Paypal was the best and fastest funding choice for us after the SBA and Chase both failed to move on our apps or should I say just FAILED. $217,000 funded today via Paypal to keep our 28 employees employed.
4/14 2:00PM – Submitted app with copies of our quarterly payroll reports to Paypal.
4/14 2:45PM – Received two Docusign emails from Paypal. One was to sign the app. One was a loan note.
4/15 8:30 AM – Received email saying loan approved by SBA.
4/15 10:30 AM – Received funds in our bank account.
SBA EIDL app was completed 3/21 (long form) and we received a number. Completed short form on 3/30 and still have heard nothing. 376### Oh, I did talk to the SBA after waiting on hold for three hours on or around 3/30 and the lady laughed at me. She was nice as she said, Oh, it’s going to take at least a month for anyone to get any money. She said we should just wait for a loan officer to call us. Still waiting SBA.
Chase (our business bank) gave us a pending loan number after filling out a PPP app on 4/3 but we never heard back from them again. Fuck Chase – we’re moving to a small local bank after things settle back down.
To those of you still waiting for your loan I feel your pain and hope you get through the process soon. It’s a huge relief to see the PPP funds in our account.