Yesh

1. I wish Wells Fargo would get their **** together and get this rolling. We keep refreshing their website in hopes that they will start accepting applications.

2. I wish we would have switched from Wells Fargo ages ago.

Thanks to all the good information on this (and the other) thread.

I was able to submit my application today. I was told the portal was not going to be ready today. However, my bank was allowing for the completion of the application via .Pdf that I was able to email back in with my supporting documents. It is now a "wait and see" game; fingers crossed.

jpb1999 said:

---

You spend $1M on payroll over 60 days?

---

Why is that hard to believe?

FIDO95 said:

---

I was able to submit my application today. I was told the portal was not going to be ready today. However, my bank was allowing for the completion of the application via .Pdf that I was able to email back in with my supporting documents. It is now a "wait and see" game; fingers crossed.

---

Did the same. Seeking about 325K. Our SBA bank partner wanted:

940, 941s, W3, Draft Return, Balance Sheet, Income Statement, and filled out Ap.

My rep said he would handle the rest. Putting a lot of faith in this guy.

ol'Porkbelly said:

---

1. I wish Wells Fargo would get their **** together and get this rolling. We keep refreshing their website in hopes that they will start accepting applications.

2. I wish we would have switched from Wells Fargo ages ago.

Thanks to all the good information on this (and the other) thread.

---

I'm in the same boat. From my read of the WF page, they don't want to participate and even point you in the direction of looking for SBA lenders via the SBA website. Luckily I have an in with a smaller bank that may help me out.

Best of luck.... crazy times.

Pelayo said:

---

Can you get both an EIDL and PPP? Or does taking the PPP bar you from getting the EIDL which takes longer?

---

My understanding from summarizing the CARES Act for my clients (I am a corporate attorney) is yes, you can. The problem is guidance has been limited from the government thus far, so a lot of the big lenders (e.g., Wells Fargo, BoA) are doing everything they can to slowplay the rollout. I have been directing friends and clients to smaller SBA lenders.

Try to get in as soon as you can, because once there is guidance, these applications will be queued up and we're talking about a limited pool of money. However, assuming (a big if), this gets rolled out correctly, then this could be a huge boon for employees and employers alike and may really help people stay on the payroll.

For those of you that are unfamiliar, here is a quick summary of benefits of some of the main points of the PPP:

• Certain amounts of a PPP are forgiven (between Feb. 15 and June 30) so long as they are expended during the covered 8 week period on: (1) payroll costs; (2) payments of interest only on any covered mortgage obligations; (3) payments on any covered rent obligation; and (4) covered utility payments. Any forgiven amounts from the loans will be cancelled indebtedness and will not be taxable to borrowers.
• Lenders must provide complete deferral for at least 6-12 months.
• No collateral or personal guarantees; interest rate not to exceed 4%; no prepayment penalties.

*The foregoing is offered for discussion purposes only and is not intended to serve as legal advice or to initiate an attorney client relationship. Be sure to consult your legal and/or tax professionals regarding the CARES Act and PPP Loans.

Chase has a form posted. Put in your business info and they'll be in touch. We'll see how long this takes.

https://recovery.chase.com/cares/cares-form

dave99ag said:

---

Chase has a form posted. Put in your business info and they'll be in touch. We'll see how long this takes.

https://recovery.chase.com/cares/cares-form

---

Yea I did this earlier. I'm not expecting a call anytime soon.

I'm uploaded. Fingers crossed

If you have twitter look at it today and search bank of America. Apparently they're not participating/approving for people who don't have a loan or cc with them... TONNNNS of people pissed off about it. Just an FYI.

FIDO95 said:

---

I was able to submit my application today. I was told the portal was not going to be ready today. However, my bank was allowing for the completion of the application via .Pdf that I was able to email back in with my supporting documents. It is now a "wait and see" game; fingers crossed.

---

Same. Submitted at 9:45am this morning.

I can understand people being upset, but I would hope a bank I've been doing business with for 10+ years would prioritize me over a walk-in customer.

AGGODDESS said:

---

If you have twitter look at it today and search bank of America. Apparently they're not participating/approving for people who don't have a loan or cc with them... TONNNNS of people pissed off about it. Just an FYI.

---

That's us. We've been with them since we started. But never had a need for a loan or a credit card. I spoke with their small business reps yesterday and nobody mentioned this. Even told us that we'd be good to go. Unpleasantly surprised today. We're currently looking for another bank to move our money to.

Is each bank loaning to customers from the $349B fund created for this program?

Or does each participating bank lend from it's own allocated portion of the $349B fund? i.e. could BoA run out of funds to lend before Wells Fargo does?

Do unique entities with common ownership apply together? Or does each entity apply separately?


EDIT:
Page 6 of the SBA interim rule states..."A small business concern as defined in section 3 of the Small Business Act (15 USC 632), and subject to SBA's affiliation rules under 13 CFR 121.301(f) unless specifically waived in the Act.

Followed on page 7 by..."SBA intends to promptly issue additional guidance with regard to the applicability of affiliation rules at 13 CFR $$ 121.103 and 121.301 to PPP loans."

Has anyone seen this additional guidance?

I'm with Chase and filled out their online form. Waiting game now I guess.

Did anyone have luck feeling like they got anything actually processed? If so, which bank? The SBA Twitter accounts keep talking about all of the loan amounts they processed today through "community banks", but I haven't heard anyone that got beyond forms and emails where it looked like something was processed.

AGGODDESS said:

---

If you have twitter look at it today and search bank of America. Apparently they're not participating/approving for people who don't have a loan or cc with them... TONNNNS of people pissed off about it. Just an FYI.

---

Yep, they are doing that and it actually might be unlawful to do that. WF has gotten in trouble for similar things in the past (and fined millions for doing so). BoA's actions fly in the face of the spirit of the CARES Act and they are likely going to get (rightfully) tagged for doing this bs about requiring credit card accounts with them to allow PPP loan applications.

I have a good friend with a small business in California who's bank said they aren't participating. Anyone know banks who are looking at this as an opportunity to get some new customers? He needs help finding someone who's not requiring a pre-existing account.

oldag00 said:

---

Is each bank loaning to customers from the $349B fund created for this program?

Or does each participating bank lend from it's own allocated portion of the $349B fund? i.e. could BoA run out of funds to lend before Wells Fargo does?

---

Each bank loans their own money and their is no allocations of the SBA $349 billion to each bank that I'm aware of. Preferred SBA Lenders can approve the loan and then send the loan application and a few other docs via the SBA loan portal. The SBA will issue the bank a "Guaranty Number" and record the amount of the loan. The Guaranty Number is how the SBA keeps count of the total amount of loans made. Then the bank will prepare the loan doc and get the Borrower to sign the note. The bank will fund 100% of the loan at loan closing. Our bank is trying to make sure that 8 weeks of payroll and occupancy expenses and the loan amount are the same.

After 8 weeks of payroll and occupancy costs, the Borrower and bank will reconcile how much of the loan will be forgiven. Documents supporting the Borrower's expenses are required. The bank will then submit the documentation to the SBA. If the expenses are equal to or higher than the loan amount, then the Borrower's loan with the SBA effectively becomes a grant and the loan is forgiven. SBA wires the bank the funds to pay off the Borrower's loan.

This is how we are handling these PPP loans. A lot of moving parts - hopefully the terms/conditions have now been finalized by the SBA. Lot of fake news out there and misinformation. The loan's interest rate is1.0% and has a 24 month maturity. We are told to expect 7 to 10 business days from application date to funding, although we hope to fund sooner.

Everyone should remember that the CARES Act was just approved and signed into law by Trump last Friday. I'm amazed the SBA was able to do this In one week.

Is the plan to borrow money to rehire employees to pay them to stay home?

gigemags87 said:

---

I have a good friend with a small business in California who's bank said they aren't participating. Anyone know banks who are looking at this as an opportunity to get some new customers? He needs help finding someone who's not requiring a pre-existing account.

---

Needs to try and find a local bank. And then move his business to the bank that helps him.

Thomas Ford 91 said:

---

Is the plan to borrow money to rehire employees to pay them to stay home?

---

Depends on your business and industry. Many will be using it to avoid layoffs.

TFord- plan is to help businesses rehire employees and for businesses to be able to pay their rent or mortgage. This will allow people to pay their bills and keep the economy from getting worse. If tenants keep their rent, then the landlord stays current on the their mortgage. Loans stay current, etc.

Will it work - who knows. Question is how long will this last? The funds could help cover 8 weeks of these expenses, so at least through the early part of June. Maybe everyone will be back at work by then.

Roughly 90% of the country is under some sort of "essential" business only rule. I'm assuming those essential businesses aren't struggling. I'm also assuming business that can transition to work-from-home are struggling a little, but able to adjust.

If you aren't an essential business, then you can't exactly bring everybody back. You can pay them to stay home, and pay the lease/mortgage, and pay the health insurance, but you aren't back in business. No wonder you don't have to pay it back.

Thomas Ford 91 said:

---

Roughly 90% of the country is under some sort of "essential" business only rule. I'm assuming those essential businesses aren't struggling. I'm also assuming business that can transition to work-from-home are struggling a little, but able to adjust.

If you aren't an essential business, then you can't exactly bring everybody back. You can pay them to stay home, and pay the lease/mortgage, and pay the health insurance, but you aren't back in business. No wonder you don't have to pay it back.

---

I have a restaurant client that laid off his busboys, but kept his other staff. They are take out only. Operating at About 25% of revenues, his rent is still due, he wants to hire back his busboys and keep the other employees. His employees average 14 years of service. Hopefully this will keep his business open for years and years.

Me too.

dave99ag said:

---

Chase has a form posted. Put in your business info and they'll be in touch. We'll see how long this takes.

https://recovery.chase.com/cares/cares-form

---

I did that this morning still haven't heard anything. Hopefully will hear something soon.

Let me know if you ever do hear anything. I did it around 1:15 and not really expecting to hear back before the money runs out.

Have various entities affected by closures and use Chase Business along for the wife's entity that had to shelter in place. Same issue. Get a basic intake form and a wonderful "thanks, don't call us we will call you." Applied for my partnership around 10am, and my other unrelated LLCs for myself and my wife around 1 and 3pm. Nothing back. Same splash screen.

Irony is my regional Chase Business rep has been over the top helpful trying to get us info and updates all week. I think that splash screen took him by surprise also. After I told him I got it, he went radio silent on me. So who knows what's going on. But a lot of folks I'm talking to same thing. Regardless of banks. For those that applied at different banks (BBVA etc), hoping it actually isn't just a queue but being proceeded. Curious to see if you all get the payments ASAP.

Just saw also a class action lawsuit filed tonight against BOA on that Cc / loan requirement. Pretty clear they are are prioritizing customers who have existing debt. Seems to me that want to protect their debt Payees first than lend out to deposit customers. Helps their balance sheet clearly without defaulting loans.

So that could be why the SBA touting all these loans being proceeded but no one seeing it. Without guidance or regulations, I'm guessing banks are doing whatever they want to do. Who knows.

WF has opened up the next steps for it's PPP loan. Login to your account services and there is a banner on top that says "Get Access to the Payroll Protection Program."

It's a general info form and they'll follow up for more information.

It's people who have had accounts for anywhere from 15 to 40 YEARS that are pissed from being denied.

I've been working with our local bank to get my application processed. The bank is already an approved SBA lender but there's nowhere on SBA's lender portal to submit the PPP loans. It has been a cluster.