April 18th Poll: CARES Money Starts To Get To Business Owners In Need
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Well, I submitted for ppp at 8am the day my bank
accepted applications. Heard nothing from them until this week when in a form letter we were told the money ran out.. makes me wonder if it was really first come first serve. Or what seems more likely an opportunity to show some favoritism to certain customers. Meanwhile I have kept my staff on in my small health office.. as I was asked to do... and promised some support.. and running a big deficit doing so. Oh and landlord not accommodating an inch . Sorry for venting . Just not happy at the moment
11 Replies
Dr. Jason Nutche
from Rittenhouse Square Chiropractic
I’ve had a very similar experience to you. Applied as soon as their website would take applications and then was told the money was gone.
Gregg Battaglia
from HavenZone
There seemed to be a few banks that were able to get the applications ready in time but like you, our bank (TD Bank) was not ready to take applications until it was too late. We also filed the day it was available and this past week got the form letter of "sorry, they ran out of money"... clients I have that used smaller credit unions or different banks back when the fed started the program were able to get funds. Unfortunately, this is a hard way to learn which banks are better than others when it comes to getting up to speed with these programs. I know, after this we will be moving away from TD Bank.
Ray Cross
from Bushwick Print Lab
I have heard that smaller banks actually did better with their applications than larger ones, who had too many to process, especially in NYC, where the bank to client ratio is very low. NY got much less money distributed than ND, for example. My friend wrote this medium article about other issues: https://medium.com/daringdepravity/what-happene...
Malka Nagel
from A Pet Villa
I had the exact experience with CHASE Bank. "Its with SBA for approval and the funds have run out."
Christine Thieme Ray
from Maximo Branding
I had the same issue with Chase. Filled out the application the first day and it went through. They notified me on Friday all of the money was gone. We are a small two person business that does all banking with Chase...I should have gone with a smaller bank to get the money. They funded the bigger businesses
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Keith S. Overland, DC's Services and Events
