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My husband said he was denied payroll protection funding so he has to close his business. I asked him if they emailed him the denial and he said they will today. So I said I want to read it. Then he said he probably won’t get the email until after they close the business at the end of next month. I asked how you apply for it and he said requirements come from the government, but their bank (the bank his company uses) review and either approve or deny. The reason I ask this is because for years he says he probably has to close the business but then he doesn’t and half the things he tells me are exaggerated or not true. He said he is talking to his lawyer to work out severance packages and closing costs/legal matters. He said he received a verbal denial today. Nothing comes in the mail until the Federal government officially denies based on what is submitted by the bank today. That letter could take weeks to come. The company will be closed before that. I’m just wonder if you know how it works.
My husband said he was denied payroll protection funding so he has to close his business. I asked him if they emailed him the denial and he said they will today. So I said I want to read it. Then he said he probably won’t get the email until after they close the business at the end of next month. I asked how you apply for it and he said requirements come from the government, but their bank (the bank his company uses) review and either approve or deny. The reason I ask this is because for years he says he probably has to close the business but then he doesn’t and half the things he tells me are exaggerated or not true. He said he is talking to his lawyer to work out severance packages and closing costs/legal matters. He said he received a verbal denial today. Nothing comes in the mail until the Federal government officially denies based on what is submitted by the bank today. That letter could take weeks to come. The company will be closed before that. I’m just wonder if you know how it works.
Who knows for sure:
1. His bank may not have any more PPP money to lend.
2. His business may be in financial shape such that he was denied on the merits.
It sounds like he's been looking for an excuse to wind the business down for a while now and could be very well not following up in the process anymore because he really is serious this time about closing.
My husband said he was denied payroll protection funding so he has to close his business. I asked him if they emailed him the denial and he said they will today. So I said I want to read it. Then he said he probably won’t get the email until after they close the business at the end of next month. I asked how you apply for it and he said requirements come from the government, but their bank (the bank his company uses) review and either approve or deny. The reason I ask this is because for years he says he probably has to close the business but then he doesn’t and half the things he tells me are exaggerated or not true. He said he is talking to his lawyer to work out severance packages and closing costs/legal matters. He said he received a verbal denial today. Nothing comes in the mail until the Federal government officially denies based on what is submitted by the bank today. That letter could take weeks to come. The company will be closed before that. I’m just wonder if you know how it works.
You already have your answer. As I understand it, process to even apply for a PPP loan is quite difficult and involved. As him to show you the paperwork he submitted. If he can whip out a folder with all of the information required, he’s not being truthful.
With all due respect you clearly do not trust him in this area. Is he worth keeping if he can't be trusted? Only you can decide and certainly no need to tell us.
My husband said he was denied payroll protection funding so he has to close his business. I asked him if they emailed him the denial and he said they will today. So I said I want to read it. Then he said he probably won’t get the email until after they close the business at the end of next month. I asked how you apply for it and he said requirements come from the government, but their bank (the bank his company uses) review and either approve or deny. The reason I ask this is because for years he says he probably has to close the business but then he doesn’t and half the things he tells me are exaggerated or not true. He said he is talking to his lawyer to work out severance packages and closing costs/legal matters. He said he received a verbal denial today. Nothing comes in the mail until the Federal government officially denies based on what is submitted by the bank today. That letter could take weeks to come. The company will be closed before that. I’m just wonder if you know how it works.
I know how it works. You apply online at any participating bank or funding company. You upload required financial documents including tax returns, payroll documents, IRS payroll forms, borrower worksheets, drivers license, etc. The bank may email or call you if they need more information as they review your application and make sure you have everything the SBA requires. If you are declined you'll get an email. If you are approved, you'll get an email with loan docs to sign electronically.
Based on what you wrote, it sounds like even the PPP funding would not be enough to keep the company going. Maybe he was talking directly with his banker and he said it wouldn't go through.
Many businesses are closing. I'm so sorry you and your husband are going through this. I'm sure it's very stressful for him, especially since it sounds like he hoped things would turn around. Wishing you both all the best in the future.
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