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

[aygart]

From Chase


I am pleased to let you know that we sent your PPP application to the SBA for processing. We’re working closely with the SBA as they’re receiving a tremendous response this week.

We don’t know timing yet, but we’ll email you as soon as the SBA notifies us of their decision on your loan.

I’m proud that our teams worked tirelessly to deliver more than 220,000 applications – including yours – to the SBA this week. And we’ll continue to process and submit additional applications until PPP funds are exhausted.

+1

[Shua]

From Chase


I am pleased to let you know that we sent your PPP application to the SBA for processing. We’re working closely with the SBA as they’re receiving a tremendous response this week.

We don’t know timing yet, but we’ll email you as soon as the SBA notifies us of their decision on your loan.

I’m proud that our teams worked tirelessly to deliver more than 220,000 applications – including yours – to the SBA this week. And we’ll continue to process and submit additional applications until PPP funds are exhausted.

Just got the exact same email from chase.

5 minutes later I got this from PayPal.

We hope that you and your family are healthy and safe.

Thank you for your continued patience. We understand that these are challenging times, and we are working as hard as we can to help secure your funding through the Paycheck Protection Program.

Since the additional funding for the Paycheck Protection Program became available on Monday, April 27, we have processed applications through the SBA as quickly as possible and in accordance with guidance from the SBA. Due to the unprecedented demand, SBA application processing is taking place at a pace slower than anticipated. We still expect that it may take several more days for us to process completed applications through the SBA and to receive the required SBA loan number necessary for funding. 

Your completed application was submitted to the SBA and we are awaiting their response.

For loan funding to occur, the SBA must accept your application and program funds must remain available. 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 again for your patience. 

Sincerely,

The PayPal Business Financing Solutions Team



Let the Race begin!

[chff]

I told Kabbage to submit while confirming I wont apply somehwere else and now got the email from Chase....

[TBD]

I told Kabbage to submit while confirming I wont apply somehwere else and now got the email from Chase....

Also received from PayPal.  I applied April 20, my friend applied April 22 we both received same email same timing

[AsherO]

From Chase


I am pleased to let you know that we sent your PPP application to the SBA for processing. We’re working closely with the SBA as they’re receiving a tremendous response this week.

We don’t know timing yet, but we’ll email you as soon as the SBA notifies us of their decision on your loan.

I’m proud that our teams worked tirelessly to deliver more than 220,000 applications – including yours – to the SBA this week. And we’ll continue to process and submit additional applications until PPP funds are exhausted.

If SBA is throttling applications for all banks to 350/hour per Bank, how could Chase get 220k in within a week? 350 applications x 24 hours x 7 days a week is only 58,800.

[menachemd1]

If SBA is throttling applications for all banks to 350/hour per Bank, how could Chase get 220k in within a week? 350 applications x 24 hours x 7 days a week is only 58,800.

Probably including previous round

[avrumy]

Anyone know if this money must be used for payroll and self employment does not have  payroll then is this loan not forgivable?

[cgr]

Anyone know if this money must be used for payroll and self employment does not have  payroll then is this loan not forgivable?

If you get approved because you have SE wages, you can take an SE draw now from this money.

[AsherO]

Probably including previous round

They got in applications from the previous round in the past week?

[AsherO]

If you get approved because you have SE wages, you can take an SE draw now from this money.

Sorry, I don’t follow what you wrote.

I don’t think the SBA has published any guidelines for how an unincorporated independent contractor can prove he paid himself to get the loan forgiven. I’m in that situation but I’m applying because I’m confident they’ll figure it out and my loan will get forgiven.

The purpose of PPP is to get funds into employers’s so businesses could continue to pay their employees and thus stay operational. Forgiveness will require the businesses to prove they passed the funds on in the form of payroll and didn’t just pocket the money and lay everyone off or furlough them.

 An independent contractor is both the borrower on the loan and the intended recipient, so there isn’t really anything that has to be proven.

[cgr]

I told Kabbage to submit while confirming I wont apply somehwere else and now got the email from Chase....

Got this from someone who's helping many with PPP:
One guy reported that the SBA flagged the fact that two applications were in, and he got the choice of which to accept. Not sure if they will check with all, or if he got lucky.

[menachemd1]

They got in applications from the previous round in the past week?

Either it's not true, or they were able to process more than 350 per hour, or they are including the previous round. or maybe its a typo

[AsherO]

Either it's not true, or they were able to process more than 350 per hour, or they are including the previous round. or maybe its a typo

Those are all definitely possible. I’m wondering if someone else knows something you and I don’t and can shed more light on the situation. I did read somewhere (I think it might have been from SBA themselves) that SBA is allowing all banks to submit a one-time XML file with 15,000 applications, still wouldn’t get Chase to 220k. The 15k XML file might have been from the first round of funding.

[Zalc]

Either it's not true, or they were able to process more than 350 per hour, or they are including the previous round. or maybe its a typo

There was a day where the big banks (BofA) were about to process batches is 15k applications at once, but the outcry from small lenders stopped it after a few hours.
Maybe they moved any of them then

[zh cohen]

If SBA is throttling applications for all banks to 350/hour per Bank, how could Chase get 220k in within a week? 350 applications x 24 hours x 7 days a week is only 58,800.

My guess is that they "sent" and "delivered" them (in a batch), but that doesn't mean the SBA processed them.

[avrumy]

Sorry, I don’t follow what you wrote.

I don’t think the SBA has published any guidelines for how an unincorporated independent contractor can prove he paid himself to get the loan forgiven. I’m in that situation but I’m applying because I’m confident they’ll figure it out and my loan will get forgiven.

The purpose of PPP is to get funds into employers’s so businesses could continue to pay their employees and thus stay operational. Forgiveness will require the businesses to prove they passed the funds on in the form of payroll and didn’t just pocket the money and lay everyone off or furlough them.

 An independent contractor is both the borrower on the loan and the intended recipient, so there isn’t really anything that has to be proven.

i understand that you can not be on unemployment and PPP. is that at the same time or can i be on one and then the other? assuming you can only be on one - which would be better?

[menachemd1]

Those are all definitely possible. I’m wondering if someone else knows something you and I don’t and can shed more light on the situation. I did read somewhere (I think it might have been from SBA themselves) that SBA is allowing all banks to submit a one-time XML file with 15,000 applications, still wouldn’t get Chase to 220k. The 15k XML file might have been from the first round of funding.

iirc I heard on a podcast that by the start of the second round the big banks were still able to upload much faster then the smaller ones and they didn't have limits

[zh cohen]

Those are all definitely possible. I’m wondering if someone else knows something you and I don’t and can shed more light on the situation. I did read somewhere (I think it might have been from SBA themselves) that SBA is allowing all banks to submit a one-time XML file with 15,000 applications, still wouldn’t get Chase to 220k. The 15k XML file might have been from the first round of funding.

15k was the minimum amount of applications that could be submitted as a batch (they later lowered it to 5k).

There was a day where the big banks (BofA) were about to process batches is 15k applications at once, but the outcry from small lenders stopped it after a few hours.
Maybe they moved any of them then

From the beginning they said that option would only be available on the first day, and that they would still process each loan individually.

[aygart]

There is a lot of talk about how the big banks have been able to upload more than small banks. Isn't that the way it should be? Why should a bank with 2 branches be able to get all of theirs in while the banks with hundreds of branches get throttled so that these 2 should get their customers in while the customers of these hundreds of branches get pushed off?

[cgr]

i understand that you can not be on unemployment and PPP. is that at the same time or can i be on one and then the other? assuming you can only be on one - which would be better?

You can be on unemployment, then PPP for 8 weeks, then unemployment again.