Has anyone successfully gotten through the PPP2 loan process?

Jan 21, 2021
2:07:43pm

BYUMizzou Former User

I applied earlier this week and just got notice that the application has been reviewed by the lender and submitted to the SBA. Does the SBA still have funds available? Has anyone gotten any further along in the process with any luck?

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BYUMizzou

Previous username: Mark Harlan
Bio page: BYUMizzou
Joined: Aug 25, 2010
Last login: Apr 18, 2024
Total posts: 38,136 (8,662 FO)

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Messages

Author

Time

Has anyone successfully gotten through the PPP2 loan process?

BYUMizzou

1/21/21 2:07pm

Plenty of money still as far as I know.

AFCougK9

1/21/21 2:10pm

I have not been very close to this round but my understanding is money should last quite a while

Clark Addison

1/21/21 2:11pm

Funding isn't an issue. Many don't qualify because they don't have a 25% drop

Chester Copperpot

1/21/21 2:11pm

Do you have to have the drop in revenue to take a first draw?

wabluecoug

1/21/21 2:12pm

No. You just had to make a good faith certification that your business suffered

BYUMizzou

1/21/21 2:14pm

I had one quarter in 2020 where revenue fell by 25.3% over the previous year, so

BYUMizzou

1/21/21 2:13pm

I got clobbered last year. Surprising to me to hear people that don't qualify.

The Old Y

1/21/21 2:14pm

A lot of small business lost 15-24% - still devastating for small margin cos

Saxa

1/21/21 2:43pm

Good point.

The Old Y

1/21/21 2:45pm

The application process is a lot more involved this round and the money will last

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