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PPP Loan Update

8053 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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I filed a claim for unemployment but at the end of filling it said something something and you can use our resources to find a job.
It also said like everyone elses that i would receive 0$
My question is did anyone else get the same indirect information about using their system to find a job? It made it seem like i was ineligible for benefits.
It's best to go back to the 2 Illinois unemployment threads you posted your question in. The answers you seek are therein.

Particularly this thread: https://uberpeople.net/threads/looks-like-it-might-be-time-to-apply.393334/ is loaded with guidance and advice from your fellow and lady Illinois drivers.
Seems like a lot of people are giving up on PPP. I probably won’t get a call on the bank as they stand to make about $35 from my application! Unless you asked for >$10,000 or possible $100,000 I don’t even think they will take a look.

I saw they hired a firm to help with EIDL loans. So I’m still hoping for that.

But Uber Eats is bringing in $30/hr for 40 hours now so I am okay. Just trying to use the loan to pay myself back for lack of earnings in late March.
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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It looks too good to be true my gut said you faked that but then again I trust you so it’s real
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You'll probably get a dollar.
US Bank just opened their application to contractors. It is super-easy and you can upload up to 15 documents of any type to prove income. (I uploaded Uber monthly earnings). Really the best application I’ve seen. Fingers crossed.
The Dude recieved PPP today. 4500

I received paperwork via email with the terms and contract. Signed. DONE.

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Nice one. Which bank was it?
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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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5/3rd Business Account. Did anyone receive PPP Without a Business Account ?

Application Date:
April 16, 2020
Offer Expiration Date:
May 16, 2020
Requested Amount:
0
Paycheck Protection Program Loan Offer:
  • $4,500
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Did anyone receive a ppp loan reservation number and if so how long after did you get your paperwork. Or what number were you. I used lendio and received a ppp loan reservation number yesterday.
5/3rd Business Account. Did anyone receive PPP Without a Business Account ?
Applied all over....when independent contractors were allowed to apply April 10th (7 days after businesses).
Paypal communicated the most...then went silent. So re-applied with Paypal as a business, then and only then did they push the loan through. Never heard back on the application as an IC, from anywhere.
The Paypal business loan was offered and I turned it down, unemployment was the better choice for me/no potential fraud accusation.

So yes, the whole PPP is for independent contractors too was BS imo, look how long it has been and the second-class treatment.
First come first served but we really meant you get table scraps if any money is left (and obviously there wasn't).
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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Even I got an update. Although it’s not much.

Attachments

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US bank rejected the pay statements from Uber and wrote I needed schedule C. They sent me the IRS guidance.

I wonder how new businesses that started in 2020 applied? How can they have a schedule C for two months of the year?

Bad guidance from IRS. SBA says you just need IC pay statements. Argh.
Might be doable but seems like more of a hassle.
Im not doing UE (unEmployment). Just hoping for the loan.
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