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Started By
Message
The SBA System Has Ceased Taking Applications for PPP
Posted on 4/16/20 at 10:30 am
Posted on 4/16/20 at 10:30 am
As of 10:00 AM, all submissions have been denied. Funds have been committed. Will reopen with additional funding.
Not sure how the local banks will proceed. Guessing they may follow suit to catch up with the backlog.
Not sure how the local banks will proceed. Guessing they may follow suit to catch up with the backlog.
This post was edited on 4/16/20 at 10:43 am
2
Posted on 4/16/20 at 10:37 am to tigernnola
What if you initially received an SBA confirmation number when the $10,000 loan was requested, but nothing was generated when the PPP application was submitted? We are going through Kabbage, and have had requests for additional information, but haven't heard anything back?
Maybe not a direct question to you, but for anyone that me know something.
Maybe not a direct question to you, but for anyone that me know something.
Posted on 4/16/20 at 10:40 am to jmon
I went through Kabbage as well. Almost no email communication from them. I suggest logging into the dashboard frequently as they are asking for updates, but not emailing to prompt you for those updates.
Posted on 4/16/20 at 10:41 am to jmon
IF your bank got an SBA Loan# and guarantee you're fine. It's those two items that are key. That's what reserves the funds.
Posted on 4/16/20 at 10:48 am to jmon
quote:
What if you initially received an SBA confirmation number when the $10,000 loan was requested, but nothing was generated when the PPP application was submitted?
Are you applying for both EIDL and PPP?
EIDL, as long as you have applied to SBA, you are fine.
PPP, Your bank needs to have submitted to SBA by now.
Undoubtedly there will be people who submitted PPP apps to a bank, but the bank never finished to submit to SBA.
Posted on 4/16/20 at 10:50 am to LSUFanHouston
quote:
Undoubtedly there will be people who submitted PPP apps to a bank, but the bank never finished to submit to SBA.
Exactly and the banks cherry picked.
We received an email from PNC this morning asking to redo our paperwork. FU PNC, we switched and already got funded.
Posted on 4/16/20 at 10:52 am to VABuckeye
quote:
Exactly and the banks cherry picked.
Cherry-picking is expressly forbidden under fair lending practices act. (or whatever the tech name is). No doubt it happens. This will be interesting.
Posted on 4/16/20 at 10:54 am to LSUFanHouston
We went through our bank, Resource Bank, who partnered with Kabbage Lending. Going through the process, received the confirmation for the $10,000 (no funding has come through as of 4/16/2020), and proceeded with the PPP app. Kabbage then asked for supporting documents for PPP, after we had submitted the initial requested doc's, and we have not heard back since. Voicemail and emails have been left, but response back yet.
My confusion herein lies, were we supposed to get an additional confirmation number for the PPP app, or the initial confirmation # is held though the whole process?
We initially applied 4/3/2020 for PPP.
ETA: We have submitted an app to both EIDL and PPP and EIDL is where the option for the $10,000 emergency money came in to play.
My confusion herein lies, were we supposed to get an additional confirmation number for the PPP app, or the initial confirmation # is held though the whole process?
We initially applied 4/3/2020 for PPP.
ETA: We have submitted an app to both EIDL and PPP and EIDL is where the option for the $10,000 emergency money came in to play.
This post was edited on 4/16/20 at 11:00 am
Posted on 4/16/20 at 10:59 am to VABuckeye
I got confirmation from my bank Tuesday that my loan was approved and I sent them my drivers licence and my funding sheet....he said they have to fund the loan within 10 days after the approval
Posted on 4/16/20 at 11:00 am to LSUFanHouston
quote:
Cherry-picking is expressly forbidden under fair lending practices act. (or whatever the tech name is). No doubt it happens. This will be interesting.
I agree but I think it's pretty clear that it happened. The SBA also gave banks a lending sweet spot. $200000-$349999 loans got then a 5% origination fee. $350000 got them 3%. I wonder which loans got attention first?
Posted on 4/16/20 at 11:01 am to jmon
quote:
We went through our bank, Resource Bank, who partnered with Kabbage Lending. Going through the process, received the confirmation for the $10,000 (no funding has come through as of 4/16/2020), and proceeded with the PPP app. Kabbage then asked for supporting documents for PPP, after we had submitted the initial requested doc's, and we have not heard back since. Voicemail and emails have been left, but response back yet.
Your 2.5 months of payroll costs were exactly $10,000?
What "confirmation" did you get before an app was submitted? I wonder if this was just some sort of pre-qualification that Kabbage did (I'm not familiar with their particular process).
My understanding of the process most banks are using is:
1) Customer applies online to bank
2) Bank review app and supporting docs, requests more information / changes as needed
3) Bank approves
4) Bank submits to SBA, gets number (this is your golden ticket) (this includes the SBA guarantee)
5) Bank prepares loan paperwork, sends to customer, customer signs
6) Bank funds loan
This post was edited on 4/16/20 at 11:24 am
Posted on 4/16/20 at 11:03 am to LSUFanHouston
Add SBA guarantee to that. Received a loan number and then a guarantee on the approved loan.
Posted on 4/16/20 at 11:03 am to VABuckeye
quote:
The SBA also gave banks a lending sweet spot. $200000-$349999 loans got then a 5% origination fee. $350000 got them 3%. I wonder which loans got attention first?
Was it a breakpoint situation (up to 349999 got them 5 cents per, then every dollar over 349,999 was 3 cents per) or was it once you hit 350K it's 3 cents on the dollar back to the first dollar?
quote:
I agree but I think it's pretty clear that it happened.
I'm expecting that by COB today, the attorneys will start advertising "Did your bank not approve your PPP" commercials.
Posted on 4/16/20 at 11:04 am to VABuckeye
quote:
Add SBA guarantee to that. Received a loan number and then a guarantee on the approved loan.
That's not part of getting a number in step 4? I thought the app submission to SBA came with immediate number and guarantee?
Posted on 4/16/20 at 11:06 am to LSUFanHouston
quote:
I'm expecting that by COB today, the attorneys will start advertising "Did your bank not approve your PPP" commercials.
And I will call the number on the commercial!
Posted on 4/16/20 at 11:10 am to VABuckeye
I got several emails overhight from Hancock but my local banker isn't sure about the origin of one of them. The others were from docusign, but it was basically my app, just blank. She is trying to get answers for me now, which is why I'd like to get in touch with nolabnkr.
Thought we were good to go last night, now I'm uncertain again.
Thought we were good to go last night, now I'm uncertain again.
Posted on 4/16/20 at 11:12 am to LSUFanHouston
quote:
Was it a breakpoint situation (up to 349999 got them 5 cents per, then every dollar over 349,999 was 3 cents per) or was it once you hit 350K it's 3 cents on the dollar back to the first dollar?
No. All fees based on total loan amount from my understanding.
0-$349.999K 5% Origination Fee
$350K-$2M 3% Origination Fee
Over $2M 1% Origination Fee
This post was edited on 4/16/20 at 11:13 am
Posted on 4/16/20 at 11:13 am to LSUFanHouston
quote:
That's not part of getting a number in step 4? I thought the app submission to SBA came with immediate number and guarantee?
That's not what I was told yesterday.
They can submit it in ETRAN if they have a direct portal, but its not an instant return with approval and loan numnber. Those come together, but there is no time frame for that, and then it has to be processed back through the bank channels as well.
I am hoping the auto generated emails I got from my bank overnight means I made it in under the wire. I'm still not sure.
Posted on 4/16/20 at 11:13 am to VABuckeye
quote:
No. All fees based on total loan amount from my understanding.
Geez. That was a poor decision.
Posted on 4/16/20 at 11:14 am to LSUFanHouston
quote:
That's not part of getting a number in step 4?
Maybe it is. I'm uncertain about that.
This whole thing has been a clusterfrick from day 1.
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