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

[TBD]

FYI I was just told by a banker that there are many loans that were approved but the notifications did not yet go out (including ours b"h).

Which Bank?

[bubkiz]

Which Bank?

To clarify: I applied through Kabbage, Fundera and Quickloansdirect.com. Did not get any real approval notifications (did get a seemingly false positive email from Kabbage). I called a friend who is a commercial banker who has access to the SBA system. He told me that many have been calling him to apply and while their bank is not processing applications by starting an application they are able to see if there is an approval for the entity. He tried and b"h we have an approval somewhere else. He told me this has happened quite a few times in the last few days.

[Hjay]

To clarify: I applied through Kabbage, Fundera and Quickloansdirect.com. Did not get any real approval notifications (did get a seemingly false positive email from Kabbage). I called a friend who is a commercial banker who has access to the SBA system. He told me that many have been calling him to apply and while their bank is not processing applications by starting an application they are able to see if there is an approval for the entity. He tried and b"h we have an approval somewhere else. He told me this has happened quite a few times in the last few days.

Any idea who the approval was through?

[Moshe123]

Why are so many more people here getting funded during this round?
I wonder what really happened in round 1...

I'll tell you. All the large companies with solid banking relationships with the higher level were put through.

[YesThatsMe]

I'll tell you. All the large companies with solid banking relationships with the higher level were put through.

-1.

I'll tell you. All the businesses that had relationships with human being bankers, their paperwork in solid order, and applied within 72 business hours of Friday April 3rd, got funded in round 1.

[Moshe123]

-1.

I'll tell you. All the businesses that had relationships with human being bankers, their paperwork in solid order, and applied within 72 business hours of Friday April 3rd, got funded in round 1.

We have solid relationships. Filed Monday April 6 and only got in second round.

[Moshe123]

Chase approvals from last night seem to have funded now.

[sillypainter]

Chase approvals from last night seem to have funded now.

Thanks for the heads-up. Just checked and funds are in BH.

[aygart]

Chase approvals from last night seem to have funded now.

+1

[AsherO]

I think Chase is underwriting, then submitting to SBA, and clearing funds quickly.

Other banks seem to getting the SBA approval first and worrying about the underwing later.

[zh cohen]

Other banks seem to getting the SBA approval first and worrying about the underwing later.

Which means that some (hopefully not too many) people who think they will be getting money won't if they don't get through underwriting.

[Shua]

I think Chase is underwriting, then submitting to SBA, and clearing funds quickly.

Other banks seem to getting the SBA approval first and worrying about the underwing later.

Any bank besides Dime doing that?

[AsherO]

Any bank besides Dime doing that?

Anecdotes like this make me think that might be the case:

FYI I was just told by a banker that there are many loans that were approved but the notifications did not yet go out (including ours b"h).

[AsherO]

Which means that some (hopefully not too many) people who think they will be getting money won't if they don't get through underwriting.

Underwriting is a rubber stamp. The banks send to SBA when they have what to work with.

[bigG]

i got through them. no prior relationship

You got thru Celtic bank.

[AsherO]

You got thru Celtic bank.

Thats through BlueVine in case anyone is wondering.

[AsherO]

Anyone know which banks are approving S-corps that only have independent contractors (1099) on payroll?

[aygart]

Anyone know which banks are approving S-corps that only have independent contractors (1099) on payroll?

My understanding is that they would not be eligible.

[cgr]

Anyone know which banks are approving S-corps that only have independent contractors (1099) on payroll?

Independent contractors need to apply on their own.

[AsherO]

Independent contractors need to apply on their own.

I'm asking if there's a way to double dip. In this case many independent contractors of the S corp are not applying on their own for various reasons.