Author Topic: SBA PPP and EIDL Small Business Loans (some money is forgivable)  (Read 535716 times)

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #560 on: April 30, 2020, 09:02:21 AM »
Who is bluevine's bank?
Also cross river?

Bluevine is a platform that is presumably processing for many banks, I applied with Celtic bank  using the BlueVine platform.

CrossRiver apps happen on Kabbage. My guess is that Kabbage is the same, a platform used by multiple banks, not just CrossRiver.
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Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #561 on: April 30, 2020, 09:02:55 AM »
Email your loan officer on status of application

I don’t have a loan officer lol. Plz PM me an email address if you have one.
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Offline TBD

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #562 on: April 30, 2020, 09:04:53 AM »
SBA number from dime. Application in the 1600's
Paypal emailed already yesterday that they submitted it, and Dime didnt submit it till after 12am, I still dont get it what all this submitting emails means........

Offline sillypainter

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #563 on: April 30, 2020, 09:08:12 AM »
I have a feeling that the Dime peeps will be the first celebrating here. I applied with Chase, don't want to do double apps because you sign that you won't apply twice but leaving people in the dark with canned email responses and NO ONE to talk to is also not fair.

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #564 on: April 30, 2020, 09:17:09 AM »
I have a feeling that the Dime peeps will be the first celebrating here. I applied with Chase, don't want to do double apps because you sign that you won't apply twice but leaving people in the dark with canned email responses and NO ONE to talk to is also not fair.

I think Kabbage specifically write that they’re not guaranteeing to process before funds run out and you can apply elsewhere.
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Offline Shua

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #565 on: April 30, 2020, 09:28:32 AM »
And its Kabbage by a nose!!! Just signed the SBA forms and have a loan number!!!

My Kabbage dashboard has been stuck for 3 days with the same thing. I saw on reddit that people were having luck DM them on Twitter @KabbageInc. I DM them last night. They replied "certainly" at 3AM and then a minute later replied "Please login back into your account and you should be able to process your loan docs. Thanks!" Checked this morning and my documents were there to sign.

So if you application is stuck with Kabbage try DMing them on Twitter

Offline Hjay

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #566 on: April 30, 2020, 09:32:44 AM »
What bank is giving loans to business that pay mostly 1099'ers?

Most banks are balking on that as they interpret the guidance to state that each 1099'ed person needs to apply on their own.

My question was if a person is an independent contractor can he apply for himself. It wouldn’t make sense for a biz to apply to pay 1099 as you said

Offline Hjay

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #567 on: April 30, 2020, 09:33:37 AM »
And its Kabbage by a nose!!! Just signed the SBA forms and have a loan number!!!

My Kabbage dashboard has been stuck for 3 days with the same thing. I saw on reddit that people were having luck DM them on Twitter @KabbageInc. I DM them last night. They replied "certainly" at 3AM and then a minute later replied "Please login back into your account and you should be able to process your loan docs. Thanks!" Checked this morning and my documents were there to sign.

So if you application is stuck with Kabbage try DMing them on Twitter

What did your kabbage dashboard say the past 3 days? Mine still says kabbage is reviewing my app.

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #568 on: April 30, 2020, 09:37:00 AM »
What did your kabbage dashboard say the past 3 days? Mine still says kabbage is reviewing my app.

Mine said the same for days, but they did update it once with a question, asking if all owners of business are in the US.
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Offline Hjay

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #569 on: April 30, 2020, 09:38:29 AM »
Mine said the same for days, but they did update it once with a question, asking if all owners of business are in the US.

Yea got that already. Called in yesterday & they were asking me for a 940 or 941 I told them I don’t file that

Offline sillypainter

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #570 on: April 30, 2020, 09:40:12 AM »
I know of somebody who was excited seeing on Kabbage congratulations your loan has been approved. But if you read the small print it clearly says that the loan is still being processed. So if you're at the step where they ask for your bank info, do NOT here excited yet, read that small words on the bottom.

Offline Shua

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #571 on: April 30, 2020, 09:47:37 AM »
I know of somebody who was excited seeing on Kabbage congratulations your loan has been approved. But if you read the small print it clearly says that the loan is still being processed. So if you're at the step where they ask for your bank info, do NOT here excited yet, read that small words on the bottom.

That's what my loan said. Read the small print as well and realized it just meant was sent to SBA, no guarantee. That's why I DM them on Twitter.
« Last Edit: April 30, 2020, 10:02:49 AM by Shua »

Online Joe4007

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #572 on: April 30, 2020, 09:51:26 AM »
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.
We got this as well. I hope it isn't just an attempt by Chase to get all their clients to back off a bit and stop bombarding their bankers.

I'm afraid what they really mean is that they hit the send button on all applications without regard to the fact that the SBA hasn't received all of them.

Online cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #573 on: April 30, 2020, 10:57:06 AM »
Is it Kabbage's lucky day?
Just got "Congratulations! XXXXXXX qualified for a PPP loan of $XX,XXX.00"
This is after having "Your application has been submitted to the SBA" since Monday night.

Offline sillypainter

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #574 on: April 30, 2020, 11:08:22 AM »
Is it Kabbage's lucky day?
Just got "Congratulations! XXXXXXX qualified for a PPP loan of $XX,XXX.00"
This is after having "Your application has been submitted to the SBA" since Monday night.

Sorry to burst your bubble, read the small print with the asterisk. Had friend send me the screenshot with the same.

Offline Shua

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #575 on: April 30, 2020, 11:11:57 AM »
I have a feeling that the Dime peeps will be the first celebrating here. I applied with Chase, don't want to do double apps because you sign that you won't apply twice but leaving people in the dark with canned email responses and NO ONE to talk to is also not fair.

Strongly advise you to apply with other banks. SBA seems to be throttling large banks to level the playing field (which as pointed above is ridiculous. A bank with thousands of branches shouldn't be on the same level as a bank with 2 branches but I digress). Chase said they submitted 200,000 apps. If they are being throttled to 350 an hour, you will probably get left in the dust

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #576 on: April 30, 2020, 11:12:12 AM »
Sorry to burst your bubble, read the small print with the asterisk. Had friend send me the screenshot with the same.
There is no asterisk or small print. That's the only thing on my page.
Maybe he hadn't submitted all his docs yet?

Offline TBD

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #577 on: April 30, 2020, 11:30:49 AM »
Got Dime SBA number in the morning, now when I login to Kabbage I see this...

Thank you for your application for a loan through the Paycheck Protection Program. Unfortunately, we were unable to approve your business’s application for the following reason(s):

Not Eligible

Offline ilherman

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #578 on: April 30, 2020, 11:32:44 AM »
What does it mean getting an SBA loan number? Also it seems that besides signing the loan documents with the bank some here are saying that they are getting an SBA loan doc to sign? With Dina they give you a SBA form to sign but that's BEFORE getting any approval from the SBA
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Offline ilherman

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #579 on: April 30, 2020, 11:33:28 AM »
Got Dime SBA number in the morning, now when I login to Kabbage I see this...

Thank you for your application for a loan through the Paycheck Protection Program. Unfortunately, we were unable to approve your business’s application for the following reason(s):

Not Eligible
When you login to dime online is it updated with approval?
You can say what you think when you think what you say.