Paycheck protection program

junkxj

junkxj

Well poop!!!!!
Joined
Nov 19, 2014
Location
Mexico!!!!!!
Has anyone had experience with this part of the stimulus program or have any info on it?

Paycheck Protection Program

I have been trying to help my parents apply for it. They spoke to bb&t about it yesterday, did as they were instructed on the internet and received an email saying they would be provided info about it in the future and would be able to apply at a future date....

I know most banks are having issues, and the few businesses who have been able to apply happened to be ones that have large amounts of debt owed to the bank that processed their application.

Sounds like small businesses who are debt free are going to get screwed on this one
 
I was feeling good about it, then I was feeling bad about it, then pretty good...now pretty bad again. I easily read 1500 pages worth of verbiage/changes/revisions/interpretations/summaries/etc on it last week. I have operating accounts at 5 different banks, just for this purpose (and various other offers). I settled with Truist (formerly BB&T and SunTrust). Their portal opened at 8am Sunday. I started submitting at 1230, by 115 the system started locking up, I couldn't get back in until about 330. Once I get back in, my application was locked, so I had to launch another one. Finally got everything submitted by 6...woohoo. Realized the application in their portal said it wanted 2019 data, my banker's instructions said trailing 12 months...so what I submitted was trailing 12 months. Redo everything again with 2019 data and upload at about 1130p. I realize my loan amount didn't update after the changes, send a request to the help desk at about midnight and leave. Get in to the office at about 6 the next morning, nothing from the bank yet...at about 730 I get a note saying I just need to create a word document identifying which files needed to be deleted/ignored, and the underwriters would take care of it. So I did that. Didn't hear anything the rest of the day, so I sent an email to my banker around 9 last night, and he sent me this back this morning:

'We are processing the applications in the order of receipt. We have a huge team all across the Bank’s footprint working on these applications. Someone will reach out to you once the application is being serviced.'

I'm apparently not being serviced yet (gigglegiggle). And after hearing what BoA pulled with their lending, and that Wells Fargo allocated their funds in like 12 hours...I'm not feeling very warm and fuzzy right now. Everyone was saying before the portals even opened that all funding would be allocated before Wednesday anyway.

And to your point, the regulation around this thing is extremely fast and loose from what I can tell, and being a debt free, relatively small fish in the Truist pond...I'm starting to think if I see anything, it'll be pennies on the dollar, even though it was supposed to be first come first serve.
 
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Where I work, we received 4k apps from Friday to Sunday. Apparently, the FA's and leaders and submitting the apps to the underwriter, the underwriter is submitting to the SBA and then.....no one knows. From the 4000 apps we've received, I haven't heard of one that has been given any update once it leaves the underwriter. Last I heard, Wells is trying to get their cap removed so they can except more apps, not sure when that will happen if it even does. First Citizens opted out of even taking applications. I know that we are putting all of our current clients to the top of the stack, while everyone else waits.

The biggest concern I am hearing is that because this is all so new, No one really knows all the answers to the questions being asked. We don't know what the turn around time is or how this is all going to work out.
 
The note I received this morning, after bugging my banker again last night around 10.

Ben,


You are not bothering me at all. I completely understand how stressful this process is on everyone. Our teams are working the applications in the order received. I do not have access to see where an application is in line per se, but we are working through these things as quickly as possible in shifts around the clock.
 
So, I know all this money is gone.

I was never able to even apply for this for my parents business.

Did anyone else have success, or know anything else about it?
 
I’m definitely not feeling warm and fuzzy. My application was submitted 11 days ago within 12hrs of the portal opening. Revisions were submitted 10 days ago, within 30hrs of the portal opening. 6 days ago my application was accepted. Nothing since, banker went silent, customer service went silent, help desk went silent. I know of one local business that went through a local bank that received funds within 24hrs of submission, outside of that everyone has been hurry up and wait and/or rejected.
 
awheelterd said:
We got ours. We had some very happy employees when they found out they were going to make their regular wage no matter what for the next two months.
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I have no idea how to word this with out sounding like I am asking for more information than anyone should...

But, of the businesses who have successfully received this money, how many have outstanding debt to the bank that successfully processed their claim?

But my my gut is telling me banks are helping the businesses who are in debt to them, as a way to keep their loans from being defaulted on.
 
junkxj said:
I have no idea how to word this with out sounding like I am asking for more information than anyone should...

But, of the businesses who have successfully received this money, how many have outstanding debt to the bank that successfully processed their claim?

But my my gut is telling me banks are helping the businesses who are in debt to them, as a way to keep their loans from being defaulted on.
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No debt. Just a good working relationship with the bank.
 
I applied for the PPP through Truist (BB&T/SunTrust merger) which is who I bank with for my business. We're small. 5 employees.

They weren't even able to receive applications until April 11th. I was submitted by the 12th.

No word from them. Just got an email that stated they were no longer taking applications and not everyone that qualifies will receive money.

I have not received anything. No personal stimulus check, no PPP for business, and House of Raeford sold out of discount chicken this morning in 20 min. Missed that too.

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Benjie said:
I applied for the PPP through Truist (BB&T/SunTrust merger) which is who I bank with for my business. We're small. 5 employees.

They weren't even able to receive applications until April 11th. I was submitted by the 12th.

No word from them. Just got an email that stated they were no longer taking applications and not everyone that qualifies will receive money.

I have not received anything. No personal stimulus check, no PPP for business, and House of Raeford sold out of discount chicken this morning in 20 min. Missed that too.

Sent from my Pixel 2 XL using Tapatalk
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Exact same thing here.

Looks like all the large companies got to the money first, including over 50 publicly traded companies that somehow managed to bend the rules enough to qualify.
 
anvilrubi said:
That damn chicken is a pia if they can’t keep the traffic moving they need to nix it.
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LOL. When it was on Raleigh, they had to shut down the road because of the traffic. That discount chicken is goooooood chicken!

Sent from my Pixel 2 XL using Tapatalk
 
Benjie said:
I applied for the PPP through Truist (BB&T/SunTrust merger) which is who I bank with for my business. We're small. 5 employees.

They weren't even able to receive applications until April 11th. I was submitted by the 12th.

No word from them. Just got an email that stated they were no longer taking applications and not everyone that qualifies will receive money.

I have not received anything. No personal stimulus check, no PPP for business, and House of Raeford sold out of discount chicken this morning in 20 min. Missed that too.

Sent from my Pixel 2 XL using Tapatalk
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Yep same with us same bank we have a few more employees but we got nothing either


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Just got the word today that we didn’t get our PPP from Truist/BB&T either. My banker said my loan application was reviewed and accepted within 40hrs of the portal opening for me, but by the time they applied for the SBA E-tran number the window had closed.
 
UTfball68 said:
Just got the word today that we didn’t get our PPP from Truist/BB&T either. My banker said my loan application was reviewed and accepted within 40hrs of the portal opening for me, but by the time they applied for the SBA E-tran number the window had closed.
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DC is supposed to put another chunk of $$ in there.

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Benjie said:
DC is supposed to put another chunk of $$ in there.

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Saw that...but only saw upwards of $2.5billion. My guy told me we were in line if it gets released, but if $350bil went as quickly as it did, I won’t hold my breath. Luckily we’re essential and holding up fine...with hand sanitizer and soaps. My concern is 2-3 months from now if/when orders slow for other product lines as a result of ripple effects from the last month coming to fruition.
 
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UTfball68 said:
Saw that...but only saw upwards of $2.5billion. My guy told me we were in line if it gets released, but if $350bil went as quickly as it did, I won’t hold my breath. Luckily we’re essential and holding up fine...with hand sanitizer and soaps. My concern is 2-3 months from now if/when orders slow for other product lines as a result of ripple effects from the last month coming to fruition.
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Yeah, the math of all of this is just staggering. $350bil completely gone in a few weeks, with all of it committed within much less time... and apparently it only filled a tiny fractions of the need (demand). I've seen estimates that, if all those who qualified got what they needed and it was infitiely available, the bill would be in the $trillions. I mean, think about it, our economy as a whole is what, like $22 T or something?
If the unemployment rate has gone up by an estimated 6-8X, and you take that change in employment % as a proxy for the fruitfulness of the economy, that is an absolutely huge % taken right out of the economy. Thats a shitpile of money no longer changing hands that people are used to having. Has to be in the trillions.
I've heard proposals of another $250b or so for the PPP, but its hard for me to see even that being a drop in the bucket.
 
RatLabGuy said:
Yeah, the math of all of this is just staggering. $350bil completely gone in a few weeks, with all of it committed within much less time... and apparently it only filled a tiny fractions of the need (demand). I've seen estimates that, if all those who qualified got what they needed and it was infitiely available, the bill would be in the $trillions. I mean, think about it, our economy as a whole is what, like $22 T or something?
If the unemployment rate has gone up by an estimated 6-8X, and you take that change in employment % as a proxy for the fruitfulness of the economy, that is an absolutely huge % taken right out of the economy. Thats a shitpile of money no longer changing hands that people are used to having. Has to be in the trillions.
I've heard proposals of another $250b or so for the PPP, but its hard for me to see even that being a drop in the bucket.
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Yeah...I was doing back of the envelope math when they announced the $350bil...I figure a business my size would have probably been about the average...and what I requested, only about 400,000 businesses could have been serviced. I have no idea how that correlates to total number of eligible small businesses, but I’d bet there were a few million. I’m also hearing speculation of chains or multi-location businesses that secured upward of the $10mil max by themselves because each store front falls within the guidelines. I’m sure for each one of those instances there are a few dozen 10 man shops too, but the point is, it’s difficult to digest numbers of this magnitude.
 
And I'm still just here wondering why the government is giving away money they don't even have.
 
jeepinmatt said:
And I'm still just here wondering why the government is giving away money they don't even have.
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Me too...on one hand I feel like I should have donated to Bernie, on the other...if it’s offered, capitalize. Economies can’t ‘grow’ in perpetuity...at some point it has to self correct. That said, if they were gonna do it anyway, there should have been a helluvalot more red tape, and I don’t think it should have been an immediate release. I cringe to think how many businesses are receiving funds that don’t need it today, or businesses that were on life support and are now living on borrowed time. Myself included, do I need it today, probably not...will I in 2-3 months, maybe, maybe not. But I would have been much more in favor of funds being earmarked and ‘forgiveness’ loans being distributed on an as needed basis over the next year or so. Sounds like another $500bil is coming sooner rather than later now too. Fire up the printing presses.
 
UTfball68 said:
Me too...on one hand I feel like I should have donated to Bernie, on the other...if it’s offered, capitalize. Economies can’t ‘grow’ in perpetuity...at some point it has to self correct. That said, if they were gonna do it anyway, there should have been a helluvalot more red tape, and I don’t think it should have been an immediate release. I cringe to think how many businesses are receiving funds that don’t need it today, or businesses that were on life support and are now living on borrowed time. Myself included, do I need it today, probably not...will I in 2-3 months, maybe, maybe not. But I would have been much more in favor of funds being earmarked and ‘forgiveness’ loans being distributed on an as needed basis over the next year or so. Sounds like another $500bil is coming sooner rather than later now too. Fire up the printing presses.
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Very well said!!
 
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