SBA PPP Loan Fund Exhausted Today. Did You Get One?

New England SteamWorks

An SBA confirmation counts as a yes.

New England SteamWorks

We applied on the very 1st day available, 4/3, with BOA. They confirmed receipt. Asks for documents which we uploaded. Then crickets ever since. We are all done with BOA!

Alan (California Radiant) Forbes

Did you really expect a bureaucratic entity to move quickly?

ScottSecor

As @New England SteamWorks wrote above, "We applied on the very 1st day available, 4/3, with BOA. They confirmed receipt. Asks for documents which we uploaded. Then crickets ever since. We are all done with BOA!"

Oddly, at 7am this morning I noticed a pending payment from "SBAD Treasury" in the amount of $3000 in my business checking account. To be honest, I'm not even sure what this money is for. We applied for more than ten times that amount through the PPP program on April 3. I'm awaiting a response from the bank.

New England SteamWorks

It’s your EDL advance if you have 3 employees...

New England SteamWorks

Alan (California Radiant) Forbes said:

Did you really expect a bureaucratic entity to move quickly?

BOA is not a bureaucratic entity. They sat on all their applications, not forwarding them for SBA approval, as we are learning today after too late.

That the PPP program is messed up is expected and understood. BOA behavior however is inexcusable.

ScottSecor

Thank you, that makes sense I guess. Now I'll have to figure out how to pay the three employees for the foreseeable future with that money, hmm...

GW

we got the money, exactly what i asked for. Did not get the 10k kicker though.

hot_rod

One company that my wife knows had close to a million bucks arrive in their account yesterday, from one of the programs! I'm not sure how they are doling out the $$?
First come first serve, regardless of the amount?

Cruise ships and luxury hotels first?

Another socialist giveaway gone wrong?

New England SteamWorks

GW said:

we got the money, exactly what i asked for. Did not get the 10k kicker though.

Treasury changed the EIDL loan program. It was supposed to be 10k. But there wasn’t enough money so it became 1k per employee up to 15k.

Bait and switch you might say...

GW

HR I could easily see a million, we are tiny and ours was 73g.

GW

Ryan ok yes- that’s cool I’m not needing the $1000 per employee at this time, happy with the PPP.

Harvey Ramer

I applied through my local community bank and had SBA confirmation and an account number the same day.