April 18th Poll: CARES Money Starts To Get To Business Owners In Need

I filed for the PPP loan the day it was available. Last week I received an email that all the money was gone and I missed out. I don't understand why pelosi demanded that congress get a raise nor why the Kennedy library was given millions of dollars. I thought the money was supposed to be for "small businesses"! Anyway, God is faithful and He is my provider.

We belong to a Travel Consortium and knew in advance what programs were going to be available and how to apply. I don't have the exact date we applied but it was well ahead of the majority. We received last week $1,000.00 for the Disaster Relief Program because they changed it to allow for $1,000.00 per employee (instead of the original $10,000.00 just for applying). On the PPP we have received zero money and or information. We have no idea how we'll make it on $1,000.00, unless they open the economy back up soon.

Trying to figure the EIDL and PPP programs was almost a full time job for close to two weeks, but something I needed to do to help my clients.  As I've said many times, it was like trying to nail jello to a wall.  After writing and updating articles and delivering two webinars on what was available, who qualifies and how to apply, only a very few clients were actually approved.  That status seemed to be determined by which bank the borrower used for the PPP.  The larger local banks appeared to have the jump on the big ones.  

As for the EIDL, the SBA threw a curve by subtly announcing that those who had applied before April 4 had to do it again since they'd changed the process and application website several times.  Surprisingly, after more than two weeks of trying to determine the status of my application, I received e-mails today, a Sunday, that they are working on it but, of course, they were out of funds.  Given that, as of April 17, they'd received about 4,000,000 applications, I should feel good that I've gotten this far.

Sad but true that the SBA and their affiliated banks were asked to process well over a year's worth of their normal loan volume in just a few days, and this with much of their staff working from home.  What seemed so simple was nowhere close.  As of April 9, lenders were still waiting on closing documents and procedures.  Given all of the complexities, at least we can be thankful that:

1. We have these programs, and
2. The government doesn't yet run healthcare.

I tried to apply for PPP with one of our Chamber member banks (tried to keep it with a small bank). I have 3 CD's there but no checking account so after waiting a week for a reply from that bank I applied with Chase on April 8 where we have our business checking account. I finally  received an email yesterday, April 18, that we are in the second stage (there are 4) in the process. Stage 2 is reviewing your payroll numbers.Stage 3 is awaiting SBA approval and Stage 4 is loan is funded.  Of course we now know we are at a stand still while we wait to see if more funds will be available. Seeing that large corporations have received millions of dollars in funding that may end up being forgiven is a bit disheartening. I have kept my staff employed this entire time (we are considered an essential business so we are open) so they can survive. I have found projects for them that we need done but never have time for. That is the silver lining to all this. However, if EIDL and PPP funds do not come in soon I will need to cut hours or start lay offs. So this is how the CARES Act is affecting Printex Printing and Graphics at this time.  Thank you to those who are shopping and dining local!

I have been banking with Chase for over 20 years none of the bankers I have worked with would even take calls about PPP I sent in application when chase had its portal open and have only received 2 e mails  1st the application was received  and finally that I am at level 2 the manual review of application, can’t beleive they are going to manually review each application they received.  Chase was one of the last banks to open for applications and now manually reviewing??? I can believe  as someone already suggested that they are going to look at the largest of businesses to fund as that’s where they will make the most $ fit the work. I think it’s disgraceful for them and that the congress allowed a small business bailout for companies under 500 employees, that is not a small business in any sense of the wired. The max employees should have been at least less than 50 to call it a small business.  

I do most everything on line and I rarely meet with clients When things are normal. My biggest problem is that I can’t take deposition face to face which impacts my discovery process but other than that my practice is doing well. I would encourage everyone to do as much as they can online and to avoid as much personal contact as possible. 

Westfield Bank super responsive and my husband’s application processed.  TD Bank dragged my application out until this past Weds and the said I missed the deadline.   I will be banking elsewhere!   It isn’t just because I wasn’t accepted, I was in almost  daily communication with TD and they were incompetent.  

Same answer as previous business owner. Filed immediately - got form letter -"money gone" - holding completed forms and waiting for new infusion of funds.

Speaking as the manager for Dr Robin Bernhoft MD, we have had zero response to our application. We applied for both the emergency SBA grant monies at the SBA site and the PPP through our bank. The very moment our bank (JPMC) was accepting applications (online only) we followed their instructions immediately and their site literally took some basic info and the page informed us that a representative would be in contact. info on the site informed to have the hard application ready along with the other required documentation. (Anecdotally they closed our branch down that same day.) We received no response by phone or email until the mass corporate email informing all JPMC clients that SBA money had been depleted. We are a trying to keep our staff of 7 employed with revenues down 70%. I have learned that local and regional banks did a much better job of it that the huge national banks. We have lost faith that our system gives a fig about the true small businesses who are the backbone of our communities, and in fact, of our nation.

I am an independent contractor. Applied for PPP the first day it became available through BofA. My case was opened. Necessary docs uploaded. My BofA administrator reached out to me Easter weekend, spoke to him again on Tuesday. My application is supposed to be in underwriting. File says “open” on line. Hope to hear something this week. Submitted for SBA Loan Disaster Assistance (EIDL) on 4.1.20, No response from that application. 
What’s even more frustrating is no $1,200 stimulus either. It seems independent contractors that aren’t on SS or didn’t receive a refund last year ( I am sure there aren’t many that received a refund) fell down a rabbit hole and were skipped over. 
Time will tell...If any independent contractors (Real Estate Agents or Brokers) have received any stimulus, I would like to hear from them. 
Thanks to all!