SBA PPP and EIDL Small Business Loans (some money is forgivable)

[ExGingi]

After receiving an email from a friend explaining that PPP might apply also to self-employed individuals with no employees, I asked another friend to research the veracity and get me info.

The second friend told me that he applied on behalf of the school he works for, and gave me the rundown of what seems to get approved (with big banks it will mostly be customers with a valuable relationship, with small banks it might depend on completeness of the application).

He advised me that if I want a chance at round 2, I better act fast and make sure not to apply with a large bank. The challenge is finding any bank that will even allow you to submit an application now, so it's ready for SBA submission once there's a reopening.

[Mordyk]

After receiving an email from a friend explaining that PPP might apply also to self-employed individuals with no employees, I asked another friend to research the veracity and get me info.

The second friend told me that he applied on behalf of the school he works for, and gave me the rundown of what seems to get approved (with big banks it will mostly be customers with a valuable relationship, with small banks it might depend on completeness of the application).

He advised me that if I want a chance at round 2, I better act fast and make sure not to apply with a large bank. The challenge is finding any bank that will even allow you to submit an application now, so it's ready for SBA submission once there's a reopening.

Exactly.  Which small bank will accept random non customer apps right now?

[ExGingi]

Exactly.  Which small bank will accept random non customer apps right now?

Look and you might find. Two small banks I deal with say online that they're not accepting applications. Another bank that I've spoken to in the past but haven't done any business with yet does have a downloadable application and an upload button. I will try to complete an application on Sunday and will then reach out to my contact at that bank.

There are many small banks all over the US. Look hard enough and you might find one.

[ExGingi]

https://www.latimes.com/business/story/2020-04-18/small-business-loans-coronavirus-unemployment?_amp=true

[mgarfin]

https://www.latimes.com/business/story/2020-04-18/small-business-loans-coronavirus-unemployment?_amp=true

http://www.cnbc.com/amp/2020/04/17/jpmorgan-says-it-has-26-billion-in-small-business-applications-left.html

"Chase has secured more funding for small businesses than anyone else in the industry," spokeswoman Trish Wexler said in a statement. 

[zh cohen]

http://www.cnbc.com/amp/2020/04/17/jpmorgan-says-it-has-26-billion-in-small-business-applications-left.html

"Chase has secured more funding for small businesses than anyone else in the industry," spokeswoman Trish Wexler said in a statement.

When I applied they said they were working on application in the order they were received. This kind of confirms that they bumped the larger loans to the front of the line (or the very small ones to the back of the line). I'd be more interested in what percentage of the loans were to companies with 5 or fewer employees.

About half the loans that JPMorgan made were for less than $140,000, and more than 60% went to companies with fewer than 25 workers, the bank said.

[mgarfin]

Amex still accepting applications

https://americanexpresssbappp.force.com/s/login

[hvaces42]

Amex still accepting applications

https://americanexpresssbappp.force.com/s/login

So is capital one. There aint no more money so why bother?

[AsherO]

So is capital one. There aint no more money so why bother?

So if/when there’s money you’re further ahead on the handout line.

[hvaces42]

So if/when there’s money you’re further ahead on the handout line.

At the rate theyre going and who is actually getting money its pretty much a waste of time. Do you personally know anyone who got money? Anyone here gotten money?

[AsherO]

At the rate theyre going and who is actually getting money its pretty much a waste of time. Do you personally know anyone who got money? Anyone here gotten money?

A few people here reported getting money in other threads.

[jackofall]

At the rate theyre going and who is actually getting money its pretty much a waste of time. Do you personally know anyone who got money? Anyone here gotten money?

I know ppl that have. and a lot of it. Key was/is to work with a bank that you have a live rep that can push the app through.

I saw somewhere that Chase didn't get through the first "5" minutes of apps.

[ExGingi]

Amex still accepting applications

https://americanexpresssbappp.force.com/s/login

Not sure they are the best option (unless simultaneously applying with multiple banks). There seem to be reports that chances might be better with small banks.

[zh cohen]

At the rate theyre going and who is actually getting money its pretty much a waste of time. Do you personally know anyone who got money?

Yes, several people. Mostly those who applied through a small local bank that they had a relationship with, but Crossriver got for lots of people.

[zh cohen]

(unless simultaneously applying with multiple banks)

Pretty sure you are not allowed to apply at more than one bank (and the application asks).

[jackofall]

Yes, several people. Mostly those who applied through a small local bank that they had a relationship with, but Crossriver got for lots of people.

Not sure what to think of CrossRiver. They obviously got some people approved, I wonder how many with no prior relationship. But they completely oversold themselves. They should have never opened themselves up to the public because they had no chance of processing even a  fraction of those applications and ppl relied on them.

[herb]

Not sure what to think of CrossRiver. They obviously got some people approved, I wonder how many with no prior relationship. But they completely oversold themselves. They should have never opened themselves up to the public because they had no chance of processing even a  fraction of those applications and ppl relied on them.

i got through them. no prior relationship

[jackofall]

i got through them. no prior relationship

Nice! Lucky

[herb]

Nice! Lucky

siyata d'shmaya i suppose

[zh cohen]

i got through them. no prior relationship

Mind sharing how much? I'm wondering if anyone got a small amount ($10-20K range)