re: What would you do... Chase Bank

Thank you for this.

And thanks to all who have given input.

I agree with another poster that Chase’s email was basically a rejection.

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375,000 applications divided by 2000 people Chase hired to process the apps equals 187.5 per processor. 10 per day over a 3 week period does not seem like an extreme workload.

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They still have to work "normal" files as well.

Can't just stop processing all other loans.

I’m doing the same

I applied through chase and didn’t get in the first round. Talked to a bunch of different business’ and got in touch with citizens who’s processed app in one day.. we will be in first batch once the sba opens up..

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AndyJ

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Do not pull an already inputted application.
Just go apply at another bank.
SBA's ETran system won't accept more than 1 PPP loan per EIN

Yep. What shawnlsu said. I'm seeing a couple of reports that this round is spoken for already so hopefully people used the time between rounds to get their apps in.

First applied through Chase but after getting little to no correspondence, my POS vendor Square offered to help and they approved me in less than 24 hours. Hopefully they will get everything over to the SBA timely.

Applied through Chase round 1 with no luck. Just sent everything over to a local PA bank that had 80% of their applicants funded in round 1 and there's only that remaining 20% ahead of me in line for round 2 so fingers crossed.

Good luck!

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Other issue is customers who either provided too much documentation (waste time reviewing) or too little documentation. If the customer doesn't have the correct docs, the banker then has to "open a ticket" and contact the customer. Plus not everyone's stuff looks the same. And the numbers have to match the documents. Even when they get a good one that has all the correct info, easy to read, etc. It takes time (with there system, they have to navigate between 3 different programs) to go through the checklist and change it to the next status.

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I get what you are saying but look at it like this. This was designed for “small businesses” of which most owners do not have business degrees, college diplomas or even high school diplomas, but are smart enough to create a profitable business.

So most of us are just doing the best that we can and may struggle getting all of the documentation that is needed to get funded. On top of that they kept changing requirements on what would be approved and what would not.

When this first started independent contractors were included in your payroll, then they weren’t, then payroll tax wasn’t included, then it was. I will say that we use Gusto as our payroll service and they have been fantastic on keeping up on the changes and really helped us out to keep things nice and easy.