Chase PPP Timeline

[joiner20]

@iamsuperb Single employee. 15kish

 

[joiner20]

@superkid09 Can I make a suggestion? Edit your post so that people add their business structure (LLC, S Corp, etc) as well as whether or not their loan request was based on W2 payroll expenses. My suspicion is that the easy files (S corps, W2 wages) are being pushed through first.

 

[iamsuperb]

@joiner20 I’m W-2 and my app has been finished since Sunday. Just waiting since then for them to submit to SBA.

My suspicion is that they are prioritizing bigger loan amounts and big chilling on smaller loan amounts. My loan request is around $175k.

 

[superkid09]

@iamsuperb My goal with this thread is to capture data and see how the reference numbers are tracking and if we can get any data from approvals. I hope in the next couple of days, approvals get posted and we have some workable tracker.

 

[superkid09]

@joiner20 I am not sure. I have s-corp. Stil crickets.

 

[lostmichael]

@superkid09

• Business structure (LLC/S-Corp/Corp,Sole). - LLC
• Submitted Date. / Time - 4/3 Noon
• Confirmation received (Y/N) Y on 04/05
• Confirmation number - None given - email saying they received it
• First contact by Chase - 04/05 10pm, spoke with rep on 04/06 at 8am
• Additional information asked - uploaded payroll summery, additional info sheet
• Approved - No word yet

Got email back from rep this morning saying the following "Your application was completed the day we were working together (04/06). It leaves my Q and it goes in someone else’s Q. That person will review everything and if it is complete the application will go to an underwriter’s Q. However, if additional information is required, that person will contact you.

I know is hard just waiting, but you already have your application in. A lot of other people are waiting for the initial phone call. Please be patient…

Wishing you the very best"

 

[gregsrt]

@superkid09 Business structure - LLC

Submitted Date/time - 4/6 @ 5:47

Confirmation Received - Y

Confirmation num - 20NY200XXXX

First contact by chase - 4/10 business banker unrelated to this just checking in. He confirmed it was “processing”. Said processing with SBA but he did not seem sure

Additional information asked - N

Approved - N

 

[hannah239]

@gregsrt Hi do you mind me asking what amount you applied for ? I am in new york as well and applied similar dates as you and only have cont number....also was your credit ran?

 

[gregsrt]

@hannah239 ~500k. 19 employees. No credit pull to date

 

[searching4purposeoflife]

@superkid09

• Business structure - S-Corp
• Submitted Date. / Time - 4/6 - 7pm Est
• Confirmation received (Y/N) Y
• Confirmation number - 20NY1909xxx
• First contact by Chase - 4/15
• Additional information asked - none
• Approved - 4/15
• Funded - 4/16
• Chase, submitted only once even though no contact from Chase for over a week.

 

[amanofmacedonia]

@superkid09 S-Corp

4/6 2:05 PDT

Confirmation received: Yes

20CA1901XXX

No other useful contact. Received confirmation email with # about 3 hours later. Received the invitation to apply April 7 (I believe it was just delayed follow up from initial inquiry form).

No approval or denial received.

Rant:

I have an agency of web developers. I have different tools available to me that perhaps gave me a bit of an advantage over the public. Specifically, I have tools that monitor websites for uptime/changes/updates. I applied, very, very soon after the PPP application became live. So far I have not seen anybody with a lower number than mine. I have been a chase business client for more than 10 years. Something about this isn't adding up.

Furthermore, I would like to bellyache about their speed of deploying the application. I can tell you with a very high degree of confidence that the application form would take a junior coder about 3-4 hours to develop and test. Provided that the analysts and requirements gatherers supplied that coder with all the questions, boxes, etc... to put into the form. (Hell, they could have gleaned it from BofA!) With another 4 hours from an experienced coder (with AWS skills) a load balancer and a scalable web architecture could be built and deployed that would allow this form to take a million (or more) submission per hour. I would have no problem quoting a client for such services a flat rate based on an 8 hour estimate. Yet they took nearly a week.

Edit 4/20:
Here’s some fallout. DM me to add my name to the list. https://www.usatoday.com/story/mone...chase-bank-over-handling-stimulus/5163654002/

 

[amanofmacedonia]

According to CNBC, according to chase, they received 300,000 applications. According to chase they were the number 1 lender. According to the treasury, they got about 27,000 approved. About 1%. Definitely not first come first served.

https://home.treasury.gov/system/files/136/SBA PPP Loan Report Deck.pdf

 

[jamesaustin87]

@superkid09 4/8 application accepted,

4/19 stage 3 confirmation 05FL220XXXX
I’m still not funded. Anyone in Florida got funded? Share dates?

 

[victory4me]

@superkid09 Submitted date: 4/6, approx 2:30pm central maybe?

Confirmation received: Yes

Confirmation number: 05LA2117XXX

Nothing since that confirmation email.

 

[iamsuperb]

@superkid09 Submitted inquiry Friday 4/3.

Received call from Chase banker Sunday 4/5 and applied via phone. Completed two docusigns and uploaded supporting documentation.

Requested around $175k.

Have heard jackshit since Sunday.

 

[superkid09]

@iamsuperb Were yuo assigned any Loan Reference number?

 

[iamsuperb]

@superkid09 Nope

 

[dookville]

@iamsuperb Anything yet?

 

[iamsuperb]

@dookville I get an update from two bankers everyday: “Your application is still in processing, we don’t know anything else, we’ll update you ASAP, we’re sorry and doing the best we can.”

Zero progress in ten days.

 

[dookville]

@iamsuperb I feel your pain. I sent an email to the rep that did our application on 4/5 and she just called me saying we have made it to the final stage of approval. (Apparently there are 4 stages) and we should get approval email soon...