Chase just updated me on my PPP application... after 12 days...

[kman474]

Dear Business Client,

We're following up on the status of your application for a Paycheck Protection Program loan. We know how important these funds would be to your business and we hope this update gives you some insight into the processes both here at Chase and the SBA.

We continue to monitor congressional actions for a possible new round of funding for the program. We also will keep processing as many applications as possible so we will be ready to submit them if new funding becomes available.Here is the high-level overview of the review and approval process: Here's the update on your application:Current Status: Stage 3, Awaiting SBA approval What you should expect: We completed our review of the documents you provided demonstrating your payroll amounts and are ready to send your application to the SBA if additional funding becomes available for the program.

You don't have to do anything else now. In the meantime, we'll keep updating chase.com/cares with the latest information. Thank you for being a Chase customer.

 

[gillr]

@kman474 I believe Chase hand picked their applications. There is no way they went in order.

 

[melanieg]

@gillr They did. Chase mid to large size clients (commercial business account) didn't apply online. They were assinged bankers to work with. Small business clients can only apply online.

This is their commercial banking covid19 page. They are told to talk to banker instead of apply via online application:
https://www.jpmorgan.com/commercial-banking/covid19-your-guide-to-navigating-economic-uncertainity

And this is their response regarding why commercial banking customers approved first before business banking customers. They explained there are less apps from commercial banking line than apps from business banking line. Each line is processed by different group in its own sequential order...

https://recovery.chase.com/cares1/ppp-faqs1

in other words mid to large size customers can skip the small business lines and apply directly with their bankers.

 

[gillr]

@melanieg It will come back and bite them in the rear!

 

[melanieg]

@gillr Maybe...who knows... there are law firms preparing for lawsuits. But the lawsuits against bank of america a short while ago...judge ruled in favor of the bank...

I also edited my comments above to add more link and proof

 

[truefreedom56]

@melanieg Hey, that can’t be true because they said it was first come first serve.

Our government and banks wouldn’t lie to us.

 

[kman474]

@gillr I think they did!

 

[gillr]

@kman474 Shame on them if they did!!

 

[angelica9000]

@gillr I heard they went in order of the interest form that went live 4/3, not the actual application that went live 4/6. No idea if that’s correct but we’re a small nonprofit and Chase approved a $75k loan deposited to our account on 4/16.

 

[superkid09]

@angelica9000 Not true. No-one ever contacted me for the interest form I filled on 4/3. Got that stage 2 email based on my online app on 4/6. Nothing changes how I feel about them.

 

[angelica9000]

@superkid09 No one contacted us about the interest form either. I wasn’t defending them AT ALL, just offering an opinion. Chase absolutely sucks.

Edit: clarification

 

[superkid09]

@angelica9000 No worries. I did not mean to say that you were defending them. I only meant to clarify that our assumption of them using interest list was not true.

Because my interest application went in as soon as it went live. I am still waiting for them to respond to my "interest"

 

[andi777777]

@kman474 The message on chase cares says they had 2,000 people working for 2 weeks on this. They only got 30,000 loans done. By that math it took 6 hours of labor to approve each of these loans? Put differently, in 2 weeks time, each worker only got 15 loans done?

That’s abysmal.

 

[613jono]

@kman474 I’m stage 2. Any nice local chicago banks I could switch to?

 

[askbig]

@613jono Im with chase in Chicago at stage 2 too. I have applied on lendio yesterday and it states they will notify me once additional funding is secure. Also, I went to my local bank and they are not taking new clients for the PPP loan.

 

[mynameisjames]

@613jono Check Divvy or Lendio. I know people that applied way after I applied with chase and were funded!

 

[kevdog1232]

@kman474 Same except I am on step TWO. Been a business customer for 15 years and have received no communication from Chase since I applied on 4/7. Not even a confirmation email that my application was received. Ridiculous.

 

[melanieg]

@kman474 Got the same email today...

 

[1517today]

@kman474 I just got a similar email saying I’m in payroll review. After a week of hand-wringing, I guess my application never even budged. Thanks, Chase.

 

[lovemeformexo]

@kman474 I'm stage 2. Applied 4/3 then again 4/6. Not holding my breath.