PPP SBA loan

[expatriot98]

Did any of you with small businesses get one?

[carreradpt]

I was at my local neighborhood German car service garage and he just received his this morning. Says it was very generous. The paperwork was a pain he said, but it is approved and he will rehire his employee asap.

[Nickshu]

Yes. And the EIDL too. My PPP is not funded yet though. EIDL was deposited yesterday, but comparatively small.

[red-beard]

Originally Posted by Nickshu

Yes. And the EIDL too. My PPP is not funded yet though. EIDL was deposited yesterday, but comparatively small.

I called in to check on my EIDL. SBA has no way of tracking the EIDL loans and where you are in the process.

[berettafan]

EIDL grant portions started getting deposited yesterday in my area. $1k per employee up to $10k. Check your bank account. I got no notice or email about it. That, however, is not the EIDL in its entirety. It is just an advance on the main loan. My PPP was funded last week.

[red-beard]

I filed for EIDL on April 3rd, the re-applied n April 6th when the process changed.

[Mike80911]

Nope applied for both but did not get either. I did get an email from my CC company that someone checked my credit score and when I checked it was the SBA that made the inquiry

[Pazuzu]

My wife got the PPP...for 1 employee, who is part time. So, the extra 25% is pretty much useless, but she gets to keep her employee working!

She went with a small local bank, and even then, she was the only business from that branch that got the loan.

My company apparently is approved for the second round, we'll see. That's 10 well paid employees, so the 25% in that case will actually add up a bit and contribute to expenses.

Also, no word on the EIDL part.

[expatriot98]

Good to hear some have received it. A buddy in central TX got his EIDL 2 days ago. There was no communication - it just arrived in his account.

We applied with Chase within an hour of when they turned it on. 8 days later, there was nothing. Reapplied with a small TX bank, got the approval code the next morning and fully funded on day 3. Our application hit 10 minutes before the fund dried up. Chase spent their time on big players and effed the small guys. We got an email from them yesterday they are processing out app! WTF ever. Currently moving all business and personal over to the small bank. Ef Chase.

Red - PM me if you want contact for our loan guy.

[berettafan]

Expat you are doing the right thing. Small local banks make the world go round. The big boys may very well end up facing lawsuits over discrimination with application processing order. My local bank used a separate email address for apps so they'd be time stamped and processed in the order received. For the very purpose of avoiding lawsuits over this when the money ran out.

FYI, Chase (and all banks) get a 5% commission on this money.

[06C2S]

Yes, only filled out the application and supplied a one page paper from ADP, money was deposited last Friday. It was simple and straight forward like it was supposed to be, I have heard from multiple friends that their banks required all kinds of extra BS stuff like 940, 3 years PL and even copies of every employees W2. I have already rehired 3 of the 7 I layed off, were a small co. 47 employees b4 this.

[06C2S]

We use a smaller local bank here in SoCal, friends who are being required to give more info are with larger banks and 2 of the 3 missed the first round. YES if your small you should be with a bank who appreciates your business.