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Posted on 1/24/21 at 7:30 am to VABuckeye
quote:
I just did the DocuSign and we will fund on Monday.
Great to hear, hopefully there will be a lot of action in PPP this week
Posted on 1/24/21 at 9:44 am to Tigerpaw123
That little bank in south Texas is fantastic. I wish there was a way for me to give them all of my business.
Posted on 1/24/21 at 10:43 am to VABuckeye
My loan closed and I received the funds this past Friday. Very simple process.
Posted on 1/25/21 at 10:36 am to spiderman
Still waiting
Posted on 1/25/21 at 3:56 pm to Penn
As much as I bragged on Hancock last time, its been a shite show this round.
Different answers, different directions and different forms to upload every time we call.
Between this and their local business banker leaving me out in the cold while she went on vacay this summer, I'm about to close my accounts and head to either a very small bank or an online only bank.
Different answers, different directions and different forms to upload every time we call.
Between this and their local business banker leaving me out in the cold while she went on vacay this summer, I'm about to close my accounts and head to either a very small bank or an online only bank.
Posted on 1/25/21 at 7:26 pm to shawnlsu
I uploaded all my docs this afternoon. We shall see what happens.
Posted on 1/25/21 at 8:14 pm to shawnlsu
Get your PPP before you leave. And, cut them a slight break, SBA changed the rules at least once already.
Documents uploaded Thursday, had a few more forms to sign Friday, will be funded tonight...can already see the pending transaction
Documents uploaded Thursday, had a few more forms to sign Friday, will be funded tonight...can already see the pending transaction
Posted on 1/25/21 at 8:34 pm to Weekend Warrior79
Funded this morning. Processing payroll tomorrow.
Posted on 1/25/21 at 8:59 pm to VABuckeye
Have you seen anything about the rules for forgiveness? I know the made a few modifications where the lessoned the restrictions...60% must be on payroll costs, as opposed to 75%. And they added a few more allowable categories: Some operating expenses, Property damage costs, Supplies costs & PPE
But, I have not seen anything about whether they will allow the recipient to choose 8 weeks or 24 weeks again
But, I have not seen anything about whether they will allow the recipient to choose 8 weeks or 24 weeks again
Posted on 1/26/21 at 7:37 am to Weekend Warrior79
I recall seeing something about 8 weeks vs 24 but I read so much on it I'm not sure where I saw it. 
Posted on 1/26/21 at 10:03 am to Tigerpaw123
Was issued a loan number and signed my sba app last thursday when can I expect to have funded?
This post was edited on 1/26/21 at 10:48 am
Posted on 1/26/21 at 11:56 am to choke
quote:
Was issued a loan number and signed my sba app last thursday when can I expect to have funded?
Signed our docs on Fri, 23rd, not yet funded either.
Posted on 1/26/21 at 9:31 pm to rlp
That's on your bank. They must be batching everything. Assembly line.
Posted on 1/27/21 at 3:28 pm to VABuckeye
Quick update for those that are still waiting. We submitted our application on 1/21/21 and our bank submitted our application on the same day. We were funded this morning. Our Bank is a small community bank and our loan amount is over $1M.
Posted on 1/27/21 at 3:46 pm to PrettyLights
Not to hijack the thread but say a person buys a business this year that received ppp last year. Said business is incorporated and has three separate locations that are under the umbrella and being sold separately.
If someone were to buy the corporation and 2/3 locations (other location sold to different party) what would be some potential issues of getting 2nd round of ppp if they could show a 25% decrease comparing 2019 and 2020 quarters?
If someone were to buy the corporation and 2/3 locations (other location sold to different party) what would be some potential issues of getting 2nd round of ppp if they could show a 25% decrease comparing 2019 and 2020 quarters?
Posted on 1/27/21 at 3:47 pm to PrettyLights
Submitted 2 on Friday- one got approved yesterday, signed the docs today.
The other had some issues, but I think it's because I applied for the extra month using a 72 NAICS code- we're an art studio (713900), but we sell wine, which makes us a bar, which means we've been shut down, so I included the extra month of payroll on our application.
The other had some issues, but I think it's because I applied for the extra month using a 72 NAICS code- we're an art studio (713900), but we sell wine, which makes us a bar, which means we've been shut down, so I included the extra month of payroll on our application.
Posted on 1/28/21 at 10:18 am to VABuckeye
quote:
That's on your bank. They must be batching everything. Assembly line.
This!
We technically had everything finalized Friday, and had an internal bank document to sign Monday morning. Funds were pending in our account Monday evening.
Posted on 1/28/21 at 10:21 am to cmlsu
You would need to speak with a banker that specializes in these. My understanding is in order to qualify for the 2nd round, it has to be the same principal owners. The basis of this is you knew the condition of the company when you purchased the business.
However, depending on when you purchased it and how the purchase went through; it could be viewed as a "new business" and as long as you meet the qualifications for a "new business" during this time could qualify as a 1st time applicant. But, you would need to discuss with a banker to figure out your options. Chances are they will point to the fact that you bought it/invested knowing the risk considering the current economy.
However, depending on when you purchased it and how the purchase went through; it could be viewed as a "new business" and as long as you meet the qualifications for a "new business" during this time could qualify as a 1st time applicant. But, you would need to discuss with a banker to figure out your options. Chances are they will point to the fact that you bought it/invested knowing the risk considering the current economy.
Posted on 2/1/21 at 9:15 am to PrettyLights
We got our SBA loan # this morning. We are under 6 figures with only 6 full time employees. We have had a TON of back and forth this time, mostly due to incorporating in Q4 of 2019 and having different requirements, followed closely by Hancock's PPP dept changing what they wanted every day for the last 10 business days.
But it seems like the finish line is in sight again. Thanks to everyone here for answering questions again this round
. We were told by the bank 3 weeks ago that we didn't qualify and I came here first to get real answers.
But it seems like the finish line is in sight again. Thanks to everyone here for answering questions again this round
. We were told by the bank 3 weeks ago that we didn't qualify and I came here first to get real answers. 
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