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Message
re: Didn’t get PPP, what now?
Posted on 4/16/20 at 2:55 pm to baldona
Posted on 4/16/20 at 2:55 pm to baldona
quote:
Didn’t get PPP, what now?
Get ahead of the next round of funding, that's what. Here's what I posted in another thread. I'm just trying to give tips to people so they don't get left out in the cold again.
My suggestion to anyone that needs to get a loan done when it opens back up is to get your documentation in order. We were able to get approved so quickly because we had everything needed for an approval when we submitted. Copies of drivers licenses, IRS form 941, articles of incorporation, Schedul K-1. Get everything together NOW.
Start contacting smaller banks and credit unions NOW. Find out if you can get in their queue. Move accounts there if you have to and this loan is critical to your business.
We've identified the banks that are going to drop the ball. They've already done it. Get on the phone and get ahead of the game.
2
Posted on 4/16/20 at 3:02 pm to VABuckeye
My company isn’t going under. I’m fine personally. How do I know a new bank will do it right? No I wasn’t denied, I had everything absolutely in order, again I’m 100% owner between my wife and I and it’s small. Very clear losses on the books. Regions just never reviewed our app. My business is done at Regions, I wasn’t happy in the first place. But I’ve got a bunch of accounts I’ll have to move including some loans I’ll payoff. I don’t want to do anything drastic now for a couple days.
My point was more, I’m fairly convinced anyone small was mostly overlooked. Lot of people are going to be laid off now. What’s the countries next plan?
My point was more, I’m fairly convinced anyone small was mostly overlooked. Lot of people are going to be laid off now. What’s the countries next plan?
Posted on 4/16/20 at 3:57 pm to VABuckeye
Just got off the phone with my office manager. She is currrently managing another company while we wait for my contract to start.
She is with a local bank now that hasn't recieved any updates since applying.
IMO, everyone needs to find a banker that will respond to you as well as WORK for you.
ETA: I pushed for updates daily, sometimes twice a day for the last 2 weeks. I also did a lot of research and talked to people like VA to find out what other people are seeing and find the best option for me.
She is with a local bank now that hasn't recieved any updates since applying.
IMO, everyone needs to find a banker that will respond to you as well as WORK for you.
ETA: I pushed for updates daily, sometimes twice a day for the last 2 weeks. I also did a lot of research and talked to people like VA to find out what other people are seeing and find the best option for me.
This post was edited on 4/16/20 at 3:59 pm
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