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

Posted by:

Richard Albert

RJL Associates LLC
4 Questions answered
Answered on April 19th, 2020

I applied on Apri 6th. Two days after my bank was able to accept applications. I received a notification that my application was accepted and being reviewed, almost immediately. Then heard nothing again until April 14 when I was contacted by two bankers asking for information that was already in my original application. I re sent that information to them immediately and again heard nothing. Then I saw on the news two days later that funds for the program were exhausted. I e-mailed my banker asking for status and heard nothing back. I will call again Monday morning to make sure that I don’t lose my place in line when the program is re-funded. 

Very poor communications and confusion among my bankers! Not much I can do other than push some more!

3 Replies

Apr 19th, 2020
I have received the same notice. Application approved by the bank and now awaiting to hear back from SBA . But SBA has NO money. Ran out first week.
The problem with hoping you don't "lose your place in line" is that there really is no line. First come, first served, was the requirement upon the SBA to pay out the first loans sent to them first. There is NO requirement on the banks to process their customers' loans in the order they came in.
Same deal here too. Reloaded docs three times since April 4th....
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