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Started By
Message
Any PPP 2.0 updates?
Posted on 1/19/21 at 7:55 pm
Posted on 1/19/21 at 7:55 pm
Portal just opened for the big banks today, but opened for various others last week, anybody get an approval number? Any word on how fast the money is going?
9
Posted on 1/19/21 at 8:59 pm to Tigerpaw123
My apps were finalized today, should be submitted tomorrow at the latest
Posted on 1/19/21 at 9:03 pm to Tigerpaw123
Finalizing a few applications tomorrow with the bank. Hoping they are able to turn those around pretty quick.
Posted on 1/19/21 at 9:20 pm to Tigerpaw123
The approval process is different this time around. Last time the banks would enter the loan into Etran and immediately get a loan number confirming the loan. This time etran is no more and there is supposedly a couple of days for approval.
Posted on 1/19/21 at 10:35 pm to Tigerpaw123
I was submitted on Friday. With Monday being a holiday I’m hoping for the loan number and approval tomorrow.
Posted on 1/20/21 at 6:06 am to Tigerpaw123
BBVA opened up yesterday, then shut down taking apps due to "technical difficulties". So glad I went elsewhere this time around. Since I used a small bank this time, my app was submitted Friday. I expect to hear something today.
Posted on 1/20/21 at 6:46 am to greygoose
Hoping to hear today, I’ll chime in when we do
Posted on 1/20/21 at 10:33 am to Penn
"The approval process is different this time around. Last time the banks would enter the loan into Etran and immediately get a loan number confirming the loan. This time etran is no more and there is supposedly a couple of days for approval"
Dead on.......we submitted a few Sunday and just got approvals back yesterday at 5:00. The process this time is EXTREMELY different so pack some patience with the banks. There is no automatic receipt of a loan number this round. We are even more at the mercy of the SBA than last time around.
Dead on.......we submitted a few Sunday and just got approvals back yesterday at 5:00. The process this time is EXTREMELY different so pack some patience with the banks. There is no automatic receipt of a loan number this round. We are even more at the mercy of the SBA than last time around.
Posted on 1/20/21 at 11:26 am to Im4datigers
Hopefully they are processed in the order received so the big bank submittals don't clog up our head start.
Posted on 1/20/21 at 12:57 pm to VABuckeye
buckeye - what bank do you work for? NOVA?
Posted on 1/20/21 at 3:29 pm to Im4datigers
I don't work for a bank. I'm a PPP borrower who was fed up with round 1 and how the big banks handled it so I educated myself and found a small bank to work with who wanted to earn my business.
Posted on 1/20/21 at 4:39 pm to VABuckeye
Hancock's PPP customer service line told us this morning that there would be no paperwork needed if under $150K loan and you got a 1st round loan. The bad part is the loan amount will be the same as the 1st round.
Sucks for us because I had 1 employee in March, myself. Now I have 7, including myself. Looks like I'm losing out on about $70K, but at least there is something.
Sucks for us because I had 1 employee in March, myself. Now I have 7, including myself. Looks like I'm losing out on about $70K, but at least there is something.
This post was edited on 1/20/21 at 4:40 pm
Posted on 1/20/21 at 5:40 pm to shawnlsu
That seems like a load of crap if you ask me. Our loan amount this time is about $11k higher than the first one.
Posted on 1/20/21 at 9:32 pm to Tigerpaw123
Does anyone know what the requirements are to maintain your employee count for the PPP Draw 2? Do you have to maintain your employee count as of the date of application for 100% forgiveness? These items were clearly defined in PPP Draw 1 but I cannot find anything definitive for PPP Draw 2.
Posted on 1/21/21 at 7:28 am to VABuckeye
I thought so as well. Just seems lazy on Hancock's end.
I think I'm stuck though since I used them the 1st round.
I'm going to start digging and see if that's a Hancock policy or not.
ETA: I wish there was a search function on our profiles. There was an underwriter for Hancock that commented on the 1st round PPP thread in April.
I think I'm stuck though since I used them the 1st round.
I'm going to start digging and see if that's a Hancock policy or not.
ETA: I wish there was a search function on our profiles. There was an underwriter for Hancock that commented on the 1st round PPP thread in April.
This post was edited on 1/21/21 at 7:38 am
Posted on 1/21/21 at 12:25 pm to Tigerpaw123
For everyone that already submitted an application, make sure you are aware of the latest change. My bank just informed me that SBA changed some guidance/rules on the evening of the 19th for loans over $150k.
You know much sign & date every page of the documents uploaded*. I am having to print everything out, sign & date, rescan, then reupload.
There may have been other changes, but this is the only one that affected me; so far.
*It appears this is for unaudited financials, but you may want to check with your bank to make sure you are covered.
You know much sign & date every page of the documents uploaded*. I am having to print everything out, sign & date, rescan, then reupload.
There may have been other changes, but this is the only one that affected me; so far.
*It appears this is for unaudited financials, but you may want to check with your bank to make sure you are covered.
This post was edited on 1/21/21 at 12:27 pm
Posted on 1/21/21 at 1:07 pm to shawnlsu
Upon further investigation today, it seems the person that my finance manager talked to yesterday didn't know what she was talking about. My application still has the full amount that I calculated via the formula given with the 2nd round paperwork.
Gonna wait a day or 2 and see how it progresses before I light another fire under them.
Gonna wait a day or 2 and see how it progresses before I light another fire under them.
Posted on 1/23/21 at 6:05 pm to Tigerpaw123
My banker is working this weekend. I just did the DocuSign and we will fund on Monday.
Posted on 1/23/21 at 8:22 pm to VABuckeye
After my banker came back to me Thursday to sign all the documents I uploaded, they needed me to sign another form Friday (don't recall what it was but they said it was an SBA requirement). Told me it'll be funded this week, but not sure how long it'll take. They haven't had any of their loans funded as of 1pm Friday
Posted on 1/23/21 at 9:10 pm to Weekend Warrior79
The online application my bank sent me gave me a max of $30k/employee on the loan calculation. I asked the reasoning behind this and they told me that $30k per employee was the max because that amounted to $100k annualized. Very confused over this if the allowable period is 24 weeks again.
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