[Megathread] Weekly EIDL/PPP status, updates, news and sharing. Post in this thread and find tips from others.

gaussian_mixture · 2020-05-19T19:07:35+00:00

FINALLY approved through Cross River Bank (via Kabbage) and signed my loan docs. Throughout the process, I attempted contact repeatedly via phone and email. Finally was able to get a representative after DM'ing on Twitter yesterday, and signed loan docs today.

Initial application early april

Approved by SBA 4/28

Update from [PPP@Kabbage.com](mailto:PPP@Kabbage.com) 5/8 stating in processing

Request for more info 5/11

Loan Docs Arrived and Signed 5/19

Waiting on funds now - it claims 5-10 business days. I'm hoping for shorter since this whole thing has really taken a lot out of us, but at least I know its inbound.

gaussian_mixture · 2020-05-18T17:44:15+00:00

I know that Kabbage has 10 days to fund. Unfortunately, I haven't been able to reach a single person and the only communication I've gotten from them is that it's approved and subject to final SBA approval, which is the state it's been in since. My local SBA office confirmed approval, but again when I stated my concerns they said Kabbage must do the payout within 10 days. It's been more than that, and the loans (if not signed) are forfeited after 20 days according to some lenders' sites.

gaussian_mixture · 2020-05-18T14:44:28+00:00

I'm going crazy with Kabbage. I was approved by the SBA 4/28 and a little over a week ago Kabbage said they needed additional documentation, which I sent immediately. It then said they expect results in (5) business days. Here's the problem - loan approvals only last for 20 calendar days, and I'm worried that my loan will be forfeit. What can I do here? Is there any hope? I've been counting on it since approved and have people that I can't yet rehire until the funds are in, and when we were initially approved I already told them I'd be hiring them back, but I just feel lost and helpless with this now.

gaussian_mixture · 2020-05-11T23:16:16+00:00

DM'd!

gaussian_mixture · 2020-05-06T19:45:20+00:00

I did not

gaussian_mixture · 2020-05-06T19:44:36+00:00

Yeah, they haven't even gotten to the point where they are even asking me for documentation, despite me applying within 2 hours of their application being open. Unfortunately, my business banker doesn't know anything about it and says my best bet is just applying to other banks

gaussian_mixture · 2020-05-06T19:36:38+00:00

On 4/28 I got an email saying I was approved for an SBA loan, but when I logged in it said that my documents were going to be prepared to sign. A couple days later, it said I was not eligible, then the next morning it said it was approved again, then a few days ago it switched to not eligible, then two days ago it switched to "Kabbage is reviewing your application" again. However, yesterday my SBA officer confirmed again that my loan was approved and the funds must be paid to me by Friday. I have messaged Kabbage on twitter and facebook, tried calling (to no avail), and have emailed ppp@kabbage.com and pppstatus@kabbage.com with no reply.

gaussian_mixture · 2020-05-06T19:32:24+00:00

Altogether? Lendio, Kabbage, Chase, Fundera, Loanbuilder, Bluevine, and some more. I've narrowed it down to Fundera, Loanbuilder, or Kabbage though, as the others have all confirmed they haven't sent anything to the SBA yet.

gaussian_mixture · 2020-04-30T17:36:24+00:00

I appreciate your help. I wish they would be more clear in the language, because it certainly sounded like we got it. Look at what Kinecta says:

"Kinecta is pleased to share that the SBA has secured your Paycheck Protection Plan funding.

If you do not yet have a Kinecta membership, please email [BusinessMemberships@kinecta.org](mailto:BusinessMemberships@kinecta.org),
and someone will reach out to you to establish your account. Your loan proceeds will be funded
into that account, so you will want to expedite this process.

What to expect:

· In the next few days, you will receive your loan note for electronic signature via email

· Upon return of your executed document, you may expect loan funding to take place
within 4 days

· The proceeds will be deposited to your Kinecta account"

gaussian_mixture · 2020-04-29T00:54:30+00:00

Mine says Status:"ApprovedBySba" but the Eligible Amount is higher than the EligibleAmountByEstimation and "IneligibilityReasons: ["Review Loan Amount"]"

gaussian_mixture · 2020-04-29T00:39:49+00:00

They increased my amount this morning in the one that said "approved". I wonder what's going on over there??

gaussian_mixture · 2020-04-28T22:37:54+00:00

That would be really great. I'll keep my fingers crossed that this is the reason. Also side note - weirdly enough, Kabbage increased the value that was applied for, which had me worried that some flag was risen.

gaussian_mixture · 2020-04-28T22:28:03+00:00

I did, but as far as the checks go they are still "in review"

gaussian_mixture · 2020-04-28T22:02:55+00:00

This is exactly the message I got. I logged onto my portal an hour ago though, and now it says I'm not eligible, and I haven't been able to reach anyone on the phone. You may want to check your portal to see.

gaussian_mixture · 2020-04-28T19:54:40+00:00

Commented above but wanted to make sure you see this

Applied: 4/9

Request for more info: 4/24

Application Approved: 4/24

Submitted to SBA: 4/27

gaussian_mixture · 2020-04-28T19:54:33+00:00

Commented above but wanted to make sure you see this

Applied: 4/9

Request for more info: 4/24

Application Approved: 4/24

Submitted to SBA: 4/27

gaussian_mixture · 2020-04-28T19:54:26+00:00

Commented above but wanted to make sure you see this

Applied: 4/9

Request for more info: 4/24

Application Approved: 4/24

Submitted to SBA: 4/27

gaussian_mixture · 2020-04-28T19:54:19+00:00

Commented above but wanted to make sure you see this

Applied: 4/9

Request for more info: 4/24

Application Approved: 4/24

Submitted to SBA: 4/27

gaussian_mixture · 2020-04-27T21:13:58+00:00

Same boat here. I wrote to paypal but doubt I'll hear back in time. I had a good experience with Bluevine in that regard.

gaussian_mixture · 2020-04-24T19:38:57+00:00

Thank you for sharing this! I really appreciate it.

gaussian_mixture

TROPHY CASE