Author Topic: SBA PPP and EIDL Small Business Loans (some money is forgivable)  (Read 535933 times)

Offline ExGingi

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3060 on: January 27, 2021, 06:39:09 PM »
If I got my PPP 1.0 through Kabbage (K Servicing). Am I better off applying for PPP 2.0 through them, with a lot of the information just carrying over?
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Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3061 on: January 27, 2021, 07:07:41 PM »
If I got my PPP 1.0 through Kabbage (K Servicing). Am I better off applying for PPP 2.0 through them, with a lot of the information just carrying over?

I don’t think it works this way at the SBA. At your lender it would depend on how they sent their system up, but presumably they’d carry over as much data as they could.
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Offline yossisch1

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3062 on: January 27, 2021, 07:51:43 PM »
PSA for anyone applying with more than one bank:
The SBA will deny your application if you already received SBA approval elsewhere, even if that bank can't fund you for whatever reason. You must withdraw your original application to proceed elsewhere.

Does that mean I can not apply with two banks?

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3063 on: January 27, 2021, 07:53:46 PM »
Does that mean I can not apply with two banks?

You can only get one etran # per EIN/SSN. If you try submitting after an etran has been issued, the SBA will issue an error that a loan was already approved for this EIN/SSN.

Offline nobiggy

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3064 on: January 27, 2021, 08:00:15 PM »
I applied with Cross River on the 18th.  I just received this. should I also apply elsewhere?

Dear Applicant:

Thank you for choosing Cross River for your Small Business Administration (SBA) Paycheck Protection Program (PPP) loan. As you may be aware, we use a highly automated system to review your loan application and uploaded documents. We have determined that your application will require a manual review by our team. We are working around the clock to properly validate your application and will try to resolve in the coming days. In the meantime, please feel free to check your loan status here and please continue to check your email as we may send requests for additional documents or clarification.
 
Once a determination is made, your loan will either be processed or you may be prompted to re-apply. Before you re-apply, please review the required documents relevant to your particular application as well as helpful hints to ensure you can successfully re-apply.

Sincerely,
Cross River Bank

I got this as well, let me know if you hear back from them or get approved.
I sent them an email asking them what the issue might be.

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3065 on: January 27, 2021, 08:17:19 PM »
I got this as well, let me know if you hear back from them or get approved.
I sent them an email asking them what the issue might be.

Just checked with my Cross River guy exactly what's going on.
In the past week they did 0 manual reviews, but in the last 2 days they started doing some, so you can wait it out if your case isn't uber-complicated.

Offline shapsam

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3066 on: January 27, 2021, 08:39:20 PM »
Someone that applied with Cross River has this on the application status: "Application approved by the SBA. The system is preparing your DocuSign contract", but it's been 3 days already and no email with the DocuSign.

Offline minkr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3067 on: January 27, 2021, 09:31:50 PM »
I (THANKFULLY) received 1k grant from EIDL last April. I still haven't gotten any email from SBA regarding the current EIDL grant to give me the remaining 9k (I meet the other criteria set forth for low income community, 30% reduction etc.)

Has anyone gotten an email with an EIDL application this time around? Are there any timelines? I'd be interested to hear.

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3068 on: January 27, 2021, 09:35:18 PM »
I (THANKFULLY) received 1k grant from EIDL last April. I still haven't gotten any email from SBA regarding the current EIDL grant to give me the remaining 9k (I meet the other criteria set forth for low income community, 30% reduction etc.)

Has anyone gotten an email with an EIDL application this time around? Are there any timelines? I'd be interested to hear.

They’re supposedly supposed to reach out to previous recipients/applicants who are potentially eligible. I don’t think it’s started yet.
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Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3069 on: January 27, 2021, 09:36:20 PM »
I (THANKFULLY) received 1k grant from EIDL last April. I still haven't gotten any email from SBA regarding the current EIDL grant to give me the remaining 9k (I meet the other criteria set forth for low income community, 30% reduction etc.)

Has anyone gotten an email with an EIDL application this time around? Are there any timelines? I'd be interested to hear.

Nothing yet. Per their Press Release they'll be reaching out in the coming weeks but they did not provide an actual date.

Offline nafnaf12

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3070 on: January 27, 2021, 09:39:35 PM »
Nothing yet. Per their Press Release they'll be reaching out in the coming weeks but they did not provide an actual date.
I received the 1k as well a few months back, last week I received an denial email from SBA for the loan (I never accepted it)
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Offline 123-Rosh

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3071 on: January 27, 2021, 09:40:48 PM »
Nothing yet. Per their Press Release they'll be reaching out in the coming weeks but they did not provide an actual date.

There's no rush. They'll probably start after covid is over.

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3072 on: January 27, 2021, 09:55:41 PM »
I received the 1k as well a few months back, last week I received an denial email from SBA for the loan (I never accepted it)
The loan offer is good for a period of 6 months I believe, after which it expires.

Offline nafnaf12

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3073 on: January 27, 2021, 09:56:56 PM »
The loan offer is good for a period of 6 months I believe, after which it expires.
would this impact the grant? If I were to qualify for the additional grant..
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Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3074 on: January 27, 2021, 10:23:46 PM »
would this impact the grant? If I were to qualify for the additional grant..

Should not. You didn’t have to accept/receive an EIDL loan have qualify for the $10,000 grant, and the same is true for the current grant. If you got a grant you should expect them to reach out to you as well when they reach out to everyone else.
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Offline TBD

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3076 on: January 28, 2021, 02:52:51 PM »
Someone that applied with Cross River has this on the application status: "Application approved by the SBA. The system is preparing your DocuSign contract", but it's been 3 days already and no email with the DocuSign.
Same situation. Anyone know to make of it?

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3077 on: January 28, 2021, 03:02:23 PM »
https://www.sba.gov/sites/default/files/2021-01/PPP_Report_2021_01_24-508.pdf

Thanks for posting this.

If I'm reading this correctly Cross River and Itria Ventures (that's a lender that basically owns Biz2Credit, I believe the platform is used by other lenders as well) are making out like bandits, only Bank of America has issued more loans than them. The difference might be that they started sooner, but could also mean they are processing quicker. With Itria having a much higher loan size, it leads me to believe that Biz2Credit might be doing a better/quicker job than Cross River pushing through larger loans, though I might be misinterpreting things.

I do wonder why they don't break things down by 1st. draw vs. second draw.
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Offline TBD

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3078 on: January 28, 2021, 03:06:11 PM »
Thanks for posting this.

If I'm reading this correctly Cross River and Itria Ventures (that's a lender that basically owns Biz2Credit, I believe the platform is used by other lenders as well) are making out like bandits, only Bank of America has issued more loans than them. The difference might be that they started sooner, but could also mean they are processing quicker. With Itria having a much higher loan size, it leads me to believe that Biz2Credit might be doing a better/quicker job than Cross River pushing through larger loans, though I might be misinterpreting things.

I do wonder why they don't break things down by 1st. draw vs. second draw.
Biz2credit signed up with the AICPA providing all accountants access and commission.

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3079 on: January 28, 2021, 03:16:14 PM »
Biz2credit signed up with the AICPA providing all accountants access and commission.

Killer move, especially with the increased commission so there's more to go around for everyone. Additionally, if they can somehow pass on any of the manual work to the CPAs involved, they can cut labor costs and increase profits.
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