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No signing after the fact. I filled out the online application on Chase's site on the 6th. There was some part of that I thought I had to initial, so perhaps that was kind of like step 5 in advance? Got the approval email late last night and woke up to the funds in our account this morning. We got lucky, no doubt about it. I'm not sure how it all happened and really didn't expect it to.
That was me. This is a "small business" support thread. Not everyone is in the exact same position as you. There are plenty of small businesses where it made no sense to take the money now. There are also lots of businesses where it made sense to wait. If I were the latter, I would've talked to my banker and tried to time up the 2nd wave of funding rather than panicking and taking a large loan that wouldn't be forgiven.SayWhat? said:
If you’re a small business that positively can’t use the loan now and have a chunk of it forgiven, then by all means sit on the sidelines. But you were advising someone to just hang tight until June and get your money then as if it’s like ordering two day delivery through Amazon. We’ll have to agree to disagree on the approach. There’s no timing this thing and submitting later when it may be more advantageous. The first $350B ran out in less than two weeks. There’s literally tens, if not hundreds, of thousands of small businesses still in the application process. It’s positively bad advice to tell someone to wait until June. Sorry if that opinion offends you.
Yeah, that's exactly what I said
Jeez dude. There was no quoting or slap fighting. Just that I hoped nobody listened to the guy that said to wait until the end of June to get their money. And then you apparently felt the need to identify yourself and self-quote what I took exception to.Yeah, that's exactly what I said
Just seems like a weird thread to come looking a slap-fight. Tensions are already high and people are just generally trying to help each other here for the most part.
You may be right, maybe it won’t. But $350B gone in ten days isn’t a positive outlook for small businesses hoping to get some two months from now.
I'll bet this becomes a pain in the ### for non-profits since it seems like these forms are not adding in the proper exceptions for non-profits. Our bank in particular "mistakenly" had personal info requested for running credit, even though we set the biz type to non-profit.
I won't speak as an eggspurt here, but this seems to center around KYC issues and what to us is known as the Beneficial Owners Form;
They attach strings to the increase in PPP funds: Of the $250 billion increase, $125 billion of the PPP loans must be channeled through “community-based financial institutions that serve farmers, family, women, minority and veteran-owned small businesses and nonprofits in rural, tribal, suburban and urban communities”.
This makes me laugh..........like a big bank like us doesn't do this? heck, i deal with farmers everyday. they chose us to bank with as a conscious decision, why should other banks take precedent? i think this is merely posturing. It sounds good to the base, but makes little sense. I deal with women, minorities, farmers and vets (animal and people) all the time. i'm sure they are pretty happy with how things are going for them.
We are merely a portal to the money that YOU SET UP. why make access to these funds tougher if you need to use a smaller instititution tat doesn't have our man power or comittment? i mean, we've been going 24/7 and moving resources, in the thousands (people) to work these apps. Go funnel these through an institituion that has 6 people using a Wang word processor. i'm sure this will help the process.
the usual corporate grease. complete horse ####. better and more lawyers. and a heads up, from their bought and paid for congress members
Pretty infuriating. That said, they’re applying for a loan as allowed by the regulations laid forth under the PPP. Can’t blame either for that. And of course JPM is going to get those processed at the top of their list. They were undoubtedly JPM’s two biggest clients applying for the loans, and they get max commission on those amounts.
Even $15-30k would have made a HUGE difference to many small businesses I am aware of. There are not two sides to the aisle. Drain the whole effing swamp.
What restaurants does this include? I want to make sure I never give any of them a dime ever again.
My application is approved per Webster bank and ready to go for next ppp funds, would you recommend putting an application with another bank in case something goes wrong?Chemical X said:They attach strings to the increase in PPP funds: Of the $250 billion increase, $125 billion of the PPP loans must be channeled through “community-based financial institutions that serve farmers, family, women, minority and veteran-owned small businesses and nonprofits in rural, tribal, suburban and urban communities”.
This makes me laugh..........like a big bank like us doesn't do this? heck, i deal with farmers everyday. they chose us to bank with as a conscious decision, why should other banks take precedent? i think this is merely posturing. It sounds good to the base, but makes little sense. I deal with women, minorities, farmers and vets (animal and people) all the time. i'm sure they are pretty happy with how things are going for them.
We are merely a portal to the money that YOU SET UP. why make access to these funds tougher if you need to use a smaller instititution tat doesn't have our man power or comittment? i mean, we've been going 24/7 and moving resources, in the thousands (people) to work these apps. Go funnel these through an institituion that has 6 people using a Wang word processor. i'm sure this will help the process.
You are dangerously close to a fraud in that situation, based on disclosures. I'd sit on Webster. This was my internal fear. Applicants might double dip. Not saying you are, but unscrupulous people could.
I’m worried Webster is inept as I completed my application April 3rd but didn’t hear back that application was missing initial to 1 question until April 14th so I got shut out.
Oh, i'm sure they are inept, but if they aren't.....you could alway submit somewhere else, but read what the disclosures say about multi-applying. You dont have to sign docs if you double approve.
