Author Topic: SBA PPP and EIDL Small Business Loans (some money is forgivable)  (Read 215199 times)

Offline ExGingi

  • Dansdeals Lifetime 10K Presidential Platinum Elite
  • *******
  • Join Date: Nov 2015
  • Posts: 11012
  • Total likes: 3504
  • DansDeals.com Hat Tips 14
    • View Profile
  • Location: 770
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3080 on: January 28, 2021, 03:51:33 PM »
Killer move, especially with the increased commission so there's more to go around for everyone. Additionally, if they can somehow pass on any of the manual work to the CPAs involved, they can cut labor costs and increase profits.

And the CPAs can bill clients for work...

Crony capitalism (or is it socialism) at its best.
I've been waiting over 5 years with bated breath for someone to say that!
-- Dan

Offline AsherO

  • Global Moderator
  • Dansdeals Lifetime 20K Presidential Platinum Elite
  • **********
  • Join Date: May 2008
  • Posts: 25511
  • Total likes: 2955
  • DansDeals.com Hat Tips 75
    • View Profile
  • Location: NYC
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3081 on: January 28, 2021, 04:02:38 PM »
And the CPAs can bill clients for work...

Crony capitalism (or is it socialism) at its best.

At the end of the day someone has to underwrite these loans. The government is paying banks to do that, and banks are sharing the workload with CPAs, whats the issue?

My guess is there's less fraud this way than with the SBA handing this caseload themselves.

Offline 123-Rosh

  • Dansdeals Gold Elite
  • ***
  • Join Date: Feb 2017
  • Posts: 106
  • Total likes: 48
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: New Jersey
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3082 on: January 30, 2021, 11:04:49 PM »
Any update on Cross River's manual reviews?

Offline oldguy

  • Dansdeals Platinum Elite + Lifetime Gold Elite
  • ******
  • Join Date: Mar 2012
  • Posts: 963
  • Total likes: 42
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: Brooklyn
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3083 on: January 30, 2021, 11:23:33 PM »
Any update on Cross River's manual reviews?
I know somebody that got an email saying they will need a manual review, and they got the approval notice before other people that applied before them...

Offline beeweegee

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Sep 2013
  • Posts: 1547
  • Total likes: 82
  • DansDeals.com Hat Tips 2
    • View Profile
  • Location: New York, NY
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3084 on: January 31, 2021, 12:33:37 AM »
Someone that applied with Cross River has this on the application status: "Application approved by the SBA. The system is preparing your DocuSign contract", but it's been 3 days already and no email with the DocuSign.
Had this for over a week. Just got an email that the application was approved by the SBA. Also said that it may take up to 10 additional days to get the DocuSign contract.

Offline aygart

  • Dansdeals Lifetime 10K Presidential Platinum Elite
  • *******
  • Join Date: May 2008
  • Posts: 12677
  • Total likes: 7361
  • DansDeals.com Hat Tips 11
    • View Profile
    • Lower Watt Energy Brokers
  • Programs: www.lowerwatt.com
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3085 on: January 31, 2021, 12:42:45 AM »
And the CPAs can bill clients for work...

Crony capitalism (or is it socialism) at its best.
how?
Feelings don't care about your facts

Offline Dave321

  • Dansdeals Platinum Elite + Lifetime Gold Elite
  • ******
  • Join Date: May 2013
  • Posts: 851
  • Total likes: 29
  • DansDeals.com Hat Tips 1
    • View Profile
  • Location: brooklyn
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3086 on: February 01, 2021, 10:29:52 AM »
I got approval from cross river, however i miscalculated and need to fix my application. the number isn't working and emailing hasn't gotten a response. anyone know how to get ahold of a human?

Offline AsherO

  • Global Moderator
  • Dansdeals Lifetime 20K Presidential Platinum Elite
  • **********
  • Join Date: May 2008
  • Posts: 25511
  • Total likes: 2955
  • DansDeals.com Hat Tips 75
    • View Profile
  • Location: NYC
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3087 on: February 01, 2021, 11:27:57 AM »
I got approval from cross river, however i miscalculated and need to fix my application. the number isn't working and emailing hasn't gotten a response. anyone know how to get ahold of a human?

If you applied with someoneís Cross River link, see if they have any contacts who can help

Offline beeweegee

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Sep 2013
  • Posts: 1547
  • Total likes: 82
  • DansDeals.com Hat Tips 2
    • View Profile
  • Location: New York, NY
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3088 on: February 01, 2021, 11:47:48 AM »
Had this for over a week. Just got an email that the application was approved by the SBA. Also said that it may take up to 10 additional days to get the DocuSign contract.
Docusign came the next day.

Online dovy2

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Oct 2012
  • Posts: 1986
  • Total likes: 72
  • DansDeals.com Hat Tips 24
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3089 on: February 01, 2021, 12:54:48 PM »
Anyone here get approved / funded from kabbage yet?

Offline nobiggy

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Dec 2012
  • Posts: 2372
  • Total likes: 14
  • DansDeals.com Hat Tips 7
    • View Profile
  • Location: forums
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3090 on: February 01, 2021, 02:45:50 PM »
Is there anyone home at Cross River Bank?

I've never had such bad customer service when calling a bank in my life and there is literally no one to talk to about a PPP application. The only way is by email it seems and 2 weeks in and no one responds.


Is this how the service is supposed to be with them?

Offline Traveler718

  • Dansdeals Platinum Elite + Lifetime Gold Elite
  • ******
  • Join Date: Jun 2010
  • Posts: 771
  • Total likes: 271
  • DansDeals.com Hat Tips 0
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3091 on: February 01, 2021, 02:51:45 PM »
What's the expected turnaround time from submission of Docusign signed documents for approved loan until actual receipt of funds?

Offline AsherO

  • Global Moderator
  • Dansdeals Lifetime 20K Presidential Platinum Elite
  • **********
  • Join Date: May 2008
  • Posts: 25511
  • Total likes: 2955
  • DansDeals.com Hat Tips 75
    • View Profile
  • Location: NYC
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3092 on: February 01, 2021, 04:48:09 PM »
What's the expected turnaround time from submission of Docusign signed documents for approved loan until actual receipt of funds?

A few business days.

Offline Saver2000

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Apr 2011
  • Posts: 7625
  • Total likes: 23
  • DansDeals.com Hat Tips 0
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3093 on: February 01, 2021, 09:16:04 PM »
I'm sure this was answered 100 times, but I'm new to this thread, and there's no wiki.

Can I still apply for forgiveness for a PPP loan I got from round 1?
The forgiveness form says I missed the deadline. Is that accurate?

Any help is appreciated. Thank you.

Offline AsherO

  • Global Moderator
  • Dansdeals Lifetime 20K Presidential Platinum Elite
  • **********
  • Join Date: May 2008
  • Posts: 25511
  • Total likes: 2955
  • DansDeals.com Hat Tips 75
    • View Profile
  • Location: NYC
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3094 on: February 01, 2021, 09:28:35 PM »
I'm sure this was answered 100 times, but I'm new to this thread, and there's no wiki.

Can I still apply for forgiveness for a PPP loan I got from round 1?
The forgiveness form says I missed the deadline. Is that accurate?

Any help is appreciated. Thank you.

Certainly not true. Which lender/platform? Screenshot please?

Online cgr

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Aug 2017
  • Posts: 3227
  • Total likes: 741
  • DansDeals.com Hat Tips 4
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3095 on: February 01, 2021, 09:36:19 PM »
Certainly not true. Which lender/platform? Screenshot please?
You have 10 months from the end of your covered period.
I do know that some banks (BofA for instance) has closed forgiveness until they update with the new applications.

Online cgr

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Aug 2017
  • Posts: 3227
  • Total likes: 741
  • DansDeals.com Hat Tips 4
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3096 on: February 01, 2021, 09:41:43 PM »
Anyone know where to find the First Draw etran # on Bank of America? I've searched high and low and it's no there.
I can't even use the Chase hack of starting the forgiveness application to force it to come up because BofA isn't doing forgiveness now.

Online cgr

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Aug 2017
  • Posts: 3227
  • Total likes: 741
  • DansDeals.com Hat Tips 4
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3097 on: February 01, 2021, 09:57:41 PM »
Anyone know where to find the First Draw etran # on Bank of America? I've searched high and low and it's no there.
I can't even use the Chase hack of starting the forgiveness application to force it to come up because BofA isn't doing forgiveness now.
So turns out that the only way to get it is by calling and actually speaking to a rep...

Offline Saver2000

  • Dansdeals Lifetime Presidential Platinum Elite
  • *********
  • Join Date: Apr 2011
  • Posts: 7625
  • Total likes: 23
  • DansDeals.com Hat Tips 0
    • View Profile
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3098 on: February 01, 2021, 10:05:13 PM »
Certainly not true. Which lender/platform? Screenshot please?
Disregard. I totally misread. It said my allotment period has passed. Or something like that. Basically my 24 weeks had come to an end.

Thanks for helping me clarify.

Offline AsherO

  • Global Moderator
  • Dansdeals Lifetime 20K Presidential Platinum Elite
  • **********
  • Join Date: May 2008
  • Posts: 25511
  • Total likes: 2955
  • DansDeals.com Hat Tips 75
    • View Profile
  • Location: NYC
Re: SBA PPP and EIDL Small Business Loans (some money is forgivable)
« Reply #3099 on: February 01, 2021, 10:45:08 PM »
Anyone know where to find the First Draw etran # on Bank of America? I've searched high and low and it's no there.
I can't even use the Chase hack of starting the forgiveness application to force it to come up because BofA isn't doing forgiveness now.

If you have your BofA loan docs Iím sure they have your loan number somewhere.