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Message
Didn’t get PPP, what now?
Posted on 4/16/20 at 2:39 pm
Posted on 4/16/20 at 2:39 pm
Applied by 1pm on the Friday it launched through Regions and didn’t get it. True small business, only had 1 full time employee besides my wife and I. Half a dozen part timers but none worked more then 20 hours a week.
I’ll probably wait until Monday to lay my employee off To see if any other programs are in the works. I have 0 work right now for any employees and I just don’t know when the dumbass government is going to allow me to get back. I’ll probably stop all wages as of this week. I don’t want to ruin my employees weekend so I’ll see it through til Monday.
I’m not a man of prayer but it’s gonna be a bad day for a lot of people this week whose companies didn’t get this money.
Eta: the most frustrating thing is I vastly under applied as far as amount because I was really just wanting to float my employee cost. I could have asked for almost double. Clearly loans were cherry picked. I’ve had $0 revenue for 2 weeks and $0 expected until things open back up. Between those two I should have easily qualified.
I’ll probably wait until Monday to lay my employee off To see if any other programs are in the works. I have 0 work right now for any employees and I just don’t know when the dumbass government is going to allow me to get back. I’ll probably stop all wages as of this week. I don’t want to ruin my employees weekend so I’ll see it through til Monday.
I’m not a man of prayer but it’s gonna be a bad day for a lot of people this week whose companies didn’t get this money.
Eta: the most frustrating thing is I vastly under applied as far as amount because I was really just wanting to float my employee cost. I could have asked for almost double. Clearly loans were cherry picked. I’ve had $0 revenue for 2 weeks and $0 expected until things open back up. Between those two I should have easily qualified.
This post was edited on 4/16/20 at 2:41 pm
11
Posted on 4/16/20 at 2:41 pm to baldona
Same here I don’t think regions processed one loan just kept you on the hook until the money ran out then said sorry.
Posted on 4/16/20 at 2:42 pm to baldona
I went through Regions as well and submitted 1st day. Apparently did not get in either (although I cannot get a definite answer from our relationship manager).
Posted on 4/16/20 at 2:43 pm to baldona
Chase did not come through for me either. Applied the first night chase opened their application
Posted on 4/16/20 at 2:44 pm to baldona
Were you denied or just didn't get approval before the funds ran out?
Posted on 4/16/20 at 2:51 pm to baldona
We can only hope for more funding, but who’s to say Regions won’t shite the bed again? I think the only thing to be done at present is to close our accounts there and publicly shame them by announcing bow badly they failed their customers so others know they don’t have your back when you need them.
Posted on 4/16/20 at 2:51 pm to baldona
man i feel for you but if you only got denied due the limit being reached, theres a certainty they'll re-fund the program. they have too now.
the 350B or whatever it was was an arbitrary number, based on nothing. now that they started this they have to keep going
the 350B or whatever it was was an arbitrary number, based on nothing. now that they started this they have to keep going
Posted on 4/16/20 at 2:55 pm to cgrand
quote:If the political games stop, maybe.
man i feel for you but if you only got denied due the limit being reached, theres a certainty they'll re-fund the program. they have too now.
the 350B or whatever it was was an arbitrary number, based on nothing. now that they started this they have to keep going
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.
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 3:09 pm to baldona
quote:
I’m fairly convinced anyone small was mostly overlooked.
by particular banks, maybe.
my business is small by any measure, $5MM avg revenue. but we generate a lot of cash so my banking relationship is personal, down to we socialize together & do business together.
thats the difference in funding experiences
Posted on 4/16/20 at 3:12 pm to baldona
States are about to open up, can you hang on? Once one does, they all will.
Posted on 4/16/20 at 3:13 pm to baldona
I'm in just about the exact situation as you. Small S Corp with only myself and wife as employees. Applied as early as I could with Regions, and apparently I'm left out. I do agree that loans were cherry picked. I'm fairly certain the practice where I work (but not one of the owners) got their PPP approved before funding ran out today. They applied through Regions but I know for a fact that I submitted my application almost 24 hours before them.
It would be nice to get a list of banks that did well with this so those of us that weren't funded get an idea of where to go next.
It would be nice to get a list of banks that did well with this so those of us that weren't funded get an idea of where to go next.
Posted on 4/16/20 at 3:15 pm to cgrand
quote:
by particular banks, maybe.
my business is small by any measure, $5MM avg revenue
$5mm revenue isn’t small man. I’m under $2mm this year.
There’s no classification of medium businesses, which there should have been here. No reason at all to have people with under 5 or 10 employees going after the same funds as people with 200+.
Ton of guys out there that employee 2-3 people that are doing under $1 mil in revenue.
Posted on 4/16/20 at 3:18 pm to kywildcatfanone
quote:
States are about to open up, can you hang on? Once one does, they all will.
Thats part of my concern and why I didn’t ask for more in the beginning. My business will be fine. Just sucks losing out on literally a lot of free money.
I may just furlough my employee. She doesn’t want to work anyway even though she is working from home.
Posted on 4/16/20 at 3:21 pm to medtiger
quote:
It would be nice to get a list of banks that did well with this so those of us that weren't funded get an idea of where to go next.
Anecdotal based on things I've seen and heard here in Bham, but it seems the smaller, local banks had much more success than the big banks. Guessing because a lot of the applications were processed by a smaller team of folks, whereas the applications through bigger banks got thrown into a stack and worked as they could by folks all over the place.
My CPA buddy said none of the Regions applications he did for clients, while every one he did with a smaller, local bank got funded.
Posted on 4/16/20 at 3:29 pm to baldona
quote:
Ton of guys out there that employee 2-3 people that are doing under $1 mil in revenue
Raises hand
Posted on 4/16/20 at 3:44 pm to cgrand
quote:
theres a certainty they'll re-fund the program. they have too now.
Nancy Pelosi laughs at you.
Posted on 4/16/20 at 3:44 pm to VABuckeye
Regions, Chase, and Cap One evidently suck or cherry picked.
I would do just like others have suggested, find a better bank. One that will value you being a customer.
That's the exact reason we left Chase a few years back. Wanted to be able to get a decision made on the local level and not wait for someone in Dallas who didn't give a shite to make a decision.
I would do just like others have suggested, find a better bank. One that will value you being a customer.
That's the exact reason we left Chase a few years back. Wanted to be able to get a decision made on the local level and not wait for someone in Dallas who didn't give a shite to make a decision.
Posted on 4/16/20 at 3:50 pm to ROUSTER
The reason I’m absolutely furious right now is I could have lived with Regions saying they aren’t doing it. I wouldn’t have immediately left them. I bank with them because as a larger bank they have more options and a better online presence that smaller banks don’t necessarily have. So I can’t just switch my primary business banking. I have 4-5 other banks I work with so I had other options.
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