The PPP Thread

[jacoavlu]

Most recent update from Mnuchin is $98B approved / disbursed whatever

[Cubicle]

In addition to Kabbage, Fundera is a SBA "affiliate". I may be going with one of them since Bank of America excludes us, & Capital One is asleep.

[VirginiaDoc]

I’m a Wells Fargo small business customer and still in the queue to apply for a PPP loan. I was able to submit an application via a local bank on Tuesday but it’s nerve wracking pending their “decision on the loan.”

is anyone submitting multiple applications at the same time... i.e. should I also submit one via Kabbage or Fundera? Is there a downside to doing so? Or just accept the one that gets back to me first?

[childay]

EIDL will reduce the loan amount but will not need to be paid back. Request that for sure.
https://www.sba.gov/funding-programs...rgency-advance

Is everyone else applying for EIDL as well as the PPP? EIDL loan rate is higher but it appears 10k is "free"

Edit:
After some googling perhaps only 1k per employee will be a grant. I don't really need a loan at 3.75% unless I also lose my job

https://www.bogleheads.org/forum/viewtopic.php?f=2&t=311206

[Tim]

Is everyone else applying for EIDL as well as the PPP? EIDL loan rate is higher but it appears 10k is "free"

Edit:
After some googling perhaps only 1k per employee will be a grant. I don't really need a loan at 3.75% unless I also lose my job
https://www.bogleheads.org/forum/vie...p?f=2&t=311206

Also, note that due to appropriations limitations, they are capping COVID-19 related disaster loans at $15,000 for initial disbursement, in addition to the "up to" $10,000 grant - so $25k cap. The grant portion is $1,000 per employee, up to the $10k.

“This is the latest info available from SBA regional offices and the first funding emails going out to applicants. You will not find this info on a formal announcement from SBA, they are not making one.”
I wouldn’t blame this on SBA. In the Senate a bill for additional funding was submitted and of course an “improvement” of $25k bonus for anyone working was also offered as an alternative. Politics as usual. SBA is wise not making an announcement they can’t keep.
Rock and a hard place.

[childay]

We did not do the EIDL. Per the bank spouse was approved for 28.5k. Applied yesterday

[Tim]

Just a reminder, scammers are crawling out of woodwork on the PPP plan. Would it be wise to click on a link in an email from SBA that requests additional info?
Who would have thought it!

[Cubicle]

is anyone submitting multiple applications at the same time... i.e. should I also submit one via Kabbage or Fundera? Is there a downside to doing so? Or just accept the one that gets back to me first?

I applied with both Fundera & Kabbage Friday morning. Both said applying with them does not prevent you from applying with anyone else. Just be sure you only accept from only one lender & you should be fine.

[childay]

We did not do the EIDL. Per the bank spouse was approved for 28.5k. Applied yesterday

Loan funded today

[Rando]

Loan funded today

Mine was funded yesterday as well.

[countryphysician]

Our office received the $10k EIDL but no word yet from the PPP

[Cubicle]

Our office received the $10k EIDL but no word yet from the PPP

You're the first person here, on BogleHeads, & my circle of ~8 separate business owners that have had their EIDL funded.

[jacoavlu]

reports the $349B ppp loan money is now exhausted

[formerly_cn]

You're the first person here, on BogleHeads, & my circle of ~8 separate business owners that have had their EIDL funded.

Got EIDL. For some corps got PPP approved but pending funding. Seeing as funding is gone, not holding my breath.

[Otis]

I have heard so many people, experts, say they are 'learning as they go' and 'data is updated almost daily'. As doctors, we are expected to be perfect and God forbid if we make any mistake. We seem to be unique in precision. Accountants give me some confidence but they know as much about the PPP as my grandkids. Why is it this piece of crap rolled out without anybody knowing how this legislation is suppose to work, if it will work, and for whom? What is the back up plan?