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PPP Allocation Almost Fully Tapped
Posted on 4/14/20 at 8:46 am
Posted on 4/14/20 at 8:46 am
PPP loan has disbursed $220 Billion of the $350 Billion allocated. Expected to be fully tapped by Friday. Many Main Street businesses have not heard a peep on approval. Looks like the banks are only interested in doing large loans (7 figures) and leavings mom n pops with small payrolls hopeless. I’m one!
9
Posted on 4/14/20 at 8:48 am to Catchfalaya
I think the feds are going to have to do another round of stimulus or they'll absolutely tank the economy. Many small businesses won't come back and they employ a ton of people.
Posted on 4/14/20 at 8:50 am to fallguy_1978
Republicans tried, but democrats blocked efforts to increase small business funding.
Posted on 4/14/20 at 8:53 am to Catchfalaya
We have a mid 6-figure request and haven't heard a peep. Application was submitted on April 6th, banker confirmed it was submitted on April 8th and it's been crickets since...outside of a few non-important emails. We were hopeful the week of April 6th, but each passing day goes by and we're wondering what our next step is. We have about 5-6 weeks of emergency fund expenses if we don't get any more cash in the door and at the end of this week we may have to furlough employees to cut costs. We would be cutting everyone's pay/hours by 50% and then filing for unemployment for them to make up the difference.
edit: After I posted this I heard from my banker that our loan was approved. Waiting on loan docs.
edit: After I posted this I heard from my banker that our loan was approved. Waiting on loan docs.
This post was edited on 4/14/20 at 9:19 am
Posted on 4/14/20 at 9:58 am to CHiPs25
(no message)
Posted on 4/14/20 at 10:00 am to CHiPs25
quote:
We have a mid 6-figure request and haven't heard a peep. Application was submitted on April 6th, banker confirmed it was submitted on April 8th and it's been crickets since...outside of a few non-important emails. We were hopeful the week of April 6th, but each passing day goes by and we're wondering what our next step is. We have about 5-6 weeks of emergency fund expenses if we don't get any more cash in the door and at the end of this week we may have to furlough employees to cut costs. We would be cutting everyone's pay/hours by 50% and then filing for unemployment for them to make up the difference.
I am in, almost, the exact situation. Only difference is, I still haven't heard from my banker, even though I've sent two emails, and just called him and had to leave a message. Last I heard, my stuff was going to underwriting last week.
Posted on 4/14/20 at 10:09 am to Catchfalaya
I don't believe that they are actually close to running out of money. Someone made a great point on TD yesterday about that.
Congress thinks they have a magic wand and as soon as they waived it, I recieved funds in my account. It just doesn't work that way and it shows how out of touch the lawmakers of our country are.
That's the thing that scares me the most about this whole thing. If we as a people don't do something very drastic, very soon, the people on Capitol Hill are going to continue to sell us to the highest bidder.
quote:
congress thinks that the money is in people's hands already because they approved it. The reality is they have no idea how long it takes or the actual, staggering, numbers of applications that the SBA has to process. It takes time for the finds to reach the end users.
Congress thinks they have a magic wand and as soon as they waived it, I recieved funds in my account. It just doesn't work that way and it shows how out of touch the lawmakers of our country are.
That's the thing that scares me the most about this whole thing. If we as a people don't do something very drastic, very soon, the people on Capitol Hill are going to continue to sell us to the highest bidder.
Posted on 4/14/20 at 10:21 am to shawnlsu
They were also going to ask for anouth $200 billion to make sure it was funded fully.
Posted on 4/14/20 at 10:32 am to Catchfalaya
Just had mine funded, low $400k, this morning. But the owner of my company has a great working relationship with the bank.
Biggest concern I have is we're on a skeleton crew now because work load is minimal and most likely won't pick up until May. The clock is ticking for us w our 8 weeks ending 6/08. What if I bring everyone back now, but don't have the work yet to keep them busy by mid/late June
Biggest concern I have is we're on a skeleton crew now because work load is minimal and most likely won't pick up until May. The clock is ticking for us w our 8 weeks ending 6/08. What if I bring everyone back now, but don't have the work yet to keep them busy by mid/late June
This post was edited on 4/14/20 at 10:36 am
Posted on 4/14/20 at 10:39 am to greygoose
quote:
I am in, almost, the exact situation. Only difference is, I still haven't heard from my banker, even though I've sent two emails, and just called him and had to leave a message. Last I heard, my stuff was going to underwriting last week.
A few months ago we were banking solely with Wells Fargo. We made a decision after the banker we had a relationship with left and nobody ever reached out to us. We started the process of finding a new bank, which included talking to BOA as well as some community banks. One of the important things for us is integration into Quickbooks via Direct Connect, which not a lot of banks have...at least community banks.
After talking with BoA and a local community bank, we ultimately chose the community bank. Now, we haven't moved our money over yet (we have low 7-figures in our accounts) but I ultimately think that by us being a new customer that they want to bank with, this helped our cause. If we were still at Wells Fargo, we would be up shite creek right now.
Posted on 4/14/20 at 11:57 am to Weekend Warrior79
quote:
Biggest concern I have is we're on a skeleton crew now because work load is minimal and most likely won't pick up until May. The clock is ticking for us w our 8 weeks ending 6/08. What if I bring everyone back now, but don't have the work yet to keep them busy by mid/late June
That is exactly what the money is for. Pay them to stay at home if you have to.
Posted on 4/14/20 at 12:45 pm to fallguy_1978
quote:
I think the feds are going to have to do another round of stimulus
brrrrrrrrrrrrrrrr
S&P 4000
DOW 40000
Big Mac 1000
Posted on 4/14/20 at 12:48 pm to Catchfalaya
Meanwhile, Capital One has still not started accepting applications.
Posted on 4/14/20 at 1:14 pm to crazycubes
quote:
brrrrrrrrrrrrrrrr
S&P 4000
DOW 40000
Big Mac 1000
That's the thing I'm 2nd most worried about. It won't take long for all that printing to catch up with us.
Posted on 4/14/20 at 1:19 pm to Weekend Warrior79
I got approved yesterday and will be funded no later than next Thursday....pres of the bank said 10 days max from when you are approved.
Posted on 4/14/20 at 1:27 pm to tgrbaitn08
How much was your loan? I haven’t seen one person post on here who received a loan less than $100,000.00. Seems to be all north of $300,000 or more.
Posted on 4/14/20 at 1:37 pm to Catchfalaya
quote:
How much was your loan? I haven’t seen one person post on here who received a loan less than $100,000.00. Seems to be all north of $300,000 or more.
5 figures and I havent actually received the funds yet but it was approved and I should have to funds in my account by next Thursday
Posted on 4/14/20 at 1:39 pm to Catchfalaya
quote:
Expected to be fully tapped by Friday
My disbursement date is Thursday.
Posted on 4/14/20 at 1:43 pm to tgrbaitn08
Glad the process is almost over for you. 
Posted on 4/14/20 at 2:07 pm to VABuckeye
Thanks yeah...I was very relieved when it was the pres of the bank that called and not just a loan officer.....made me feel much better
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