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All-In [40925]
TigerPulse: 100%
Posts: 42941
Joined: 11/30/98
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Anybody apply for PPP and hear anything?
Apr 15, 2020, 3:58 PM
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My bank made the paperwork available last Monday. I sent the request in the same day and got an email a few days later saying they got my request but nothing since then.
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Athletic Dir [881]
TigerPulse: 57%
Posts: 2125
Joined: 2/3/12
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You want to follow up fairly regularly
Apr 15, 2020, 4:12 PM
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There's a fixed total across all lenders for now. $247B out of $349B has been approved as of 4/13.
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All-In [44027]
TigerPulse: 81%
Posts: 32945
Joined: 2/22/03
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Same here.
Apr 15, 2020, 4:14 PM
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I submitted my initial application on April 5, the first day my bank allowed me to do so. I received a confirmation email that day saying that they received my application. On April 7, my bank requested additional documentation. I submitted those documents on April 8, and received confirmation that the documents were received. I have not heard anything since.
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Legend [18407]
TigerPulse: 100%
Posts: 10717
Joined: 10/20/13
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110%er [7470]
TigerPulse: 100%
Posts: 15405
Joined: 2/2/01
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Great -new guidance means changing the rules on all the apps
Apr 15, 2020, 6:00 PM
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that are backlogged in the pipe with more documentation now needed from many sole proprieters/independent contractors.... meanwhile the funds are running out.....
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Athletic Dir [881]
TigerPulse: 57%
Posts: 2125
Joined: 2/3/12
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If companies that didn't actually need the money deferred,
Apr 15, 2020, 6:34 PM
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there would be plenty to go around. But free money is hard to pass up. The worst part is, the companies that need it the least have all the legal and administrative resources to get the most money first. A lot of small businesses are going to get left out of this round.
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Orange Blooded [2846]
TigerPulse: 100%
Posts: 3293
Joined: 6/20/00
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Three of my firm's clients have received their funds.***
Apr 15, 2020, 4:59 PM
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Orange Blooded [3615]
TigerPulse: 96%
Posts: 3791
Joined: 1/21/16
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Re: where did the money come from?
Apr 17, 2020, 1:14 AM
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A number of smaller banks are fronting their own money and expecting the SBA to reimburse, just like HR Block does on tax refunds.
Just because these businesses received money doesn't guarantee that it came from the SBA itself.
May only be a nuance to your client, but it makes a huge difference in the expectations of persons who didn't use those particular banks.
And I sure hope those responsive banks get to claim those funds.
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MVP [519]
TigerPulse: 99%
Posts: 579
Joined: 11/30/98
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Re: Anybody apply for PPP and hear anything?
Apr 15, 2020, 6:04 PM
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I applied 4/6 to TD and havent gotten an email. Called multiple times to my local TD and they cant tell me anything. Not going well at TD from my experience.
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Freshman [2]
TigerPulse: 100%
Posts: 1
Joined: 1/2/20
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Re: Anybody apply for PPP and hear anything?
Apr 15, 2020, 6:32 PM
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I applied to my local bank on 4/6/20 and received the funds into my account on 4/10/20. These are the times it really helps to use a local small bank. Heard Wells Fargo still has not made the paperwork available.
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MVP [519]
TigerPulse: 99%
Posts: 579
Joined: 11/30/98
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Re: Anybody apply for PPP and hear anything?
Apr 15, 2020, 6:47 PM
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Yes sir I plan on making that change. Learned my lesson as I think we all have learned a lot of lessons that we need more local options on everything.
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Hall of Famer [22939]
TigerPulse: 100%
Posts: 16893
Joined: 12/2/00
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Submitted 4/3, with more paperwork almost daily last week
Apr 15, 2020, 6:43 PM
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All has gone through, supposedly we are approved, but have not yet seen funds.
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Athletic Dir [881]
TigerPulse: 57%
Posts: 2125
Joined: 2/3/12
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The funds are depleted
Apr 16, 2020, 8:02 PM
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It wasn't clear to me whether the system was set up to ensure you get the funds if approved - or if there could be multiple approvals and then a first-come, first-served disbursement. Update when you find out. Otherwise, it looks like they are going to act quickly to provide more money.
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All-In [40100]
TigerPulse: 100%
Posts: 18284
Joined: 10/28/15
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Pharmacy next door to us got their funds two days ago. We filed either the same day or before.
Apr 17, 2020, 7:42 AM
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We are a bit larger but we haven’t received anything though everything supposedly went through.
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