COVID Loan Tracker: Here is detail on the first 6 Businesses who got PPP Loans

[charity1]

Hi All,

We are starting to get press!: https://www.inc.com/kevin-j-ryan/small-business-loans-owners-waiting-for-money.html (fyi Inc.com has been down a lot today, but this is great momentum!)

Just a quick report here from COVID Loan Tracker. We are nearing 1,1000 business reporting and so far 6 businesses have reported getting PPP loans. I cannot upload an image of the data nor paste cells from excel, so am doing it manually. The screenshot is live on https://www.covidloantracker.com/

1. LLC, Colorado, 155 employees, applied 4/5, received 4/7, received $1.6m, applied through small/regional bank, received 100% requested
2. S-Corp, Oklahoma, 1 employee, applied 4/2, received 4/9, received $20,700, applied through small/regional bank, received 100% requested
3. LLC, Texas, 38 employees, applied 4/3, received 4/9, received $244,000, applied through small/regional bank, received 100% requested
4. LLC, Utah, 2 employees, applied 4/3, received 4/9, received $7,200, applied through small/regional bank, received 24% requested
5. S-Corp, Arkansas, applied 4/3, received 4/9, received $49,900, applied through small/regional bank, received 100% requested
6. C-Corp, Michigan, applied 4/3, received 4/8, received $250,000, applied through small/regional bank, received 100% requested

 

[timh42]

@charity1 Im wondering if those are the individual banks advancing the funds like a few are doing or if this a sign of things moving.

 

[charity1]

@timh42 One of the angles we are investigating is whether banks are approving those with pre-existing borrowing relatonships first. We have just added a question to this effect.

 

[charity1]

@timh42 This seems like a very legitimate concern, and the anecdotal stories we are getting don't lend any peace of mind that there s any standardized process. From what we are hearing, it seems like banks are generally waiting for SBA money before funding the loans.

 

[jesuslovesyou69]

@charity1 That’s not what the law says—banks must issue loan and then get reimbursed. So the banks are in default of their obligations. But the SBA can’t do anything because there is no way they could issue the loans directly on top of the EIDL program (which they haven’t managed worth a damn as it is) and the banks know that. So they can flaunt the law (ironically like the SBA is doing with its regulations) and get away with it.

So please, for once, let’s actually remember this BS a year from now when we aren’t all so desperate and can afford to do something about it.

 

[evangelistcj]

@timh42 were in same boat, submitted to regional bank on Saturday the 4th, we got word yesterday the bank approved and sent to sba. waiting on sba.

 

[revdr]

@timh42

If the SBA still has to do all the leg work to approve the application and send the money.....Whats the need for the banks in the middle?

Then banks make sure that the borrower has submitted the proper supporting documents to support the PPP application. SBA does not have the man-power to do all of that...there must be tens of thousands of bank employees working on this.

Highly unlikely the supporting documents are sent to SBA.

 

[dbtngbeliever]

@charity1 I already filled in my info. Is there a way to update including this question?

 

[charity1]

@dbtngbeliever Sorry what do you mean exactly?

 

[dbtngbeliever]

@charity1 I believe that when I filled out my report I was not asked about whether I had a previous borrowing relationship with the perspective lending institution. Is there a way to update my report to answer that question? FWIW, I've had an account with them for around 15 years but have never taken out a loan.

 

[charity1]

@dbtngbeliever If you used an email when you did the first application, just go back and resubmit another survey using the same email address. Thanks

 

[lazhar]

@charity1 Almost every bank requires a pre-existing relationship. It has taken 5 days of 5+ hours a day going through the SBA lists to find ONE that would take an application. Reddit helped more than any SBA guide or bank. I have a list of who requires a preexisting relationship prior to Feb 2020. And it had to be a biz account not just a checking account.

 

[indopanda]

@timh42 There was an article today stating some smaller banks are completing the loans with internal processes because SbA still hasn’t clarified things 100% but the big guys don’t want to take that risk.

 

[charity1]

@indopanda One thing we know is that one of the primary reasons small banks have been faster is that may of them were already registered with the SBA and used to processing SBA loans, so they already had the infrastructure to do it.

 

[axe414]

@charity1 I clocked the link...the info on the EIDL...application 04/04

I've seen a ton of people including myself that apply before that date and havent received even an email...wonder why someone that filed after already processed?

 

[edo2]

@axe414 Same here. We are application #34 in NH applied on March 19th with 1st iteration of disaster application. Called last week to confirm receipt. Nice lady at SBA said, yes and should hear from loan officer this week.

Nothing.

 

[charity1]

@edo2 Sad to say, but this is a typical story!

 

[anton_james]

@charity1 Number 4 got screwed.

 

[audmanout]

@anton_james But we the tax payer won...right?

 

[proverbs3]

@charity1 How do I report receiving our PPP funds? I previously reported to the Loan tracker that we had not received anything.