12/28/2023 0 Comments Paypal ppp loan application portalThe underpinnings of finance has been completely seperated from every experience for years, and if you even embark on a quest to understand them, you'll end up being confronted with the unsettling feeling that everything seems way more complicated and opaque than it needs to be. >You don't like being able to feed yourself and your family too do you? >Do you not pike the standard of living you enjoy? >Are you trying to cause civilization to collapse? It's like dividing by 0, and there are a lot of people who will work very hard to frustrate any attempt to do so. It works for the most part until everyone gets to the point they want their assets. The system is based on statistical multiplexing which has the baked in assumption whereby the case that everyone cones demanding their money will never happen. Note: If everyone pulled all their deposits from all banks simultaneously, the financial sector would essentially collapse period.Īt this point, there is no one dollar for every deposit anymore. Lots of people submitted with a big bank and just waited accepting no updates, now are complaining after it is over. I spent the last 2 weeks doing nothing but reading reports, stats etc about the program to ensure I was able to get it for my team. There was obviously working of the system (hedge funds, large restaurant chains, etc) but if you look at the distribution of funds there were still many many small loans. Overall I think the program went pretty well and there was plenty of time for people to get applications in. Banks have 10 days to disburse the fundsĦ) The SBA ran out of allocated funds, not all the money has been disbursed.ħ) People submitted to multiple lenders and it was fine Some big banks were not using the correct calculationsĥ) Once you have an SBA loan number you are good and money is allocated. There were people that applied on 4/3 with a big bank that didnt get it and people that applied thursday night through paypal that got itĤ) Big banks often added additional criteria which made it harder to complete the application. Paypal was turning applications around in 24 hours to funding. Some banks said people were approved (by the bank) but didnt submit those people to the SBAģ) There was a lot of time to submit to intermediaries like paypal. Many banks just didnt get to applications but didnt notify people. You can read reddit/r/smallbusinessġ) The SBA was approving PPP submissions in like an hour (rubberstamping).Ģ) Any delay was 100% your bank. Most big banks completely screwed their clients. If this is what's supposed to help small- and medium-sized businesses weather the pandemic, it is not inspiring much confidence. Now I'm reading reports that the program is already out of money. If I call the bank's number, I get a recording which says they'll process our application as soon as possible and they're unable to provide status updates over the phone. It's now April 17 and we have not heard anything back. On April 13 we received another email asking us to submit ownership details for any equity holders in our LLC. On April 8 we received an email saying that we needed to submit some additional information, which just turned out to be repetition of payroll information we had already listed on the federal form. On April 6 we submitted an application to the bank's portal, which included the standard federal form with information like average payroll and headcount. So far, the process has looked like this: The COVID-19 situation dealt a blow to our sales and cash flow so we submitted an application for a PPP loan with Mechanics Bank, where we keep our business checking account. My wife and I run a small winery with about $400,000 in annual sales and a monthly payroll of about $4,000.
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