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

[AsherO]

I know someone with a dime application in the 1600's received today his loan docs to sign, It took them 10 days to move up approx 200 applications

Embarrassing considering they’re mandated by the SBA to turn these around in 10 days. They’re spending way too much time on these.

Met a DDFer in the supermarket today who told me he applied with BlueVine and 2-3 hours later he got the funding email.

[Barryg]

https://finance.yahoo.com/news/house-casts-proxy-votes-pandemic-044832486.html
PPP getting better in the details?

[AsherO]

https://finance.yahoo.com/news/house-casts-proxy-votes-pandemic-044832486.html
PPP getting better in the details?

Thanks for the heads up. Generally this sounds like good news, but:
1. With longer time to attain forgiveness, I hope it won’t mean forgiveness being confirmed sooner for those who can have their ducks lined up sooner.
2. Wondering what this means for the 8/52 people (like myself, as an unincorporated independent contractor). I’m hoping the final law will mean an easier road towards 100% forgiveness instead of the weird way it’s structured now.

[Barryg]

Thanks for the heads up. Generally this sounds like good news, but:
1. With longer time to attain forgiveness, I hope it won’t mean forgiveness being confirmed sooner for those who can have their ducks lined up sooner.
2. Wondering what this means for the 8/52 people (like myself, as an unincorporated independent contractor). I’m hoping the final law will mean an easier road towards 100% forgiveness instead of the weird way it’s structured now.

sounds like good news and lots more work coming for @cgr

[cgr]

1. With longer time to attain forgiveness, I hope it won’t mean forgiveness being confirmed sooner for those who can have their ducks lined up sooner.

What's the issue here?

[AsherO]

What's the issue here?

Without seeing the final bill, I don’t know for sure that there’s an issue. I just fear that it will somehow change what is now 8 weeks to 24 weeks, and you won’t be able to put forgiveness behind you sooner.

In all honesty, when i first applied for PPP I expected to get a fully forgivable loan, not this 8/52 stuff. Even when I signed the docs because the money would help with cash flow, I still expected to finagle forgiveness of most of the loan. I’m back to hoping with new rules I can get it fully forgiven.

[cgr]

Without seeing the final bill, I don’t know for sure that there’s an issue. I just fear that it will somehow change what is now 8 weeks to 24 weeks, and you won’t be able to put forgiveness behind you sooner.

That I get.
I thought you were worried that those who use up funds sooner will get forgiveness sooner, and I don't see any issue with that- in fact I think that's the way it should be.

[Barryg]

Without seeing the final bill, I don’t know for sure that there’s an issue. I just fear that it will somehow change what is now 8 weeks to 24 weeks, and you won’t be able to put forgiveness behind you sooner.

In all honesty, when i first applied for PPP I expected to get a fully forgivable loan, not this 8/52 stuff. Even when I signed the docs because the money would help with cash flow, I still expected to finagle forgiveness of most of the loan. I’m back to hoping with new rules I can get it fully forgiven.

do you think they will have 24 forgivable weeks with a max?

[AsherO]

That I get.
I thought you were worried that those who use up funds sooner will get forgiveness sooner, and I don't see any issue with that- in fact I think that's the way it should be.

Not at all. We’re in agreement that the sooner a loan is forgiven the better it is for the borrower. Sounds obvious to me.

[AsherO]

do you think they will have 24 forgivable weeks with a max?

I don’t know what you mean. But I have no idea what the final rules will look like and I didn’t read carefully enough to fully understand the provisions of the drafted (pending?) legislation.

[ExGingi]

Met a DDFer in the supermarket today who told me he applied with BlueVine and 2-3 hours later he got the funding email.

I got my "funding email" from Kabbage more than 3 weeks ago, but no funds as of yet. No one to talk to. If they would have used snail-mail and sent me a check I would have had the money sooner than them "depositing the funds into my account".

[shapsam]

Embarrassing considering they’re mandated by the SBA to turn these around in 10 days. They’re spending way too much time on these.

Met a DDFer in the supermarket today who told me he applied with BlueVine and 2-3 hours later he got the funding email.

I helped someone apply through Bluevine today, 30 minutes after submitting the application they sent the loan docs and it was approved!

Funds were in the account the next morning.

[sillypainter]

I got my "funding email" from Kabbage more than 3 weeks ago, but no funds as of yet. No one to talk to. If they would have used snail-mail and sent me a check I would have had the money sooner than them "depositing the funds into my account".

Something is wrong, all people I know that had Kabbage apps got funded already. Make sure the bank info is correct.

[AsherO]

Something is wrong, all people I know that had Kabbage apps got funded already. Make sure the bank info is correct.

I applied with Kabbage like a month ago, had some followup questions but my application is still pending. I did get funded by BlueVine so that might be the holdup, but you’d think they would have said so by now.

[ExGingi]

Something is wrong, all people I know that had Kabbage apps got funded already. Make sure the bank info is correct.

So did my wife. And obviously something is wrong, but there's no one to talk to. I sent them a picture of a void check. There's no where for me to update the banking information.

[beeweegee]

So did my wife. And obviously something is wrong, but there's no one to talk to. I sent them a picture of a void check. There's no where for me to update the banking information.

I had no problem changing my banking information when I called.

[ExGingi]

I had no problem changing my banking information when I called.

Getting to talk to someone is a major challenge.

The other challenge is that I don't think banking information is the problem. I highly doubt it was entered wrong the first time around, and I followed up by sending a color photo of a check, as requested. The funds are still not here.

[AsherO]

BH EIDL approved.

Per my loan docs:
60 days from note date (= approval date) to accept the loan.
Payments begin 12 months after note date.
Interest only accrues from when funds are disbursed, so if you don’t need the funds urgently and wait a month to sign the docs you don’t accrue interest for that month.

[beeweegee]

Getting to talk to someone is a major challenge.

The other challenge is that I don't think banking information is the problem. I highly doubt it was entered wrong the first time around, and I followed up by sending a color photo of a check, as requested. The funds are still not here.

The only number (of many I tried) that worked for me is  888-313-4078

[TBD]

BETTER LATE THAN NEVER
IN PAST WEEK APPROVED ANOTHER 277K LOANS. AVERAGE LOAN AMOUNT THIS WEEK APPROX 65K

MAY 30
Loans Approved 707,613Dollars Approved $ 55,792,697,609
https://www.sba.gov/sites/default/files/2020-05/EIDL%20COVID-19%20Loan%205.30.20.pdf

MAY 23
Loans Approved 430,906 DollarsApproved $37,869,479,978
https://www.sba.gov/sites/default/files/2020-05/EIDL%20COVID-19%20Loan%205.23.2020.pdf