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Old 04-16-2020, 09:03 AM
 
4,834 posts, read 6,000,424 times
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SBA is out of money.

The SBA is currently unable to accept new applications for the Paycheck Protection Program based on available appropriations funding. Similarly, we are unable to enroll new PPP lenders at this time.

SBA Connect - https://connect.sba.gov/?mod=article_inline
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Old 04-16-2020, 12:52 PM
 
Location: Connecticut is my adopted home.
2,302 posts, read 3,249,902 times
Reputation: 7186
SBA out of money....that was quick and with literally no oversight. One guy.

I guess I'm on my own.

Figured as much.
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Old 04-17-2020, 06:55 AM
 
2,605 posts, read 993,343 times
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Quote:
Originally Posted by AK-Cathy View Post
SBA out of money....that was quick and with literally no oversight. One guy.

I guess I'm on my own.

Figured as much.
Now that the SBA relief money is all gone, some stats are out as to where it went:

Companies with 100-500 employees got 83% of the money, they represent 1% of “small” businesses.

Truly small businesses, under 100 employees, got 17% of the funds, they represent >90% of businesses.

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Old 04-17-2020, 07:03 AM
 
Location: Wonderland
52,745 posts, read 41,534,559 times
Reputation: 73630
Quote:
Originally Posted by TimAZ View Post
Now that the SBA relief money is all gone, some stats are out as to where it went:

Companies with 100-500 employees got 83% of the money, they represent 1% of “small” businesses.

Truly small businesses, under 100 employees, got 17% of the funds, they represent >90% of businesses.

Yep, we applied almost immediately, with our two employees, and turned in all supporting documents, etc. but all we got was acknowledgment that our application was in, along with a letter stating that the program is out of money - maybe later, maybe not.

Meanwhile we've lost 70 percent of our income.

Thanks for wasting my time! At least that's one thing I have plenty of these days.
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Old 04-17-2020, 08:16 AM
 
Location: St Louis Metro
152 posts, read 197,878 times
Reputation: 152
Quote:
Originally Posted by KathrynAragon View Post
Yep, we applied almost immediately, with our two employees, and turned in all supporting documents, etc. but all we got was acknowledgment that our application was in, along with a letter stating that the program is out of money - maybe later, maybe not.

Meanwhile we've lost 70 percent of our income.

Thanks for wasting my time! At least that's one thing I have plenty of these days.

Did you apply with a smaller local bank or a larger bank? It seems that the small local banks had much easier time getting these loans going.
I am still waiting for my funding. I was told I have a SBA loan number and guaranteed funding on Monday but have still not received anything. Was told it would be 5-7 days so I am crossing my fingers I will see it next week.
I have 8 employees and my loan was for under 100k and I applied with a small local bank I had no relationship with prior to this.
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Old 04-17-2020, 12:20 PM
 
5,109 posts, read 3,404,798 times
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There's a thread on Reddit with several small businesses saying they've been funded by either the PPP or EIDL. Some say they didn't get any notice, the money was just put in their accounts, others say they did get updates and hard credit pulls. Some talk about signing loan docs.

So one minute I feel hopeful and the next depressed. Payroll taxes are due and I really thought one of these loans would help with that.
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Old 04-18-2020, 05:28 PM
 
23,365 posts, read 16,089,743 times
Reputation: 16872
Quote:
Originally Posted by TimAZ View Post
Now that the SBA relief money is all gone, some stats are out as to where it went:

Companies with 100-500 employees got 83% of the money, they represent 1% of “small” businesses.

Truly small businesses, under 100 employees, got 17% of the funds, they represent >90% of businesses.

Again thing to keep in mind his how "small businesses" were structured under this SBA PPP.

Shake Shake, Starbucks, SweetGreens , or any other large national chain could apply for these funds long as total local area employees numbered more than 500.


https://gothamist.com/news/new-yorks...l-city-aid-dry
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