swamp
Community Leader
Don't be a fool. Call me!
Joined: Dec 19, 2010 16:03:22 GMT -5
Posts: 45,309
|
Post by swamp on Apr 16, 2020 11:04:14 GMT -5
www.cnn.com/2020/04/16/politics/small-business-loan-fight-congress-negotiations/index.htmlI emailed my banker about this. the response: "I am also following the news and have the same fears. I have not received guidance at this time from the Bank. I will send out an email to every one of my customers as soon as I hear back." I think it means I'm not getting any funding. I don't know what I could have done any different. I supplied the application and information requested as soon as I got it from the bank. I tried 3 different banks, one wasn't processing applications for anyone that wasn't a customer 1 was not a bank in that program. The bank that took my application is a regional bank, but they aren't tiny, they are all over NY and PA. I don't have a Wells Fargo or Bank of America or other national bank in the area to go to. They only "large" bank I have is Key Bank, and in my experience, they have been awful to deal with. Even something simple like closing out an account for an estate proceedings was fucked up. They have a new manager so they could be better now, but I've been stung too many times by them to try. Maybe I should have.
|
|
plugginaway22
Well-Known Member
Joined: Jan 2, 2011 10:18:42 GMT -5
Posts: 1,655
|
Post by plugginaway22 on Apr 16, 2020 11:34:08 GMT -5
What is so infuriating about this is that companies not even affected by this crisis got funded, free money for their payrolls and if all rules followed, won't payback a cent of it. While a private medical practice (or law practice like Swamp) will ultimately end up closing because we cannot make enough money to pay our staff.
There was no thought of screening out which businesses were hurting, and add to that the crap shoot of which banks were able to pull it off.
|
|
swamp
Community Leader
Don't be a fool. Call me!
Joined: Dec 19, 2010 16:03:22 GMT -5
Posts: 45,309
|
Post by swamp on Apr 16, 2020 11:38:40 GMT -5
Bank email to all applicants:
As many of you have likely heard. SBA (Small Business Administration) has exhausted the appropriated PPP funds from the CARES Act. I, like you, have been watching the news and have feared that this day would come. We are still processing all submitted applications for the PPP. We are hopeful but not certain of a second round of funding from the US government. We will continue processing in hopes of being prepared for the next round. As the next round of funding, like the first, will likely be first come first serve. We are doing the best we can and hope to have them positioned appropriately for more funding if and when available.
At this time, I have not received formal guidance from Community Bank N.A., though I wanted to make sure I was in touch with each of you promptly. What I know now is that upon receipt of your applications, I submitted them timely. I was and hopefully am still supposed to hear back regarding their submission and approval status.
In addition, the Pursuit Lending (formally known as NYBDC, NY Business Development Corporation) funding source is also exhausted and no longer available to our customers.
I will follow up to this email as soon as I hear more.
|
|
Deleted
Joined: Apr 26, 2024 0:00:12 GMT -5
Posts: 0
|
Post by Deleted on Apr 16, 2020 11:43:45 GMT -5
As 1099 contractors, we were told we couldn't apply for an additional week. This was a guarantee there would be no funding.
Many of us have applied for UI, but at least in this state, that's also currently hosed up because they don't know how to process 1099 claims because previously self-employed people didn't qualify. Even though people "could" apply for UI weeks ago, everyone is stuck in an electronic queue waiting for some sort of system change.
I belong to a FB group of 1099/SE folks here in OR and most have received zero assistance, and it doesn't appear there's much of a fix on the horizon.
This will force people to work and thus lead to the second wave of outbreak, IMHO.
|
|
Miss Tequila
Distinguished Associate
Joined: Dec 19, 2010 10:13:45 GMT -5
Posts: 20,602
|
Post by Miss Tequila on Apr 16, 2020 11:53:36 GMT -5
As 1099 contractors, we were told we couldn't apply for an additional week. This was a guarantee there would be no funding. Many of us have applied for UI, but at least in this state, that's also currently hosed up because they don't know how to process 1099 claims because previously self-employed people didn't qualify. Even though people "could" apply for UI weeks ago, everyone is stuck in an electronic queue waiting for some sort of system change. I belong to a FB group of 1099/SE folks here in OR and most have received zero assistance, and it doesn't appear there's much of a fix on the horizon. This will force people to work and thus lead to the second wave of outbreak, IMHO. I applied for two 1099 contractors on the date it opened to them. They got approved. It all boiled down to having the right contact at the right bank. I’m actually surprised because this bank is just a regional bank but not a very big one. They had their shit together before the big banks did. Their turn around time was hours and not days. The two other banks I went through were useless I have complained from day 1 that everyone is eligible. My president was just telling me that his friend is an essential employer who is busier than normal. He got a $4.5million PPP loan that will be totally forgiven. My company also got a tidy sum and only $100k of it is for a business that we had to shut down (we brought the employees back at full pay since we now have the money). And this was approved by everyone so it isn’t a republican versus democrat issue. It pisses me off
|
|
jerseygirl
Senior Member
Joined: May 13, 2018 7:43:08 GMT -5
Posts: 4,768
|
Post by jerseygirl on Apr 16, 2020 12:28:55 GMT -5
The first program is running out of money. Mitch McConnell had a bill to add $350 billion to the original. Pelosi refused, she wants to add more programs such as money for hospitals etc and this will take more time. McConnel says hospitals still have money available so not an emergency and wants to have another bill for hospitals etc So if you don’t get funded, blame Nancy. Same person that held up the first SBA program cause she wanted to add $28 million for Kennedy center in DC. Really lady???
|
|
swamp
Community Leader
Don't be a fool. Call me!
Joined: Dec 19, 2010 16:03:22 GMT -5
Posts: 45,309
|
Post by swamp on Apr 16, 2020 12:37:52 GMT -5
The first program is running out of money. Mitch McConnell had a bill to add $350 billion to the original. Pelosi refused, she wants to add more programs such as money for hospitals etc and this will take more time. McConnel says hospitals still have money available so not an emergency and wants to have another bill for hospitals etc So if you don’t get funded, blame Nancy. Same person that held up the first SBA program cause she wanted to add $28 million for Kennedy center in DC. Really lady It did run out of money. I'm not interested in your partisan bullshit right now. The republicans had enough of their own pork in it, and I see Pelosis point on the hospitals. All the hospitals in my rural area have laid off people and are hemorrhaging money. They don't have money available.
|
|
Miss Tequila
Distinguished Associate
Joined: Dec 19, 2010 10:13:45 GMT -5
Posts: 20,602
|
Post by Miss Tequila on Apr 16, 2020 12:50:42 GMT -5
The first program is running out of money. Mitch McConnell had a bill to add $350 billion to the original. Pelosi refused, she wants to add more programs such as money for hospitals etc and this will take more time. McConnel says hospitals still have money available so not an emergency and wants to have another bill for hospitals etc So if you don’t get funded, blame Nancy. Same person that held up the first SBA program cause she wanted to add $28 million for Kennedy center in DC. Really lady I am not ok with doubling this program with zero accountability to who actually needs it. I saw first hand how it turned into nothing more than a money grab by companies that do not need the money. Meanwhile, people like the woman who owns my salon (shut down over 4 weeks ago ) are left out in the cold because they didn't know enough to get to the right bank ASAP.
|
|
swamp
Community Leader
Don't be a fool. Call me!
Joined: Dec 19, 2010 16:03:22 GMT -5
Posts: 45,309
|
Post by swamp on Apr 16, 2020 12:54:39 GMT -5
The first program is running out of money. Mitch McConnell had a bill to add $350 billion to the original. Pelosi refused, she wants to add more programs such as money for hospitals etc and this will take more time. McConnel says hospitals still have money available so not an emergency and wants to have another bill for hospitals etc So if you don’t get funded, blame Nancy. Same person that held up the first SBA program cause she wanted to add $28 million for Kennedy center in DC. Really lady I am not ok with doubling this program with zero accountability to who actually needs it. I saw first hand how it turned into nothing more than a money grab by companies that do not need the money. Meanwhile, people like the woman who owns my salon (shut down over 4 weeks ago ) are left out in the cold because they didn't know enough to get to the right bank ASAP. Or even those of us who knew to get a bank ASAP are getting left out because of bank policies, the number of applications submitted, or whatever reason beyond my control.
|
|
plugginaway22
Well-Known Member
Joined: Jan 2, 2011 10:18:42 GMT -5
Posts: 1,655
|
Post by plugginaway22 on Apr 16, 2020 12:57:17 GMT -5
Or approvals based on what computer system the bank is using...
|
|
Miss Tequila
Distinguished Associate
Joined: Dec 19, 2010 10:13:45 GMT -5
Posts: 20,602
|
Post by Miss Tequila on Apr 16, 2020 13:01:39 GMT -5
I am not ok with doubling this program with zero accountability to who actually needs it. I saw first hand how it turned into nothing more than a money grab by companies that do not need the money. Meanwhile, people like the woman who owns my salon (shut down over 4 weeks ago ) are left out in the cold because they didn't know enough to get to the right bank ASAP. Or even those of us who knew to get a bank ASAP are getting left out because of bank policies, the number of applications submitted, or whatever reason beyond my control. I agree. The banks took care of their large corporate customers. On one hand I understand why the banks did that, on the other hand it is incredibly unfair. I don't have an answer. I hope if there is a round two that there are parameters put around the funding.
|
|
Deleted
Joined: Apr 26, 2024 0:00:12 GMT -5
Posts: 0
|
Post by Deleted on Apr 16, 2020 13:30:55 GMT -5
Judging by some of the posts in our towns Covid 19 Facebook page. Many of the small business owners around here didn't even have a clue about this even being available.
|
|
jelloshots4all
Senior Member
Joined: Aug 14, 2013 15:54:13 GMT -5
Posts: 4,642
|
Post by jelloshots4all on Apr 16, 2020 14:20:29 GMT -5
The first program is running out of money. Mitch McConnell had a bill to add $350 billion to the original. Pelosi refused, she wants to add more programs such as money for hospitals etc and this will take more time. McConnel says hospitals still have money available so not an emergency and wants to have another bill for hospitals etc So if you don’t get funded, blame Nancy. Same person that held up the first SBA program cause she wanted to add $28 million for Kennedy center in DC. Really lady It did run out of money. I'm not interested in your partisan bullshit right now. The republicans had enough of their own pork in it, and I see Pelosis point on the hospitals. All the hospitals in my rural area have laid off people and are hemorrhaging money. They don't have money available. WHY shouldn't hospitals be included WTF!!! They are our frontline!!! They are paying OT, bringing in extra staff, their workers are facing DEATH EVERYDAY they go to work!!! McConnell could give 2 SHITS about PEOPLE!!! Only politics
|
|
billisonboard
Community Leader
Joined: Dec 20, 2010 22:45:44 GMT -5
Posts: 37,456
|
Post by billisonboard on Apr 16, 2020 16:01:19 GMT -5
It did run out of money. I'm not interested in your partisan bullshit right now. The republicans had enough of their own pork in it, and I see Pelosis point on the hospitals. All the hospitals in my rural area have laid off people and are hemorrhaging money. They don't have money available. WHY shouldn't hospitals be included WTF!!! They are our frontline!!! They are paying OT, bringing in extra staff, their workers are facing DEATH EVERYDAY they go to work!!! McConnell could give 2 SHITS about PEOPLE!!! Only politics I think that there should be assistance for hospitals. I am not sure that this SBA paycheck protection program is the way to get it to them.
|
|
jerseygirl
Senior Member
Joined: May 13, 2018 7:43:08 GMT -5
Posts: 4,768
|
Post by jerseygirl on Apr 16, 2020 17:53:08 GMT -5
It did run out of money. I'm not interested in your partisan bullshit right now. The republicans had enough of their own pork in it, and I see Pelosis point on the hospitals. All the hospitals in my rural area have laid off people and are hemorrhaging money. They don't have money available. WHY shouldn't hospitals be included WTF!!! They are our frontline!!! They are paying OT, bringing in extra staff, their workers are facing DEATH EVERYDAY they go to work!!! McConnell could give 2 SHITS about PEOPLE!!! Only politics Because there is still money that hospitals haven’t spent yet. The next bill will add more money for hospitals and infrastructure. A bill that would just add to SBA should be a quick approval. The next bill that is going to increase hospitals money and infrastructure will take longer for approval. So do you then think Pelosi doesn’t care about small businesses that employ half the workers in the US?? Our congress is lower than dirt - both parties
|
|
swamp
Community Leader
Don't be a fool. Call me!
Joined: Dec 19, 2010 16:03:22 GMT -5
Posts: 45,309
|
Post by swamp on Apr 17, 2020 9:57:19 GMT -5
I have spoken to a few other small business owners who also used the same bank.
It appears that the front line loan officer did his job, gathered the info, and submitted it to the underwriters. The underwriters then sat on the applications and didn't submit them. I don't know what they were waiting for.
I am not amused.
|
|
Deleted
Joined: Apr 26, 2024 0:00:12 GMT -5
Posts: 0
|
Post by Deleted on Apr 17, 2020 10:01:29 GMT -5
I have spoken to a few other small business owners who also used the same bank. It appears that the front line loan officer did his job, gathered the info, and submitted it to the underwriters. The underwriters then sat on the applications and didn't submit them. I don't know what they were waiting for. I am not amused. Common consensus online seems to be the larger companies who requested larger loans and had "relationships" with banks were the ones approved. Everyone else basically sat in a pile ignored. I belong to a 1099/SE group on FB for Oregon and I think there was one person who reported actually getting funding. The rest all got screwed or couldn't even find banks who would accept their application.
|
|
swamp
Community Leader
Don't be a fool. Call me!
Joined: Dec 19, 2010 16:03:22 GMT -5
Posts: 45,309
|
Post by swamp on Apr 17, 2020 10:23:44 GMT -5
imagine that, larger companies get plenty of cash. Sole proprietors get the shaft.
Granted, I am not going to go under without this loan, but it will take some pressure off. Things are tight right now. I've cut my draw in half, and I don't donate to the community right now, just when they need it the most. I've also stopped having my assistants son come in to do filing, simple letter typing, etc., so he's not getting the extra money he's used to getting.
|
|
jerseygirl
Senior Member
Joined: May 13, 2018 7:43:08 GMT -5
Posts: 4,768
|
Post by jerseygirl on Apr 17, 2020 10:24:15 GMT -5
I also applied, got a number but not funded Thanks to politicians not agreeing to increase funding They all want to(both parties) but not agreeing on priorities
|
|
TheHaitian
Senior Associate
Joined: Jul 27, 2014 19:39:10 GMT -5
Posts: 10,144
|
Post by TheHaitian on Apr 17, 2020 10:24:23 GMT -5
So seems I am out of luck and did not get funding ... yet! I am a customer of Wells Fargo and by the time they put in my application, funding was out. I should have gone with a smaller bank.
A lot of people in NYC are pissed because it seems hedge funds also qualified and the max being 10 Millions and all their employees getting paid really well... you see where this is going. A lot of those business that did not need the money, were already doing well, are getting up to $10 Millions dollars of free money (I believe 75% of it get forgiven if used for payroll or something)...
While the mom and pops, restaurants, gyms etc got locked out and got nothing:
|
|
billisonboard
Community Leader
Joined: Dec 20, 2010 22:45:44 GMT -5
Posts: 37,456
|
Post by billisonboard on Apr 17, 2020 10:43:49 GMT -5
Larger companies applied for and got money they didn't likely need to survive. Banks prioritized giving to companies that didn't necessarily need the money. God damned government And in case you missed it ->
|
|
swamp
Community Leader
Don't be a fool. Call me!
Joined: Dec 19, 2010 16:03:22 GMT -5
Posts: 45,309
|
Post by swamp on Apr 17, 2020 10:52:46 GMT -5
I emailed the loan officer that it was my understanding that he processed the applications in a timely manner and sent them to the underwriters who then sat on them. I also told him I was very angry with Bank, not him personally. here is the response:
This is unfortunately true, and it pains me to share this news after working so hard to support my customers. Bank is continuing to process applications as to ready ourselves and our customers for prompt submission if and when more funding is provided.
I would like to thank you as well for your understanding of the separation of roles as it means a lot to me personally. I have now joined the team to help submit the applications and assist with the underwriting, unfortunately I am not allowed to prioritize my customers in this additional role. I can only hope now that the US Government approved additional PPP funding.
|
|
Deleted
Joined: Apr 26, 2024 0:00:12 GMT -5
Posts: 0
|
Post by Deleted on Apr 17, 2020 11:50:01 GMT -5
It's interesting to me the federal government punted the $600 a week stimulus to UI in each state where they are completely overloaded and unable to process claims. My DS's GF cuts hair and was one of the first people laid off when this started. She still has been unable to get UI because Oregon's system is completely backlogged.
The $1200 payment hasn't made it to anyone I personally know yet, most of whom are low-income. Neither of my sons nor my DS's GF (all of whom used direct deposit last year with the IRS) have received the $1200 either.
I think by forcing lower-income people to run out of money and food, the feds are forcing people to want to get back to working - safe or not.
I saw last night the Bundys are now asking all of their followers to gather and protest the government intentionally killing small businesses and making rural Americans reliant on them for income/food.
If they want people to keep social distancing without social unrest, people need to start seeing cash and food.
|
|
swamp
Community Leader
Don't be a fool. Call me!
Joined: Dec 19, 2010 16:03:22 GMT -5
Posts: 45,309
|
Post by swamp on Apr 17, 2020 11:56:29 GMT -5
I've emailed my application to the bank that was not set up to handle SBA loans at the beginning. They are now.
|
|
Deleted
Joined: Apr 26, 2024 0:00:12 GMT -5
Posts: 0
|
Post by Deleted on Apr 17, 2020 11:56:42 GMT -5
I know lots of people that got their stimulus payment this week including me and my AGI was 25K so I don't think they're withholding the money from low income folks.
|
|
billisonboard
Community Leader
Joined: Dec 20, 2010 22:45:44 GMT -5
Posts: 37,456
|
Post by billisonboard on Apr 17, 2020 12:19:03 GMT -5
It's interesting to me the federal government punted the $600 a week stimulus to UI in each state where they are completely overloaded and unable to process claims. ... I am glad that the federal government did not attempt to create a new system to identify and pay people who are legitimately unemployed. It would not have been done quickly.
|
|
Miss Tequila
Distinguished Associate
Joined: Dec 19, 2010 10:13:45 GMT -5
Posts: 20,602
|
Post by Miss Tequila on Apr 17, 2020 13:01:07 GMT -5
It's interesting to me the federal government punted the $600 a week stimulus to UI in each state where they are completely overloaded and unable to process claims. My DS's GF cuts hair and was one of the first people laid off when this started. She still has been unable to get UI because Oregon's system is completely backlogged. The $1200 payment hasn't made it to anyone I personally know yet, most of whom are low-income. Neither of my sons nor my DS's GF (all of whom used direct deposit last year with the IRS) have received the $1200 either. I think by forcing lower-income people to run out of money and food, the feds are forcing people to want to get back to working - safe or not. I saw last night the Bundys are now asking all of their followers to gather and protest the government intentionally killing small businesses and making rural Americans reliant on them for income/food. If they want people to keep social distancing without social unrest, people need to start seeing cash and food. I know lots of people that got the $1,200. I do not qualify so I did not receive one. My aunt, my mom and her husband, my SIL and BIL, my ex, my soon to be inlaws. They all got them direct deposited into their accounts. DF should get a limited one (he doesn't totally phase out) but he doesn't provide his bank account so I'm assuming a check will be coming for him. As for the rest, of course the unemployment systems are completely overwhelmed. They went from 0-100 overnight. People will get their checks but it is going to take some time. It is hit or miss with the people that I know personally. Some got paid fairly quickly and some (my daughter) are waiting for weeks. I can't even knock the government for this. That would be like our customers at work suddenly increased 10,000%. We would not be able to handle it. This isn't some master plan to force anyone to work.
|
|
bean29
Junior Associate
Joined: Dec 19, 2010 22:26:57 GMT -5
Posts: 9,924
|
Post by bean29 on Apr 17, 2020 13:03:54 GMT -5
I am not ok with doubling this program with zero accountability to who actually needs it. I saw first hand how it turned into nothing more than a money grab by companies that do not need the money. Meanwhile, people like the woman who owns my salon (shut down over 4 weeks ago ) are left out in the cold because they didn't know enough to get to the right bank ASAP. Or even those of us who knew to get a bank ASAP are getting left out because of bank policies, the number of applications submitted, or whatever reason beyond my control. Yeah, and I know you went ahead and applied with more than one bank Mis T, but I am a rule follower, and once I applied at Chase, I did not feel I could/should go apply somewhere else too. Apparently this wasn't about processing applications in the order received, Banks processed the applications of the people that owed them the most $$/had the biggest lending relationships with them. So while my application was in at Chase on Wednesday (their fault it was not complete on the 3rd, b/c their system was opaque and I had to figure it out without any guidance from them), my work submitted on Wednesday with a different bank, they came back and asked us to make changes, I re-did the information on Thursday eve, They asked for articles of incorporation, and our Office Manger could not find them, President said he was pretty sure he had them at home, and he found them and sent them in on Saturday April 11th. By Yesterday, Thursday April 16th, our bank Notified our President the loan was authorized and they asked him to docusign some documents. He did that last night, and the money for one company hit our account this morning.
Edit to clarify - initially Chase gave me no feedback if the application was complete, but last Wednesday April 8th Chase sent DH an e-mail that they received our Paycheck Protection Program Loan application, and he would receive our loan decision from them by e-mail soon. In that e-mail he received an application number. I am unsure if they ever submitted it to the SBA. I doubt it.
My DH is Pissed. We have probably been with chase for 10 years. He is leaving. I suggested he leave the account open and just move his business to another bank, and he said No, it is not just me - they did this to lots of smaller customers - I am leaving them. He already has another existing business account open - He opened it sometime last year. it is not a small or regional bank either - it is also a large bank - but that is where he is going.
|
|
Miss Tequila
Distinguished Associate
Joined: Dec 19, 2010 10:13:45 GMT -5
Posts: 20,602
|
Post by Miss Tequila on Apr 17, 2020 13:07:00 GMT -5
I have spoken to a few other small business owners who also used the same bank. It appears that the front line loan officer did his job, gathered the info, and submitted it to the underwriters. The underwriters then sat on the applications and didn't submit them. I don't know what they were waiting for. I am not amused. What in the world was the holdup? Honestly, there was very little documentatoini that should have been required. All we had to submit was payroll data. The underwriting process should have been minutes. They literally had to verify your payroll numbers to your quarterly payroll reports (or Schedule C and SE or whatever else kind of support you had).
|
|
Miss Tequila
Distinguished Associate
Joined: Dec 19, 2010 10:13:45 GMT -5
Posts: 20,602
|
Post by Miss Tequila on Apr 17, 2020 13:12:58 GMT -5
Or even those of us who knew to get a bank ASAP are getting left out because of bank policies, the number of applications submitted, or whatever reason beyond my control. Yeah, and I know you went ahead and applied with more than one bank Mis T, but I am a rule follower, and once I applied at Chase, I did not feel I could/should go apply somewhere else too. Apparently this wasn't about processing applications in the order received, Banks processed the applications of the people that owed them the most $$/had the biggest lending relationships with them. So while my application was in at Chase on Wednesday (their fault it was not complete on the 3rd, b/c their system was opaque and I had to figure it out without any guidance from them), my work submitted on Wednesday with a different bank, they came back and asked us to make changes, I re-did the information on Thursday eve, They asked for articles of incorporation, and our Office Manger could not find them, President said he was pretty sure he had them at home, and he found them and sent them in on Saturday April 11th. By Yesterday, Thursday April 16th, our bank Notified our President the loan was authorized and they asked him to docusign some documents. He did that last night, and the money for one company hit our account this morning.
My DH is Pissed. We have probably been with chase for 10 years. He is leaving. I suggested he leave the account open and just move his business to another bank, and he said No, it is not just me - they did this to lots of smaller customers - I am leaving them.
Believe it or not, I am a huge rule follower, too. I am a CPA and would never put my license at risk by doing anything unethical or illegal. At first I refused to apply at more than one bank. I talked to our corporate attorney and he blessed it (actually he encouraged it because he knew what a shit show everything was). He said the minute we are approved, I alert the other banks to stop. That's what I did and we had no issues. When you read the application closely, you are signing that you did not receive an EIDL loan between January 31 and April 3". I was able to honestly say that we hadn't. it didn't ask if we APPLIED for more than one. I don't like big banks because you don't really have anyone pushing for you. Even if they didn't screw you over, I would recommend a large, regional bank. Not someone so small that they can't keep up with SBA programs and do it quickly, but someone small enough that you develop a relationship.
|
|