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PPP Loan Update

8045 Views 78 Replies 17 Participants Last post by  AllenChicago
So April 10th is here and it's the turn for independent contractors to apply.

Unfortunately, almost every bank requires a business relationship or previous loan activity. I have Chase and I cannot apply without a business bank account.

I found a bank that it appears will accept applications without you being a previous customer or having a business account! Best of luck to all of us.

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Got this from SBA

(I applied on 3/30
App # 33003...
Credit record has not been checked )

Dear Applicant,

On March 29, 2020, following the passage of the CARES Act, the SBA provided small business owners and non-profits impacted by COVID-19 with the opportunity to obtain up to a $10,000 Advance on their Economic Injury Disaster Loan (EIDL). The Advance is available as part of the full EIDL application and will be transferred into the account you provide shortly after your application is submitted. To ensure that the greatest number of applicants can receive assistance during this challenging time, the amount of your Advance will be determined by the number of your pre-disaster (i.e., as of January 31, 2020) employees. The Advance will provide $1,000 per employee up to a maximum of $10,000.

You may be eligible for another loan program, the Paycheck Protection Program, which is available through participating lenders. Below is a comparison of the two loan programs:

.....
I think it means nothing, it is not even personalized.
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Got this today:

An update on your SBA PPP loan application
veem logo
,

We are happy to report that your application has been been processed by Cross River Bank, and submitted to the SBA's E-Tran system. We are awaiting a response from the SBA on your approval status. We realize how important these SBA funds are to your business and will continue to relay updates as we have them.

We appreciate your continued patience throughout this process. Stay safe and healthy.
Thank you,
The Veem Team​
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The approved mine too. I am waiting for the closing documentation to E-sign
mine was tru Veem Team/Cross River Bank.
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I applied only thru veem team/cross drivers bank. The process has been pretty smoothly. 5 or 6 feedback emails. I got approved already. I'm waiting for the esign docs
Product Font Screenshot Parallel Electric blue
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Why you didn't apply tru Veem?
The best application by far is Veem: https://www.veem.com/sba-ppp/ It lets you enter SS# instead of EIN# and you are actually uploading the three financial documents required: bank statements, payroll calculator, and tax document
I remember I took this tip from you and applied with them. Was my only application. I got $7300.00
Talking about fraud
What about buying jewelry, Rolls-Royce and paying child support with PPP money??

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