April 8th, 2020
- ‘It doesn’t make any sense:’ Restaurant owners push back against SBA loan restrictions
- Your forgivable loan may be undercut by this provision of the Paycheck Protection Program
- When will your SBA loan be approved? Here’s why the process is moving so slowly
Held a call with @SBAJovita & the @NFIB to provide an update on the efforts of the Coronavirus Task Force. Over 71B has been disbursed from the #PaycheckProtectionProgram & we’re working to ensure that small businesses have the support they need as we face this crisis together.
— Mike Pence (@Mike_Pence) April 7, 2020
Treasury is asking Congress for $200b for SBA’s PPP program, sources tell me https://t.co/Z6QBKhx2tq
— Saleha Mohsin (@SalehaMohsin) April 7, 2020
Senate could push through more small business aid within days, Rubio says https://t.co/cgZULbf3Q4
— CNBC (@CNBC) April 7, 2020
April 7th, 2020
- ‘Nightmare’: 3 small-business owners describe process of applying for PPP loans
- Fed mulls ‘temporary truce’ with Wells Fargo over asset cap, sources say
- Miss out on SBA loan program? You have other options
SBA info released: 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.
— NFIB Pennsylvania (@nfib_pa) April 7, 2020
- After a frenzied rush to file for small business loans, entrepreneurs nervously wait on bank approvals
- Banks Lending Money with SBA PPP to Non Customers
New Chase SBA PPP Application Portal Live! (April 6th, 2020 around 6:00 pm est)
NEW: SBA’s so-called “E-Tran” system, which confirms receipt of a loan application, was down completely today and unable to process large share of #PPP apps.
One bank submitted 10,000 loan applications and only got five through, an industry source tells me.
— Kayla Tausche (@kaylatausche) April 6, 2020
April 6th, 2020
- Bank of America sees booming rescue loan demand, with applications for nearly 10% of program
- America’s $350 billion emergency loan program for small businesses may run out of money
- Wells Fargo stops taking applications for Paycheck Protection Program loans
Due to strong interest in the Paycheck Protection Program, we reached lending capacity & closed the intake form. We are lending to nonprofits & small businesses with less than 50 employees & will support nonprofits focused helping other small businesses. https://t.co/G8E5FysjJv
— Wells Fargo (@WellsFargo) April 6, 2020
@YagerTweets @langford_stacey I was finally able to access the SBA E Tran at 7pm tonight. I can’t guarantee it but hope that translates into being able to make PPP loans starting tomorrow. https://t.co/zpxRwvF7Ms
— Keebler Williams (@imkeebler) April 6, 2020
Never would have I thought that a text from a banker about finally getting access to SBA’s Etran system could bring me such joy. Making progress but still a long way to go before all banks can make PPP loans. Have patience with your bankers. They are working 24/7.
— Colin Barrett (@colinbarrett) April 6, 2020
If true, this is absolutely terrible!
@jimcramer Jim, i was just told that SBA has already met the 350B threshold and that my application sent 18 days ago was moved to an inactive status. Also that the PPP program is now capped at 15k. I was also told I’d have to resubmit again. Can you verify this at all?
— John C. Montgomery (@jmontgomery1965) April 5, 2020
Community Bank in Lexington – day 3 of PPP and we still don’t have access to etran, SBA’s portal for loan submission. I have close to $4M in apps waiting.
— Phillip (@philliprenfroe) April 5, 2020
I am on the front lines of the application process for the PPP for clients. The SBA and banks are NOT on the same page and the money is NOT getting out to the businesses that desperately need it. @CGasparino is correct!#AmericasAccountant
— AmericasAccountant (@DanGeltrude) April 5, 2020
April 5th, 2020
- Creating a Roadmap for Banks to Mitigate Risk Under the SBA Paycheck Protection Program
- Column: Here’s how one L.A. business owner is navigating government help for the coronavirus
NEW numbers from $BAC @BankofAmerica. They‘ve received 85k applications from small business clients seeking a total of $22.2bn. Astonishing numbers from a single bank in a single day. @stevenmnuchin1 @SpeakerPelosi – I have a feeling you’re going to have to increase the $350bn.
— Wilfred Frost (@WilfredFrost) April 3, 2020
Senior administration official tells me regarding PPP rollout: “Starting Monday, the SBA will be offering a lender hotline and our 68 district offices across the country will be available to assist lenders.”
— Kate Rogers (@katerogers) April 5, 2020
At 10:30 pm est on April 4th, 2020 the Chase SBA PPP application went live. Go apply as quickly as possible!
We’ve been taking in apps for PPP loans like crazy. (My wife is in our commercial processing department) As soon at the SBA figures their stupid stuff out, we’ll fund several hundred instantly, maybe thousands and keep people going at least for the short term.
— Youngbudgeteer (@YoungBudgeteer) April 5, 2020
Around 8:00 pm est on April 4th, 2020 the SBA sent this to banks:
The SBA apologizes for ongoing technical issues, which includes slowness and the inability for many lenders to create new logins or reset passwords.
Are you finding that banks are way ahead of schedule as President Donald Trump states below:
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
April 4th, 2020
- Thousands of applicants, zero loans: Trump’s small businesses lending program is a failure to launch
- Do Employers Count Employees of Foreign Affiliates When Determining Eligibility Under the Paycheck Protection Program?
- Churches eligible for federal payroll protection funding through SBA
- Edwards to small businesses: Don’t wait for glitches to be worked out, the time to apply for loans is now
- Road to Recovery Roadmap for Small Business
- Small Business Owners Frustrated With Failed Paycheck Protection Program Launch
- Newly Available CARES Act Loans: 10 Things Small Businesses Need To Know
The SBA Payroll Protection Program #PPP is first come, first serve.
* What is it?
* How To Apply?
* The Good and Bad News around it.
* Links to resources
— Danisha Danielle Wrighster (@DanishaDanielle) April 4, 2020
On Friday, April 3rd, 2020 the SBA PPP Loan program went live. This program assists small businesses that need payroll protection.
The Paycheck Protection Program is up and running! The program is open to nonprofits as well, so banks be sure to sign up our Great Religious and Veteran Organizations that need help!
— Donald J. Trump (@realDonaldTrump) April 4, 2020
You can find much more information about the SBA PPP loan program here:
- Loan Information
- Who Can Apply
- Loan Details and Forgiveness
- Other Assistance
- Lender Forms and Guidance
President Trump and Treasury Secretary Steve Mnuchin have been very pleased with the amount of loans that have been processed in the first few days of this program. President Trump recently announced that as soon as the total amount of money runs out, he is going to ask Congress for more.
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
President Trump has also been very complementary of Bank of America in the first 48 hours of the loan program. Unfortunately, Wells Fargo, Citibank and TD Bank have not gone live with their applications in the first 48 hours. News reports state that they will go live by Monday or Tuesday (April 6th or April 7th, 2020).
— Steven Mnuchin (@stevenmnuchin1) April 3, 2020
The Paycheck Protection Program is now available! #CARESAct
— Donald J. Trump (@realDonaldTrump) April 3, 2020
Ivanka Trump has tweeted about the success of the program as well. We will try to highlight the amount of money that gets processed and lended out to small businesses each day.
Latest: Day 1 #PaycheckProtectionProgram numbers: 6,820 loans valued at more than $2,200,000,000.
Are you a small business owner?
— Ivanka Trump (@IvankaTrump) April 3, 2020
Have you seen success with your application getting processed at your bank or credit union? Please comment below and tell us your story.