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Message
re: PPP Allocation Almost Fully Tapped
Posted on 4/14/20 at 2:07 pm to Catchfalaya
Posted on 4/14/20 at 2:07 pm to Catchfalaya
What would you guys do if in my shoes? I applied for ~$200k on April 8th with Chase and currently have not heard anything. Life is crazy right now and it took two days to get the documents together, and I'm concerned about those two days being difference makers. I went with Chase because we have a long banking relationship, as does seemingly 50% of small businesses. My only ease is that Friday-Sunday was a holiday. Otherwise, I have not heard a peep concerning my application. I wonder at what point I stop waiting and look for a community bank?
3
Posted on 4/14/20 at 2:16 pm to BrianFlanagan
I'm in the same boat with Chase.. I have 3 applications for ~$500k total that were all turned in 4/7 and not a peep since then
Posted on 4/14/20 at 2:21 pm to TenLittleIndians
quote:
I'm in the same boat with Chase.. I have 3 applications for ~$500k total that were all turned in 4/7 and not a peep since then
Have you considered jumping ship?
Posted on 4/14/20 at 2:50 pm to BrianFlanagan
quote:
Friday-Sunday was a holiday.
Not for the SBA and my bank was back open and at it Saturday morning
Posted on 4/14/20 at 2:56 pm to Catchfalaya
I bank at Delta Bank which is a local community bank. Submitted my paperwork in person to my banker last Monday. He called me yesterday and told me I was approved for $ 24,820.00 and to come in and sign tomorrow and would have my funds Thursday. My problem is most of my employees are 1099 therefore I could not include them. My opinion is if the banker you deal with works to get you the loan it can happen quickly.
Posted on 4/14/20 at 3:28 pm to BrianFlanagan
quote:
Have you considered jumping ship?
I have but my companies are across three different states (west coast, east coast and gulf coast) and I'd hate to jump to a local bank just to hopefully get this done and not move over any other accounts. I enjoy Chase for the most part, this has just been slow.
Posted on 4/14/20 at 3:33 pm to TenLittleIndians
I'm giving my business to the one that works his/her arse off when it counts the most, not when times are good.
That said, my local branch of Hancock/Whitney has been great through all of this and as small as I currently am, I was one of their first PPP apps approved and sent to the SBA.
That said, my local branch of Hancock/Whitney has been great through all of this and as small as I currently am, I was one of their first PPP apps approved and sent to the SBA.
Posted on 4/14/20 at 3:41 pm to BrianFlanagan
Honestly the money will be gone by Friday so most likely have to pray chase comes through. Then once it’s gone hope ole Mitch can get Pelosi to agree to the $250B more they are trying to add to the fund.
Posted on 4/14/20 at 5:07 pm to Catchfalaya
I put mine in for like 150k on april 8th with chase. I have only received the initial confirmation email from them with a loan reference number. hopefully it goes thru. I don't absolutely need the money but it would be nice to get it.
Posted on 4/14/20 at 5:34 pm to shawnlsu
As an UW for HW, we have been working day and night to get these things done. We have approved loans as small as $4900 up to $3.1MM
Posted on 4/14/20 at 5:36 pm to Catchfalaya
We just received and signed our loan docs about an hour ago. Seven figure loan with a community bank, I submitted our application to our bank on Friday 04/03/2020 and he submitted our application to the SBA website and received approval on Tuesday 04/07/2020. The SBA has required banks to fund the loan proceeds to their customers within 10 days of approval from the SBA and banks are following this closely. I believe our funds will be available first thing tomorrow morning.
This post was edited on 4/14/20 at 5:37 pm
Posted on 4/14/20 at 5:43 pm to nolabnkr
quote:
nolabnkr
I very much appreciate the work y'all have put in, which is why I'm staying put with all my accounts and these loans. Your Prairieville, La branch has gone above and beyond, as usual. L.M. has answered emails within 30 minutes for the last 2 weeks with actual answers.
Posted on 4/14/20 at 8:26 pm to Catchfalaya
It’s my opinion they should have reduced the stimulus check and increased the amount given to this fund. Also they should have made it more for actually very small business. But just my two cents.
Posted on 4/14/20 at 9:24 pm to Catchfalaya
We were just funded for our five figure loan. Iberia Bank. Money just appeared in account.
Posted on 4/14/20 at 9:38 pm to LSUlove
It will be interesting to see the percentage of PPP apps taken in by all banks and how many were funded. If I had to guess I’d say only 20% were funded.
Posted on 4/14/20 at 10:28 pm to Catchfalaya
My banker did tell me I would be his first that was funded.
Posted on 4/15/20 at 12:19 am to LSUlove
Any 1099 employees applied with regions?
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