Author Topic: SBA PPP and EIDL Small Business Loans (some money is forgivable)  (Read 124754 times)

Online cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #405 on: April 27, 2020, 10:52:17 PM »
If you applied to Kabbage for PPP and had a "Not Eligible" determination this morning, check again.
They've updated thousands of applications to "Under Review" or "Submitted to SBA".

Ridiculous. Was so disappointed this morning after spending hours on an non-profits application, and now heard via the grapevine to check again and viola! Submitted to SBA!

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #406 on: April 27, 2020, 11:13:11 PM »
If you applied to Kabbage for PPP and had a "Not Eligible" determination this morning, check again.
They've updated thousands of applications to "Under Review" or "Submitted to SBA".

Ridiculous. Was so disappointed this morning after spending hours on an non-profits application, and now heard via the grapevine to check again and viola! Submitted to SBA!
how long until kabbage response from SBA?

Offline Rivky

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #407 on: April 27, 2020, 11:53:03 PM »
Any thoughts on when EIDL round 2 goes live?

And are we limited to one EIDL per SSN? What if I have a few entities?

Also wondering...

Offline ilherman

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #408 on: April 28, 2020, 12:01:45 AM »
If you applied to Kabbage for PPP and had a "Not Eligible" determination this morning, check again.
They've updated thousands of applications to "Under Review" or "Submitted to SBA".

Ridiculous. Was so disappointed this morning after spending hours on an non-profits application, and now heard via the grapevine to check again and viola! Submitted to SBA!
submitted when?
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Offline TBD

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #410 on: April 28, 2020, 08:42:47 AM »
Banker tole me that SBA site is constantly crashing.

Online AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #411 on: April 28, 2020, 08:49:33 AM »
Banker tole me that SBA site is constantly crashing.

The big banks are submitting via a site? I’d think it would be via API or something.
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Online zh cohen

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #412 on: April 28, 2020, 08:55:44 AM »
In order to ensure an orderly processing of applications from banks across the country, the SBA has “throttled” submissions for all banks (regardless of size) to a maximum of 350 applications per hour per bank. Because all banks are experiencing the same issue, we expect that funds will remain available for multiple days of submissions

Once again it seems like small local banks are the way to go.

Offline Joe4007

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #413 on: April 28, 2020, 08:58:16 AM »
In order to ensure an orderly processing of applications from banks across the country, the SBA has “throttled” submissions for all banks (regardless of size) to a maximum of 350 applications per hour per bank. Because all banks are experiencing the same issue, we expect that funds will remain available for multiple days of submissions
Source?

Online AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #414 on: April 28, 2020, 09:02:32 AM »
Once again it seems like small local banks are the way to go.

I said this upthread. Any recommendations?
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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #415 on: April 28, 2020, 09:05:41 AM »
I said this upthread. Any recommendations?

Nope, I applied with Chase and Kabbage (CrossRiver).

Anyone here have any friends that work at a small bank that might be open to some more business?

Offline menachemd1

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #416 on: April 28, 2020, 09:06:29 AM »
Once again it seems like small local banks are the way to go.
I heard that this time around the small banks had to enter everything manually (big banks are pre filled)it took over an hour for each application to process.
Plus they had other issues like major crashing because the big banks were uploading heavy files which the website wasn't able to handle

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #417 on: April 28, 2020, 09:12:22 AM »
I heard that this time around the small banks had to enter everything manually (big banks are pre filled)it took over an hour for each application to process.
Plus they had other issues like major crashing because the big banks were uploading heavy files which the website wasn't able to handle

The sweet spot would be to find the most underutilized bank that’s uploading in batches.
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Offline TBD

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« Last Edit: April 28, 2020, 10:05:40 AM by AsherO »

Offline ilherman

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