Author Topic: SBA PPP and EIDL Small Business Loans (some money is forgivable)  (Read 536002 times)

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3020 on: January 24, 2021, 12:04:24 PM »
Approved!

Me too, BH. 11:11am, hbu?
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Offline YitzyS

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3021 on: January 24, 2021, 12:10:59 PM »
Me too, BH. 11:11am, hbu?
Makes sense. I just checked it and saw the approval. I didn't get an email yet.

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3022 on: January 24, 2021, 12:12:01 PM »
Makes sense. I just checked it and saw the approval. I didn't get an email yet.

הוא נענה תחילה... :D
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Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3023 on: January 24, 2021, 12:24:05 PM »
. In addition, borrowers obtaining a second draw PPP loan of more than $150,000 must submit the loan forgiveness application for the first draw PPP loan before applying for the second draw PPP loan.

https://www.lanepowell.com/Our-Insights/218520/SBA-Guidance-for-PPP-Loan-Forgiveness-Incorporates-Changes-From-the-Year-End-2020-Recovery-Bill

No bank has heard of this.

Offline TBD

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3024 on: January 24, 2021, 07:53:14 PM »
No bank has heard of this.
They admitted that it is a mistake, and will update the article accordingly

Offline 123-Rosh

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3025 on: January 24, 2021, 08:27:40 PM »
Is there any rhyme or reason that some people are getting approved before others?

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3026 on: January 24, 2021, 08:30:49 PM »
Is there any rhyme or reason that some people are getting approved before others?

I think this can be blamed on the SBA. They're processing some applications much faster than others- a bank can't do anything before it gets approval from the SBA.

Offline Deal Guy

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3027 on: January 24, 2021, 08:42:58 PM »
Has anyone had any success with Cross River this time around?
I think they took on more than they can chew, and they can't handle it.
I tried getting through, and I spoke to someone in India or wherever, that had zero clue what Application under review means.
First he said it was sent to the sba, but then under further questioning and putting me on hold, said its under review, and wasn't sent yet, and I will get an email when approved.
Then under more questioning and hold time, he said it was already sent to the sba, and then moments later, Its still being reviewed, and not sent......

All I wanted to know was, what are the proper steps? First it's under review, and then they send it to sba.
Does your status change from APPLICATION UNDER REVIEW, once it goes to the sba? What does it say then?

It's ok to have somewhat clueless people answering the phone, but at least teach them the basics, what Application under review means, and what the next step is.
It's been 5 days with zero movement, while the other banks seem to be at least moving along and getting approvals.

Offline yitz1000

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3028 on: January 25, 2021, 03:57:33 PM »
Has anyone had any success with Cross River this time around?
I think they took on more than they can chew, and they can't handle it.
I tried getting through, and I spoke to someone in India or wherever, that had zero clue what Application under review means.
First he said it was sent to the sba, but then under further questioning and putting me on hold, said its under review, and wasn't sent yet, and I will get an email when approved.
Then under more questioning and hold time, he said it was already sent to the sba, and then moments later, Its still being reviewed, and not sent......

All I wanted to know was, what are the proper steps? First it's under review, and then they send it to sba.
Does your status change from APPLICATION UNDER REVIEW, once it goes to the sba? What does it say then?

It's ok to have somewhat clueless people answering the phone, but at least teach them the basics, what Application under review means, and what the next step is.
It's been 5 days with zero movement, while the other banks seem to be at least moving along and getting approvals.

Who did you apply through? Through CR directly??

Offline 123-Rosh

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3029 on: January 25, 2021, 06:48:06 PM »
I saw this post on Reddit:

I was just told by (biz2credit) that the sba system is wrongfully not accepting or declining ppp applications due to system failure. You would think they would have been prepared for this!

📷Hello,

We want to let you know about an important alert that the SBA has shared with all approved PPP lenders this weekend. This is important for you to know about since it relates to the status of your application for the Paycheck Protection Program (PPP). We are sharing this alert with you along with further advice for your next steps with the program.

SBA ALERT (1/25/21)
The SBA has told lenders that they are working to resolve a problem where applications are being declined incorrectly by their system. If you see your application listed as Not Accepted by SBA, please know that the SBA is expected to resolve this problem in the next several days. Your application will be resubmitted at that time with no further action required by you.

Because of this issue, you may see an alert on your dashboard that says your application was Not Accepted by SBA. Do not be alarmed by this status message if you receive it. The SBA will reprocess your application soon and we expect them to resolve these issues for most affected clients shortly afterwards. You do not have to take any action at this time.

Please know that this SBA processing error does not negatively affect your eligibility for the PPP. Biz2Credit cannot control these statuses that come from the SBA, but we have followed up directly with our contacts on your behalf to ensure all our clients are receiving the best treatment possible by the SBA's automated systems.

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3030 on: January 25, 2021, 06:52:23 PM »
I saw this post on Reddit:

I was just told by (biz2credit) that the sba system is wrongfully not accepting or declining ppp applications due to system failure. You would think they would have been prepared for this!

This SBA has been atrocious in this round so far.
-48 hours to get approval (if you're lucky- some bigger apps 72+)
-randomly denying applications for things like "wrong EIN" when there is NOTHING wrong
-wrongly sending back applications that the applicant already has one in the system when they don't
This is all from the SBA and not bank specific.

If you've gotten funded, or even just an Etran #, consider yourself lucky.

Offline oldguy

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3031 on: January 25, 2021, 06:54:42 PM »
This SBA has been atrocious in this round so far.
-48 hours to get approval (if you're lucky- some bigger apps 72+)
-randomly denying applications for things like "wrong EIN" when there is NOTHING wrong
-wrongly sending back applications that the applicant already has one in the system when they don't
This is all from the SBA and not bank specific.

If you've gotten funded, or even just an Etran #, consider yourself lucky.
The 48 hr to get approval is from Cross river too? because 2 posts above someone said he didn't hear any cross river approvals...

Offline 123-Rosh

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3032 on: January 25, 2021, 06:59:05 PM »
If I don't get approved in the next week for first draw, I will probably lose out on the second draw. This is insane.

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3033 on: January 25, 2021, 07:07:06 PM »
The 48 hr to get approval is from Cross river too? because 2 posts above someone said he didn't hear any cross river approvals...

48 hours seems to be the SBA minimum. Then it takes the bank another two days to process their stuff and underwrite.
I was told that quite a few large banks got warnings from the SBA for processing too many fraudulent applications, so on top of the SBA taking their time, banks are also being more diligent. I think good approval time in this round is currently one week, assuming no hiccups.

Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3034 on: January 25, 2021, 11:15:35 PM »
This SBA has been atrocious in this round so far.
-48 hours to get approval (if you're lucky- some bigger apps 72+)
-randomly denying applications for things like "wrong EIN" when there is NOTHING wrong
-wrongly sending back applications that the applicant already has one in the system when they don't
This is all from the SBA and not bank specific.

If you've gotten funded, or even just an Etran #, consider yourself lucky.

Finally seeing some noise on this.
https://www.aba.com/advocacy/policy-analysis/aba-letter-to-treasury-and-sba-paycheck-protection-program

Offline 123-Rosh

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3035 on: January 26, 2021, 04:02:22 PM »
Between the delays with approving PPP, and restricting EIDL to previous applicants while notifying them over the next few months, it almost feels like the SBA is purposefully slow walking both programs.
Why?

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3036 on: January 26, 2021, 04:44:55 PM »
Between the delays with approving PPP, and restricting EIDL to previous applicants while notifying them over the next few months, it almost feels like the SBA is purposefully slow walking both programs.
Why?

The EIDL restrictions are for grants, and they might estimate they can distribute nearly all of the allotted $20bln to existing/current applicants and/or don’t wanna get people’s hopes high for nothing.

The PPP delays might be SBA adapting their processes to account for recently legislated changes. It’s bureaucracy, not necessarily malice.
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Offline cgr

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3037 on: January 26, 2021, 04:51:13 PM »

The PPP delays might be SBA adapting their processes to account for recently legislated changes. It’s bureaucracy, not necessarily malice.

They actually built a whole new interface for this round, which means that it's essentially a first-time program from the system's prospective, and not a tried and true method that they know works- hence all the growing pains.

Offline AsherO

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3038 on: January 26, 2021, 04:55:02 PM »
They actually built a whole new interface for this round, which means that it's essentially a first-time program from the system's prospective, and not a tried and true method that they know works- hence all the growing pains.

We’re the changes that big that the system used for first round PPP weren’t enough?

I think the first time around they felt desperate to push funds out ASAP so they trusted banks to underwrite and screen for fraud, this time they’re being more careful.
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Offline 123-Rosh

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Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3039 on: January 27, 2021, 01:11:38 PM »
If I get funded for PPP first draw on, say, Feb 15th, can I immediately apply for PPP second draw as long as I don't get funded before April 15th? And will it mean that I made the 3/31 deadline?