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Old 04-11-2020, 08:10 AM
 
Location: Formerly Pleasanton Ca, now in Marietta Ga
7,069 posts, read 4,950,464 times
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Apparently a few banks like chase were quick to get going and help people out. Wells Fargo kept dragging their feet like they really hoped you would just go away. They sent me a notice that I might want to use another bank instead of them.
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Old 04-11-2020, 12:41 PM
 
607 posts, read 1,761,156 times
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I ended up working to get a PPP using Kabbage (online loan lender) as giving up on Wells Fargo PPP was smarter for me to do. So, I applied late yesterday with Kabbage and this morning I had initial approval as well as needing to provide my Wells Fargo account routing/acct number that I wanted the deposit to be made to. The email said they initially will send two small deposits to confirm this is the correct account which will happen over the next 2- 3 business days. Right now, this is the furthest I have gotten on anything. Keeping my fingers (and toes) crossed!

I'll keep you posted as this hopefully progresses in a positive direction.
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Old 04-11-2020, 04:11 PM
 
5,109 posts, read 3,404,798 times
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I almost went with Kabbage but instead went with SunTrust because I do limited banking there. They called to confirm that my new DL # was the same they had on file from years ago. So it's moving through the process. No deposit yet though.
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Old 04-12-2020, 10:11 AM
 
203 posts, read 142,297 times
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Quote:
Originally Posted by TimAZ View Post
Wells Fargo wrote the manual on fraud, theft and abuse, why would they need guidance from the government on prevention?
Excellent point.
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Old 04-12-2020, 12:41 PM
 
Location: South Florida
790 posts, read 1,266,044 times
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Quote:
Originally Posted by KaraG View Post
I almost went with Kabbage but instead went with SunTrust because I do limited banking there. They called to confirm that my new DL # was the same they had on file from years ago. So it's moving through the process. No deposit yet though.
We are BB&T long time customers. I applied for our PPP loan last Saturday. It has been a mess. Among other things, I have literally received an email saying the application is complete and there is nothing else I need to do. The next day I got another saying the previous day's was erroneously sent and that I should check the website because there might be documents missing. So I checked and they wanted my 2019 Form 944 - except we don't file a 944 because we file quarterly 941's, which they already had. So I wrote a quick note explaining that, signed it and uploaded that instead. Now...silence.

I wonder if BB&T and SunTrust are experiencing further complications due to their merger? I mean, they were in the middle of this whole "BB&T/SunTrust now Truist" when this hit. They had been shutting down multiple branches of both banks since last year and moving staff around or laying them off. I bet they don't have enough people, or an integrated computer system to track it all yet.
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Old 04-12-2020, 03:01 PM
 
5,109 posts, read 3,404,798 times
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Did you get the email from them this weekend? Mine was pretty much a form letter saying that had all my docs, my application now needs to be approved by the SBA as well and because it could take a long time, apply for other assistance like the EIDL (I did that first).
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Old 04-12-2020, 04:16 PM
 
Location: South Florida
790 posts, read 1,266,044 times
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Originally Posted by KaraG View Post
Did you get the email from them this weekend? Mine was pretty much a form letter saying that had all my docs, my application now needs to be approved by the SBA as well and because it could take a long time, apply for other assistance like the EIDL (I did that first).
No, I have not received anything yet. If that is what they are telling you, and I haven't even gotten an email like that yet, I am increasingly certain that the money will not come in time.
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Old 04-13-2020, 08:51 AM
 
Location: St Louis Metro
152 posts, read 197,878 times
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Quote:
Originally Posted by KaraG View Post
I'm curious if any small businesses have received funds from any bank for the PPP or from the SBA for the EIDL.
Havent received funding as of yet but did get approval email with my commitment letter late Friday night. Printed off the documents this morning signed and dated them and sent them back. Expect it to be any day now. <fingers crossed>
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Old 04-13-2020, 10:03 AM
 
5,109 posts, read 3,404,798 times
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Originally Posted by kaliman91 View Post
Havent received funding as of yet but did get approval email with my commitment letter late Friday night. Printed off the documents this morning signed and dated them and sent them back. Expect it to be any day now. <fingers crossed>
This is for the PPP? And is the amount what you expected? Keep us updated!
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Old 04-13-2020, 12:37 PM
 
Location: St Louis Metro
152 posts, read 197,878 times
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Quote:
Originally Posted by KaraG View Post
This is for the PPP? And is the amount what you expected? Keep us updated!
Yes PPP. Its for about the same amount. A small % lower like 4-5 then my data sheet I filled in last week. I inquired as to why but haven't received an answer. Will update when funded.

I will be curious how everyone will be recorded this money.
It was suggested to me to open another account to keep this money separate from other funds. But unclear how i should allocate these funds.
Example I pay my employees on a weekly basis should i transfer the net pay to my payroll account and then the tax money for my 941 payment each week with a separate transfer to the account that pays these? Same thing for my self employment income is that a separate transfer so it can all be labeled or transfer it all at once? I dont want to make a mistake and have a huge surprise in a few months when that bill comes due that I am not expecting. I
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