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Started By
Message
re: The SBA System Has Ceased Taking Applications for PPP
Posted on 4/16/20 at 12:37 pm to BilJ
Posted on 4/16/20 at 12:37 pm to BilJ
I know the process has been confusing and hectic. So I can't get too pissed at them, especially since I'm not a current customer.
I'm most pissed at Campus Federal for 10 days saying they wouldn't participate. And myself for not getting my dad's CPA firm's bank to run my app when he sent his over. I guess I was worried getting out of the "queue" would mess up my chances.
I'm most pissed at Campus Federal for 10 days saying they wouldn't participate. And myself for not getting my dad's CPA firm's bank to run my app when he sent his over. I guess I was worried getting out of the "queue" would mess up my chances.
1
Posted on 4/16/20 at 12:50 pm to Golfer
Unfortunately, the moral of the story is that if your bank hadn't passed along an SBA loan number and guarantee you weren't in any queue. You were just in a pile.
I sincerely hope that when the next round of funding hits you get quick results.
I sincerely hope that when the next round of funding hits you get quick results.
Posted on 4/16/20 at 1:19 pm to VABuckeye
I have an SBA loan #!!!
I also need a drink
I also need a drink
Posted on 4/16/20 at 1:24 pm to tgrbaitn08
My nerves are shot. 
Posted on 4/16/20 at 1:26 pm to shawnlsu
quote:
shawnlsu
Saw in another post you got a number from EIDL. Did you get a separate number for the PPP loan, and not until today?
Posted on 4/16/20 at 1:28 pm to shawnlsu
Happy you got it man. What a journey the last two weeks have been.
Posted on 4/16/20 at 1:28 pm to VABuckeye
Damn I was just informed by Iberia that mine was approved by the SBA on Tuesday but the program ran out of funds so I will now have to wait until they refund the program.
Posted on 4/16/20 at 1:32 pm to jmon
Correct, they are 2 seperate #s.
I actually have 2 EIDL #'s. One is in the 3's somewhere. There was a link when I logged in last week for me to "reapply", so I did. I don't know which one was funded with the upfront $2K they (SBA) deposited earlier in the week.
I actually have 2 EIDL #'s. One is in the 3's somewhere. There was a link when I logged in last week for me to "reapply", so I did. I don't know which one was funded with the upfront $2K they (SBA) deposited earlier in the week.
Posted on 4/16/20 at 1:36 pm to VABuckeye
quote:
Happy you got it man.
Thanks, you as well.
quote:
What a journey the last two weeks have been.
Strangest thing I've ever been through.
We probably need to connect at some point. Its been good having someone that is in the industry as I am but not a competitor to talk through this with. That and MY company is only 7 months old. I've run a couple bigger ones around here but I'm an infant when it comes to this side of it.
Posted on 4/16/20 at 1:37 pm to MrLSU
quote:
Damn I was just informed by Iberia that mine was approved by the SBA on Tuesday but the program ran out of funds so I will now have to wait until they refund the program.
None of this sounds correct. I would get a clarification.
The SBA does not "approve" these loans. They issue an SBA loan # which is supposed to reserve the funds in the pool. The bank underwrites and approves the loan. Then the SBA issues the guarantee for the loan. The SBA is NOT part of the approval process. They simple allocate funds and guarantee the loan.
That is how the process was described to me by the banker that did my loan.
This post was edited on 4/16/20 at 1:38 pm
Posted on 4/16/20 at 1:43 pm to VABuckeye
quote:
That is how the process was described to me by the banker that did my loan.
Mine as well.
Sounds to me like Iberia set aside X # of dollars that they were willing to "risk" on the program.
Posted on 4/16/20 at 1:47 pm to shawnlsu
Ours just got funded. Cash in the bank.
Just under the wire!
Just under the wire!
Posted on 4/16/20 at 2:25 pm to DrEdgeLSU
Congrats!
Posted on 4/16/20 at 2:29 pm to shawnlsu
Part of an email I got from my Relationship Manager at Chase on Monday...
"Our leadership has been emphatic that we will not run out of funding. I find comfort in that and I hope you can to."
Guess who didn't get funded?
"Our leadership has been emphatic that we will not run out of funding. I find comfort in that and I hope you can to."
Guess who didn't get funded?
Posted on 4/16/20 at 2:30 pm to TenLittleIndians
Sucks man, sorry. Time to start shopping banks
Posted on 4/16/20 at 2:37 pm to shawnlsu
quote:
Seems like the smaller banks knocked this out of the park and the nationals/globals fell on their collective faces.
And the big banks will be first in line for another bailout.
Our PPP got funded on Monday and we did our first draw on it today for payroll. Our bank is holding everything in it's own account and only allowing draws once the proper paperwork is submitted showing it will go towards forgivable expenses. A bunch of CYA stuff that I'm glad they're requiring.
Posted on 4/16/20 at 2:46 pm to tigernnola
I applied the first day Regions website would respond, which was the Sunday after the government started taking applications. This was after filling out the application no less than 15 times as it kept timing out because pages wouldn’t load. Regions sat on my application, “reviewing” it for nearly 2 weeks, but never submitting it.
Today I got an email stating:
“We will continue to work on your application and prepare it for submission to the SBA if and when additional funding is approved.“
This is embarrassingly bad on their part. Needless to say, I will be moving all my money out of this useless institution.
Today I got an email stating:
“We will continue to work on your application and prepare it for submission to the SBA if and when additional funding is approved.“
This is embarrassingly bad on their part. Needless to say, I will be moving all my money out of this useless institution.
Posted on 4/16/20 at 2:48 pm to BottomlandBrew
I like that. I already opened a separate account for the PPP. Not sure what or if they will require anything to draw on it. A lot of info hasn't filtered down to the branches yet. I had to tell my branch what my loan # was since I saw it on docusign before they did. Evidently its still processing through the closing dept.
Posted on 4/16/20 at 2:51 pm to shawnlsu
EIDL advances were also halted. Actual SBA EIDL loans are still being processed.
Fack.
Fack.
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