Did you file for PPP?

[GAC05]

I am using a local bank which is also our company's bank. Yesterday I called the loan officer there and got a list from her of the documents I'd need to send her. This morning I copied them and emailed them along with the application form, at about 11:30 am. She just called back at 3 pm and asked if the amount of loan she had calculated was OK, and when I said it was, she said she was putting it through. So it was relatively painless except for 20 minutes of document scanning. We shall see.

Same here
Good luck

 

[BluetailGFX]

Well, here is an update. My bank called and was just missing one document. They had 8500 applications in 3 hours before they had to shut down the website. She said I had the most complete documentation shes seen all day (just one of my scanned documents came in too blurry). Anyway, she said they are going to send it off to whoever and should know soon. She said they will send over loan closing documents to sign and then fund it within 1 day. Fingers crossed!!

I have to ask, what paperwork did you need to submit?

Last Thursday I filled out the small bit of info required on the SBA website. No emails have come in pertaining it.
I have already collected the 2019 Business Financials, 2019 Personal and Business Extensions, 2018 Personal and Business Tax docs as I am also needing these to formally file for my home mortgage "deferment" program.

Did get a call from my local branch, left a message as I was on the line, saying they were "just touching base with their business clients...", left the local branch number and asked to get a call back. Which I have done a couple times per day since, but never get through to speak to anybody.

I figure this will all just take sometime, and me being a small fish probably doesn't help to speed things up.

 

[Texas_Signmaker]

I have to ask, what paperwork did you need to submit?

Last Thursday I filled out the small bit of info required on the SBA website. No emails have come in pertaining it.
I have already collected the 2019 Business Financials, 2019 Personal and Business Extensions, 2018 Personal and Business Tax docs as I am also needing these to formally file for my home mortgage "deferment" program.

Did get a call from my local branch, left a message as I was on the line, saying they were "just touching base with their business clients...", left the local branch number and asked to get a call back. Which I have done a couple times per day since, but never get through to speak to anybody.

I figure this will all just take sometime, and me being a small fish probably doesn't help to speed things up.

Form 940 if you have payroll, documentation of payroll, articles of incorporation, business license (Schedule C in my case because it's just me) and any mortgage or leasing documentation.

 

[netsol]

i will let you know if i finally receive my obama stimulus check from 2008
i expect similar results this time

 

[unclebun]

Got an email last night (didn't see it until this morning of course) that the SBA gave preliminary approval, and they'd let me know when the money arrives.

 

[netsol]

Got an email last night (didn't see it until this morning of course) that the SBA gave preliminary approval, and they'd let me know when the money arrives.

 

[netsol]

well, good luck to you.
i hope i am proven wrong

 

[unclebun]

Bank loan officer called this afternoon asking for a cleaner copy of my application and an "intended use" checklist and was confirming they had our correct address, etc. in preparation for closing on the loan. Sent it over and she said she'd be back in touch Monday.

 

[Jeremiah]

One of the Local businesses here got turned down for loan. Too many holes he said. But they offered him a higher interest loan, IF he would take and pass a Business management class. I guess they did not like his info. He joked with me. Saying his business sense was not very good.

 

[Notarealsignguy]

Bank loan officer called this afternoon asking for a cleaner copy of my application and an "intended use" checklist and was confirming they had our correct address, etc. in preparation for closing on the loan. Sent it over and she said she'd be back in touch Monday.

Was it the PPP or the other loan?

 

[VTSigns]

I applied last Friday and the entire amount I calculated from my payroll ($66k)showed up in my account yesterday. The process was quick and painless from my experience.

 

[unclebun]

Was it the PPP or the other loan?

For the PPP. I haven't heard a peep from SBA since I filled out the online form for the emergency loan--a week before I applied for the PPP.

 

[Texas_Signmaker]

For the PPP. I haven't heard a peep from SBA since I filled out the online form for the emergency loan--a week before I applied for the PPP.

SBA confirmed Thursday that NO ONE has received any notice from the EIDL. They had to hire an outside contractor to deal with the amount of applications they got and have not started processing them yet.

 

[Jeremiah]

I applied last Friday and the entire amount I calculated from my payroll ($66k)showed up in my account yesterday. The process was quick and painless from my experience.

That's Great ! How long would something like that keep a company afloat? Can you apply again if needed ?

 

[unclebun]

That's Great ! How long would something like that keep a company afloat? Can you apply again if needed ?

It's only enough money for 8 weeks of payroll and you cannot apply again. It is a one-time program.

 

[FASTSIGNS]

Very easy process. Used our local (regional) bank. The final paperwork signed on Thurday and the PPP $ showed up in our account yesterday (Friday). There were a few missteps in the beginning with reworked forms, but considering the process from start to finish was a week, very pleased. I credit it to having a personal relationship for many years with a smaller local (but SBA approved lender) bank.

 

[netsol]

I applied last Friday and the entire amount I calculated from my payroll ($66k)showed up in my account yesterday. The process was quick and painless from my experience.

you are the ONLY one i have heard of who received a dollar. iam very encouraged. (assuming you aren't a "ringer")

i am very skeptical of thecwhole process. you give me some hope that the government intends to make good on some portion of their promises

 

[netsol]

the point of te 8 weeks is the assumption that we an resume business in 8 weeks.

hopefully someone besides cuomo, diblasio & falci will get to decide when business can resume, or we will be jealous of the economy of venezuela.

 

[Texas_Signmaker]

the point of te 8 weeks is the assumption that we an resume business in 8 weeks.

hopefully someone besides cuomo, diblasio & falci will get to decide when business can resume, or we will be jealous of the economy of venezuela.

Texas governor will have a press conference next week about opening back up. Other states will feel left behind and will open up too. We will kick off the economy...and hopeful not the resurgence of coronavirus.

 

[Christian @ 2CT Media]

you are the ONLY one i have heard of who received a dollar. iam very encouraged. (assuming you aren't a "ringer")

i am very skeptical of thecwhole process. you give me some hope that the government intends to make good on some portion of their promises

We filed Monday, took 30mins. Wednesday we had to fill out an additional doc, 10mins. Friday am my was in the account.

The funding has run out for this btw according to our 3 banks, so now the process will grind to a halt, again.

As for the SBA Coronavirus Disaster loan 7b addendum, that is a whole other story. 2 weeks, no response from the SBA. Now our back notified us that the banks may be handling these loans due to overwhelming response.