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Started By
Message
re: PPP running out of Money?
Posted on 4/16/20 at 9:35 am to tigernnola
Posted on 4/16/20 at 9:35 am to tigernnola
Just got a text from a CPA friend who is controller for a bank in South Dakota. SBA no longer accepting apps.
Haven't yet been able to independently confirm, but I trust her.
Haven't yet been able to independently confirm, but I trust her.
1
Posted on 4/16/20 at 9:44 am to LSUFanHouston
We actually lucked out and got an approval email from Chase at 4am this morning. Shocked I am tbh...
Posted on 4/16/20 at 9:46 am to NOLAGT
So, as of now a lot of the self-employed and 1099 people are shite out of luck. Add to that the traditional businesses whose banks couldn't get it done. Thank sucks.
Posted on 4/16/20 at 9:48 am to VABuckeye
quote:
So, as of now a lot of the self-employed and 1099 people are shite out of luck.
....and frick Capital One.
Posted on 4/16/20 at 9:56 am to VABuckeye
It does suck. I was about to call your guy because I had zero faith in chase but saw you say he put the brakes on it for now. I really didn’t expect chase to come though. We have banked with them for over 25 years with the company alone but Chase is not your friend imo.
Posted on 4/16/20 at 10:08 am to NOLAGT
Anybody have any idea how things would play out if I was able to get a local bank involved at this point while chase is supposedly “processing/reviewing” mine.
Seriously, frick them. This was designed to be extremely simple and of course the frick nuts screwed their customers.
Seriously, frick them. This was designed to be extremely simple and of course the frick nuts screwed their customers.
Posted on 4/16/20 at 10:10 am to TigerDeBaiter
From what I gather on here the first bank to get your SBA approved number are good to go and then if the second one tries it gets denied. We called Whitney a few days back to ask them but they said not only once...I presume that was just the easy answer for them to be done with a phone call. 
Posted on 4/16/20 at 10:14 am to LSUFanHouston
quote:
Significantly more businesses have applied than what was expected.
its almost like setting no barriers for eligibility encouraged businesses that didn't need it to apply
Posted on 4/16/20 at 10:50 am to BilJ
quote:
its almost like setting no barriers for eligibility encouraged businesses that didn't need it to apply
YUUUP
When you are trying to throw money out of a helicopter, the people who get to the drop zone first get it, no matter if they need it or not.
Posted on 4/16/20 at 10:53 am to NOLAGT
quote:
It does suck. I was about to call your guy because I had zero faith in chase but saw you say he put the brakes on it for now. I really didn’t expect chase to come though. We have banked with them for over 25 years with the company alone but Chase is not your friend imo.
He just posted that he expects it to open back up the week of May 4th from what he's hearing from his district rep.
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.
Posted on 4/16/20 at 10:55 am to LSUFanHouston
Just got an email from my Lender. SBA is out of money and no more funding.
Posted on 4/16/20 at 11:06 am to AUtigR24
We submitted all of our documentation within minutes of being able to and just now, after very much of a scare, received our funds. I hope for those who didn't get the funds, but needed them, that there is another round.
Posted on 4/16/20 at 11:10 am to LSUFanHouston
didn't expect the economic injury loans to get eaten up as fast though
Posted on 4/16/20 at 11:13 am to Janky
I would short the stock of Capital One because you are going to see a mass exodus of big longtime customers who have left for another bank or will leave for another bank over this.
Really shitty almost criminal that they strung along their clients like this.
Really shitty almost criminal that they strung along their clients like this.
Posted on 4/16/20 at 11:15 am to VABuckeye
quote:
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.
Excellent advice. We have a lot more knowledge and guidance today than we did when it opened 2 Fridays ago. Just hope they don't change rules again.
Posted on 4/16/20 at 11:15 am to BilJ
quote:
didn't expect the economic injury loans to get eaten up as fast though
I didn't realize those had a cap...but they apparently did.
Posted on 4/16/20 at 11:16 am to MrLSU
quote:
I would short the stock of Capital One because you are going to see a mass exodus of big longtime customers who have left for another bank or will leave for another bank over this.
Really shitty almost criminal that they strung along their clients like this.
I don't think it was intentional, I just don't think their attorneys trusted the program. Would have been nice for them to say that up front though.
Posted on 4/16/20 at 11:18 am to MrLSU
quote:
I would short the stock of Capital One because you are going to see a mass exodus of big longtime customers who have left for another bank or will leave for another bank over this.
It's pretty amazing how a bank their size completely fell flat on their face with this.
Posted on 4/16/20 at 11:18 am to LSUFanHouston
Thanks. I'm going to add to it.
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.
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 11:22 am to VABuckeye
Yep, I am fixing to give Cap One the middle.
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