On Tuesday, April 7th, 2020 we have learned that 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 it difficult to get your SBA PPP loan.
Sunday was a very important day for the SBA PPP loan program. Around 10:00 pm est Wells Fargo announced they were closing the program due to strong demand and fulfillment requirements. If Wells Fargo is closing the application options, it could very well happen with Suntrust. Get your applications submitted as soon as possible.
Borrowers are reporting (Sunday, April 5th, 2020 around 2:30 pm est) they are getting to the payroll calculation page of the application and it states there is an error even though there isn’t one. Is this happening to you? If you got past this part of the Suntrust SBA PPP loan application comment below and let us know how you did it.
On April 5th, 2020 (a Sunday!) Suntrust is active on Twitter addressing customers needs. Well, as much as they can. They are asking those looking for the SunTrust SBA PPP application to remain patient and sign up for email alerts here. We would imagine that as soon as the program is available a mass email will go out and borrowers will be scrambling to get their application submitted as soon as possible.
Thx for your patience as our teams work to get the PPP application out to everyone who registered on our website. If you haven’t registered yet, please enroll here for email alerts: https://t.co/oz9N4Ck7Oy. We know that so many people need help & we’re working as fast as we can.
— SunTrust (@AskSunTrust) April 5, 2020
Here is a conversation from SunTrust on their official Twitter account. Click here for the full conversation.
1/4 You are most welcome & we thank you for responding. According to the latest guidance from the SBA and Treasury Dept, current PPP loan funds will be available through 6/30 or until the $350 billion in current funding runs out. We also understand the Administration & Congress
— SunTrust (@AskSunTrust) April 5, 2020
From our understanding, you will get an SBA ETRANS number or assignment/commitment number which means the money is guaranteed to be in your account. As to when the money will be in your business bank account, that we do not know.
On April 4th, 2020 President Trump explained the SBA PPP loan program is way ahead of schedule. Those looking for a SunTrust SBA PPP loan would disagree. Here is President Trump’s answer:
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
On April 3rd, 2020 the SBA PPP loan program went live. Unfortunately, things have not gone well. Banks like Bank of America have specific requirements, yet Wells Fargo and Citibank don’t even have a loan application available. For more information on the SBA PPP loan program you can go to this page.
Here is a tweet from Saturday, April 4th, 2020 from someone that woks at 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
BB&T / SunTrust/ Truist just put out a statement saying they’ve already opened up PPP for some select clients and will be opening it up to everyone else soon.
— Allen Walton (@allenthird) April 4, 2020
We have heard that Suntrust small business customers are getting denied after submitting an application. If you are a small business that is trying to get money to make payroll and pay rent in April 2020 please comment below. We would love to hear your story and help you find a way to get your loan approved.
Here are some small business owners voicing their opinion on Twitter. It does not look as if things have improved on Saturday, April 4th, 2020:
Unbelievable – I have tried many times to apply for the SBA PPP through our bank, BB&T/Suntrust/Truist. Just received an email that said they’ve allowed a small number of companies to apply & are trying to open process us for others!!! Who decides whom applies first??! Angry!
— janis (@janis08868043) April 4, 2020
When are you going to take applications for PPP? All the other banks are doing it NOW!
— Karen Ford (@KarenFo61509567) April 3, 2020