Chase SBA PPP Loan Application Denied

Chase has sent out emails around 12:30 pm est on Sunday April 5th, 2020. This is what the email states:

Dear Business Client,

We received your SBA Paycheck Protection Program inquiry, and know that you may need this funding urgently. We appreciate your patience as our technology teams and our bankers work to help you access the funding as quickly as possible.

You will receive either:

•An email asking you to go online to complete your application or

•A call to complete your application over the phoneOur branch and call center teams can’t answer any questions about the program or the status of your loan.

Again, we know how important this funding may be to you and to your business.

Thank you for being a Chase customer.

A Chase SBA PPP email scam is going around (around 6:00 pm est on Sunday, April 5th, 2020) so be very careful. This is one that is being sent out:

Chase Lending Request – You will receive a call from 404-XXX-5651 IS TODAY AROUND 5PM GOOD FOR YOU?

And the first paragraph is (with the capitalization errors): thank you for your interest in Chase. I see you are requesting Business Lending assistance. Your call will be returned as soon as possible. You can expect to receive a call from me from a phone number ending in <5651>. Please make note of this number. In the meantime, you can help prepare for our call by (1) visiting the SBA site below to download and complete the Payroll Protection Plan form 2483, (2) opening and completing the attached pdf entitled “Additional information for PPP application” and (3) Documents to support their payroll/loan amount request. I look forward to speaking with you about your Business Lending needs.

We have learned that around 10:30 pm est on Saturday, April 4th, 2020 the Chase SBA PPP loan application has gone live. Go here to get started now!

Note that this is a first come, first serve loan program so when the money is gone you are not going to be able to apply. We expect to see thousands and potentially tens of thousands of small business owners denied by JP Morgan Chase Bank.

Please comment below with your experience. We would love to document how this works out for small businesses in the days and weeks ahead.

Also, if you were unable to get an application through to JP Morgan Chase, do you have any other bank alternatives to get money to make your payroll and rent? There are hundreds of other banks and credit unions in the SBA PPP loan program so there should be options in your local area.

Comment with your small business type and your location and hopefully we will be able to help you find money to pay the bills in the month of April 2020.

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