I was involved in about 30 applications starting in February with clients and friends.
Initial submissions were through SBA portal for Disaster Relief Recovery Loans for Home/Sole Proprietor and Business (Superstorm Sandy gave me invaluable experience), original COVID-19 Payroll Protection Program website, revised COVID-19 Payroll Protection Program/Economic Injury Disaster Loan website, facsimile, mail and delivery. Then same submissions in participating bank portals as they opened up. Wells Fargo, Bank of America, Citibank and JPMorgan Chase. Had to have a checking account with them to do so. A $10M BOA investment account with a cash account in Wealth Management Division DID NOT count.
All have received funds or additional document requests from participating banks.
The payroll portion was for $1,000 an employee up to $10,000 with EIDL amounts in excess of $10,000 for payroll, lost revenue and operating expenses. I originally prepared thinking average monthly payroll at 2.5 times was going to be it but additional fund requests from $30K to $1M have been met with DocuSign notes followed by bank deposits.
The forbearance will be next test. I had all open separate accounts to transfer the relief funds into and put payroll through to document payroll along with other segregation techniques to give a complete and accurate accounting for forbearance.
BUT, we were told by small participating bank, BNB (Bridghampton National Bank) that applications not funded would be held and processed for next batch of funding as I had a pal who is computer illiterate and could not navigate the SBA site which I walked him through but couldn't access portal of his bank, BNB because it had none. All his BNB application was done through email and in-person by appointment with fill in PDFs and MS Excel spreadsheets. He was only one late to party.
a fan wrote: ↑Fri Apr 17, 2020 4:10 pm
holmes435 wrote: ↑Fri Apr 17, 2020 12:51 pm
Not a peep from the SBA about our EIDL application, 17 days later...
One thing our banker told us is that if you don't get the SBA money on this current batch...you'll have to get in line all over again for the next one. So your app isn't queuing up and waiting when the fund is "reloaded" with money unless you or your banker puts you back in line.
The parent, not the coach.