EIDL and PPP approved/funded. Full Timelines and Thank you!

[4christamen]

First of all, a big thank you to the collaborative efforts of this board. Pretty new here, but long time lurker. The information here may very well have saved our business we spent 10 years building - 70+ hour weeks, blood, sweat, and tears. To all that helped, you will be remembered. Hopefully this info can be useful to someone, even if just to give a little hope to the little guys out there:

Business info:

Sole Prop, 4 employees, >250k annual revenue, 790 credit score, currently very volatile industry

EIDL Timeline:

• EIDL Long App: 3/21/2020
• US SM BUS ADMIN Inquiry (Hard Credit Inquiry) #1= 3/23/2020
• EIDL Short App: 3/29/2020
• US SM BUS ADMIN Inquiry #2=3/30/2020
• US SM BUS ADMIN Inquiry #3= 4/12/2020
• EIDL Advance ($4k, 4 employees): 4/15/2020
• EIDL Portal: 5/4/2020
• US SM BUS ADMIN Inquiry #4= 5/5/2020
• EIDL Denied in Portal: 5/5/2020
• US SM BUS ADMIN Inquiry #5=5/7/2020
• EIDL Back to Processing: 5/7/2020
• L/O Phone Call #1 Re: ID verification: 5/7/2020
• L/O Phone Call #2 Re: "Have you taken any other loans/government assistance/grants from state" (Answer is no): 5/7/2020
• EIDL Approved, Docs Signed: 5/7/2020
• EIDL Funded in Full: 5/9/2020

PPP Timeline:

• Submitted application through Chase portal: 4/6/2020
• Denied by Chase: 4/21/2020 (insufficient documentation - submitted all requested documents - full 2019 return, all W3/940/941s requested, plus a few spreadsheets with breakdowns)
• Submitted application through Kabbage: 5/4 (9am)
• Approved by Kabbage: 5/4 (11am)
• ID verification and other supporting documents requested (941s +) and submitted: 5/4 (12pm)
• Docusign sent and approved: 5/9
• Awaiting deposit

Limited communication from SBA throughout for EIDL. Only two phone calls prior to approval, hours before.

Chase is absolute garbage and will be dropping them immediately. When asked what other documentation was needed, no answer was given and no further communication was answered. We provided all documentation requested and then some. No answers. All but gave up on PPP and decided to seek PUA - but couple last shots before... Tried Square (former client) and their online application wouldn't submit (got locked on a particular screen in the app and it wouldn't revert information, customer service no help). Gave Kabbage a shot and was seriously impressed with the speed of their approval and response (on Twitter, mind you - but still). YMMV of course, but it was simple.

Any other info requested feel free to ask.

 

[faitheisthesubstance]

@4christamen Congrats and thank you for sharing in such detail! So you went from being denied the EIDL to automatically back into processing?

 

[4christamen]

@faitheisthesubstance Yes, took 2 days. I only caught the denial because I checked the portal after the 4th inquiry (alert from a credit monitoring agency). Tried to get a hold of SBA via all pipelines, no luck. I just waited it out as a lot of other board members had experienced similar. I think I have the record for most credit inquiries at 5 though...

 

[prodigal_son1111]

@4christamen Did they bother to explain why so many pulls, and the denial?

 

[4christamen]

@prodigal_son1111 Double negatory. Spoke to Tier 2, said to wait it out there was nothing on their end that said denied...