Anybody got this SBA ppp loan yet? Such a mess

[ToughFistFight]

Im an S-Corp and my personal credit was pulled on a Sat, the next week we had the eidl grant deposited, two weeks later the PPP was deposited.  I have not heard anything about the eidl loan yet.  Crossing my fingers and toes.  I business bank with Chase, I did have a previous credit relationship and I applied the minute  Chase started taking apps.  I also applied for the eidl with the short form.  I have not received any loan doc for signing yet.  I think that might depend on the lender you go through.  I would like to hear some eidl loan approvals soon!

[Eagles2018]

can you get EIDL and PPP? 

Thought you could only get 1

[Cipher360]

Got my EIDL approval yesterday. It really hasn't been a pain at all for me. The only hiccup I had was due to my credit being locked and the SBA not being able to obtain my credit. I did call and spoke to a tier 2 representative and she told me they will attempt to do it again. So I lost about 3 weeks because of my credit lock. But I'm pretty happy that I finally got the approval. The SBA did cap the EIDL to 150k though and they aren't taking anymore applications. We got funded with the EIDL this morning. The PPP for us went without a hiccup. Applied on the 3rd and got funded 10 days later. I bank with Chase. 

[Nikki66972]

@Eagles2018 You can apply for both the EIDL and PPP.

[ToughFistFight]

I called the sba cs number and they told me my loan was being processed.  Maybe I got in under the wire?  

[Nikki66972]

@ToughFistFight Normally, if you have an SBA E-Tran approval number, you made it under the wire. The lender has 10 days after SBA approval to fund your loan. #IWorkForABank

[daveg38]

@Nikki66972  so what happens when you get an SBA loan # and the lender does not approve you? How long does it take to remove that number from the SBA system so another lender may approve you?

[Nikki66972]

@daveg38 I don't know how long it takes SBA to remove it.  

[Winesnoblv]

Good to see someone in this thread actually recieved the EIDL funds.

Applied for the EIDL the first day it was available.  Hard pull on EXP was done on 4/21 with advance on 4/23.  Received the "canned" email on 5/2 stating my application was being processed - first come, first serve.  Lol.  Called SBA on 5/9 spoke to Tier 2 rep.  She told me my application was not entered on their platform until 4/22 and was yet to have a loan officer assigned.  Typical.  Anyone who has ever had to deal with the SBA knows they are the typical federal bureaucratic operation.    This is the major problem with this program.  The PPP was completed directly through banks.  And although the larger banks, like Chase, didn't want to due to the low amount of money they could make on the loans, the process actually worked.  Many business owners I know recieved the PPP, but none have seen the EIDL. No real surprise since the SBA is processing the loans.  If I am lucky, I may recieve the funds by the end of the summer, but I am not holding my breath.   

[amkari]

I've been offered both...

03/29 EIDL application

04/13 EIDL email

04/14 EIDL EIDL credit pull, advance deposit, PayPal & Kabbage PPP applications

05/01 EIDL status email

05/02 PPP application (3rd one) via Fundera who referred me to Cross River Bank (applied online with Cross River directly)

05/04 PPP email from Kabbage - needed more information

05/05 EIDL portal account access, completed requirements, received approval, and e-signed docs.  

            PPP email from PayPal - denied, didn't provide documents - I uploaded everything and never received a request for more

05/06 PPP soft approval from Kabbage, waiting for approval to be sent to SBA. 

05/07 EIDL loan funds deposited into my bank

After receiving the EIDL loan and considering my potential PUA benefits (I'm a self employed independent contractor) I have decided to sit on my PPP loan status for the time being without submitting it for the next step.  The dollar amount offered was far less than my typical weekly net and lower than my potential PUA payment for the 8 week period.  Nevada should be live with their PUA portal next week so we shall see... In the meantime the EIDL is taking care of all my business related expenses necessary to ensure I can resume working.