Author Topic: SBA PPP and EIDL Small Business Loans (some money is forgivable)  (Read 232589 times)

Offline ShimshonK

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2980 on: January 20, 2021, 07:55:04 PM »
Does the SBA process applications in the order they’re received?
I have no idea, but that's probably something @cgr can answer.

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2981 on: January 20, 2021, 08:01:44 PM »
Does the SBA process applications in the order they’re received?
Doesn't seem to be a given. I have applications that got ETran numbers within hours, and others are still in the processing stage.

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2982 on: January 20, 2021, 09:38:48 PM »
I have a bank that opened today at 9am. They push through applications in the order received, and expect to have funds deposited within 24-48 hours if approved. There is a slightly longer wait time than last time, since the SBA changed procedural guidance which means it now takes several hours for applications to get approved, instead of minutes.

And... here's the official update to banks from the SBA as to why were seeing longer approval times:

New SBA Submission Process – The SBA is no longer issuing loan numbers at the request of the lender. They are performing their own background checks on applicants and companies after the lender’s submission. This slowdown of SBA approval is intentional and intended to avoid duplicate and fraudulent applications.

Offline Deal Guy

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2983 on: January 20, 2021, 09:57:08 PM »
Crossriver:

What are the steps in the process?
Once you submit all your documents, they say Application Successfully submitted.

Now, how many steps are there until getting approved, and does Crossriver give you updates in between?

Is there a step where they tell you that it was actually submitted to sba?
What is their quickest turnaround time from when it's submitted to the sba, until the sba approves it?

Thanks

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2984 on: January 20, 2021, 10:03:52 PM »
And... here's the official update to banks from the SBA as to why were seeing longer approval times:

New SBA Submission Process – The SBA is no longer issuing loan numbers at the request of the lender. They are performing their own background checks on applicants and companies after the lender’s submission. This slowdown of SBA approval is intentional and intended to avoid duplicate and fraudulent applications.

The SBA approved $5 billion in loans since last week.
In April when the program opened they approved $52 billion in the first day and a half.

Offline yitz1000

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2985 on: January 20, 2021, 10:08:52 PM »
Bluevine opened tonight.

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2986 on: January 20, 2021, 11:16:33 PM »
Bluevine opened tonight.

Looks like streamlined app for 2nd draw applicants who got their 1st draw via BlueVine

Offline yitz1000

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2987 on: January 21, 2021, 10:13:52 AM »
Looks like streamlined app for 2nd draw applicants who got their 1st draw via BlueVine

That's what they say. We'll see. Even 1st draw was quite smooth.

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2988 on: January 21, 2021, 10:59:50 AM »
That's what they say. We'll see. Even 1st draw was quite smooth.

Not for everyone.

My first draw took forever with 3 different applications (two of which got approved weeks later, though it turns out one has an SBA number right away, and I didn’t end up accepting that loan. It’s been a week now for my 2nd draw app and I’m still waiting.

ETA: For my first draw I nagged all three lenders, not sure whether it made a difference or not.
« Last Edit: January 21, 2021, 11:07:26 AM by AsherO »

Offline helpusout

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2989 on: January 21, 2021, 11:38:10 AM »
Anyone have luck with EIDL loan appeal. Been waiting since April or so for a response.. called and emailed numerous times..
I was told not to reapply as it will mess with my current application

Offline ShimshonK

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2990 on: January 21, 2021, 01:31:35 PM »
Correct.
If there's still a 25% reduction in one quarter when aggregating, go for PPP on the entity that has the reduction.

Open questions
If there isn't:
Can the entity that does have the reduction get it?
If there is:
Can both entities get it?
Any update on these open questions?

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2991 on: January 21, 2021, 01:36:00 PM »
Anyone have luck with EIDL loan appeal. Been waiting since April or so for a response.. called and emailed numerous times..
I was told not to reapply as it will mess with my current application

Oy. Did you get denied? Or didn't hear back from them at all since you applied? If the latter, did you get an advance?

Maybe @cgr has some ideas.

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2992 on: January 21, 2021, 01:48:02 PM »
Oy. Did you get denied? Or didn't hear back from them at all since you applied? If the latter, did you get an advance?

Maybe @cgr has some ideas.

I didn't involve myself in the reconsideration world too much, but I have a contact that gets things sorted for $900. If you want his info, feel free to reach out.

Offline YitzyS

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2993 on: January 21, 2021, 02:43:08 PM »
Should I start getting nervous if my application is showing submitted to the SBA for two days already and I still don't have a determination?
Monkeys don't fly unless you put them on airplanes

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2994 on: January 21, 2021, 02:45:34 PM »
Should I start getting nervous if my application is showing submitted to the SBA for two days already and I still don't have a determination?

You and I are in the same boat, I'm not too nervous yet. Give me a week and I'll be kvetching :D

Offline YitzyS

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2995 on: January 21, 2021, 02:46:45 PM »
You and I are in the same boat, I'm not too nervous yet. Give me a week and I'll be kvetching :D
Most people don't last a week in the same boat as me. It usually tips the first time I try to get up...
Monkeys don't fly unless you put them on airplanes

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2996 on: January 21, 2021, 02:48:36 PM »
Most people don't last a week in the same boat as me. It usually tips the first time I try to get up...

This is a big boat we’re in, so we’re good.

Offline a mirrer

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2997 on: January 21, 2021, 03:19:10 PM »
Looks like streamlined app for 2nd draw applicants who got their 1st draw via BlueVine
do you have a link for it because on my account it still shows this banner "PPP loans available soon through BlueVine"

Offline Deal Guy

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2998 on: January 21, 2021, 04:59:38 PM »
You and I are in the same boat, I'm not too nervous yet. Give me a week and I'll be kvetching :D
Which banks are you 2 waiting on?

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #2999 on: January 21, 2021, 07:29:11 PM »
Which banks are you 2 waiting on?

Same bank, Biz2