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Surly Thread of Business Owners/Managers, Etc. & Current Business Climate

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are businesses applying for loan amounts larger than the 2.5x figures?  
That is the max under PPP. They just have bigger payrolls.

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We were just notified approval by the SBA. Not sure when funds are disbursed. We were the first company approved among all companies financed by our equity investors. Hope there’s no glitches.

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1 hour ago, troph said:

SBA lender portal is open. We’ve got two community banks working lawyer hours this weekend to get them in before Monday.

I've had two calls from my banker today with minor questions about the application.  Nice to see bankers working more than 30 hrs/week for once!

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1 hour ago, RollLeft said:

Bankers:

We have options to file with Chase and several community banks.

At the end of the day aren't the big banks still using their algorithm/software, as their front line, to accept or deny applications?  I get its SBA, backed, but wouldn't this loan like most others, for small business, be more likely approved at a bank that is non algorithm/software screened which more often than not is a small bank?  

 

I'd agree with that.  My gut is that if you have affiliation issues (or are engineering to get out of your affiliation issues)  that a large bank is going to pay attention more than a small bank. 

Is Chase ready?  JPMC in downtown Austin didn't appear to be.  I think they'll get up and running, though.

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I've had two calls from my banker today with minor questions about the application.  Nice to see bankers working more than 30 hrs/week for once!
Yep, I'm waiting for questions from mine. He's working this weekend as well.

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1 hour ago, Brew said:

Talked to first client that was funded on the PPP application. Seems odd that it would be through already, but they have the money.

Big bank or community bank?  Any way you can tell us who they bank with?  Approx size of the loan and industry?

Edited by RollLeft

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Have BBT for one business, Wells Fargo for another, neither have accepted applications yet.

BBT emailed to tell us that "a select few have been allowed to submit applications" but we weren't in that select few. 

Wells put up a link to input your info with this message: "Complete this form, and we'll email you with an update within a few days, and we'll contact you when you can continue with the application process."


Good game, good effort guys. 

 

Anyone know a bank that will take applications if you don't already have an account with them?

Edited by hornian

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Have BBT for one business, Wells Fargo for another, neither have accepted applications yet. Good game, good effort guys. 

I’ll send you to a great bank community bank when this settles out. Too late for this process so I hope you get what you need.

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45 minutes ago, hornian said:

Have BBT for one business, Wells Fargo for another, neither have accepted applications yet.

BBT emailed to tell us that "a select few have been allowed to submit applications" but we weren't in that select few. 

Wells put up a link to input your info with this message: "Complete this form, and we'll email you with an update within a few days, and we'll contact you when you can continue with the application process."


Good game, good effort guys. 

 

Anyone know a bank that will take applications if you don't already have an account with them?

i hate Wells Fargo with the heat of one thousand suns.  against texas state law and with over half of my mortgage paid off they forced escrow on me and consumed 100 hours of my time over the course of multiple years fighting their bankster crime.

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3 hours ago, hornian said:

Have BBT for one business, Wells Fargo for another, neither have accepted applications yet.

BBT emailed to tell us that "a select few have been allowed to submit applications" but we weren't in that select few. 

Wells put up a link to input your info with this message: "Complete this form, and we'll email you with an update within a few days, and we'll contact you when you can continue with the application process."


Good game, good effort guys. 

 

Anyone know a bank that will take applications if you don't already have an account with them?

under 100 employees? ERC program is a decent and some times better alternative.

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Anyone apply for the EIDL loan on SBA site and get their $10k grant money yet? Advance was supposed to be funded within 3 days and I haven’t heard shit.

I sent email to my bank last week asking for relief from an existing sba loan and heard back from bank yesterday that sba is covering payments and interest on that loan for 6 months. That’s niice

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5 hours ago, RollLeft said:

Big bank or community bank?  Any way you can tell us who they bank with?  Approx size of the loan and industry?

Community Bank, $50k or so, small medical practice

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Got our application in through the PNC portal today. Fingers crossed that it’s quick.  PNC is telling companies with more than $5M a year to submit a contact form. I’m under that number so we were able to go through the full application process. 
 

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My wife is a realtor (not an agent who owns the business), can she apply for an EIDL as a:

Applicant is an individual who operates under a sole proprietorship, with or without employees, or as an independent contractor.

is she an independent contractor? sole proprietor? employee?

Edited by 4th and 5

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