Nm. Miss construed the acronym

Where are you seeing that they're funding? The report I saw last night on one of the news networks (I was flipping around all of them) is that they're nowhere near funding. The only thing I've heard from our bank (BOA) is the standard "your application has been submitted. Don't call us, we'll call you" email.

https://texags.com/forums/84/topics/3104305/last#last

You are right. I read one to many P's.

They've started to fund some of the first ones.

Our bank turned ours around in under a week. approved and secured.

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Aye. We went through a local community bank and have been funded. I'm told the large banks are a mess. I hope you guys get yours.

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My wife's company went through Chase and they didn't to seem on the ball. They had to make an alteration to the website in order for her to get the application successfully submitted which meant she wasn't able to submit before Tuesday.

I went through Frost Bank (I highly recommend staying local for your banking) and while there website application portal didn't become available until Sunday, it went really smoothly.

Neither one has been funded yet.

We've been funding ours for the past three days. Processed over 600 of them so far. System has been running smoothly for us from Day 1. The banks I'm seeing repeated complaints about are the usual suspects. I sincerely hope you guys get this worked out and get the help you need.

Still waiting while WF drags their feet. At this point though I don't want the money until closer to the time I'm able to reopen so I'm "okay" with this for now.

I was hoping we'd be able to delay acceptance but it sounds like 10 days is the maximum wait time before disbursements.

We've submitted with every lender we use. Small local banks all the way to PayPal.

But none of them have submitted.

We will cancel others once our app is submitted.

It's frustrating because we already had everything prepared because of some debt we were refinancing.

H.E. Pennypacker said:

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Aye. We went through a local community bank and have been funded. I'm told the large banks are a mess. I hope you guys get yours.

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This is how it gets done quickly. If you are a good customer and actually have a relationship with a banker, you can get moved to the front of the line or at least not get buried in red tape.

I'm working with a small bank out of Kerville that's moving at light speed on some of my clients that are VIP to the bank.

Even knowing a banker at a huge bank doesnt always help because the flow of money is not controlled at a local level.

I've got other clients at BBT and you have to go through a portal which doesnt allow you to work directly with the banker you know. You just get caught up in a pipeline and by the time you make it through, all the money is gone.

Gramercy Riffs said:

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We've been funding ours for the past three days. Processed over 600 of them so far. System has been running smoothly for us from Day 1. The banks I'm seeing repeated complaints about are the usual suspects. I sincerely hope you guys get this worked out and get the help you need.

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How do I give you my business?! Are you accepting applications from non-clients?

AgAttack said:

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Gramercy Riffs said:

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We've been funding ours for the past three days. Processed over 600 of them so far. System has been running smoothly for us from Day 1. The banks I'm seeing repeated complaints about are the usual suspects. I sincerely hope you guys get this worked out and get the help you need.

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How do I give you my business?! Are you accepting applications from non-clients?

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Same question here.

We're applying for 16 PPP loans

We are/were accepting apps from non-customers, but unfortunately we hit our cap earlier this week. Waiting to get the green light to do more. Final number came in at over 700 PPP loans in four days. Many of them had no prior relationship.

If we open things up again next week I'll check back in to see if anyone still needs help.

We've been approved but not funded.

Willy Wonka said:

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We've been approved but not funded.

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Same here

Applied last Saturday - banker was working all day and was accepting phone calls non-stop. Banker accepted texted iPhone pictures of completed forms in lieu of proper paperwork. Received approval last night (late) and e-signed the loan documents today. Banker says funding likely on Monday.

I'm pretty thankful I switched from Wells Fargo to Plains Capital Bank early last year - I am fairly certain I wouldn't have received this level of "above and beyond" personalized service, despite my 35+ years with Wells Fargo, most as a Platinum/Premier type customer.

Funded today around noon. Though I have a very good local bank that has done 3 sba loans already for me. Idk if that makes a difference.

Got message from banker that I was approved last night, so should have the money soon.

I had planned for further 1 month furloughs in May as we are hemorrhaging money and it remains extremely slow. Wanted to give advanced notice(everyone has been warned of the possibility)by April 15th. Question is how long will this slowdown last. The loan money is about enough for 6 maybe 7 weeks due to the salary cap limitations. Stopped paying myself a couple of weeks ago. Can do that for about 6-9 months if necessary.

If school resumes and more businesses open in May feel better about retaining staff, if not..,Maybe furlough in May and bring back in June? Would like to hear what other private practices are doing.

If you don't furlough them until July you don't have to pay it back, right?

Our PPP was funded yesterday evening.

We sent in all documentation and initial application last Friday, had to fill out new/revised application on Monday, follow up questions from bank on Tuesday morning, submitted to SBA on Wednesday and funded on Friday.

We bank with a smaller regional bank that appears to have a good relationship with the SBA.

Also, I took a more proactive route by self-determining what our loan amount would be and the FTE (full-time employee equivalent) number. This took work off the banker's load and seemed to grease the skids.

Willy Wonka said:

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If you don't furlough them until July you don't have to pay it back, right?

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I believe so.

the ppp money would sustain current payroll until first or second week of June. It's an issue of what then.

Anybody else getting their PPP funded today, or have you received notification of funding this week? We submitted four of them on 4/3, they've been approved, but not yet funded.

AgDoug02 said:

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Anybody else getting their PPP funded today, or have you received notification of funding this week? We submitted four of them on 4/3, they've been approved, but not yet funded.

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I have yet to receive anything as much as a confirmation that I even applied...what the hell is going on?

you're right there in that window of 5-10 business days...if you haven't seen funding by friday, then you may want to start reaching out to your bank.