (1 Viewer)
- Thread starter ericttspikes
- Start date
DA RAIDERS
Footballguy
if you don't mind, ballpark on loan amount and number of employees?
good job! you are the first that i have heard of, with funds in hand.
Anarchy99
Footballguy
As an update to what I posted when this thread first started (trying to get unemployment as someone self-employed), have they ever screwed the pooch here in NH. I applied for unemployment when they passed the Federal CARES Act the last week of March. To summarize, I have applied weekly for 4 weeks and the system is so antiquated that they haven't figured out a way to incorporate the self-employed yet. They keep changing the basic information they want filled out on their online forms, and every time they change it, it voids any prior weekly claims that were filed by that applicant. They haven't automated the financial verification process, so their workers still have to build claims manually. I spent 2 hours on hold and finally got to talk to a volunteer today, who basically took down my information down and said hopefully someone will call me eventually.
Another issue is the state hasn't received the money from the feds, so self-employed people are out of luck (and people can't get their extra $600 a week). On top of that, the state legislature is now fighting over how the funds are to be disbursed, so even if the money were in the state treasury, they wouldn't be able to distribute it because of their bickering. So bottom line, I have not received a dime (nor have many other people). The soonest they are reporting the state would receive the money and be able to start paying it out would be for the week of 4/20 . . . which means they wouldn't start giving the money out until the week after that (so 2 weeks from today).
On top of that, there are still unable to tell people if they even qualify, how much they would get, when they will actually get the money, and how many weeks of retroactive money they would dole out. What a cluster.
This will be me if I don't get some money soon . . . SNL Link.
Another issue is the state hasn't received the money from the feds, so self-employed people are out of luck (and people can't get their extra $600 a week). On top of that, the state legislature is now fighting over how the funds are to be disbursed, so even if the money were in the state treasury, they wouldn't be able to distribute it because of their bickering. So bottom line, I have not received a dime (nor have many other people). The soonest they are reporting the state would receive the money and be able to start paying it out would be for the week of 4/20 . . . which means they wouldn't start giving the money out until the week after that (so 2 weeks from today).
On top of that, there are still unable to tell people if they even qualify, how much they would get, when they will actually get the money, and how many weeks of retroactive money they would dole out. What a cluster.
This will be me if I don't get some money soon . . . SNL Link.
Mr Anonymous
Footballguy
Just tried this on a LA Times story I've been trying to read since yesterday and it worked. Big thanks!Hawks64 said:
Golf Guy 69
Footballguy
I got approved today 525/38
We are close with our personal banker, she can't service us but we are a good client. They needed the PPP signed by an officer and asked me to fixed that and we did.
I filled out the EIDL 4 times now due to changes in the law, I did it online, that was scrapped, uploaded an ton of documents 2 other times and again today because they asked but have no idea if I needed to resubmit or not. I was on top of my game for my company but they were not ready at sba, which I understand.
Shula-holic
Footballguy
I'm gonna punt on the EIDL if we are approved. The $1K per employee limit and needing to net with PPP makes it not worth it now for a smaller company like mine.
Golf Guy 69
Footballguy
Don't PPP is basically for payroll. If you get a EIDL, they will give you the loan minus, the PPP. You still never pay back PPP, and still get a low interest loan at worse.
Nipsey
Footballguy
I applied 2 1/2 weeks ago and haven't heard anything. Something changed? I need to file again?
Shula-holic
Footballguy
Same boat here. I got the feeling my bank was overwhelmed. My banker tells me they have my info, I have an application number, but that's all we have for now.
Ned
Footballguy
Isn't the bold only applicable to the initial EIDL 'grant', not the actual loan amount?
Nipsey
Footballguy
For the EIDL I only applied on the sba website. You can apply for the EIDL with a bank?
Shula-holic
Footballguy
Sorry, misread your post. I did the PPP with our bank and the EIDL on the SBA website. The EIDL I only did maybe 4-5 days ago.
E-Z Glider
Footballguy
Received PPP funding in our account this AM after cleaning up some paperwork. Wild ride. 
glvsav37
Footballguy
really? unreal. A buddy applied though Kabbage, but IDK if he is aware of that they are not approved yet.
Nick Vermeil
Footballguy
Our PPP funds arrived in the account an hour ago. For all the nonsense and uncertainty to get it done it's hard to complain about the result.Received PPP funding in our account this AM after cleaning up some paperwork. Wild ride.
Grace Under Pressure
Footballguy
Thinking of starting a small business now (soon). Dog day care, boarding and grooming. Have had the itch for a long time. Many people have adopted dogs during this.
BeTheMatch
Footballguy
facook
Footballguy
Sorry if it's been mentioned but do you mind if I ask what banks you went through and when your apps were submitted?Received PPP funding in our account this AM after cleaning up some paperwork. Wild ride.
Nick Vermeil
Footballguy
Chase. I think we filed on the 3rd (?) and submitted final backup paperwork on the 7th. Funds arrived today.
Golf Guy 69
Footballguy
They emailed me I needed to file again. I wouldn't think so unless you were contacted. There were 3.5 million number difference from my last confirmation number too the recent one.
Golf Guy 69
Footballguy
DA RAIDERS
Footballguy
what type of businesses are y'all in that have received funds ? and which banks did you use?
facook
Footballguy
Thanks. I filed on the 7th so that at least gives me a ball park idea of when to expect to hear anything.
Nipsey
Footballguy
Reading that Paypal is processing PPP loans quickly so I just applied. This is the 3rd application I've filled out. As long as I don't accept/sign for more than one loan I'm not going to be flagged for fraud, correct? If approved I still need to accept and sign documents before they submit the loan, yes? Hoping 3rd time is the charm.
ericttspikes
Footballguy
I resorted to this as well. I have no idea what the ramifications are in doing this, but I have a feeling Chase boned us with PPP, which isn't really surprising. These relief programs would really help us out, but I feel my business is being passed over or slipping through the cracks despite excellent credit, paying our taxes, following the rules on the applications, etc. Still hoping for the best, but have a feeling relief isn't coming our way. I did email my State rep with my concerns. Not really sure what more I can do at this point.
glvsav37
Footballguy
Day 15 and nothing from Capital one. I applied through Kabbage, but I doubt there will be money left by the time it is processed.
So flipping angry right now.
Nipsey
Footballguy
Nick Vermeil
Footballguy
Sorry man. I'm hopeful they will top this account up to make sure those who apply and qualify can get it. Keep trying.
glvsav37
Footballguy
went there 1st and after i filled out the app I got a message saying there was a problem with their systems and to call a number....which of course went straight to a busy signal.
I ended up going to Kabbage which was very easy, so fingers crossed.
The second I can walk into a bank branch again, i'm pulling all my accounts with CapOne
To those having issues,
I’m going to suggest you seek out a small, reasonably local SBA-approved lender, and get in touch with them. You may still end up in line behind a couple hundred of their customers, but you’ll likely be able to speak with an actual human being who may give half a #### about your situation and be willing to be honest with you. At least that’s the route I’d take vs hoping I make it through a Chase, CapOne, or Kabbage. Through those I’d be worried about my app falling into the abyss if there’s anything wrong with it.
Wishing you all the best of luck as this is stressful enough as is.
I’m going to suggest you seek out a small, reasonably local SBA-approved lender, and get in touch with them. You may still end up in line behind a couple hundred of their customers, but you’ll likely be able to speak with an actual human being who may give half a #### about your situation and be willing to be honest with you. At least that’s the route I’d take vs hoping I make it through a Chase, CapOne, or Kabbage. Through those I’d be worried about my app falling into the abyss if there’s anything wrong with it.
Wishing you all the best of luck as this is stressful enough as is.
glvsav37
Footballguy
unfortunately I don't have many small banks near me that are participating. I have a friend at one of the very few and even she said she has not seen a single application processed there yet. We personally bank at a local credit union and they are not participating.
Then I’d start calling some that aren’t local. I’d almost guarantee you’ll end up finding one that may help you out, or at least provide a timeline behind when they may be able to process your application.
facook
Footballguy
Forgive my ignorance, because it's legitimate ignorance. My understanding from Chase is I already signed everything electronically. So once I'm approved the funds would automatically be added to my account. A couple of users in this thread made it sound that way as well. Am I incorrect?
I'd hate to have it funded and have another loan coming from another bank...
You signed what electronically? Your application? Or the loan documents from Chase? My process went like this:
1. Submit signed loan application and supporting docs to Lender.
2. Lender reviewed and approved.
3. Lender submitted to SBA for approval.
4. SBA provides approval to Lender (this secures your piece of the PPP pool).
5. Lender has 10 calendar days from #4 to execute loan documents with you and send funding (or at least a portion of it).
6. Issuance of funding in #5 starts your 8 week debt forgiveness period.
facook
Footballguy
Shula-holic
Footballguy
Same here with us. Nothing but emails telling us the response was overwhelming and they are trying to ramp up to meet the demand.
Freak Show
Footballguy
I recieved this as an answer to the letter I wrote my congressman:
Good Afternoon,
We received your message about your bank not being ready to assist with the PPP. Have they responded to you yet? I know there were some last minute changes to the program ahead of the initial opening of applications, but this should all be resolved by now. If you haven’t heard from them, we’d like to know so we can follow up.
Thanks,
Xxxxxx xxxxxxx
Deputy District Director
Congressman xxxxx xxxxxx
Good Afternoon,
We received your message about your bank not being ready to assist with the PPP. Have they responded to you yet? I know there were some last minute changes to the program ahead of the initial opening of applications, but this should all be resolved by now. If you haven’t heard from them, we’d like to know so we can follow up.
Thanks,
Xxxxxx xxxxxxx
Deputy District Director
Congressman xxxxx xxxxxx
Chemical X
Footballguy
i changed a couple of things, but you are pretty accurate. I have been on this project basically 24/7. My bank just offered us OT to work our App back log.
for my real job, 9 of my customers submitted PPP Apps, pretty much 4/4 weekend. Today, 1/9 got their docs esigned. 2 others are registered and waiting docs, the other 6 are in the registration queue. We still have around 50k or so Apps to certify.
GoBirds
Footballguy
Possibly approving new funds on Applications not yet turned in? Got the email today ours will be closing Friday.
facook
Footballguy
GoBirds
Footballguy
ericttspikes
Footballguy
Chase came through! Applied April 6. No communication after that other than application was received. Emails to my personal banker not returned. Last night at 10:30 pm an email that loan was approved and funds deposited this morning. This will really help us for the next couple of months.
CletiusMaximus
Footballguy
Sahil Kapur@sahilkapur · NEW statement from @SBAgov: “The SBA is currently unable to accept new applications for the Paycheck Protection Program based on available appropriations funding. Similarly, we are unable to enroll new PPP lenders at this time.”
facook
Footballguy
You didn't have to sign more docs, as in step 5 of the post quoted with yours? Money was just dumped in?
I mean, they’re almost certainly going to add more funding to the Paycheck Protection Program. But the first $350B lasted what, ten days? And there’s no shortage of small businesses that still need money.
I hope nobody took the advice of whatever poster was in here advising to wait to apply until closer to June. No freaking way I’m risking waiting and hoping there’s money miraculously left two months from now.
I hope nobody took the advice of whatever poster was in here advising to wait to apply until closer to June. No freaking way I’m risking waiting and hoping there’s money miraculously left two months from now.
