- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
PPP running out of Money?
Posted on 4/15/20 at 8:11 pm
Posted on 4/15/20 at 8:11 pm
Does anyone have any legitimate resources on whether the PPP is running out of money? I have seen that they could be out of Monday by EOB today. I’ve seen Thursday. I’ve seen Friday. I guess if even if our own government doesn’t know, then how would a regular joe like myself even know.
Link
Link
quote:
Meanwhile, the $349 billion Paycheck Protection Program is expected to be fully subscribed as soon as Thursday, according to Republicans, when the Senate’s next pro forma session is scheduled. Led by Senate Majority Leader Mitch McConnell (R-Ky.), Republicans want to approve $250 billion to replenish the program immediately;
6
Posted on 4/15/20 at 8:17 pm to CHiPs25
PPP is out of money . If you haven’t been approved by 5pm today your out of luck . Sorry guys you May need to turn to a traditional loan now with your bank. I don’t see Nancy passing the $250B she’s rather people be on unemployment.
Posted on 4/15/20 at 8:18 pm to CHiPs25
You will know when they tell you. Otherwise, assume funds remain.
Posted on 4/15/20 at 8:20 pm to Catchfalaya
We have been approved according to our banker but haven’t seen the loan paperwork yet. He said they had 400+ applications so we’re in line to get the paperwork.
Posted on 4/15/20 at 8:26 pm to CHiPs25
quote:
We have been approved according to our banker but haven’t seen the loan paperwork yet. He said they had 400+ applications so we’re in line to get the paperwork.
Not uncommon right now. As long as they have the SBA confirmation number, you’re good.
Posted on 4/15/20 at 8:52 pm to Kreg Jennings
Correct. Approved means you’ll be funded.
Posted on 4/15/20 at 9:25 pm to VABuckeye
Thank God mine came tonight about 7:15.
Talk about cutting it close, but Hancock came through
Talk about cutting it close, but Hancock came through
Posted on 4/15/20 at 10:00 pm to CHiPs25
Funds will be gone tonight
Posted on 4/15/20 at 10:07 pm to VABuckeye
You have 10 days to find from getting the sba loan number. So keep that in mind
Posted on 4/15/20 at 10:07 pm to CHiPs25
My banker told me I had been approved this afternoon. We’ll see. Maybe I’d better call him back and ask about my SBA confirmation number.
This post was edited on 4/15/20 at 10:09 pm
Posted on 4/16/20 at 1:02 am to Catchfalaya
Not the case yet, we are still processing and getting SBA numbers as we speak
Posted on 4/16/20 at 4:02 am to nolabnkr
Are you able to take any more applications? If so I can send over my info I’m tired of waiting on GCB&T.
Posted on 4/16/20 at 6:44 am to GravelLotinCanada
Our government. We are here to save you except if you are in the back of the line. Fricking CapitalOne has not even started taking apps yet. I call and get a message that says don't call about PPP. When this is over I am out of CapitalOne.
This post was edited on 4/16/20 at 6:45 am
Posted on 4/16/20 at 6:50 am to iron banks
i believe either today or tomorrow...funds will be exhausted.
...at least based on burn rates that 1st week.
...at least based on burn rates that 1st week.
Posted on 4/16/20 at 7:26 am to nolabnkr
quote:
nolabnkr
Thanks for your countless hours during this.
For those of us that have kept up with it daily for the last few weeks, we are well aware of how many changes they threw at y'all.
Posted on 4/16/20 at 7:29 am to GravelLotinCanada
quote:
GravelLotinCanada
I think NOLAbanker said he was an underwriter in another thread. I suspect he is with Hancock, since he responded to a post of mine about them.
He may be able to answer this better than I can, but IMO its probably too late to switch banks and get funded.
With that said, nothing is done until you get a SBA loan #, so I would think you can apply with a different bank and whoever gets you a SBA # first, wins.
Posted on 4/16/20 at 7:38 am to CHiPs25
Looks like the initial allocation will be committed by the end of the day. Trump is ready to add another $250B, but you know who is slowing the process. Imo, this will eventually happen, so if you have not submitted an application, get it done.
Lot of Cap One customers were left out of the process or the funds would already be committed.
Lot of Cap One customers were left out of the process or the funds would already be committed.
Posted on 4/16/20 at 8:30 am to tigernnola
quote:
Cap One
I think that it's kinda obvious that Cap One is simply declining to participate in the PPP program for whatever reason.
Posted on 4/16/20 at 8:35 am to iron banks
quote:
Fricking CapitalOne has not even started taking apps yet. I call and get a message that says don't call about PPP. When this is over I am out of CapitalOne.
Yep, I am opening all new accounts today at advancial credit union.
Posted on 4/16/20 at 9:31 am to CHiPs25
Once you are approved / app submitted to SBA, you are good. You will get your money. The amount subscribed consists of approved amounts, not funded amounts. Which makes sense, because you wouldn't want someone approved and then get told nope no money.
That amount will run out shortly. If you haven't applied yet, I would think there is no chance. And there is probably a set of people who have applied but haven't gotten approved yet, that the approval won't come in time.
The 349B amount wasn't some number picked out of the air, it was based on projections of economic damage. It was projected to be enough to last us through applications into June. (i.e someone didn't apply until June because they didn't need the money until then).
Significantly more businesses have applied than what was expected.
I can't see how Congress won't approve more money. I'm sure some will use it as a chance to sneak in other things, though.
That amount will run out shortly. If you haven't applied yet, I would think there is no chance. And there is probably a set of people who have applied but haven't gotten approved yet, that the approval won't come in time.
The 349B amount wasn't some number picked out of the air, it was based on projections of economic damage. It was projected to be enough to last us through applications into June. (i.e someone didn't apply until June because they didn't need the money until then).
Significantly more businesses have applied than what was expected.
I can't see how Congress won't approve more money. I'm sure some will use it as a chance to sneak in other things, though.
Page 1 of 3
Popular
Back to top
Follow TigerDroppings for LSU Football News