“When will we get the SBA PPP loan money in our business bank accounts?!?” We are hearing this time and again as most banks, including PNC Bank, have not deposited the money in their account. Please comment below with your story so we can get the word out. You can get up to the second SBA PPP loan news here.
Another common complaint we are hearing is “We are unable to process your request. Unable to process information. Please contact business banker.” This is very stressful as banks are not open on the weekend (Saturday or Sunday).
We are hearing about more and more banks having trouble with the SBA PPP loan application process. PNC Bank just came up in conversation and we saw this tweet:
Getting half way thru @PNCBank’s PPP app last night and seeing all the docs requested (that I do have) is alarming in that little of this is actually required by the SBA. Extremely disappointed with this process. #ppp #PaycheckProtectionPlan #PaycheckProtectionProgram
— Greg Berry (@gregmberry) April 4, 2020
Small business owners are scrambling to make payroll and the SBA and the Treasury Department are doing their best but communication between the banks and government has been lacking. Hopefully it improves over the next few days. If things don’t get better by Monday, April 6th, 2020 some of these small businesses are going to have to close their doors.
We have also heard that some banks are requiring applicants to have a prior business banking relationship, a business line of credit and a business credit card. This was a requirement of Bank of America when the program first opened. We have not been able to confirm nor deny that PNC Bank has these requirements. That said, we do know they have to meet the requirements of the Treasury Department and that information has been vague at best over the last 48 hours.
If you are a small business owner that has attempted to submit an application to PNC Bank and you have been denied or simply can’t complete the application, please comment with your story below. We would love to get the word out so others that are having trouble getting money from this program can get through the gridlock.
Here is the link to the PNC Bank PPP page on their website if you need more information.
@PNCBank_Help trying to do sba ppp and your website is crashing and now says insufficient privileges
— ENA Paramus (@ENAPARAMUS) April 4, 2020
We did not realize that PNC Bank has a footprint in the following states: Alabama, Delaware, the District of Columbia, Florida, Georgia, Kentucky, Indiana, Illinois, Kansas, Maryland, Michigan, Missouri, New Jersey, New York, North Carolina, Ohio, Pennsylvania, South Carolina, Texas, Virginia, West Virginia, & Wisconsin.
That means millions and millions of small business owners on the east coast and throughout the midwest are scrambling to get money into their business bank accounts.