PPP Big Banks not geared up ?

[BigBeto]

Submitted my application via BofA portal On Friday at 6am. Received an email this morning confirming my application was received and requesting payroll reports. It’s looking promising so far. I know other banks weren’t ready to go on Friday.

 

[SLT Kota]

I also did the 10k emergency deal last week as well, haven't heard anything about that one either. Amazing how government is great on collecting money from small biz, but horrible on distributing it.
For the last 50 years the only govt check I've ever received was for overpayment of taxes.

The 10k emergency EIDL program is making the PPP program look like it is working smoothly, at least they let the private sector handle the PPP loans. The SBA is in WAY over their head with the volume of EIDL applications they have received.

 

[bonesfab]

I tried to do the ppp form on friday through b of a. it said I was not qualified. I logged in this morning and it let me fill it out. I also signed up for the 10k. We will see if either of them are approved for a white boy..

 

[ChumpChange]

This is a brand new program and it is gonna take time. When they rolled out hamp in 2008 the demand was huge and no one knew what they were doing. Same thing here.

We’ve already submitted a ridiculous amount to the SBA and received authorization numbers. We knew since last Wednesday what the preliminary requirements were gonna look like such as payroll records so we got our customers ready. We just needed the final application which didn’t come out til late Friday Morning.

Been working all weekend and already heading to loan docs for customers. Gonna be a good week. Even for some companies in the boating industry.

 

[ChumpChange]

I tried to do the ppp form on friday through b of a. it said I was not qualified. I logged in this morning and it let me fill it out. I also signed up for the 10k. We will see if either of them are approved for a white boy..

There was such pushback that Moynihan opened it up for everybody and not just businesses who had both lending and deposit relationships.

 

[senorpdog]

We’ve already submitted a ridiculous amount to the SBA and received authorization numbers. We knew since last Wednesday what the preliminary requirements were gonna look like such as payroll records so we got our customers ready. We just needed the final application which didn’t come out til late Friday Morning.

Been working all weekend and already heading to loan docs for customers. Gonna be a good week. Even for some companies in the boating industry.

This is what is scary seems like my bank is dragging their feet and no other bank will touch you since you haven’t banked with them I’m afraid all of the money will be gone.

 

[ChumpChange]

More stipulations than that.
Bof A said yesterday they could not do one for us yesterday even thought we have 12 restaurants running through them. we need to be a borrower from them as well, not just depositing a shit load of money in their accounts. ( Corp policy) Guess we will be changing banks when this is over.

Make sure you go back in as they changed policy late Friday night.

 

[just_floatin]

 

[Deckin Around]

 

[DrunkenSailor]

We’ve already submitted a ridiculous amount to the SBA and received authorization numbers. We knew since last Wednesday what the preliminary requirements were gonna look like such as payroll records so we got our customers ready. We just needed the final application which didn’t come out til late Friday Morning.

Been working all weekend and already heading to loan docs for customers. Gonna be a good week. Even for some companies in the boating industry.

Thats awesome news.

 

[golakers]

View attachment 863141

Are you a WF customer? If so, what are you going to do now?? So far not real happy w Wells!

 

[Uncle Dave]

So far everyone almost everyone is at the submitted/ uploading stage.

I haven't heard of a single funded loan....

UD

 

[golakers]

So far everyone almost everyone is at the submitted/ uploading stage.

I haven't heard of a single funded loan....

UD

We can't even get that far with WF......

 

[jetboatperformance]

So far everyone almost everyone is at the submitted/ uploading stage.

I haven't heard of a single funded loan....

UD

Nor have we heard anything ...despite the banks being "less than prepared" it seems the big ones are "dragging their feet" , and to exacerbate matters there virtually no communication available

 

[golakers]

Nor have we heard anything ...despite the banks being "less than prepared" it seems the big ones are "dragging their feet" , and to exacerbate matters there virtually no communication available

So, I'm not alone?!?!?!?!?!

 

[Xtrmwakeboarder]

Finally submitted the online application for BoW. Our contacts over there seem like their scrambling and have no idea what's going on. "VP and Managing Director level, but it seems like everyone is a VP in banking"

 

[JAK Classic]

Curious of anyone has been able to submit a PPP application with Chase after receiving acknowledgement email? After submitting initial inquiry form I received email on Sat/Sun that we will be contacted via email or phone. Nothing since.

 

[ChumpChange]

"VP and Managing Director level, but it seems like everyone is a VP in banking"

lol Yup!

- SVP

 

[LuauLounge]

I hope no one is planning on making payroll from these loans this month or next.

 

[RCDave]

 

[ChumpChange]

I hope no one is planning on making payroll from these loans this month or next.

Why not? We've already funded quite a few.

 

[ONE-A-DAY]

View attachment 863149

My Wells business banker says if you got this email its good news, I got the same type of email from them, it means you are in the cue. As of now Wells is not letting anyone else into the cue, so if you didnt jump on this right away your SOL for the time being.

 

[Rondog4405]

Curious of anyone has been able to submit a PPP application with Chase after receiving acknowledgement email? After submitting initial inquiry form I received email on Sat/Sun that we will be contacted via email or phone. Nothing since.

Same here...still waitinh on that call back. At this point..I doubt anything will come of it.

 

[paradise]

Same here...still waitinh on that call back. At this point..I doubt anything will come of it.

Curious of anyone has been able to submit a PPP application with Chase after receiving acknowledgement email? After submitting initial inquiry form I received email on Sat/Sun that we will be contacted via email or phone. Nothing since.

Hey guys, go back to the chase.com/cares website and the full application is now online... You should have received an email.

 

[golakers]

This is what you DON’T want to get back.
F ME!!

 

[golakers]

My Wells business banker says if you got this email its good news, I got the same type of email from them, it means you are in the cue. As of now Wells is not letting anyone else into the cue, so if you didnt jump on this right away your SOL for the time being.

Curious on when you applied? I applied Saturday afternoon and good the bad email back! Good job getting in early!

 

[ONE-A-DAY]

This is what you DON’T want to get back.
F ME!!

Actually according to my Wells person that is the email you want to get, it means you are in the cue, if you tried now you wouldnt even get into the cue, they are not accepting any more entries into the cue. You will be getting the next steps email when they get to you in the cue.

 

[ONE-A-DAY]

Curious on when you applied? I applied Saturday afternoon and good the bad email back! Good job getting in early!

Late last week, and then there was a second step on Sunday. Your at the same spot as me, that email means the application is coming. If you tried now you would not be able to even get that far.

 

[GETBOATS]

Wells Fargo let me down again, I'm not one to rush the gate when a sale is on, be patient and wait your turn I said to self, called them 15 minutes after Trump signed into law, left message with manager at branch to have loan officer call me. Called them 3 times later in the week, on hold forever, gave up. Finally got thru to the branch late Friday, Wells manager said it should be live soon. Signed on, not live yet. Looked Saturday early, still not yet. Left it alone till Monday morning, heard on the news Wells was capped with no more to lend at 5:30 am west coast. Went thru my list of contacts and then some with no luck, maybe later they said. Been with them for 30 years, three accounts with them, while not a big fish, I have funneled 120 million thru their hands in that time. This is the straw, the last time they stepped in it I said I was done with them then. Believe it was May of 2018, when, keep in mind I'm at the branch where I've banked for 30 years, looking at the teller that knows me by first name and is always so concerned about how may day is going.......lol, said she needed my ID to deposit cash. HUH? don't have it with me but I'll recite it so you can match it to what your system says. Nope...manager......known her for 15 years..nope. they handed to deposits checks and cash back to me. had to return later with my proof I am who I said. got requests out to Torrey Pines Bank, where I have an account and Pacific Western Bank. While I understand the shear volume they are faced with, its their job to support their customer base. Commercial banking manager with Pacwest has been chasing me for years, hope he comes thru...............and its bye to Wells

 

[ONE-A-DAY]

Wells Fargo let me down again, I'm not one to rush the gate when a sale is on, be patient and wait your turn I said to self, called them 15 minutes after Trump signed into law, left message with manager at branch to have loan officer call me. Called them 3 times later in the week, on hold forever, gave up. Finally got thru to the branch late Friday, Wells manager said it should be live soon. Signed on, not live yet. Looked Saturday early, still not yet. Left it alone till Monday morning, heard on the news Wells was capped with no more to lend at 5:30 am west coast. Went thru my list of contacts and then some with no luck, maybe later they said. Been with them for 30 years, three accounts with them, while not a big fish, I have funneled 120 million thru their hands in that time. This is the straw, the last time they stepped in it I said I was done with them then. Believe it was May of 2018, when, keep in mind I'm at the branch where I've banked for 30 years, looking at the teller that knows me by first name and is always so concerned about how may day is going.......lol, said she needed my ID to deposit cash. HUH? don't have it with me but I'll recite it so you can match it to what your system says. Nope...manager......known her for 15 years..nope. they handed to deposits checks and cash back to me. had to return later with my proof I am who I said. got requests out to Torrey Pines Bank, where I have an account and Pacific Western Bank. While I understand the shear volume they are faced with, its their job to support their customer base. Commercial banking manager with Pacwest has been chasing me for years, hope he comes thru...............and its bye to Wells

Im 20 years with them and likely close to $50 million in revenue run through them, I to want to tell them to f off, but the process of changing business banks is really daunting, I get 30-50 EFT deposits a month, lots of EFT bills going out, changing all that just makes me suck it up and stick with them. I know they know this and realize that their customers will take a high level of shit without going anywhere.

 

[golakers]

Wells Fargo let me down again, I'm not one to rush the gate when a sale is on, be patient and wait your turn I said to self, called them 15 minutes after Trump signed into law, left message with manager at branch to have loan officer call me. Called them 3 times later in the week, on hold forever, gave up. Finally got thru to the branch late Friday, Wells manager said it should be live soon. Signed on, not live yet. Looked Saturday early, still not yet. Left it alone till Monday morning, heard on the news Wells was capped with no more to lend at 5:30 am west coast. Went thru my list of contacts and then some with no luck, maybe later they said. Been with them for 30 years, three accounts with them, while not a big fish, I have funneled 120 million thru their hands in that time. This is the straw, the last time they stepped in it I said I was done with them then. Believe it was May of 2018, when, keep in mind I'm at the branch where I've banked for 30 years, looking at the teller that knows me by first name and is always so concerned about how may day is going.......lol, said she needed my ID to deposit cash. HUH? don't have it with me but I'll recite it so you can match it to what your system says. Nope...manager......known her for 15 years..nope. they handed to deposits checks and cash back to me. had to return later with my proof I am who I said. got requests out to Torrey Pines Bank, where I have an account and Pacific Western Bank. While I understand the shear volume they are faced with, its their job to support their customer base. Commercial banking manager with Pacwest has been chasing me for years, hope he comes thru...............and its bye to Wells

Its total BS!! I'm also thinking about switching to a smaller bank. Total shit show the way they handled it. I was checking their website all day Saturday to go live!

 

[Rondog4405]

Hey guys, go back to the chase.com/cares website and the full application is now online... You should have received an email.

Thanks. I just tried to apply and was told its unavailable at this time. Knew it was gonna be too late..

 

[LuauLounge]

Hey guys, go back to the chase.com/cares website and the full application is now online... You should have received an email.

Haven't received the email

Its total BS!! I'm also thinking about switching to a smaller bank. Total shit show the way they handled it. I was checking their website all day Saturday to go live!

Dumped WF 20 years ago, moved to WM, which got bought out by Chase. Business is through Chase, personal is through SAFE Credit Union. I like the CU better, too much hassle to move the business to them.

 

[jetboatperformance]

UPDATE ! So today the wife (CFO) went into the Chase portal and completed the info required , then submitted it and recieved a Chase confirmation number "recognizing" the application,... then we get an email saying to now go complete the application (already done and acknowledged) Suspect a bit of a disconnect ... more to follow

 

[DLC]

At Wells Fargo the people in the branches are just robots, they have been handcuffed for a long time and cannot make a decision unless it’s to go on a break for 15 minutes.

they can not override or impute anything into the SYSTEM unless the system allows it. Chase is following this model of modern banking.

your relation ship is to the system and not the people, if that makes sence.

my small construction company banks with Wells Fargo because it’s easy and just down the street from me

 

[McKay]

Yes guys, switching to a smaller local bank makes all the difference the world for service. Learned that lesson about 10 years ago.

 

[JAK Classic]

Hey guys, go back to the chase.com/cares website and the full application is now online... You should have received an email.

Thank-you @paradise for the notice. When I checked earlier today the page wasn't active. I did get our application submitted. Now fingers crossed. I really appreciate your response.

 

[gqchris]

At Wells Fargo the people in the branches are just robots, they have been handcuffed for a long time and cannot make a decision unless it’s to go on a break for 15 minutes.

they can not override or impute anything into the SYSTEM unless the system allows it. Chase is following this model of modern banking.

your relation ship is to the system and not the people, if that makes sence.

my small construction company banks with Wells Fargo because it’s easy and just down the street from me

Yup Doug, And the tellers also make like 13 bucks an hour, so they could give a shit less.

I'm with Wells also. Luckliy I dont have a payroll since its just me so I dont need the PPP program. I did make it on to the SBA 10k loan thing, but like everyone else, no response at all. I'm not holding my breath on any of this helping us out.

 

[wet hull]

I just spoke with our bank we submitted our PPP loan through. Kabbage.com. We business bank with Wells Fargo as well. They received our application on Sat. We asked for $32,500. It is in process and we should have a answer no later then Monday. If approved they request our Wells Fargo info and disperse funds in 3 days. There is a chance I see money by end of next week. Fingers crossed as after this next payroll on Fri the following will be very tough to meet. Will update if anything happens sooner.

 

[Xtrmwakeboarder]

Yes guys, switching to a smaller local bank makes all the difference the world for service. Learned that lesson about 10 years ago.

It depends on what you're doing. Domestic only, yes. Big banks do have their place when you're moving outside the U.S.

 

[DLC]

Yup Doug, And the tellers also make like 13 bucks an hour, so they could give a shit less.

I'm with Wells also. Luckliy I dont have a payroll since its just me so I dont need the PPP program. I did make it on to the SBA 10k loan thing, but like everyone else, no response at all. I'm not holding my breath on any of this helping us out.

Don’t forget the teller needs a college degree also to make that $13 ....

I once deposited a check from a new customer and they wanted to put a 10 day hold on it.... and this wasn’t that long ago. The teller said to call in 3 days after I deposited it....

checks clear the fed in 24 hrs....

 

[mash on it]

Don’t forget the teller needs a college degree also to make that $13 ....

I once deposited a check from a new customer and they wanted to put a 10 day hold on it.... and this wasn’t that long ago. The teller said to call in 3 days after I deposited it....

checks clear the fed in 24 hrs....

If you only knew...

Dan'l

 

[ChumpChange]

Don’t forget the teller needs a college degree also to make that $13 ....

I once deposited a check from a new customer and they wanted to put a 10 day hold on it.... and this wasn’t that long ago. The teller said to call in 3 days after I deposited it....

checks clear the fed in 24 hrs....

Stop payments can come back on the third business day. Just because it clears doesn’t mean somebody on the other end isn’t rejecting it.

 

[DLC]

Stop payments can come back on the third business day. Just because it clears doesn’t mean somebody on the other end isn’t rejecting it.

Im aware of that but 10 days is excessive when you’ve been a customer for 10 years with out one issue and also have enough to cover the check in the account your depositing into. They do it because they can. Just like some people won’t get the loan - payroll assistanc.

 

[ultra26shadow]

Im aware of that but 10 days is excessive when you’ve been a customer for 10 years with out one issue and also have enough to cover the check in the account your depositing into. They do it because they can. Just like some people won’t get the loan - payroll assistanc.

Sometimes you aren’t the issue sometimes it’s the maker of the check. The bank puts the hold on so you don’t come back in 11 days stating why is my money missing from my account. And if you have the money in your account to cover the check then why worry? You are good at your profession let the bank do their profession. Anywho why are checks even being circulated anymore?

 

[Uncle Dave]

Why not? We've already funded quite a few.

Cool.

I've heard bankers say this but never seen anything that looked like evidence of a funding confirmation.

UD

 

[bonesfab]

Well it looks like B of A is moving forward. I got the link to submit my paper work this morning.

 

[golakers]

I just spoke with our bank we submitted our PPP loan through. Kabbage.com. We business bank with Wells Fargo as well. They received our application on Sat. We asked for $32,500. It is in process and we should have a answer no later then Monday. If approved they request our Wells Fargo info and disperse funds in 3 days. There is a chance I see money by end of next week. Fingers crossed as after this next payroll on Fri the following will be very tough to meet. Will update if anything happens sooner.

I just filled out the app w Kabbage also. Did you see that they are NOT an SBA approved lender yet???

 

[ChumpChange]

Im aware of that but 10 days is excessive when you’ve been a customer for 10 years with out one issue and also have enough to cover the check in the account your depositing into. They do it because they can. Just like some people won’t get the loan - payroll assistanc.

For sure. Banks give immediate funds on uncollected funds all the time. I was just stating that although clearing happens quick, sometimes almost immediate between big banks, there are other activities that can still get a check returned.

Cool.

I've heard bankers say this but never seen anything that looked like evidence of a funding confirmation.

UD

Unfortunately, I won't be the one sharing my customer's information to satisfy your need. Just went to funding on two more of mine this morning.

 

[Done-it-again]

For sure. Banks give immediate funds on uncollected funds all the time. I was just stating that although clearing happens quick, sometimes almost immediate between big banks, there are other activities that can still get a check returned.



Unfortunately, I won't be the one sharing my customer's information to satisfy your need. Just went to funding on two more of mine this morning.

Chump, what bank do you work for?