I just read that about b of a on another thread. If they are doing it and it's not allowed, you better believe there will be guidance broadcast by Monday!
SBA disaster loans
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Last: 4 yr ago by itsyourboypookie
We were clearly told this by several banks we spoke with, previous banking relationships only... we have 3-4 banks in play so all were dealing with us. BBVA got the first online application done online so that's the main one we are with right now.
Question, I want to make sure everybody else is seeing this the same way:
I have not applied for the EIDL $10,000 grant because I was told that may conflict with the PPP advance (you'd get one or the other). I am seeing on my bank's application that the 2.5 multiplier wording says...
Monthly Payroll x 2.5 + EIDL, Net of Advance (if Applicable) Equals Loan Request.
Is the $10k grant the same as any EIDL advance? I need to know if I am still eligible for the $10k grant.
I have not applied for the EIDL $10,000 grant because I was told that may conflict with the PPP advance (you'd get one or the other). I am seeing on my bank's application that the 2.5 multiplier wording says...
Monthly Payroll x 2.5 + EIDL, Net of Advance (if Applicable) Equals Loan Request.
Is the $10k grant the same as any EIDL advance? I need to know if I am still eligible for the $10k grant.
swampdog01 said:
I just read that about b of a on another thread. If they are doing it and it's not allowed, you better believe there will be guidance broadcast by Monday!
For what it's worth, BoA got hit with class action lawsuit almost immediately for doing that, which is exactly what we were worried about. BoA must have a bigger appetite for defending litigation.
https://finance.yahoo.com/news/rifkin-weiner-livingston-llc-sues-021800731.html
WF had a link inside our business account to an application stating we're interested in applying. App to an app. Said someone would be in contact within a few (no number range given, just "a few") business days.
W. T. F. Over?
W. T. F. Over?
Just got confirmation that our request was approved. Now we find out how the funding process works.
Congrats. Amegy still isn't accepting applications
What bank? Frost keeps throwing me new hoops to jump through
My wife is a CPA helping her clients get these. Says the rules keep changing as they release clarifications. probably why you are getting some run around. Says new applications were released just in the last couple of days. Still a lot of questions.
southtexasag said:
Just got confirmation that our request was approved. Now we find out how the funding process works.
Wow that's amazing, what time did you submit your app on Friday?
Wells Fargo no longer accepting applications.
https://www.cbsnews.com/amp/news/paycheck-protection-program-wells-fargo-small-business/
https://www.cbsnews.com/amp/news/paycheck-protection-program-wells-fargo-small-business/
what have you heard on the timing/process of the funding?southtexasag said:
Just got confirmation that our request was approved. Now we find out how the funding process works.
Had a couple clients funded today for approx 250k and 500k. Both bank with Horizon.
my company's was funded today.
Husky Boy Jr. said:
Both bank with Horizon.
any update or change in rules?AgGrad99 said:Pelayo said:
Is there any easy way to check on an EIDL application? How do they decide with that one how much to fund? Does having a PPP disqualify a small business from an EIDL loan and vice versa?
At first they said yes...it was one or the other.
Then they said you can get both, as long as you don't use them to pay for the same expenses. You also need separate accounts to deposit them in.
But that could all change again tomorrow. So keep checking their site
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What? I thought the EIDL, not the PPP, was being handled directly with the SBA, not with 3rd party banks. Are you sure this wasn't for PPP?Husky Boy Jr. said:
Had a couple clients funded today for approx 250k and 500k. Both bank with Horizon.
crowman2010 said:What? I thought the EIDL, not the PPP, was being handled directly with the SBA, not with 3rd party banks. Are you sure this wasn't for PPP?Husky Boy Jr. said:
Had a couple clients funded today for approx 250k and 500k. Both bank with Horizon.
Yes, it was PPP
I submitted an application with Frost bank the very first morning. We still haven't been contacted once. No one can offer any status. Frustrating.
I finally signed the loans and should be funded next week. I think I am lucky I have a good relationship with a regional bank.
We got our PPP funding on Friday. I was told by our bank that all supporting documents had to be received by all banks no later than the 17th in order to be eligible for the PPP. If you haven't gotten a call from your bank, you might be out of luck at this point until they crank in more money.
Towns03 said:
I submitted an application with Frost bank the very first morning. We still haven't been contacted once. No one can offer any status. Frustrating.
We got all of our documents in with our local bank on the 6th and we just finalized documents this past Friday. We never heard back from Wells Fargo. Pretty frustrating.
Our Wells Fargo quit taking applications the first weekend after it opened. Essentially taking them for one day. Wife opened a business account at a local community bank and will be moving all of our business there along with a couple of her clients.
Wells Fargo is dead to us.
Wells Fargo is dead to us.
My wife and I started a business in 2017. We applied for a loan on April 1, we received a loan application number and the we didn't hear anything, there was no one to call no way of checking online our status. Turns out anyone that applied before April 3rd was erased from the system (from what we have been told) by the time we figured out the issue the funds were all gone.
Do we have any recourse or do we just have to wait until it opens back up?
Do we have any recourse or do we just have to wait until it opens back up?
Bag said:
My wife and I started a business in 2017. We applied for a loan on April 1, we received a loan application number and the we didn't hear anything, there was no one to call no way of checking online our status. Turns out anyone that applied before April 3rd was erased from the system (from what we have been told) by the time we figured out the issue the funds were all gone.
Do we have any recourse or do we just have to wait until it opens back up?
PPP or EIDL?
Bag said:
My wife and I started a business in 2017. We applied for a loan on April 1, we received a loan application number and the we didn't hear anything, there was no one to call no way of checking online our status. Turns out anyone that applied before April 3rd was erased from the system (from what we have been told) by the time we figured out the issue the funds were all gone.
Do we have any recourse or do we just have to wait until it opens back up?
Sounds like questionable bank practices...
TexAg1987 said:
Our Wells Fargo quit taking applications the first weekend after it opened. Essentially taking them for one day. Wife opened a business account at a local community bank and will be moving all of our business there along with a couple of her clients.
Wells Fargo is dead to us.
Why would they loan out money on behalf of the government that has not been approved yet?
harge57 said:TexAg1987 said:
Our Wells Fargo quit taking applications the first weekend after it opened. Essentially taking them for one day. Wife opened a business account at a local community bank and will be moving all of our business there along with a couple of her clients.
Wells Fargo is dead to us.
Why would they loan out money on behalf of the government that has not been approved yet?
What are you talking about? They didn't open up their app process until after the PPP was passed. Well after other banks began processing apps.
RGRAg1/75 said:harge57 said:TexAg1987 said:
Our Wells Fargo quit taking applications the first weekend after it opened. Essentially taking them for one day. Wife opened a business account at a local community bank and will be moving all of our business there along with a couple of her clients.
Wells Fargo is dead to us.
Why would they loan out money on behalf of the government that has not been approved yet?
What are you talking about? They didn't open up their app process until after the PPP was passed. Well after other banks began processing apps.
And the first phase of approved PPP money promptly ran out.
harge57 said:RGRAg1/75 said:harge57 said:TexAg1987 said:
Our Wells Fargo quit taking applications the first weekend after it opened. Essentially taking them for one day. Wife opened a business account at a local community bank and will be moving all of our business there along with a couple of her clients.
Wells Fargo is dead to us.
Why would they loan out money on behalf of the government that has not been approved yet?
What are you talking about? They didn't open up their app process until after the PPP was passed. Well after other banks began processing apps.
And the first phase of approved PPP money promptly ran out.
Which is another knock on them, and nothing to do with your other comment about them loaning money "on behalf of the gov that has not been approved yet."
Question for those that got the EIDL: Credut was pulled on Sunday, on Tuesday or Wednesday we got the small grant deposit
When will they contact me about the loan?
When will they contact me about the loan?
ok, our strange journey continues...
This morning, we wake up to find $4k in our bank account from the SBA. I understand this is the emergency grant. My question is this.
Can we derive what type of funds we are going to be able to borrow ? Logic tells me that if the max emergency grant is $10k and the max loan is $2M that given our grant of $4k we would be able to borrow $800k (40% of $2M)
Does anyone know if this is how this will work?
This morning, we wake up to find $4k in our bank account from the SBA. I understand this is the emergency grant. My question is this.
Can we derive what type of funds we are going to be able to borrow ? Logic tells me that if the max emergency grant is $10k and the max loan is $2M that given our grant of $4k we would be able to borrow $800k (40% of $2M)
Does anyone know if this is how this will work?
I don't have as much knowledge on the disaster loan. I did here that the SBA put out a statement that they were going to try and maximize the number of loans for the money they had as they new it wasn't going to be enough to fund all who apply. Accordingly, instead of the full $10k grant per loan, they were going to limit the grant amount to $1k per every employee. So I'm assuming you have 4 employees.
kingj3 said:
Question for those that got the EIDL: Credut was pulled on Sunday, on Tuesday or Wednesday we got the small grant deposit
When will they contact me about the loan?
We received our grant this week. Now we are paying a firm 2k to walk us through the rest of the process. They told us it's a 4 week process right now.
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