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has anyone else applied for a PPP loan?

BarbmC

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After waiting, and waiting for our bank to release the loan application last weekend, they finally did on Sunday, and I was in the office all day to complete the application. Still waiting for word. Last Friday Secretary Mnuchin said the funds would be available "same day" - which my banker found to be very amusing. Curious if anyone has applied/heard about their loan.
 

WalnutBaron

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We did apply but were told it might be up to a week before we hear whether we're approved and another week or so after that before the funds are released. Fortunately, we have plenty of cash flow and cash reserves to draw on. We applied in case things really go south but--so far, anyway--we're hanging in there.
 

presley

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We did apply but were told it might be up to a week before we hear whether we're approved and another week or so after that before the funds are released. Fortunately, we have plenty of cash flow and cash reserves to draw on. We applied in case things really go south but--so far, anyway--we're hanging in there.
Did you apply at a bank or with the online form for SBA disaster loans? I'm asking because I applied on the SBA site and it said we'd get an email, but haven't had an email. It asked for our bank account info for where to deposit the funds. It seemed like I didn't need to apply at a bank, but now I don't know what to think.
 

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Did you apply at a bank or with the online form for SBA disaster loans? I'm asking because I applied on the SBA site and it said we'd get an email, but haven't had an email. It asked for our bank account info for where to deposit the funds. It seemed like I didn't need to apply at a bank, but now I don't know what to think.
We applied through our local community bank, which did an outstanding job of assisting us. They had access to the SBA web portal on Saturday evening and started loading loan apps immediately. If you have a good relationship with your banker, contact them. They should be able to assist you (and if they don't, it might be time to contact another bank).
 

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My husband inquired at our bank who has our businesses' mortgage and they were not ready yet. I had heard even if you have credit cards, personal accounts with BOA they will not allow you to apply through them. My husband is concerned that if this goes past 60 days we would be responsible to pay our employees. Does anyone know the answer to this? We have over 90 employees and there is no way we can pay them. We are in RI and fear our governor is not going to open anything up anytime soon. Scary times.
 

BarbmC

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We applied thru our bank - we're an institutional food manufacturer, our business is down 70% We could really use the money to keep our 67 employees - we've cut them back to 3 days - but want to keep all of them
 

presley

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Our credit union doesn't do SBA loans. It sounds like all the big banks around here (San Diego County) aren't helping those who aren't already banking with them. I'll keep checking around. Our landlord generously is helping with our lease for April and we only had to pay the 3N and insurance, but combining that with payroll is still more than what we are bringing in.
 

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Our credit union doesn't do SBA loans. It sounds like all the big banks around here (San Diego County) aren't helping those who aren't already banking with them. I'll keep checking around. Our landlord generously is helping with our lease for April and we only had to pay the 3N and insurance, but combining that with payroll is still more than what we are bringing in.
Our community bank not only prioritized their existing loan and deposit customers, but they then immediately went into an aggressive mode to seek out loan applications from customers they had been pursuing for years but had not been able to make headway because those businesses seemed satisfied with their existing banking relationships. But this economic shock is exposing the banks who truly want to help from those who are sitting on their hands. For example, I know of a lot of Wells Fargo customers who are irate because Wells had a cap placed on their loan portfolio due to their past troubles. That cap has since been lifted, but the damage is done. A lot of Wells customers asked our bank for help, which they were happy to provide.
 

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This is my whole world these days, as I try to provide guidance to hundreds of nonprofits who are loan-adverse and have no experience with the SBA. We got our own application in on Tuesday, and got confirmation that we were in the "queue." We'll see....

And, yes, I think if you have a relationship with a community bank or a medium-sized regional bank, or even a larger credit union, you seem to be the best off. In this case, banking with a bigger bank seems to have been a liability--horror stories from Citi, Chase, BofA, Wells Fargo, etc...
 

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We applied for the PPP online with Bank of America. We also applied for the EIDL online with the SBA. We have not heard back on anything yet.
 

presley

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I ended up calling SBA today and was surprised how quickly I got through. The friendly person told me that it wasn't unusual that it's been over a week with no response from them because of the huge amount of applications. Normally, I would have heard back in a day or so, but with this many applications out there, she said it isn't considered a long wait and that eventually, they will email me back with a link to the process to begin the loan. She said I needed to find a bank for the PPP loan. My husband called 6 banks today and I think he found one that said they would accept an application from him, but that ours wouldn't be processed right away because they were helping people in order of who already has credit with them, who has a business account with them and then basically people like us.

I saw an article after that saying that no small businesses have received any money, yet. The original $10k emergency money that was supposed to be available for all small businesses was changed to $1K per employee for a maximum of $10K. That won't even cover one payroll period. I feel like we can keep going for a couple months by using our personal savings to keep the business open, but after that, we'd need to start planning our exit if things remain the same.
 

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I was notified by PNC late today that our application was under review and I needed to electronically sign it (silly me I actually signed it) I hope we'll hear back from them soon!!
 

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We got a call from Bank of America today that they are forwarding our PPP application to the SBA. Hopefully, that means we passed the initial screening. Still no word about the EIDL loan.

P.S. We only have a business bank account with BofA and they accepted our application. Just mentioning this since some people said they are having trouble getting a bank to process their loan.
 

presley

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Still no word about the EIDL loan.
I saw an article in my Google news feed that talks about it, still referring to it as $10K that you don't have to pay back. The article was dated yesterday and claims we will get 10K within 3 days if we apply for it. :unsure: Since I applied in March, I must be in some type of black hole. Please send help.
 

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I saw an article in my Google news feed that talks about it, still referring to it as $10K that you don't have to pay back. The article was dated yesterday and claims we will get 10K within 3 days if we apply for it. :unsure: Since I applied in March, I must be in some type of black hole. Please send help.

It has been more than 3 days and still no word about the EIDL. The $10K you don’t have to pay back has been changed to $1K per employee.
 

mdurette

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I work for a small community bank. I know our commercial lending team has received ALOT of requests. We are only working with business owners that have an established commercial relationship with us. Once we get through that....we may consider opening up to others. Definitely try the financial institution your commercial business has a relationship with first.
 

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We were notified by PNC today that our application was at the SBA - pending approval, telling us we would need 2 officers "electronic" signatures - hope they don't make us wait much longer!
 

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Our main business banks are with Wells Fargo and Chase. I am worried that they may reduce our credit card limit and line of credit if we apply for a PPP loan through them as they may see the business in distress.

So I am considering applying with another bank Capital One which only has our only our business savings and money market account and so cannot reduce credit lines. However they are a pain to work with.

Should I be worried about a hit to our credit lines?
 

TravelTime

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Our main business banks are with Wells Fargo and Chase. I am worried that they may reduce our credit card limit and line of credit if we apply for a PPP loan through them as they may see the business in distress.

So I am considering applying with another bank Capital One which only has our only our business savings and money market account and so cannot reduce credit lines. However they are a pain to work with.

Should I be worried about a hit to our credit lines?

It does not seem likely they will change your credit rating for applying for this. They know everyone is applying.
 

CalGalTraveler

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Good to know. I am still on the fence about PPP but will apply for EIDL grant for two businesses. I just saw on Wells Fargo website that they reached their cap already and Cap One will not consider unless you have a business checking account (we only have business savings). A friend's company is solid and bank is denying and requesting additional documentation.

Wondering if the hassle is more than what it is worth.
 

TravelTime

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Well, the PPP could give you 2.5 times payroll as a forgiveable loan. That seems worth it to me.
 

CalGalTraveler

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Do you know for how long? I thought it was only for 2 months.
 

TravelTime

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Do you know for how long? I thought it was only for 2 months.

I have read it is for 2.5 times payroll. Payroll is defined as more than just pay. You can see the definition in the PP I posted.

 

CalGalTraveler

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Thanks @TravelTime. Your materials are helpful. This is pulling me out of my funk. We've been in business for 19 years and sailed through 2002 and 2008 crises so applying for a "loan" was a mental turn off because we have always self-funded from revenue. But now that I hear these are forgivable, This time is different and it seems that it *might* be worthwhile if not too much hassle.
 

presley

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But now that I hear these are forgivable, This time is different and it seems that it *might* be worthwhile if not too much hassle.
You still need to carefully read your terms when you sign. It has stipulations on the forgiveness. A local business got their loan and were told they had to sign and use it right away. I think they said 80% of their employees are furloughed. They were hoping they could use the loan for payroll when they are allowed to open back up for business, but they can't. They have to use it now and won't meet the terms. So, now they have a loan that they need to pay back that isn't helping them or their employees because they aren't allowed to be open.
 
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