EIDL / PPP - Anyone here get anything?

I know we have a lot of business owners here - has anyone seen $0.05 from an EIDL "advance" ($1K/employee) or a PPP (2.5x monthly payroll costs)?

I applied for both within minutes of availability and have seen nothing.

I have a neighbor who applied the Monday after it opened on Friday and he received 90k in PPP last Friday. His bank was M&T. Right after he applied someone from the bank contacted him to confirm receipt and that M&T had received 7,000 applications in the first two hours.

A friend received notice he was approved early this week but wasn't using his normal bank so he was setting up a bank account for the cash to go into.

TY
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I got several messages saying "your application is being processed" and "funds are depleted"...

Spoke with a Concert audio production company owner today. They got, if I heard the numbers correctly, $1.2 million, that is forgivable, and includes 8 weeks of payroll. That's $150K? a week, and he said his payroll was $30K. Something doesn't add up. But regardless, he says unless he obtains other funding, it only delays his business closing 8? weeks, because he fore sees not a single dollar income in the concert industry for at least a year.

All the big companies got theirs immediately, shut out all the small businesses. They are trying to put through another $350 billion for the little guys, you know that it will happen again. I am not even going to try as I have no employees, the banks already laughed at me when I wanted a business loan last year. I see a few companies gave back their "stimulus" that they didn't need to try and look better, but I am sure the majority will not...

I use a small town bank that has a few branches. The guy that processed the paper work said that they were generally approved the same day and when everything was signed, the money was transferred pretty quick. You could get more than just the payroll, any benefits, like health insurance costs could be included from what I understood. I got it for one employee, which didnt amount to much but it was pretty quick. If you applied before the money ran out, there could be a snag at your bank. Mine didnt appear as soon as it was expected and something happened at the bank and it didnt get to my account. You might want to check with the person that processed it and see what happened.

Body shop my buddy runs got the 2.5-month check.
The shop owner can smell a dollar a mile away, and was probably 1st in line.
Plus, this is northern Idaho - not much in the way of big business here...

I got screwed by trusting Wells Fargo. They sat on my application while they funded large businesses and businesses that had loans with them (protecting their investments).

My business is supposed to have our PPP loan by Monday through PNC Bank. We are a Construction supply business in PA and if you don't know, our governer shut down all comm and non comm construction during the end March thru May 1.

It has been an arduous application process and I did not have any confidence that we would get anything. I will believe it when the money is in the account and I can recall my people - about 8 people directly employed. Our subs do not fall under the program so I will do what I can for them but it is what it is. I did watch larger suppliers of mine who really did not have much of a slowdown qualify, apply and receive money before me. I was a little miffed at that but hey, free money, right? Who am I to judge them? I would have probably done the same thing in their shoes as they were protecting their interests.

I'll update Monday when I see the funding.

I talked with my daughter about this subject yesterday, she's a regional operations manager for a bank.

A lot of it depends on your bank, as someone mentioned the big banks took care of their big customers. Her bank primarily deals in commercial banking and they have been processing the applications as rapidly as they can for all their customers. She's had a lot of positive anecdotal feedback on the work they have done taking care of the customers. This is how you build and keep customer loyalty.

If your bank is sitting on your paperwork you need to rethink who you do banking with.

My neighbor got his funding for his small business, don't know who he banks with but it's not my daughter's bank, they aren't in this area. This area is small pickings for the big guys but the banks and credit unions take care of their own out here.

Update: The EIDL came in - $2K ($1K/employee).

Waiting to hear if my bank even put in my application.

My employer got the PPP at the last minute despite having the application turned in within a few hours of opening. It was so close his bank told him he didn't make it in, then a few hours later called with a "oops we were wrong you got it" call lol.

Whew!

I am hoping WFB submitted mine on this second round and that I get it.

The question then is what do I do with the $$$? I will clearly spend it on salary for 2.5 months as is required to forgive the loan. But that's kind of curious - I would have used retained earnings to pay salaries, so I keep that money and pay with the PPP money? All moot if I don't get it, but if I do? Things have slowed down, so it will help... There are only 2 of us and the lion's share of salary goes to me - my part timer makes about $8K/year as she doesn't put in many hours at all. I'm thinking of throwing her a bonus. On the other hand, if sales keep dropping, I will need to $$$ to keep her around longer. So...hard to figure out what to do. Then again, no money here yet so not a problem yet.

You get 2.5 times your average month salary cost (10 weeks), but you only get forgiven what you spend on salaries for 8 weeks. You can be forgiven up to 25% used for mortgage, utilities, and something else that doesn't apply to me. Put the wife/gf/family member on the payroll and use it up and that way.

Yes, you use that $$ for payroll (Keep PERFECT records to show it) and hold your cash for when you need it. I recommend establishing a separate account to hold the PPP $$ and transferring the exact amount to your payroll account after payroll is calculated.

Well we did get the PPP funding deposited in our account yesterday so the clock starts. This is certainly new territory for me, you spend your whole business life trying to be smart with capital and now you have to spend it on payroll regardless of business levels or pay it back. I will have really clean floors for the next 2 months!

I got an email stating my request through the SBA site was received. That came over a week after I submitted the forms.

It's a bit more difficult for me since I have a single partner LLC with no other employees. As such, I don't earn a salary. I get an owner's draw.


I doubt seriously I'll ever see anything from it.

Paperwork from one of the THREE places where I put in applications, the Credit Union where I have my business accounts, showed up in my email yesterday. They weren't even set up to accept an application until after the first round was used up. Money in my account today.

One of the other places, a regional bank that got swallowed up by TCF last year, took my application on day 2 of the first round and apparently hasn't done anything with it. I deal with the local branch manager, who assured me it wouldn't matter that I don't have accounts there. Called in to their 800 number to check status and the first question they asked? "Do you have accounts with us?" I'm confident they won't ever send that one in for approval...

From Wells Fargo a couple of days ago:

You're almost through the PPP application process
We're pleased to inform you that the U.S. Small Business Administration (SBA) has provided a loan guaranty authorization for your application for xxxx INC, Application ID Number xxxx, one of the final steps in the loan disbursement process. We understand how important this funding is to you and are working urgently to complete the application process.

Important next steps for you
If we have questions about your application, we will email you within the next week. We ask that you be ready to respond as quickly as reasonably possible.
When all your information is accurately captured, you will receive an email from Wells Fargo Paycheck Protection Program via DocuSign, to review and sign the promissory note. (***GOT IT, SIGNED IT WITHIN 1 HOUR OF RECEIPT***) Importantly, if you're unable to do so promptly, your ability to receive funds under the Paycheck Protection Program could be impacted.

After you've signed the promissory note, your loan funds will be deposited into the account provided on your application shortly thereafter (WAITING...).