Author Topic: SBA PPP and EIDL Small Business Loans (some money is forgivable)  (Read 535981 times)

Offline Mordyk

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #440 on: April 28, 2020, 02:11:27 PM »
2 friends of mine who applied for EIDL on 4/4 received funds in their accounts today. One got $8,000 (he has 8 employees) the other one is self employeed and got $1000.   I applied the same day, self employeed with 0 employees and nothing so far.  Anyone else apply on 4/4 and nothing yet?
applied the first day possible.  still nothing   same filing status as you
#TYH

Offline ilherman

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #441 on: April 28, 2020, 02:15:07 PM »

Form 940 FY `19
 
Form 941 FY `19

NYS 45 1Q19
 
NYS 45 2Q19
 
NYS 45 3Q19
 
NYS 45 4Q19

This is from Dime. I guess were i bolded is a mistake and should be FY20?
You can say what you think when you think what you say.

Offline zh cohen

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #442 on: April 28, 2020, 02:17:22 PM »
Form 940 FY `19
 
Form 941 FY `19

NYS 45 1Q19
 
NYS 45 2Q19
 
NYS 45 3Q19
 
NYS 45 4Q19

This is from Dime. I guess were i bolded is a mistake and should be FY20?

No, it's 941

Offline jackofall

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #443 on: April 28, 2020, 02:21:48 PM »
BH PPP approved though First Commerce Bank in LW for a local non-profit.
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Offline ilherman

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #444 on: April 28, 2020, 02:25:23 PM »
No, it's 941
Ah I see, why don't they give the option to add q1 of 2020?
You can say what you think when you think what you say.

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #445 on: April 28, 2020, 02:28:39 PM »
BH PPP approved though First Commerce Bank in LW for a local non-profit.
Bh! They're not accepting any more applications.
Anyone know of any smaller banks accepting applications for non-profits without existing lending relationship?
Already have PayPal, Kabbage, and the large banks on my list. Trying to help others.

Offline ilherman

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #446 on: April 28, 2020, 04:05:05 PM »
Dime might be the best bet now.

I emailed them about a question I had.

About an hour later I get a phone call from someone working here in Queens (not in India...) she took all my questions, "gave me her cellphone" and told me to text her any questions I have and that she will make sure I am taken care of.

Now that us customer service.
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Offline hvaces42

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #447 on: April 28, 2020, 04:25:32 PM »
Capital One just emailed me that they need more information and I need to update my contact information. They have an option on their website to bock automated calls and I always had that as my default. They made me uncheck that option now. Guess they couldnt reach me otherwise.
Fair warning - Any PMs sent in response to forum posts are fair game for ridicule in public.

Offline ilherman

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #448 on: April 28, 2020, 04:44:59 PM »
Was this everyones experience? Dime is making you sign everything upon completion of the app. Cross River, Chase and others seems to only make you sign after approval.
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Offline TBD

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #449 on: April 28, 2020, 04:52:43 PM »
Was this everyones experience? Dime is making you sign everything upon completion of the app. Cross River, Chase and others seems to only make you sign after approval.
Yes

Offline mgarfin

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #450 on: April 28, 2020, 04:55:18 PM »
Was this everyones experience? Dime is making you sign everything upon completion of the app. Cross River, Chase and others seems to only make you sign after approval.

Cross River at least asked for some docs

Chase asked for almost nothing

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #451 on: April 28, 2020, 05:18:25 PM »
Dime might be the best bet now.

I emailed them about a question I had.

About an hour later I get a phone call from someone working here in Queens (not in India...) she took all my questions, "gave me her cellphone" and told me to text her any questions I have and that she will make sure I am taken care of.

Now that us customer service.

Nice. I filled out the form out their website requesting a callback, did not get one.
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Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #452 on: April 28, 2020, 05:22:05 PM »
Just got an SBA approval number from Dime. My application # was in the 1400's

I’m pretty sure a loan number from SBA means there are funds set aside for you. Per the rules your bank has to fund you within 10 days.
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Offline Shua

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #453 on: April 28, 2020, 07:20:22 PM »
Applied to Chase first round. Heard nothing from them for 2 weeks and got the sorry we ran out of money email after pesach. Still says my status is in stage 2

I then applied through PayPal, Kabbage and Lendistry. Until now it said that they were reviewing my documents.

Checked my dashboard on Kabbage this morning and saw "Congratulations Shua qualified for a PPP loan." In a box right underneath it states "We'll email you as soon as your loan documents are available, or you can check back here for updates. Once they're signed, we can deposit your funds into your bank account youve connected."

I am so paranoid that I might lose out on this round that I am not sure what this means. Does it mean that the PPP was approved by the SBA? Or that it was just sent to the SBA?

Offline CountValentine

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #454 on: April 28, 2020, 07:25:49 PM »
Is there something about the number of hours employees must work? My neighbors hours were cut to 20/wk along with others. He now is giving them all 35 hours with not enough work for them.
Only on DDF does 24/6 mean 24/5/half/half

Offline zh cohen

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #455 on: April 28, 2020, 07:35:24 PM »
Is there something about the number of hours employees must work? My neighbors hours were cut to 20/wk along with others. He now is giving them all 35 hours with not enough work for them.

From the SBA -
Quote
You will also owe money if you do not maintain your staff and payroll.
 Number of Staff: Your loan forgiveness will be reduced if you decrease your full-time
employee headcount.
 Level of Payroll: Your loan forgiveness will also be reduced if you decrease salaries and
wages by more than 25% for any employee that made less than $100,000 annualized in
2019.
 Re-Hiring: You have until June 30, 2020 to restore your full-time employment and
salary levels for any changes made between February 15, 2020 and April 26, 2020.

Offline mers1

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #456 on: April 28, 2020, 07:46:01 PM »
Chase now has a Covid-19 update, PPP application status update in your chase business account.
I'm holding at stage 3, same as two weeks ago. Did anyone get a notification that there loan was funded in this new notification center?

Offline TBD

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #457 on: April 28, 2020, 08:14:58 PM »
WHATEVER THIS MEANS
Thank you for submitting your application for the Paycheck Protection Program loan through PayPal. We understand the challenges your business is facing and are working as hard as we can to help secure your funding.

Your PPP loan application is complete and will be processed through the SBA as soon as we are able. 

The additional funding Congress allocated to the Paycheck Protection Program became available on Monday, April 27. Since then, we have processed applications through the SBA as quickly as we are permitted. Due to the unprecedented demand, the SBA processing is taking longer than anticipated. We expect that it will take several more days for us to process completed applications through the SBA and to receive the required SBA loan number necessary for funding. For funding to occur, the SBA must accept your application and program funds must remain available. 

We are doing everything we can to help complete the processing of your application through the SBA. We will continue to communicate updates through email. Our contact centers do not have access to the status of your loan, and they will be unable to provide any updates if you call.

Thank you for your patience. 


Sincerely,

The PayPal Business Financing Solutions Team

Offline CountValentine

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #458 on: April 28, 2020, 08:16:04 PM »
Only on DDF does 24/6 mean 24/5/half/half

Offline ilherman

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #459 on: April 28, 2020, 08:20:12 PM »
Nice. I filled out the form out their website requesting a callback, did not get one.
Did you get your original email from gallagher? Reply to his email for help you should hear back from them.

I’m pretty sure a loan number from SBA means there are funds set aside for you. Per the rules your bank has to fund you within 10 days.
They told me, the way it works is they submit for the sba to get a loan number, (she called it a LBL or LPL, did not get it exactly) then it goes to their underwriting team and they finally approve it.
You can say what you think when you think what you say.