This PPP Loan thing is a colossal mess. Nobody knows the real rules or what's going on. Banks are scrambling.

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Apr 3, 2020
9:12:50am

RdF3 All-American

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RdF3

Previous username: swishh_15
Bio page: RdF3
Joined: Nov 4, 2011
Last login: Apr 24, 2024
Total posts: 39,883 (2,652 FO)

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Messages

Author

Time

This PPP Loan thing is a colossal mess. Nobody knows the real rules or what's going on. Banks are scrambling.

RdF3 All-American

4/3/20 9:12am

The banks that are scrambling are the little guys. They feverishly rushed out to businesses everywhere and took

Pimpin4Paradise

4/3/20 9:19am

Chase is having a really hard time digesting it all because of the changes.

chitownboy

4/3/20 9:25am

This isn't the banks fault, but I see so much conflicting information for the rules. The two most pertinent:

RdF3

4/3/20 9:27am

EIDL and PPP can both be applied for, but cannot be used to pay for the same

BYUCLA

4/3/20 9:34am

Also, EIDL appears to be very delayed and I wouldn’t expect those funds soon.

BYUCLA

4/3/20 9:35am

I was told three weeks by two different SBA reps @ 800-659-2955. 10 min. wait.

grandpacoug

4/3/20 10:26am

Companies can’t use IC numbers. IC’s must apply themselves.

Mtbcoug

4/3/20 10:22am

There's a lot of companies using IC numbers per their bank/CPA's guidance.

RdF3

4/3/20 10:25am

That may be guidance people are giving, but if you read the CARES Act

Mtbcoug

4/3/20 10:50am

Just had this discussion with my relationship banker and CPA firm, No IC's in

4/3/20 11:15am

It's not just the little guys. Lots of the Big boys aren't ready either.

RockyBalboa

4/3/20 9:35am

Doesn't help they changed the form at 1:00 this morning.

Chester Copperpot

4/3/20 9:19am

They shouldn’t have been giving out applications before it was ready.

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