INGO Small Bussiness Owners

[jspy5]

I just read this as well. The article lead me to believe that all applicants before the deadline will still receive funding. I hope this is the case and you can get thing's going again. It's sucks for you and a lot of others.

Well I found out yesterday that my business did not make the cut for the PPP. My application was sent in and confirmed on April 10th. Since I hadn't heard anything by last Friday ( 17th ) I reached out to my local banker to see if this was a bank thing or an SBA reply would be sent. She took my confirmation number and said she would check it out. Well lo and behold I was denied the next day. Of course the PPP ran out of money on Thursday which makes me wonder if the bank just dropped the ball in submitting my application to the SBA. Still unsure how this all works or went down but unless for some reason I didn't meet some criteria I'm at a loss how I missed out. Could it be that the initial rush of applicants before me in the first week accounted for all of the funds being used up ? Something smells fishy to me on this one and I can tell you now, when this has all passed I will be changing banks.

 

[snorko]

While I am sure there were bottlenecks and incompetency at all levels, I surmise the most vital factor was timing and the bank one worked with. My company lucked out I guess as our bank was well versed in SBA procedure and had partnered with a leading accounting firm to help review and process applications. This meant most errors or omissions were corrected quickly before submission to the SBA. We applied on a Friday and had approval with a "funded but not distributed" notice from SBA by late Monday. The bank and accountants were working full bore through the weekend. At the same time I was hearing horror stories from folks working with larger banks such as Chase and BOA about delays, lack of contact, etc.

I hope there is funding for a second round and you are successful. I heard from my accountants that roughly 70% of the loans they were involved in were under $500,000. So at least they are going to truly smaller businesses.

 

[churchmouse]

Well I found out yesterday that my business did not make the cut for the PPP. My application was sent in and confirmed on April 10th. Since I hadn't heard anything by last Friday ( 17th ) I reached out to my local banker to see if this was a bank thing or an SBA reply would be sent. She took my confirmation number and said she would check it out. Well lo and behold I was denied the next day. Of course the PPP ran out of money on Thursday which makes me wonder if the bank just dropped the ball in submitting my application to the SBA. Still unsure how this all works or went down but unless for some reason I didn't meet some criteria I'm at a loss how I missed out. Could it be that the initial rush of applicants before me in the first week accounted for all of the funds being used up ? Something smells fishy to me on this one and I can tell you now, when this has all passed I will be changing banks.

I have so little trust in the people we pay to watch/invest "Our" money because they remind me of the DNC.
The young man that manages our bank branch grew up with my son and I have known him for 25+ years. He takes personal care of us. Beyond that the financial institutions can all pound sand.

 

[mom45]

I just hope our office got approved since I have already checked NO on the first two vouchers for unemployment...stating no claim for those weeks since we were told we would be paid thru this program and were not to file vouchers. We had already opened claims so I am keeping that open since it is valid for a year.

 

[Super Bee]

Anyone get anything from the EIDL yet?

 

[CampingJosh]

Could it be that the initial rush of applicants before me in the first week accounted for all of the funds being used up ? Something smells fishy to me on this one and I can tell you now, when this has all passed I will be changing banks.

Yes. The money went very quickly.

 

[Vigilant]

Anyone get anything from the EIDL yet?

I received my advance this morning, but NO INFORMATION on the loan. The advance, was a joke considering business expenses, but still better than a sharp stick in the eye. EIDL is NOT out of money, just all the money available is earmarked to apps received before the cutoff. If you are i the queue, you will get funding if approved, they’re just taking their sweet time getting there. Communication is ABYSMAL at best.

 

[GodFearinGunTotin]

Don't forget Falls City Firearms, our own Indiucky owns it, Clarksville, In.

Really, I had no idea, thats cool. I could use a few extra Glock 17 mags but that 5 hour drive for a couple mags might be a bit much. Especially when I get 10 mpg in the Excursion.

I doubt you'd find Glock mags in Indiucky's shop to be honest. He specializes in more of the vintage firearms. He gets in a few "modern" guns though, but mostly from trades or consignment I believe.

You might call before you head down. I IM’d him yesterday and I don’t think he’s open right now. If I understood correctly, he’s hoping to open back up in a week or so.

 

[DoggyDaddy]

You might call before you head down. I IM’d him yesterday and I don’t think he’s open right now. If I understood correctly, he’s hoping to open back up in a week or so.

That's good to hear! I don't have his cell number so the only number I have for him is the shop.

 

[AtTheMurph]

Anyone get anything from the EIDL yet?

I got the funds yesterday. No notice, just a deposit into my account.

Same thing with the PPP. Got deposited yesterday. No confirm I was getting it, only ever got a confirm that the bank was submitting it. I figured since I had not received any notice by Sat that I was screwed.

 

[Super Bee]

EIDL was deposited this morning. We got $1000.00 per employee.

We called our bank this morning about the PPP loan. We were approved over a week ago and we are in the queue, just waiting for the funds to hit the account. We are actually getting a couple grand more than we asked for, not complaining.

 

[Vigilant]

Still no loan portal for me!Customer disservice just recommends “being patient”. *****, I was patient 20+ days ago, now I’m impatient, and I want ****ing answers. My loan went from “in progress” to “in review” on the 2nd of April, NO movement since? No emails, no underwriter/loan officer calls, no contact AT ALL. Typical .gov I guess, I don’t understand why I’m *****ing? Oh yeah, this month’s bills are due, and there’s no money coming in to pay them!!!!

 

[Super Bee]

Is your bank giving you any information? Mine looked ours up by the number and was able to see where it stands. May be time to find a new bank.

 

[DoggyDaddy]

Still no loan portal for me!Customer disservice just recommends “being patient”. *****, I was patient 20+ days ago, now I’m impatient, and I want ****ing answers. My loan went from “in progress” to “in review” on the 2nd of April, NO movement since? No emails, no underwriter/loan officer calls, no contact AT ALL. Typical .gov I guess, I don’t understand why I’m *****ing? Oh yeah, this month’s bills are due, and there’s no money coming in to pay them!!!!

Man, I'm sorry to hear what you're having to go through, but I'm sure you're not alone. I did hear they passed (or are expected to pass) another bill for additional small business relief but you know as well as I do (better, most likely) how long that can take.

If you haven't done so already, talk to your creditors/billers to see if they'll work with you. I think most of them will.

 

[DoggyDaddy]

Is your bank giving you any information? Mine looked ours up by the number and was able to see where it stands. May be time to find a new bank.

I've been with credit unions since 1995. Hearing the horror stories from folks that deal with the big banks makes me glad I have. I'm just speaking in general. I haven't had to deal with all the Covid-19 crap that you guys have.

 

[CampingJosh]

May be time to find a new bank.

Unfortunately lots of banks are saying that they are only doing loans for existing customers and are not taking on new customers.

 

[churchmouse]

I've been with credit unions since 1995. Hearing the horror stories from folks that deal with the big banks makes me glad I have. I'm just speaking in general. I haven't had to deal with all the Covid-19 crap that you guys have.

We dropped the big banks in 05 and never looked back.
TCU has been very good to us.

 

[Super Bee]

Unfortunately lots of banks are saying that they are only doing loans for existing customers and are not taking on new customers.

I heard that too. I did not make myself clear, after he has his loan done. Hopefully he can get it wrapped up soon.

I know we are moving are accounts to a credit union after this mess is over. They guy at our bank sent us a nasty e-mail telling us how he "is working is *** off for us" and for every e-mail my wife sends him he loses his concentration and takes time away from other customers. Believe me, he went on and on how he did not want to be bothered. All because my wife sent one single e-mail asking if he had heard anything yet. Total ***bag.

 

[churchmouse]

I heard that too. I did not make myself clear, after he has his loan done.

I know we are moving are accounts to a credit union after this mess is over. They guy at our bank sent us a nasty e-mail telling us how he "is working is *** off for us" and for every e-mail my wife sends him he loses his concentration and takes time away from other customers. Believe me, he went on and on how he did not want to be bothered. All because my wife sent one single e-mail asking if he had heard anything yet. Total ***bag.

When you dump them make sure he and his manager knows why.

 

[Super Bee]

When you dump them make sure he and his manager knows why.

Oh, I already have believe me. Not sure what they will do, he is a VP in his department. I was told by a friend at the bank he had been spoken too by higher ups.

I thought about posting the e-mails on Old Nationls FB page as I have kept them. The wife asked me to refrain from doing this for the time being.