swamp
Community Leader
Don't be a fool. Call me!
Joined: Dec 19, 2010 16:03:22 GMT -5
Posts: 45,306
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Post by swamp on Apr 28, 2020 12:35:34 GMT -5
crap. I paid my May rent and April retirement too soon. Brain fart.
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NastyWoman
Senior Associate
Joined: Dec 24, 2010 20:50:37 GMT -5
Posts: 14,319
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Post by NastyWoman on Apr 28, 2020 22:41:57 GMT -5
I GOT MY MONEY!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! Processing Method : Paycheck Protection Program Received from : Bank Received date : 04/27/2020 Application name : Swamp's office Primary borrower : Swamp's Office Amount requested : $38,660.00 SBA guaranty percent : 100.000% Current status : Active Un-Disbursed Warning(s) : • Warnings for application 1 of 1: • 00001. For Project, the full 9 digit zip code is mandatory for Project Address. (Zip Code + 4) (xxxx) SBA application number : 1xxxxxxx Was funded on : 04/27/2020 for $38,660.00 The SBA loan number is : xxxxxxx The SBA loan origination fee is : Fee Discount Rate: xxx Fee After Discount : xxx Purely out of curiosity, did you get the money through bank 1 or bank 2. And, if bank 2 will that induce you to change banks?
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TheHaitian
Senior Associate
Joined: Jul 27, 2014 19:39:10 GMT -5
Posts: 10,144
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Post by TheHaitian on Apr 29, 2020 4:49:52 GMT -5
I finally got an email from Wells Fargo yesterday and was only able to answer them this morning; I did not get home till 1:30 AM and was too tired then. Here is the email :
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swamp
Community Leader
Don't be a fool. Call me!
Joined: Dec 19, 2010 16:03:22 GMT -5
Posts: 45,306
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Post by swamp on Apr 29, 2020 10:07:09 GMT -5
I GOT MY MONEY!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! Processing Method : Paycheck Protection Program Received from : Bank Received date : 04/27/2020 Application name : Swamp's office Primary borrower : Swamp's Office Amount requested : $38,660.00 SBA guaranty percent : 100.000% Current status : Active Un-Disbursed Warning(s) : • Warnings for application 1 of 1: • 00001. For Project, the full 9 digit zip code is mandatory for Project Address. (Zip Code + 4) (xxxx) SBA application number : 1xxxxxxx Was funded on : 04/27/2020 for $38,660.00 The SBA loan number is : xxxxxxx The SBA loan origination fee is : Fee Discount Rate: xxx Fee After Discount : xxx Purely out of curiosity, did you get the money through bank 1 or bank 2. And, if bak 2 will that induce you to change banks? bank 2. completely change banks, no, because bank 2 does not offer some of the services I need. It's a very very very small credit union.
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djAdvocate
Member Emeritus
only posting when the mood strikes me.
Joined: Jun 21, 2011 12:33:54 GMT -5
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Post by djAdvocate on Apr 29, 2020 13:59:03 GMT -5
applied last Friday for business #2. loan amount is $209,300.
no word back from bank, yet.
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swamp
Community Leader
Don't be a fool. Call me!
Joined: Dec 19, 2010 16:03:22 GMT -5
Posts: 45,306
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Post by swamp on Apr 29, 2020 14:42:00 GMT -5
My money is in my account.
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bean29
Junior Associate
Joined: Dec 19, 2010 22:26:57 GMT -5
Posts: 9,912
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Post by bean29 on Apr 29, 2020 17:23:57 GMT -5
This does not relate to the PPP, but since someone was questioning if Swamp could claim Unemployment - I sent this to DD today.
www.usatoday.com/story/money/2020/04/21/coronavirus-stimulus-payments-do-parents-college-kids-get-checks/2998705001/
How unemployment benefits are calculated varies by state, but even those who don’t qualify for unemployment are automatically considered for the new Pandemic Unemployment Assistance program that was created as part of the CARES Act. PUA aids people who are unable to work due to the coronavirus pandemic but do not qualify for traditional unemployment insurance. The PUA benefit rate is based on recent earnings, with recipients also getting the additional $600 per week.
DD was working for an airline, and she also works for DH 16 hours a week. I think she said airline was 23 hours a week. She said you have to work 30+ hours to claim UC. I also heard that if your hours are reduced or you lost your 2nd job, but you still have a PT job you can get that 600/week. DD was Permanent PT, but transferred airports and went to Seasonal - she expected to go back to a Permanent employee within a year. She was told she had to take 9 months or a year of Leave if she wanted to have any hope of returning to work, otherwise when her leave was up, she would be terminated. The onboarding process is quite involved, so she took a year of leave. So she was attempting to apply for UC today, I don't know if they will allow. It asked if she was going to school, and she answered she is. It did not give her any place to give further details but she has 3 online classes and one evening class two nights a week. I told her if she gets denied she can appeal and give further details. If Starbucks gets busy enough, they will rehire her, she is not the kind to stay home if she can work.
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jerseygirl
Senior Member
Joined: May 13, 2018 7:43:08 GMT -5
Posts: 4,749
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Post by jerseygirl on Apr 29, 2020 19:22:26 GMT -5
Just received email from Chase, my SBA application was sent for processing
Didn’t ask for additional info. Did anyone who received loan get questions or need to send additional info after application was sent?
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jerseygirl
Senior Member
Joined: May 13, 2018 7:43:08 GMT -5
Posts: 4,749
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Post by jerseygirl on May 1, 2020 8:39:40 GMT -5
Yay! Received email my SBA loan approved. Should be deposited in my business account in 3 days
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bean29
Junior Associate
Joined: Dec 19, 2010 22:26:57 GMT -5
Posts: 9,912
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Post by bean29 on May 1, 2020 10:54:28 GMT -5
Like Jersey Girl, DH got a notification on Wednesday Evening that they had submitted his loan application to the SBA (I applied on the 7th, so it took them 22 days to process it). They never asked for additional information, other than it took me several tries to get the application to a point where it was complete all with no input/feedback/direction from them. I first attempted to apply on the 3rd, then the 4th, then several times over the next few days. I was not sure if the application was complete, and kept going back in and each time got a little farther in the application process. The last time, my application was supposedly complete, but I got timed out before I uploaded the tax return and the 941's. I was not sure what to do, but I went back in, re did the application and uploaded the docs.
So, now DH got a notification that his loan has been approved and the funds will be deposited to his Checking account within 3 days. I told him I think he will be asked to sign a note and send a copy of his DL before they fund it, but it did not say they were going to ask for anything else.
The Bank that did our PPP Loans for work, had our president virtually sign the note and he had to take a picture of his DL and send it over too.
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jerseygirl
Senior Member
Joined: May 13, 2018 7:43:08 GMT -5
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Post by jerseygirl on May 1, 2020 13:03:44 GMT -5
crap. I paid my May rent and April retirement too soon. Brain fart. Maybe you can prepay rent and retirement for more than the 2 months?
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swamp
Community Leader
Don't be a fool. Call me!
Joined: Dec 19, 2010 16:03:22 GMT -5
Posts: 45,306
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Post by swamp on May 1, 2020 14:35:36 GMT -5
crap. I paid my May rent and April retirement too soon. Brain fart. Maybe you can prepay rent and retirement for more than the 2 months? It looks like I can include past expenditures for rent and utilities, so I just included them on my spreadseet. I took a $10k draw today, I've already spent $12k catching up
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jerseygirl
Senior Member
Joined: May 13, 2018 7:43:08 GMT -5
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Post by jerseygirl on May 1, 2020 18:04:25 GMT -5
Money deposited in business checking account today. Didn’t request signature or anything else from Chase I am pleasantly surprised by Chase, just filled in the General SBA form, uploaded 1099s from 2019. That was entire process, was approved in the second round of funding. Think the second round had more funds available since many of the very large public companies returned money. These companies applied based on individual franchises being under 500 employees Mnuchin said the very large grants/loans would be stringently audited. Good!
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jerseygirl
Senior Member
Joined: May 13, 2018 7:43:08 GMT -5
Posts: 4,749
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Post by jerseygirl on May 1, 2020 18:07:29 GMT -5
I’m going to send checks for utilities, usually just pay online from account. Think it will be easier to demonstrate payment with copies of checks rather than just a line in statements. I’ll also set up an excel spreadsheet
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TheHaitian
Senior Associate
Joined: Jul 27, 2014 19:39:10 GMT -5
Posts: 10,144
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Post by TheHaitian on May 12, 2020 13:26:20 GMT -5
Anyone else still waiting? I figure I am out of luck since I have not heard anything since they asked for more information.
But then a friend said he thought the same thing and went and applied for unemployment for gig workers and literally a week later (today) he got something from his bank asking him to sign the loans papers.
So now he is not sure what to do since you cannot double dip: take the PPP or unemployment. I am still waiting...
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bean29
Junior Associate
Joined: Dec 19, 2010 22:26:57 GMT -5
Posts: 9,912
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Post by bean29 on May 12, 2020 13:54:28 GMT -5
Anyone else still waiting? I figure I am out of luck since I have not heard anything since they asked for more information. But then a friend said he thought the same thing and went and applied for unemployment for gig workers and literally a week later (today) he got something from his bank asking him to sign the loans papers. So now he is not sure what to do since you cannot double dip: take the PPP or unemployment. I am still waiting... No, we got out $$ almost as soon as Chase approved it. You initially applied before DH did, so I am going to say, something is wrong. Was your application complete? Is there a way you can contact your financial institution? This is for a side gig right? Cause I think you are still working at the Grocery Store? Was your income documented on a tax return? Do you have 1099's to back it up? My DH has been an insurance agent for more than 20 years, and has tax returns, 1099's and Schedule C's to back it up. Do you fall into the category where it is harder for them to verify your income? Chase's website was so confusing, I just "felt" my application was not complete, so I kept going back in to tweak it, and every time I went in, I got further, until I uploaded my 941's and Tax Returns and then I got a message saying my application was complete and I would hear back from them. I consider it a horrible process/experience and hope that if they ever do this again, they are resolved to have a more customer friendly process.
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TheHaitian
Senior Associate
Joined: Jul 27, 2014 19:39:10 GMT -5
Posts: 10,144
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Post by TheHaitian on May 12, 2020 14:48:21 GMT -5
Anyone else still waiting? I figure I am out of luck since I have not heard anything since they asked for more information. But then a friend said he thought the same thing and went and applied for unemployment for gig workers and literally a week later (today) he got something from his bank asking him to sign the loans papers. So now he is not sure what to do since you cannot double dip: take the PPP or unemployment. I am still waiting... No, we got out $$ almost as soon as Chase approved it. You initially applied before DH did, so I am going to say, something is wrong. Was your application complete? Is there a way you can contact your financial institution? This is for a side gig right? Cause I think you are still working at the Grocery Store? Was your income documented on a tax return? Do you have 1099's to back it up? My DH has been an insurance agent for more than 20 years, and has tax returns, 1099's and Schedule C's to back it up. Do you fall into the category where it is harder for them to verify your income? Chase's website was so confusing, I just "felt" my application was not complete, so I kept going back in to tweak it, and every time I went in, I got further, until I uploaded my 941's and Tax Returns and then I got a message saying my application was complete and I would hear back from them. I consider it a horrible process/experience and hope that if they ever do this again, they are resolved to have a more customer friendly process. They came back and asked about my income from the business because I do not file a separate tax for the business, it is pass through. Once I provided that I have not heard back...
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