Most big banks completely screwed their clients. You can read reddit/r/smallbusiness
1) The SBA was approving PPP submissions in like an hour (rubberstamping).
2) Any delay was 100% your bank. Many banks just didnt get to applications but didnt notify people. Some banks said people were approved (by the bank) but didnt submit those people to the SBA
3) There was a lot of time to submit to intermediaries like paypal. Paypal was turning applications around in 24 hours to funding. There were people that applied on 4/3 with a big bank that didnt get it and people that applied thursday night through paypal that got it
4) Big banks often added additional criteria which made it harder to complete the application. Some big banks were not using the correct calculations
5) Once you have an SBA loan number you are good and money is allocated. Banks have 10 days to disburse the funds
6) The SBA ran out of allocated funds, not all the money has been disbursed.
7) People submitted to multiple lenders and it was fine
Overall I think the program went pretty well and there was plenty of time for people to get applications in. There was obviously working of the system (hedge funds, large restaurant chains, etc) but if you look at the distribution of funds there were still many many small loans.
750K under $150K with an average of $51K
I spent the last 2 weeks doing nothing but reading reports, stats etc about the program to ensure I was able to get it for my team. Lots of people submitted with a big bank and just waited accepting no updates, now are complaining after it is over.
1) The SBA was approving PPP submissions in like an hour (rubberstamping).
2) Any delay was 100% your bank. Many banks just didnt get to applications but didnt notify people. Some banks said people were approved (by the bank) but didnt submit those people to the SBA
3) There was a lot of time to submit to intermediaries like paypal. Paypal was turning applications around in 24 hours to funding. There were people that applied on 4/3 with a big bank that didnt get it and people that applied thursday night through paypal that got it
4) Big banks often added additional criteria which made it harder to complete the application. Some big banks were not using the correct calculations
5) Once you have an SBA loan number you are good and money is allocated. Banks have 10 days to disburse the funds
6) The SBA ran out of allocated funds, not all the money has been disbursed.
7) People submitted to multiple lenders and it was fine
Overall I think the program went pretty well and there was plenty of time for people to get applications in. There was obviously working of the system (hedge funds, large restaurant chains, etc) but if you look at the distribution of funds there were still many many small loans.
750K under $150K with an average of $51K
I spent the last 2 weeks doing nothing but reading reports, stats etc about the program to ensure I was able to get it for my team. Lots of people submitted with a big bank and just waited accepting no updates, now are complaining after it is over.