Paycheck protection program

I filed for the EIDL advance, not PPP.

Got an email saying I would qualify for $1k of assistance, as I work alone/self employed and they pay per employee.

I had my form submitted within 48 hours of the program being offered. That was 3 weeks ago.

And Chipotle gets $10 million....



They’re shitting on the little guy right now.
 
336wheeler said:
I filed for the EIDL advance, not PPP.

Got an email saying I would qualify for $1k of assistance, as I work alone/self employed and they pay per employee.

I had my form submitted within 48 hours of the program being offered. That was 3 weeks ago.

And Chipotle gets $10 million....



They’re shitting on the little guy right now.
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That last sentence though...

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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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The problem is the burden of implementation. To do this properly, you wade through every application and weigh the degree of burden vs need, and then set up a timetable. And ideally then rank all of them so that the most needy get $$ first at the front of the line.
But that only works in a unicorn fairyland world where you have an army pf people to process the applications and all of that evaluation can happen instantaneously. In reality you have *some unknown* number oif business that need money absolutely right now... meaning two weeks ago.. .and some that need it eventually.. .and some that don't *need* it at all but its good for them to be economy stimulators. But you don't know who is who or how many, and you have almost nobody to do any kind of sorting.
So, they were left with "just dump it all and let the people figure it out so it gets out quick". Which really means, companies that are big enough to have good accounting staff and smart people sitting around ready to jump and start on the app ASAP, and know the right lingo etc... well they end up gobbling up the $$ while Grandpa Tom is trying to figure out how to edit a PDF document while still trying to crank out pizzas so he can pay his nephew for his days work in the kitchen.
 
UTfball68 said:
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.
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Sounds like another $310bil could be passed through the House as early as today. And I think I got my answer, based on a Forbes article I just read, 1.6mil loans were issued during the first tranche, meaning about $220k was the average loan size.
 
UTfball68 said:
Sounds like another $310bil could be passed through the House as early as today. And I think I got my answer, based on a Forbes article I just read, 1.6mil loans were issued during the first tranche, meaning about $220k was the average loan size.
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I'm not sure average is a good statistic here - I'd love to see the overall distrobution. It probably should be left skewed, right tailed. But I bet its not.
 
RatLabGuy said:
I'm not sure average is a good statistic here - I'd love to see the overall distrobution. It probably should be left skewed, right tailed. But I bet its not.
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One would hope...but talks of banks and preferential treatment or lending to businesses with outstanding loans, application portal access being tiered, and today one of my partners told me his brother in law applied for $35k...but the bank ‘whoopsied’ and he only received $3500. I’m not putting much faith in them right thing’ being done.
 
karatejosh said:
Well they called today and it looks like mine actually went thru had to go do some paperwork hopefully it will actually show up


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With this one, I now know 2 business owners that received something from the PPP. I am not one of those two. My app in 10 hours after opening. But I did hear you could "pre-apply" today. Anyone do that? The other owner I know that got something did that.

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Benjie said:
With this one, I now know 2 business owners that received something from the PPP. I am not one of those two. My app in 10 hours after opening. But I did hear you could "pre-apply" today. Anyone do that? The other owner I know that got something did that.

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Dunno about ‘pre-apply’, but I was prepping with my underwriter at 1am this morning. Obviously I have an outstanding application...but she said she wanted to be sure all she needed to do was get an e-tran number when the portal opens because I’m in her top 3 to go.

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UTfball68 said:
Dunno about ‘pre-apply’, but I was prepping with my underwriter at 1am this morning. Obviously I have an outstanding application...but she said she wanted to be sure all she needed to do was get an e-tran number when the portal opens because I’m in her top 3 to go.

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If she can't remember whether you are #2 or #3, that means you are not anywhere near #2 or #3 ;)
 
Called an audible today after getting a phone call from one of the other banks I discussed this loan with. They did reiterate that banks are being governed on how many loan applications they can pass through per hour, so the behemoth banks can't just send 100,000 applications in the first second. I very well might be #2-3 on my underwriter's list, but multiply that across X number of underwriters within the BB&T/SunTrust/Truist institution, and that could make me #2500 overall on their list. I'm being told I've just been waiting for an ETran number in the BB&T portal all week (well since Day 3 really). The other bank today, however, said they could get me worked in and submitted today. Smaller, local bank, they don't have near the volume of requests, and they have the same 'hourly submissions' limit as the big boys. They also told me, it won't hurt a thing to submit through various banks, a business EIN can only receive one ETran number, and may the best bank win. So worst case scenario, I wasted a couple hours today on another application...best case, I could have an ETran number this afternoon and funds on Monday.
 
UTfball68 said:
Called an audible today after getting a phone call from one of the other banks I discussed this loan with. They did reiterate that banks are being governed on how many loan applications they can pass through per hour, so the behemoth banks can't just send 100,000 applications in the first second. I very well might be #2-3 on my underwriter's list, but multiply that across X number of underwriters within the BB&T/SunTrust/Truist institution, and that could make me #2500 overall on their list. I'm being told I've just been waiting for an ETran number in the BB&T portal all week (well since Day 3 really). The other bank today, however, said they could get me worked in and submitted today. Smaller, local bank, they don't have near the volume of requests, and they have the same 'hourly submissions' limit as the big boys. They also told me, it won't hurt a thing to submit through various banks, a business EIN can only receive one ETran number, and may the best bank win. So worst case scenario, I wasted a couple hours today on another application...best case, I could have an ETran number this afternoon and funds on Monday.
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As it turns out, South State was true to their word and had extremely quick turn around. In a bizarre twist, I was issued an SBA # through my Truist application today as well. I found out from South State that happened 2 hours before Truist let me know it did.
 
UTfball68 said:
As it turns out, South State was true to their word and had extremely quick turn around. In a bizarre twist, I was issued an SBA # through my Truist application today as well. I found out from South State that happened 2 hours before Truist let me know it did.
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I'm still waiting. Truist has told me, through the web portal, no actual email or human on a phone, that my application is under review...

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UTfball68 said:
As it turns out, South State was true to their word and had extremely quick turn around. In a bizarre twist, I was issued an SBA # through my Truist application today as well. I found out from South State that happened 2 hours before Truist let me know it did.
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Fwiw South State, formerly scbt, handles my real estate portfolio...and they are fantastic to work with.
 
Ron said:
Fwiw South State, formerly scbt, handles my real estate portfolio...and they are fantastic to work with.
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I have a payroll account through them, and have a branch literally a 3 minute walk away. They were actually my first choice to use, but at the time, they weren’t underwriting their own PPP loans and with only a handful of transactions through that account every month, the KYC restrictions weren’t lifted. But I whole heartedly agree, I’ve never had an unflattering word to say about SS any time I’ve used them professionally or personally.
 
Benjie said:
I'm still waiting. Truist has told me, through the web portal, no actual email or human on a phone, that my application is under review...

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My portal still shows ‘under review’...my day to day banker shot me an email saying ‘congrats’. Had I not gotten confirmation from SS I already an E Tran number from the Truist app, I probably wouldn’t have believed my banker.

Edit...
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UTfball68 said:
So this showed up today...now we wait for the funds to show.

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And the money is in my Truist Operating Account this morning.

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Also sounds like more IRS clarification/requirements are coming though as far as use of proceeds, 'need' assessment and utilization windows.
 
I applied for the ppp just as the first round of funding ran out. Had not heard anything except a standard daily email that my bank was still proceeding. Yesterday at 5:15 I got a call from a banker about my loan. I had to okay a change in amount of loan. By 9:00 pm I had signed my loan agreement. Woke up this morning to discover an overnight deposit in my account. I like Wells Fargo !
 
I wish this shit ould get over so my CPA could help me do something that isnt PPP related....bastid
 
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