Author Topic: SBA PPP and EIDL Small Business Loans (some money is forgivable)  (Read 176612 times)

Offline flatbush guy

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3510 on: April 05, 2021, 10:01:26 AM »
I can second that!

Online Mordyk

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3511 on: April 05, 2021, 11:24:48 AM »
i logged in caweb.sba to see my PPP@ applications and one of them says Active Un-Disbursed. but i did not receive any approvals yet from the bank. does this mean bank is delayed and I'm technically approved? and how can i see through which bank it was?
#TYH

Online dovy2

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3512 on: April 05, 2021, 12:11:10 PM »
What do I enter for
"Financial Commitment ID" when opening a caweb account?

Offline wanderingjew678

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3513 on: April 05, 2021, 12:15:01 PM »
Hi! Been having issues with my EIDL document uploads for a month now. Other than email, is there any way to actually get information from the underwriting team there?

Offline shmooz

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3514 on: April 05, 2021, 01:05:53 PM »
Hi! Been having issues with my EIDL document uploads for a month now. Other than email, is there any way to actually get information from the underwriting team there?

In the invitation it has this number 800.659.2955

Offline Fish Tank

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3515 on: April 05, 2021, 01:11:33 PM »
Got 3 PPP loans approved and funded via biz2credit.

Nice.
Any idea when their application page will be back up? It's been down for at least 2 weeks already @cgr .


Offline wanderingjew678

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3516 on: April 05, 2021, 01:32:09 PM »
In the invitation it has this number 800.659.2955

That's the customer service number. No wait times and nice people, but they don't know much about what's actually missing. I am applying for regular EIDL, not the advance.

Online yossisch1

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3517 on: April 05, 2021, 02:08:48 PM »
I got approved with Biz2Credit for the ppp round one on March 30th.  Can I apply for round 2?  Do I need to wait?

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3518 on: April 05, 2021, 03:04:49 PM »
What do I enter for
"Financial Commitment ID" when opening a caweb account?

You need a PPP or EIDL loan number from your loan docs.

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3519 on: April 05, 2021, 03:10:17 PM »
i logged in caweb.sba to see my PPP@ applications and one of them says Active Un-Disbursed. but i did not receive any approvals yet from the bank. does this mean bank is delayed and I'm technically approved? and how can i see through which bank it was?

1. With most lenders yes. Some stupid lenders submit to SBA and get their approval before finishing underwriting.
2. I donít think you can see your lender on CAWEB, someone please CMIIW. Call the lenders you applied with?

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3520 on: April 05, 2021, 03:35:04 PM »
I set up a CAWEB account as @AsherO suggested, and 3 different loans came up: the 1st draw that I received earlier this year under the name of my business, the 2nd draw that I was approved for through Bank #4 in the name of my business, and the loan that Bank #3 got approved ... in my name, not my business's name!
Looks like the bank made a mistake and submitted with your SSN instead of EIN, which is why the second approval went through. This is something a few banks have been routinely making mistakes on, and you wouldn't believe the headaches this has caused for those seeking to go for Second Draw- it basically means going back to the First Draw bank, having them go back to the SBA and correct all the information to EIN/Business name, and then they can finally proceed to Draw 2.

And since the loan in my name says Loan Type PPP (not PPS), I assume that means it's first draw, correct? And since my original 1st draw was in the business name and the new one is in my name, would that explain why Etran let them both through? And would it still be asking for trouble to accept the new 1st draw if it's being made to a different party and it's made it through Etran? And even if I can't keep both of them, could I repay the original smaller one in the business name and then accept and get forgiveness for the new larger one in my name? @cgr
You can only receive PPP matching the docs you have- if you have an LLC or Corp and your payroll or tax docs are in that name, I'd be very surprised to see a bank get through the full underwriting process and approve you on your name in this round- it happened plenty last time, but it shouldn't (won't) be happening now.
You cannot repay your First Draw to receive a higher First Draw now.

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3521 on: April 05, 2021, 03:38:27 PM »
I would like to publicly acknowledge @cgr for all of her help and guidance.
Thank you:)
Unfortunately after my experiences with Biz2Credit in the last 2-3 weeks I'm no longer recommending them, and I hope to have a new partnership in place later today with a different outfit.

Biz2Credit has started requesting an inordinate amount of information due to the large number of fraud applications they received. While I understand their need to protect themselves, it's simply not reasonable when it comes to volume applications- I've been spending hours of time on applications when previously I would spend a few minutes...

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3522 on: April 05, 2021, 03:39:15 PM »
Hi! Been having issues with my EIDL document uploads for a month now. Other than email, is there any way to actually get information from the underwriting team there?
Try calling and requesting a tier 2 rep.
Tier 1 knows nothing.

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3523 on: April 05, 2021, 03:40:22 PM »
Nice.
Any idea when their application page will be back up? It's been down for at least 2 weeks already @cgr .
They might not reopen publicly at all due to the number of fraud applications they received.
Unfortunately after my experiences with Biz2Credit in the last 2-3 weeks I'm no longer recommending them, and I hope to have a new partnership in place later today with a different outfit.

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3524 on: April 05, 2021, 03:46:58 PM »
Thank you:)
Unfortunately after my experiences with Biz2Credit in the last 2-3 weeks I'm no longer recommending them, and I hope to have a new partnership in place later today with a different outfit.

Biz2Credit has started requesting an inordinate amount of information due to the large number of fraud applications they received. While I understand their need to protect themselves, it's simply not reasonable when it comes to volume applications- I've been spending hours of time on applications when previously I would spend a few minutes...

Ugh, why we all canít have nice things :(