Pelayo said:

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itsyourboypookie said:

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So we were approved, signed every thing, but won't be funded since the funds ran out

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I thought if approved you are locked in and the bank had 10 days to fund?

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I wonder if the bank said it was approved as opposed to the sba. The sba gives you the confirmation number that guarantees funding. Sucks either way. Sorry...

Regions bank has had all my information since 04/05 and they have not done anything with it. Their web portal was not working on 04/03 so I was not able to submit on 04/03. I am beyond pissed. Can I submit to a different bank in hope that I can get funded if they increase funding or am I stuck with Regions?

Different bank. Where are you located.

Veritex got ours done

Just be aware that we talked to a couple of banks that were going to require us to submit proof that we had withdrew our application from any existing banks (not sure what that even looks like). From what I understand there is no reason you can't submit through multiple banks, however. That was just the individual banks requiring that.

We are in Georgetown, north of Austin.

Thank you. I will reach out to another bank we use tomorrow to see what their process is. It is a smaller community bank and from what it sounds like, these are the ones that were successful in getting it done quickly.

Sorry. No contacts there

New to the forum. Was doing some searches on PPP and found this one.

Ive been reading a ton and following the progress of PPP on reddit/r/smallbusiness

It is a wealth of information about the PPP.

Ive been approved and should fund tomorrow.

Here are some key points:

The big banks completely screwed their customers. So many people applied on 4/3, submitted docs and never heard anything again. The problem in applying is 100% your banks fault.

Paypal turned out to be a white knight. They got approved to take loans late, but once they got started they were taking applications and funding loans within 24 hours.

People applied via multiple banks and it was fine. Once your EIN is in the system any other submits will get declined.

*All* of the delay is your bank. Once your bank submits to the SBA in etran, your loan is pretty much approved within the hour. Your bank will get an email with a loan number, this reserves the funds. Once that happens your bank has to put together the promissory note for you to sign.

When someone tells you that you are approved you must get an SBA loan number. Being approved could just mean approved by your bank which is meaningless. Once you are SBA approved you are good (Im sure there are exceptions to this).

The bank has 10 calendar days to fund, as far as I know you dont need to stress at this time.

SmokeDog said:

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Regions bank has had all my information since 04/05 and they have not done anything with it. Their web portal was not working on 04/03 so I was not able to submit on 04/03. I am beyond pissed. Can I submit to a different bank in hope that I can get funded if they increase funding or am I stuck with Regions?

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I've submitted with multiple banks. **** these fickers. First come first serve as far as I'm concerned. Will be firing my bank when this is all over. So beyond pissed still.

I am with you. If a smaller community bank can get this done for me, I will gladly move all of my accounts over to them.

Origin Bank supposedly got me in right as the funds were being exhausted. I am supposed to go in this afternoon to sign documents and fund.

I am moving everything away from Wells Fargo to Origin.

Really disgusted with how Chase handled this. I submitted everything within an hour of opening (both the initial inquiry on 4/3 and the actual application on 4/6) and have since read that others who applied after (also through Chase) were approved. I really can't wait until things stabilize so I can move to a local bank. This was a pathetic showing.

Banks absolutely prioritized bigger loans. There was no queue whatsoever.

ANYONE from a large lender get funded?

I applied with BoA on 4/6, and paypal on 4/15.

I got further with paypal than i did with BoA.

Unfortunately, i submitted a tad late with paypal and the funds were exhausted.

If a second wave doesnt materialize, i am suing the poo out of BoA.

There would be negligence by BoA, and damages as a result. Seems pretty open and shut.

Has ANYONE been funded by a big bank?

I know a good lawyer if anyone is interested, just PM me.

Cant Think of a Name said:

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ANYONE from a large lender get funded?

I applied with BoA on 4/6, and paypal on 4/15.

I got further with paypal than i did with BoA.

Unfortunately, i submitted a tad late with paypal and the funds were exhausted.

If a second wave doesnt materialize, i am suing the poo out of BoA.

There would be negligence by BoA, and damages as a result. Seems pretty open and shut.

Has ANYONE been funded by a big bank?

I know a good lawyer if anyone is interested, just PM me.

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we got money from PNC.

None from BofA so had to pivot there. Comerica drug their feet so we pivoted to a smaller bank there.

Banks we're approved and awaiting funding from are Byline, TCF, PNC, and two small regional banks

Way to be proactive with it!

By the time i realized how incompetent they were being, it was too late.

The business banker at my local BoA claimed they had already pulled BoA specific reserved funds and were distributing them to their applicants.

I have a question. Our bank wasn't a SBA bank so they sent us off to a third party entity to apply. We got in a que, but never received an application, after over a week. Funds ran out, so that is that. When/If round 2 happens and the fund the program more, obviously want to not be at the mercy of a que that we can't even receive an application from.

1) Is PayPal likely the best way to go if you don't have a relationship with an SBA bank?

2) If you can find a SBA bank you don't have a relationship with to work with you, is that better than using PayPal?

TIA!

I think the solution is to try both. The SBA is only going to take your EIN once, so it's first come, first serve. Since Chase is probably only going to fund their larger clients, I'm going to seek out a local bank that may be willing to take a PPP and our future business.

I hear TB&T in BCS did an amazing job with all this. Some folks were getting forms submitted to funded in 5 business days with them. note: I have no affiliation or stake in the game --

kingj3 said:

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Banks absolutely prioritized bigger loans. There was no queue whatsoever.

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What do you think is a big loan here?

Unfortunately BB&T is not accepting applications for people that didn't have a previous account with the bank before all of this. Which is understandable, just unfortunate for those of us whose banks have no SBA affiliation.

Premium said:

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kingj3 said:

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Banks absolutely prioritized bigger loans. There was no queue whatsoever.

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What do you think is a big loan here?

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Here is how they were compensated:

How will lenders be compensated? Processing fees will be based on the balance of the financing outstanding at the time of final disbursement. SBA will pay lenders fees for processing PPP loans in the following amounts:

• Five (5) percent for loans of not more than $350,000;
• Three (3) percent for loans of more than $350,000 and less than $2,000,000; and
• One (1) percent for loans of at least $2,000,000.

Lenders may not collect any fees from the applicant.

kingj3 said:

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Banks absolutely prioritized bigger loans. There was no queue whatsoever.

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Not all banks. I'm a banker and processed $1 million applications followed by $15,000 applications, followed by $100,000, followed by $25,000,etc. We tried real hard to process applications in the order in which they were received.

TB&T - The Bank & Trust in BCS.
Not BB&T.

(Although beginning Monday, April 20th, TB&T will be known as First Financial.)

My banker told me today that PPP funds ran out yesterday, just in time for Congress' 3 day weekend.

Duckhook said:

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kingj3 said:

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Banks absolutely prioritized bigger loans. There was no queue whatsoever.

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Not all banks. I'm a banker and processed $1 million applications followed by $15,000 applications, followed by $100,000, followed by $25,000,etc. We tried real hard to process applications in the order in which they were received.

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You're a good man

We did ours in order received too, and will do so again for round two. We have already moved three relationships over to our bank in the last 24 hours and have their PPP apps tees up for round 2.

Don't wait for the next round of funds to move people! Move now and get in line.

Bonfire1996 said:

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We did ours in order received too, and will do so again for round two. We have already moved three relationships over to our bank in the last 24 hours and have their PPP apps tees up for round 2.

Don't wait for the next round of funds to move people! Move now and get in line.

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I would echo that. Get new accounts opened at a new bank before the next round if you're looking to move your relationship. I already have about a dozen applications queued up for the next round.

If there is a next round. But I'm going to be very surprised if there isn't an additional round of funding available.

That may be the case for TB&T as well (different than BB&T).

Duckhook said:

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kingj3 said:

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Banks absolutely prioritized bigger loans. There was no queue whatsoever.

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Not all banks. I'm a banker and processed $1 million applications followed by $15,000 applications, followed by $100,000, followed by $25,000,etc. We tried real hard to process applications in the order in which they were received.

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...but you did do the $1million first.

Just kidding.

Can any bankers help me with this. We completed all docs over a week ago and the bank said we were good to go. I haven't heard anything so I asked the bank for an update today and I received the below. Does this mean we made it in on the first round of funding or does this mean its approved but not funded? (Side note: This is a local bank we have worked with for 10+ years)

"Your loan was approved with the SBA. I will email you the loan docs when I receive them"

I bank with Wells Fargo and was only able to submit an PPP application online on 4/15, the same day fund ran out. I wonder if there is there is a bank in College Station that will take new customer and then process the PPP if there is a round 2 of PPP. TIA.

RethinkTheWeekend said:

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Can any bankers help me with this. We completed all docs over a week ago and the bank said we were good to go. I haven't heard anything so I asked the bank for an update today and I received the below. Does this mean we made it in on the first round of funding or does this mean its approved but not funded? (Side note: This is a local bank we have worked with for 10+ years)

"Your loan was approved with the SBA. I will email you the loan docs when I receive them"

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It means you made it in and your money is reserved. It also means your banker is busting his ass to get everyone closed and funded in the 10 day window established by Treasury, which is very hard for banks that did a lot of these.

Give him a little space and trust the process. Three days ago when we were stressed about our deadlines, I sent that exact email dozens of times.

A little insight from Chase.

I applied within 20 minutes of them opening their online application on 4/6 (not their contact form on 4/3). I got an "application received" email right away but nothing for the last few weeks.

Then, late Wednesday got an email I had been approved, right before the news was saying the funds would run out. Funds showed up in my account on Thursday.

Today (Friday) I got a call from my "relationship manager" who I've only spoken with once or twice in 5 years but have left a few messages and emails for in the last few weeks.

She started apologizing that she had been out of touch and was sorry I didn't get the loan. She had no idea I had. When I told her, she was excited and blurted out "wow, you're the only one I've talked to that did!"

She confirmed they have been processing in order but mentioned they got 60k apps in the first hour. I can't verify that but that's nuts if true. I literally snuck in at the end I guess as one of the last ones.

I share because if you're with Chase, if you got the online app in early, there's hope if they open another round! Just my advice, but if you are with Chase and didn't apply the first day, I'd go get in line somewhere else.