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Started By
Message
re: The SBA System Has Ceased Taking Applications for PPP
Posted on 4/16/20 at 11:15 am to LSUFanHouston
Posted on 4/16/20 at 11:15 am to LSUFanHouston
So if I got a form to fill out saying where I want my funds to be deposited..I should be good to go right?
1
Posted on 4/16/20 at 11:16 am to LSUFanHouston
So my application was sent in to bank on Monday but haven’t heard anything other than bank sent it in. I’m guessing I’m screwed?
Posted on 4/16/20 at 11:20 am to LSUFanHouston
quote:
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).
2.5 months of payroll are much more than that. The $10,000 was an option check box, that we did check off, as emergency funding to be sent within 3 days of application, for immediate use. We have not received that money.
The confirmation number was generated after we submitted the EIDL app, and is an OMB number, I believe.
Posted on 4/16/20 at 11:25 am to tgrbaitn08
quote:
So if I got a form to fill out saying where I want my funds to be deposited..I should be good to go right?
I don't know if that's something the bank would ask on the front end or on the back end. You would think they would ask for it on the front end, so it's one less step to be dealt with when it's time to fund.
Posted on 4/16/20 at 11:26 am to MrLSU
quote:
but haven’t heard anything other than bank sent it in.
Sent it in to where? If by "send it in" they mean enter it into the SBA system, you might be fine.
Posted on 4/16/20 at 11:26 am to MrLSU
Just went back and looked at the email I got....I think I'm in good shape
quote:
I am happy to inform you we have received confirmation that your loan request has been confirmed by the SBA and we have received the Certificate of Guarantee.
The next step in the process is to prepare the loan documents in order to be able to close your loan to make the funds available for your use as prescribed within the program. In order to expedite this next step, please gather and provide for us the following information:
• Copies of driver’s licenses for each person who is a 20% or greater owner of this company;
• Complete and return the information that is requested in the “SBA PPP Funding Selection Form ” that has been linked to this email. Simply click on the form title.
• Send all of the completed information to xxxxxxx.
Upon receipt of the above requested information, an xxxx team member will be contacting you to go through a brief pre-closing questionnaire.
Once again, thank you for placing your trust in us and allowing xxxxxxx to assist you in this matter.
Posted on 4/16/20 at 11:27 am to jmon
quote:
2.5 months of payroll are much more than that. The $10,000 was an option check box, that we did check off, as emergency funding to be sent within 3 days of application, for immediate use. We have not received that money.
The confirmation number was generated after we submitted the EIDL app, and is an OMB number, I believe.
What you are describing is an EIDL app, which is different from the PPP app.
Under the EIDL program, it appears you have gotten far enough to eventually get funded, assuming you meet the qualifications of the program. It may take a while.
Posted on 4/16/20 at 11:28 am to tgrbaitn08
Congrats. That is the golden ticket. Glad you got it. 
Posted on 4/16/20 at 11:30 am to tgrbaitn08
quote:
Just went back and looked at the email I got....I think I'm in good shape
Agreed. Congrats, I guess, lol
Posted on 4/16/20 at 11:31 am to tgrbaitn08
We need to start a thread and get it stickied for the small businesses owners of TigerDroppings.
Even in better times there is a lot we can share with each other. Bounce ideas. Network. Sometimes just shoot the shite a little.
Even in better times there is a lot we can share with each other. Bounce ideas. Network. Sometimes just shoot the shite a little.
Posted on 4/16/20 at 11:48 am to tgrbaitn08
quote:
tgrbaitn08
congrats That's what I'm sitting on pins and needles waiting for now.
ETA: what bank?
This post was edited on 4/16/20 at 11:51 am
Posted on 4/16/20 at 11:48 am to VABuckeye
I'm all for it.
Posted on 4/16/20 at 11:48 am to LSUFanHouston
I sent it to Iberia who submitted it to the SBA. I haven't heard anything since and Iberia hasn't sent over a confirmation number yet.
Posted on 4/16/20 at 11:55 am to shawnlsu
man....id rather not say on here..it's a community bank that we've been with for over 40 years. They've been very overwhelmed and did a fantastic job from what I've been hearing from some of their other customers that I know well.
I'm not sure they are dealing with anyone that's not already a customer. Maybe after the second wave hits...I'll let you know who it is
I'm not sure they are dealing with anyone that's not already a customer. Maybe after the second wave hits...I'll let you know who it is
Posted on 4/16/20 at 12:03 pm to tgrbaitn08
quote:
it's a community bank
That's really all I wanted to know.
Seems like the smaller banks knocked this out of the park and the nationals/globals fell on their collective faces.
This post was edited on 4/16/20 at 12:04 pm
Posted on 4/16/20 at 12:15 pm to VABuckeye
quote:
Maybe it is. I'm uncertain about that.
This whole thing has been a clusterfrick from day 1.
My app was submitted within an hour of it going online. The only docs requested, that I didn't already provide, was a copy of my undated driver's license. My bank had it within minutes of asking for it. My app never got past "underwriting" before the SBA ran out of money.
A good friend of mine, didn't submit his app until Monday after the program started. He was approved last week. Probably already has the funds.
I bank with BBVA. He's with a community bank. I am cutting all ties with this bank when this shite is over.
Posted on 4/16/20 at 12:15 pm to VABuckeye
GCB&T emailed me about 20 minutes ago. Application hasn't even been processed by the bank.
I'm furious at my business banking institution for originally not allowing PPP applications. Furious at GCB&T for making it seem like they could help and implying last week that I was in a good position. Furious at myself for trusting that and turning down two opportunities to leave the current queue for a new bank that both would have funded.
All in all, its not a ton of money and we'll figure it out; but that was the lifeboat we needed.
I'm furious at my business banking institution for originally not allowing PPP applications. Furious at GCB&T for making it seem like they could help and implying last week that I was in a good position. Furious at myself for trusting that and turning down two opportunities to leave the current queue for a new bank that both would have funded.
All in all, its not a ton of money and we'll figure it out; but that was the lifeboat we needed.
This post was edited on 4/16/20 at 12:29 pm
Posted on 4/16/20 at 12:16 pm to shawnlsu
It was a smart move by the small banks.
Lend optimally for less than 3 months and get a 5% fee with SBA guaranteed money. Build some new relationships with small businesses frustrated by the bigger banks.
I know I am looking to get my LOC business away from PNC ASAP. They haven't been flexible with us at all about raising the LOC as our business grows and we need to fund more opportunities with more upfront expense.
Lend optimally for less than 3 months and get a 5% fee with SBA guaranteed money. Build some new relationships with small businesses frustrated by the bigger banks.
I know I am looking to get my LOC business away from PNC ASAP. They haven't been flexible with us at all about raising the LOC as our business grows and we need to fund more opportunities with more upfront expense.
This post was edited on 4/16/20 at 12:18 pm
Posted on 4/16/20 at 12:28 pm to Golfer
GCB&T really seemed to be one of the local lenders that continually got in their own way, they pivoted 3-4 times on how their process was going to work.
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