PPP- out of money. No loan for you. More money - A loan for you.

[philip964]

As I was filling out the application for a PPP loan for a second time ( my first application did not round down to the nearest $100, so although it was accurate, it was too accurate for the SBA) the radio announced the government was out of money for small businesses to protect payroll for their employees and to rehire laid off employees.

From what I understand the Dems added a bunch of liberal pork to the bill to provide more funding, and it went nowhere.

[RPBrown]

I bank through Chase and they were a week behind getting set up to do the loans. Needless to say, I didn't get mine either. Would like to know how many from Chase actually received a PPP loan. Oh, yeah, they informed me that if the additional funding were approved, I would have to reapply. Looking top change banks now

[Vol Texan]

Wells Fargo was way behind the curve as well. We gave up on them and went to Lendio.com.

It is a sort-of Lending Tree model for the PPP loans. They took our info and shopped us out to dozens of lending institutions. We have been getting plenty of notices from them along the way, including one yesterday that said we had made it before the cutoff. So, even though ours has not yet been funded, it is (supposedly) a sure thing.

We have not let any employees go due to COVID-19 forced closure. And I hope this will help us recover some of that wage losses we are experiencing.

When this is all said and done, all y’all need to come visit my wife here in Houston and buy your significant other some nice custom-designed jewelry (hint hint)

[Archery1]

Our business checking is with a smaller bank, Texas First. I put in an application right away. A few days later, I read in the newspaper that they were one of few banks that had been ready, and had loans approved, while the bigger banks were still learning what to do. Because of their SBA relationship, they were able to go around an SBA logjam other banks were experiencing on submitting applications. Ours got approved pretty quick, but we didn't get the Promissory Note to sign until 4:pm Wednesday and were able to drop it off through the teller right before window closed. Then, I get home and see the money is to run out by end of day. Man, did I sweat not knowing. The next morning, we were funded. One day later and it would have been a different story. The news report did say that Texas First was also dealing with a large influx of new customers setting up accounts, but, they were not taking any applications from them for the loan until all existing customer applications were finished.

[brhalltx]

As I was filling out the application for a PPP loan for a second time ( my first application did not round down to the nearest $100, so although it was accurate, it was too accurate for the SBA) the radio announced the government was out of money for small businesses to protect payroll for their employees and to rehire laid off employees

Did you apply through a bank or through the SBA? I haven't heard/read anything about rounding down. I have an email in to my US congressman's staff asking about rounding down.

[Archery1]

As I was filling out the application for a PPP loan for a second time ( my first application did not round down to the nearest $100, so although it was accurate, it was too accurate for the SBA) the radio announced the government was out of money for small businesses to protect payroll for their employees and to rehire laid off employees

Did you apply through a bank or through the SBA? I haven't heard/read anything about rounding down. I have an email in to my US congressman's staff asking about rounding down.

Read that and wondered, too! The way mine worked was application through bank and bank review and submission to SBA. I actually messed up and averaged in payroll taxes to come to loan value. Bank later called me as said they revised it down and would be approving for the corrected amount - no re-submission required.

[philip964]

https://www.click2houston.com/news/loca ... osecutors/

Apparently a Houston guy with no businesses or employees got $1.7 million in PPP loans and spent the money on a Lamborghini a F350 and at strip clubs. Sounds like he will be turned down for loan forgiveness.

I guess the banks didn't know him, but approved his loan anyway. Hmm.

[crazy2medic]

https://www.click2houston.com/news/loca ... osecutors/

Apparently a Houston guy with no businesses or employees got $1.7 million in PPP loans and spent the money on a Lamborghini a F350 and at strip clubs. Sounds like he will be turned down for loan forgiveness.

I guess the banks didn't know him, but approved his loan anyway. Hmm.

I'd have bought me some land with a farmhouse and barn, got me a Tractor, a trailer and truck to move the tractor on! Probably a few more guns, geez money is wasted on the wrong foolish people!