Chase PPP Timeline

[superkid09]

Probably it would be helpful to create a status tracker which maybe helpful for al of us on waiting mode. Hopefully approved PPP folks can provide details in timeline so we know.

• Business structure (LLC/S-Corp/Corp,Sole). - S-Corp
• Submitted Date. / TIme - 4/6 - 2:43pm pdt
• Confirmation received (Y/N) Y
• Confirmation number - 20CA2112XXX
• First contact by Chase
• Additional information asked
• Approved

 

[beautifullybroken88]

@superkid09

• Submitted Date. / Time - 4/6/20 - 3:36 PM Pacific Time
• Confirmation received (Y/N) Y
• Confirmation number - 20CA2114XXX.
• Amount Requested - $110K
• No Contact From Chase Since
• I did receive $8K in bank from EIDL "Advance", that got knocked down from 10K (Have 8 W-2 Employees)

Updates:

•We’re an S-Corp

• Still nothing as of today (Saturday 4/11).

•I did speak with a higher up at Chase who told me that they were working around the clock on these.

• He also told me that loans over $150K were receiving more scrutiny by underwriters, but that loans below that threshold were getting processed faster.

Good luck to everyone!

 

[moonbeams]

@superkid09 Submitted Date. / TIme - 4/6 - 2:12pm PST

Confirmation received (Y/N) Y

Confirmation number - 20CA193xxxx

First contact by Chase - NONE

Additional information asked - NONE

Business: S-Corp

Amount: $9k

Nada

Note: I submitted 3 times via three different methods. The above info is from the current online process. On Sun 4/5/2020 they had an online process that I submitted via. Then on Monday 4/6/2020 it was replaced. I had also previously manually submitted using the SBA application form. I have contacted my local business banker 3 times with no response at all. Normally should would respond same day to any questions.

 

[moonbeams]

** Update **
Received an email from Chase @ 7.42PM 04/11.20

Paycheck Protection Program loan application update
Your Paycheck Protection Program loan request has been approved for xxxxx

Chase will deposit your loan funds into your oldest Chase Business Banking checking account within the next three business days.

Chase branch and service teams will be unable to answer any questions about the status of your loan. Please visit chase.com/cares for the latest updates on this program.

Thank you.

 

[moonbeams]

** Update **

Funding arrived in account on 04/14/2020

No contact at all from Chase at any level apart from emails.

The only proof of payroll I supplied as an xlsx report from Gusto. They created specific report for PPP approval processes.

FYI - Gusto rocks! Use them for payroll if you are looking. Been a happy user for 5 years. No issues at all.

 

[asjc35]

@superkid09

• Submitted Date - 3 minutes after online request (said I would be called)
• Email confirmation that someone would reach out
• Amount Requested 650k
• Banker reached out by email on 4/5 (Sunday), submitted documents that night. Said I had been submitted 4/6 (Monday) at 1pm. Said I was approved 4/9.
• Funds received today 4/10

My rep said I got her everything before they switched to online applications and she was able to submit it. Claims I got in early (whatever that means)