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

An SBA confirmation counts as a yes.

SBA PPP Loan Fund Exhausted Today. Did You Get One? 8 votes

Didn’t Apply
25% 2 votes
Couldn’t Apply
0% 0 votes
Applied, No Luck
25% 2 votes
Success!
50% 4 votes
New England SteamWorks
Service, Installation, & Restoration of Steam Heating Systems
newenglandsteamworks.com

Comments

  • New England SteamWorks
    New England SteamWorks Member Posts: 1,407
    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!
    New England SteamWorks
    Service, Installation, & Restoration of Steam Heating Systems
    newenglandsteamworks.com
  • Did you really expect a bureaucratic entity to move quickly?
    Often wrong, never in doubt.
  • ScottSecor
    ScottSecor Member Posts: 384
    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
    New England SteamWorks Member Posts: 1,407
    It’s your EDL advance if you have 3 employees...
    New England SteamWorks
    Service, Installation, & Restoration of Steam Heating Systems
    newenglandsteamworks.com
  • New England SteamWorks
    New England SteamWorks Member Posts: 1,407

    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.
    New England SteamWorks
    Service, Installation, & Restoration of Steam Heating Systems
    newenglandsteamworks.com
  • ScottSecor
    ScottSecor Member Posts: 384
    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
    GW Member Posts: 3,991
    edited April 2020
    we got the money, exactly what i asked for. Did not get the 10k kicker though.
    Gary Wilson
    Wilson Services, Inc
    Northampton, MA
    [email protected]
  • hot_rod
    hot_rod Member Posts: 14,552
    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?
    Bob "hot rod" Rohr
    trainer for Caleffi NA
    Living the hydronic dream
  • New England SteamWorks
    New England SteamWorks Member Posts: 1,407
    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...

    New England SteamWorks
    Service, Installation, & Restoration of Steam Heating Systems
    newenglandsteamworks.com
  • GW
    GW Member Posts: 3,991
    HR I could easily see a million, we are tiny and ours was 73g.
    Gary Wilson
    Wilson Services, Inc
    Northampton, MA
    [email protected]
  • GW
    GW Member Posts: 3,991
    Ryan ok yes- that’s cool I’m not needing the $1000 per employee at this time, happy with the PPP.
    Gary Wilson
    Wilson Services, Inc
    Northampton, MA
    [email protected]
  • Harvey Ramer
    Harvey Ramer Member Posts: 2,215
    I applied through my local community bank and had SBA confirmation and an account number the same day.
    Ramer Mechanical
    ramermechanical.com
    To learn more about this professional, click here to visit their ad in Find A Contractor.
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