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Started By
Message
Has anyone actually been funded through any of the SBA programs?
Posted on 4/7/20 at 10:28 am
Posted on 4/7/20 at 10:28 am
We all know all of the issues with the banks, SBA, etc. My question is have you received funds either through the EIDL advance, or the PPP loan? Like actually have $ in your account right now.
16
Posted on 4/7/20 at 10:31 am to Jerrysworld
Nope
Posted on 4/7/20 at 10:52 am to Jerrysworld
Not yet, I submitted applications to Iberia Bank for several businesses.
I spoke to my banker this morning and the applications have passed initial review and are in the "processing" stage. He told me he sees loans moving from "processing" to "approved" by the hour, but those are 5 figure loans. My loans are larger and he said they may take longer.
Will update the board as I hear more.
I spoke to my banker this morning and the applications have passed initial review and are in the "processing" stage. He told me he sees loans moving from "processing" to "approved" by the hour, but those are 5 figure loans. My loans are larger and he said they may take longer.
Will update the board as I hear more.
Posted on 4/7/20 at 10:57 am to Jerrysworld
Nothing yet. We are one of those 5 figure loans so I hope it gets through quickly.
Posted on 4/7/20 at 11:01 am to slinger1317
quote:
Not yet, I submitted applications to Iberia Bank for several businesses.
I spoke to my banker this morning and the applications have passed initial review and are in the "processing" stage. He told me he sees loans moving from "processing" to "approved" by the hour, but those are 5 figure loans. My loans are larger and he said they may take longer.
Will update the board as I hear more.
Are you talking about PPP loans? If so, did your businesses have pre-existing relationships with Iberia Banks?
Posted on 4/7/20 at 11:11 am to Joehat
quote:
Are you talking about PPP loans? If so, did your businesses have pre-existing relationships with Iberia Banks?
Yes I am the CFO for 3 related companies and we bank with Iberia. We submitted applications Friday morning for PPP loans, and then Iberia changed their application. Worked all weekend and submitted 1 app Sunday, the other 2 on Monday.
Conversation with my banker was Tuesday morning (today) that loans passed Initial Review and are processing.
Posted on 4/7/20 at 11:20 am to slinger1317
quote:
Yes I am the CFO for 3 related companies and we bank with Iberia. We submitted applications Friday morning for PPP loans, and then Iberia changed their application. Worked all weekend and submitted 1 app Sunday, the other 2 on Monday.
Conversation with my banker was Tuesday morning (today) that loans passed Initial Review and are processing.
Thank you. If you hear of Iberia taking PPP applications from non-relationship customer (big ones), I would appreciate a heads up. I have several clients who either do not bank with a PPP bank and/or bank with one which currently has no PPP working application (Capital One). We are currently dead in the water with those.
Posted on 4/7/20 at 11:23 am to slinger1317
Slinger, almost exactly what I had happen except with only 2 companies.
Was actually out on the boat drinking beer all day Sat and at about 5pm, I was told the app had changed and I needed to revise. Good thing I work better when drinking, whipped out the laptop and got to work. LOL
Was actually out on the boat drinking beer all day Sat and at about 5pm, I was told the app had changed and I needed to revise. Good thing I work better when drinking, whipped out the laptop and got to work. LOL
Posted on 4/7/20 at 11:35 am to slinger1317
quote:
Conversation with my banker was Tuesday morning (today) that loans passed Initial Review and are processing.
My conversations with bankers is they have been processed and reviewed by the bank but they have to be entered into a system with SBA and the website keeps crashing.
Wondering if your banker was referring to bank or SBA when he said "passed"? It is my understanding you get an SBA loan number when they have accepted it.
Posted on 4/7/20 at 11:42 am to BamaAlum02
quote:
Wondering if your banker was referring to bank or SBA when he said "passed"
He didn't mention a SBA number, so he may have been referring to Internal Controls.
As far as non Iberia customers- last week he told me they were being cautious about loaning non customers. He said their contingency would be to require all loan apps to be from customers as of March 1. I'm not sure if they implemented that policy or not.
Yes this weekend was stressful! We had everything they wanted ready to go, then spent all day/evening Saturday waiting on Iberia to release their damn calculator!
Posted on 4/7/20 at 11:47 am to Jerrysworld
It's unbelievable that not a single person has been funded on here. And the SBA is quoting numbers that they have already disbursed all these billions of the 349b available. Who is getting the $
Posted on 4/7/20 at 12:11 pm to slinger1317
quote:
Yes this weekend was stressful! We had everything they wanted ready to go, then spent all day/evening Saturday
Sounds about like us. We were ready to go Friday morning, then the bank's system went down, then the SBA released new rules, then they required new info, then they changed the rules again, etc. It took us (I say us, more like my CFO) until late Saturday to get everything hammered out.
Posted on 4/7/20 at 12:19 pm to BottomlandBrew
Yeah, I was at a camp literally scratching out numbers on a cardboard box because I couldn't find a piece of paper.
Less than Ideal for sure. Lol
Less than Ideal for sure. Lol
Posted on 4/7/20 at 12:28 pm to Jerrysworld
We have not funded any loans where I work. Just to give you an idea of how poorly (and quickly) this was rolled out, we received additional guidance from the Treasury last night on interpretations of the bill.
Don't be surprised if your banker reaches out to and asks for additional information and/or allows you to recalculate your loan amount.
ETA: The SBA Etran website was down almost the entirety of yesterday as well, further delaying the process.
Don't be surprised if your banker reaches out to and asks for additional information and/or allows you to recalculate your loan amount.
ETA: The SBA Etran website was down almost the entirety of yesterday as well, further delaying the process.
This post was edited on 4/7/20 at 12:29 pm
Posted on 4/7/20 at 12:40 pm to catfish 62
Not funded
Posted on 4/7/20 at 12:42 pm to Penn
PPP or EIDL
And I talked to several at my chamber meeting and they were the same
And I talked to several at my chamber meeting and they were the same
Posted on 4/7/20 at 1:03 pm to Jerrysworld
I submitted our PPP application for a 7 figure loan request to our bank on Friday mid-day. Our banker emailed me today and said he was getting ready to submit our application to the SBA.
This post was edited on 4/7/20 at 7:52 pm
Posted on 4/7/20 at 1:03 pm to Jerrysworld
quote:
And the SBA is quoting numbers that they have already disbursed all these billions of the 349b available. Who is getting the $
clownshow
Posted on 4/7/20 at 1:13 pm to PrettyLights
You’ll see it before May.
Posted on 4/7/20 at 1:37 pm to catfish 62
quote:
You’ll see it before May.
Based on what? Prior to this, I have closed on three 7 figure SBA loans which each took several months to complete. I realize the SBA has said that they are fast tracking these loans but is your comment based on your own speculation or first hand knowledge?
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