As the SBA PPP loan money is quickly running out, we have learned of $61B in PPP loans approved, biggest two industries are Construction at $9B and Manufacturing at $7B. SBA has increased customer service reps from 300 to 2,700. If you are in a different industry, you may find that you are at the bottom of the stack of applications.
You will want to get your Keybank SBA PPP loan submitted as soon as you can because it is possible they will be closing the intake forms very soon. On Sunday, April 5th, 2020 around 10:00 pm est Wells Fargo closed their intake forms due to fulfillment.
We understand that once you have been approved for the Keybank SBA PPP loan program you or your lender will get a SBA ETRANS number or assignment/commitment number that will guarantee you the money. When that amount will actually be in your business Keybank bank account is another story altogether. This is a very fluid situation and things are changing hour by hour.
Keybank is still showing errors to applicants as of April 5th, 2020. The error is a 467 error and it asks applicants to call Keybank at 1-866-424-6578.
— Steven Graves (@McGuy) April 5, 2020
Get up to the second PPP loan information here.
President Trump explained the SBA PPP loan program is way ahead of schedule. Many looking for KeyBank SBA PPP Loan money to cover payroll would disagree.
A complete, 100% lie—as any small business owner who has attempted to get one of these loans can tell you, and has been exhaustively reported—and attacks the reporter for asking it. pic.twitter.com/377qHb747c
— Timothy Burke (@bubbaprog) April 4, 2020
Here is a tweet from someone that works for a bank:
I work at a bank and this SBA PPP is so jacked up! Business are calling us about getting money but Trump’s adm has no idea what they are doing!
— Chantelle Bowen (@spdwfe89) April 4, 2020
“When am I going to get the SBA PPP loan money to make payroll? When is it going to be in my business bank account?!?” We have been hearing this for the last 48 hours. Unfortunately, it looks as if most banks and credit unions have yet to get the money to their business customers. Comment below with your story so we can get the word out.
Find more information on the KeyBank SBA PPP loan program here.
UPDATE: President Trump recently announced he will go back to Congress and ask for more money when it runs out with the PPP program. If you have been denied or unable to submit an application to the KeyBank SBA PPP loan program do not give up. Keep working hard to keep your business alive.
I will immediately ask Congress for more money to support small businesses under the #PPPloan if the allocated money runs out. So far, way ahead of schedule. @BankofAmerica & community banks are rocking! @SBAgov @USTreasury
— Donald J. Trump (@realDonaldTrump) April 4, 2020
Here is a success story from KeyBank:
@realDonaldTrump Moving all my money to #keybank a very nice gentleman in Chelsea MI helped me with my SBA PPP loan when my LONGTIME bank of 15 years turned me away because I’m fiscally responsible and don’t have business debt with them. Done with #bankofamerica Bad people
— Michelef (@chele1172) April 3, 2020
If you are in Oregon and run a small business, you may be hoping to apply for the SBA PPP Loan in which your payroll will be forgiven. Unfortunately, it looks as if the KeyBank SBA PPP Loan application is not available.
— Erik C. Parrish (@OregonCFO) April 4, 2020
If you are a small business in Oregon, Ohio, Florida, Colorado or Connecticut and you are struggling to get the PPP loan to make payroll and pay rent in April 2020, please comment below and tell us your story. Hopefully we will be able to help people get a payroll protection loan that is forgivable.
How are y’all spending your Friday night? I’m in my office (alone) waiting for @KeyBank_Help to get their SBA PPP application online so I can keep paying my employees for the next 10 weeks. #keybankIsIncompetent Chase had theirs open at 10AM.
— SGraves (@SGravesTacoma) April 4, 2020
Keybank has locations in Alaska, Colorado, Connecticut, Delaware, Florida, Idaho, Illinois, Indiana, Iowa, Maine, Maryland, Massachusetts, Michigan, Minnesota, New Jersey, New York, Ohio, Oregon, Pennsylvania, Rhode Island, Texas, Utah, Vermont, Virginia, Washington, D.C. and Washington. This means the small business owners that are applying for payroll protection cover the entire spectrum of businesses in the United States. Restaurants, bars, hotels, real estate and rental companies, dentists, orthodontists, car dealerships, churches and more will look for financial assistance through the government at this time.