PPP- which lender?

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Topic Author
novice111
Posts: 90
Joined: Mon Jun 03, 2019 12:45 am

PPP- which lender?

Post by novice111 » Sun May 17, 2020 8:23 pm

Hello,

i have a single-owner s-corp and my business bank Chase isn't taking PPP applications anymore.
paypal and kabbage calculate the loan amount WRONGLY from the W3 and they don't respond to messages or calls.

i've applied with Ondeck- which correctly asked for quarterly payroll and estimated tax records - but it's been weeks and i haven't heard anything from them
Those who had PPP approved- which lender did you go with, that doesn't use W3 to calculate the loan amount?
Those in Arizona- any credit unions taking applications for those without a prior relationship?

Thanks

spectec
Posts: 1512
Joined: Mon Jul 14, 2014 8:00 am

Re: PPP- which lender?

Post by spectec » Sun May 17, 2020 8:41 pm

The fastest turnaround for a PPP that I've seen was someone who applied through Square. But they already had a long-standing relationship with Square. From beginning to end, their process was a matter of about 4 or 5 business days.

Intuit is promoting their PPP process now. If you use QuickBooks I think you need to update to get access to their application.

Square and Intuit are two companies whose interests are served by helping truly small businesses remain in business. (Unlike many of the major banks who are often trying backfill business customers who owe them money, and most likely prioritizing those customers)
Don't gamble; take all your savings and buy some good stock and hold it till it goes up, then sell it. If it don't go up, don't buy it. - Will Rogers

ig77
Posts: 43
Joined: Fri Dec 22, 2017 9:46 am

Re: PPP- which lender?

Post by ig77 » Sun May 17, 2020 9:01 pm

Apply on BlueVine - turnaround of a few hours and funds are transferred within 24 hours. I think they are still taking applications.

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Stinky
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Joined: Mon Jun 12, 2017 11:38 am
Location: Sweet Home Alabama

Re: PPP- which lender?

Post by Stinky » Sun May 17, 2020 10:19 pm

Through a friend of a friend, we applied with a small local bank. The loan officer got our application submitted within a few hours. It was nice that the officer worked extra late for us on a Friday.
It's a GREAT day to be alive - Travis Tritt

Topic Author
novice111
Posts: 90
Joined: Mon Jun 03, 2019 12:45 am

Re: PPP- which lender?

Post by novice111 » Sat May 23, 2020 12:38 am

Thanks for the suggestions. i'll try BlueVine

radius9918
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Joined: Mon Jan 08, 2018 8:46 am

Re: PPP- which lender?

Post by radius9918 » Sat May 23, 2020 9:55 am

6 days from American Express and relatively easy online application.

terran
Posts: 1289
Joined: Sat Jan 10, 2015 10:50 pm

Re: PPP- which lender?

Post by terran » Sat May 23, 2020 10:27 am

spectec wrote:
Sun May 17, 2020 8:41 pm
The fastest turnaround for a PPP that I've seen was someone who applied through Square. But they already had a long-standing relationship with Square. From beginning to end, their process was a matter of about 4 or 5 business days.
I applied for and had mine funded all within a single day. Sole proprietor, small amount. It was from a large regional bank that covers a few states. I have a personal account through them, but no business account.

spectec
Posts: 1512
Joined: Mon Jul 14, 2014 8:00 am

Re: PPP- which lender?

Post by spectec » Sat May 23, 2020 12:31 pm

Your experience with the banks is similar to mine, although it took longer. After waiting for a couple of weeks with no action (aside from boilerplate emails) from Wells Fargo where all my business accounts are housed, I decided to try another approach. I applied through Fifth Third bank where I had some personal accounts. They called me within a week, saying that since I was the business sole shareholder they could handle my PPP based on the personal accounts I had with their bank. The process still took a week and a half, but it was funded.

I canceled the application with Wells Fargo, then a couple of days ago I received a notice that SBA had turned down my application. WF said they didn't know why, but I could have told them. SBA allows multiple applications but rejects any which come in after the approval. First to get there wins. So that means WF's system continued to pursue a useless application even after I had withdrawn it.
Don't gamble; take all your savings and buy some good stock and hold it till it goes up, then sell it. If it don't go up, don't buy it. - Will Rogers

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