Author Topic: SBA PPP and EIDL Small Business Loans (some money is forgivable)  (Read 535803 times)

Offline TBD

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #580 on: April 30, 2020, 11:35:55 AM »
When you login to dime online is it updated with approval?
No. Its still says in process because they still need underwriting approval

Offline ilherman

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #581 on: April 30, 2020, 11:40:15 AM »
No. Its still says in process because they still need underwriting approval
Understand. But does it say that you got SBA approval? Does that mean that SBA has put away funds for you?
You can say what you think when you think what you say.

Offline sillypainter

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #582 on: April 30, 2020, 11:40:23 AM »
There is no asterisk or small print. That's the only thing on my page.
Maybe he hadn't submitted all his docs yet?

Does it ask you to sync your bank account with small deposits? That step does NOT mean approval.

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #583 on: April 30, 2020, 11:41:38 AM »
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.

Interestingly, online my status shows this:

Paycheck Protection Program loan
Status: Awaiting SBA approval
We completed our review of the documents you provided demonstrating your payroll amounts and are ready to send your application to the SBA if funding is available for the program.
Feelings don't care about your facts

Offline Shua

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #584 on: April 30, 2020, 11:42:23 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

Some banks (for me only paypal) had you sign the loan document beforehand. This is the borrowers application.

Kabbage had me sign that afterwards. There were 2 other documents attached to the borrowers application (which paypal and I am assuming Dime didnt have). Resolution to borrow and SBA note. These had my loan number on it and name of the lender (which isnt Kabbage btw)

Offline Dan

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #585 on: April 30, 2020, 11:50:27 AM »
Save your time, I don't answer PM. Post it in the forum and a dedicated DDF'er will get back to you as soon as possible.

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #586 on: April 30, 2020, 11:52:30 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

SBA number seems to be an approval from SBA, meaning you got $ set aside from you. The bank, depending on their process, might not release the funds until you give them DD info, sign docs, or something else.
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Offline ilherman

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #587 on: April 30, 2020, 11:57:13 AM »
Dime is telling me that they got SBA approval and it may take a few weeks for their underwriting team to complete. Seems like most bank send to the underwriting team before forwarding to the SBA and dime is right away sending to SBA to secure funds and then sending to the underwriting team for approval.
You can say what you think when you think what you say.

Offline sillypainter

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #588 on: April 30, 2020, 11:59:27 AM »
Funded in 36 hours!

https://www.dansdeals.com/go/kabbage/

I would maybe think that they fished out your application to get a shout out :-)

Offline Dan

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #589 on: April 30, 2020, 12:00:59 PM »
Dime is telling me that they got SBA approval and it may take a few weeks for their underwriting team to complete. Seems like most bank send to the underwriting team before forwarding to the SBA and dime is right away sending to SBA to secure funds and then sending to the underwriting team for approval.
Apply with Kabbage.
Save your time, I don't answer PM. Post it in the forum and a dedicated DDF'er will get back to you as soon as possible.

Offline ilherman

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #590 on: April 30, 2020, 12:04:58 PM »
Apply with Kabbage.
They want me to sign that I didn't apply elsewhere. I did..
You can say what you think when you think what you say.

Offline Dan

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #591 on: April 30, 2020, 12:06:05 PM »
They want me to sign that I didn't apply elsewhere. I did..
Where does it say that?
Save your time, I don't answer PM. Post it in the forum and a dedicated DDF'er will get back to you as soon as possible.

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #592 on: April 30, 2020, 12:10:57 PM »
Funded in 36 hours!

https://www.dansdeals.com/go/kabbage/

Nice, mazal tov.

I just spoke to Bluevine and they told me I won’t be approved with 2018 return + 2019 1099 and I need to upload a draft schedule C.
« Last Edit: April 30, 2020, 12:15:48 PM by AsherO »
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Offline TBD

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #593 on: April 30, 2020, 12:12:08 PM »
Apply with Kabbage.
CAN NOT. THEY HAVE ALREADY SBA APPROVAL SO THEY HAVE SBA MONEY PUT ASIDE FOR YOU EVEN IF FUNDS ARE DEPLETED

Offline Abc1234561

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #594 on: April 30, 2020, 12:12:40 PM »
Funded in 36 hours!

https://www.dansdeals.com/go/kabbage/

glad it worked for you. this is what they told me and i cannot reach them:

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
If you have any questions, please contact us in writing at the following address:

Kabbage
925B Peachtree Street NE
Suite 1688
Atlanta, GA 30309
888-351-3143

Sincerely,

Kabbage Customer Service Team

The Equal Credit Opportunity Act prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status, age (provided the applicant has the capacity to enter into a binding contract); because all or part of the applicant’s income derives from any public assistance program; or because the applicant has in good faith exercised any right under the Consumer Credit Protection Act. The Federal agency that administers compliance with

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #595 on: April 30, 2020, 12:13:51 PM »
Apply with Kabbage.
Dime is telling me that they got SBA approval and it may take a few weeks for their underwriting team to complete. Seems like most bank send to the underwriting team before forwarding to the SBA and dime is right away sending to SBA to secure funds and then sending to the underwriting team for approval.

They’re either smart or Schmucks. They sent to SBA to hold $$ without  finishing their underwriting, legally they owe you the funds within 10 days.
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Offline TBD

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #596 on: April 30, 2020, 12:14:24 PM »
glad it worked for you. this is what they told me and i cannot reach them:

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
If you have any questions, please contact us in writing at the following address:

Kabbage
925B Peachtree Street NE
Suite 1688
Atlanta, GA 30309
888-351-3143

Sincerely,

Kabbage Customer Service Team

The Equal Credit Opportunity Act prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status, age (provided the applicant has the capacity to enter into a binding contract); because all or part of the applicant’s income derives from any public assistance program; or because the applicant has in good faith exercised any right under the Consumer Credit Protection Act. The Federal agency that administers compliance with
Did you apply thru any other bank also?

Offline Abc1234561

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #597 on: April 30, 2020, 12:15:17 PM »
Did you apply thru any other bank also?

cross river the first day of the first round and was told the application did not go through and to apply again through kabbage.

Offline TBD

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #598 on: April 30, 2020, 12:16:44 PM »
They’re either smart or Schmucks. They sent to SBA to hold $$ without  finishing their underwriting, legally they owe you the funds within 10 days.
THEY ARE SMART.
Probably all bankers are busy now submitting application, in a few days when funding will be depleted all bankers will start working on the underwriting. I dont see any reason it should take few weeks.

Offline TBD

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #599 on: April 30, 2020, 12:19:03 PM »
Dime is telling me that they got SBA approval and it may take a few weeks for their underwriting team to complete. Seems like most bank send to the underwriting team before forwarding to the SBA and dime is right away sending to SBA to secure funds and then sending to the underwriting team for approval.
Dime Banker Conversation

Me:It means from the SBA I have already approved funds even if they run out from funds now?
Banker:Yes sir.