I want to share my experience regarding PPP loan application
I used a local community bank as soon as the program was available but they failed to push my file to sba
I applied through my bank CHASE. They gave me an application received e mail with a reference number. Nothing came out of it
Out of desperation yesterday I applied through PayPal their loan site is loanbuilder by PayPal
I submitted my application 6 pm yesterday and the funds are in my bank at 2 pm today It is really unbelievable
PayPal closed their application effective 11:30 am today since funds are depleted
Once they replenish the 250 billion fund(hopefully soon ) Pay pal should be an option for SOAPM members to use.
I don’t have any connection to PayPal .
Just wanted to share my experience with the hope to be helpful .
Will be at the webinar later
All PPP payments will require the signing of a loan document outlining basic terms, etc. So, if you’ve not been presented with loan documents to sign, it is not likely your application was approved.
I am encouraging people to continue to apply in the hopes that the PPP receives additional funding from Congress. I applied one of my companies through https://crossriver.com/. Although the loan was not approved by the SBA (likely because of the relatively small amount), the application process was the best one I’ve seen…my hope is that when additional funding comes through, my application will be ready to go, etc. Thanks to @andrew with PracticeWell for suggesting that option.
That’s a roll of the dice. Most lenders put that in there as a small test of sorts to ensure people are committed to sending in an application, etc. This will also serve as information on where the deposits will be sent. Some have suggested opening an additional account for this exclusive purpose. Not sure if it is worth the effort. I know that for some types of loans (not necessarily PPP) banks like to use that information to pull banking transactions to analyze, etc. At this point, I can’t confirm the same thing is happening here.
Sorry to be evasive, but it boils down to your trust in the institution and the secure connection to share the details with them.
Thank you for your thoughts. My other 2 banks never asked so it struck me as odd and potentially dangerous at the same time. I think that is a great idea to have another account just in case. Thank you @Paulie
We applied through our traditional bank (PNC) and per their website we are “Submitted to SBA - Awaiting Registration” to get a number. Their site may not notify that we have an SBA number for 48 hours.
We also applied through PayPal as a back up and just got a docusign notice to sign loan terms, etc. at which point then PayPal would submit our information to the SBA. My concern is if we sign these documents with PayPal, and then find out tomorrow or Monday that we have a number from PNC, that either a) it would be difficult to withdrawal either application and/or b) that there may be a fraud alert for having two applications at the SBA.
Has anyone else applied to multiple institutions and run into this type of scenario?
My banker explained it as, the first one to the finish line is the winner. Once the SBA attaches an approval to your TIN, any future attempts “should” be locked out and denied. I strongly encourage you to attempt to find a local bank who can submit for you. I also bank with PNC, and had a similar message as yours. My accountant reached out to me this am, we submitted via a local bank, and had SBA registration/e-tran # within two hours. AND, there was an issue with my TIN, which would have NEVER been “discovered” by PNC, Paypal, BlueVine, Kabbage, etc, because of their bulk submissions. My “new” local banker caught it, fixed it, and got me funded.
I did not apply multiple. However, in my readings and own experience it seems usually the DocuSign comes after they have approval and e-trans number from SBA. Sounds like PayPal may be doing it ahead … which would lock you in to them I would think.
PayPal has you sign a blank SBA without an e-Tran number. It obligates you to nothing. I signed that document between the deletion of round one and the approval of round two, so there’s no way they had approval.
I received my funds from paypal less than 24 hours after I signed the docusign agreement.I received my funds about 12 hours later .The first bank agreement did not have the e tran SBA number.The next day I received completed signed documents for my records which had the SBA authorization number.
My pay pal experience was positive on April 15 during the first round.Current posts I am reading suggesting Bluevine(another fintech) is more efficient in facilitating the loans.
I had my Chase application days before I applied through PayPal so I did apply through multiple lenders.