I submitted an application for PPP last Friday. My company is just me and the wife on the payroll. Found out yesterday that we were granted a loan of almost $60,000. That will cover my quarterly payroll, sprinkle some in my HSA and a little more into my retirement fund. The loan will be used in its entirety and I won't have to pay it back. It's like I just got a bonus from the government and I don't feel bad about it one bit. cheersgif
Cheddar did you go through a small bank or one of the monsters (BoA, PNC, WF, etc)? I still don't know a single company that got something through PNC or any other really large financial institution but all are 9 or less employees and none are doing >$5M revenue/yr. Only 1.8% of applicants were approved so far and they said no more than 4% came through one institution so my guess is that folks who bank with small, regional community banks were approved at a far higher rate as the larger ones were a) overrun by applicants, and b) moved their largest customers to the front of the application line
Six people received money thus far, all CT based banks. Not one person using a national bank has received money.
That would be TD Bank, BOA and Wells Fargo on my end
Also submitted five through Kabbage and one through Pay.Pal, all "successfully submitted" but no cash yet
Under the Paycheck Protection Program launched in early April, businesses can apply for loans with their banks to help them shore up payroll and fund essential expenses, such as rent and utilities. If the businesses follow certain rules, such as using the bulk of the funds to keep employees hired and paid, the loan turns into forgivable grants.
https://www.google.com/amp/s/www.nbcnews.com/news/amp/ncna1194566
He has no employees. Not only should he give it back, but he will have to pay it back regardless or IRS might be showing up
two more approved since this post, both applications went in this past weekend
one with a small bank for wealthy people in Northwest CT
the other with a credit union after my client's bank for 33 years said they're no longer taking new applications. The local manager was very apologetic, but she's still moving her three business accounts to the credit union
at the end of the day today, not one national bank has delivered for one of my clients
have at least 15 still waiting, a few that went in the first week over three weeks ago
