Just woke up with a notification my PPP Loan through Wells Fargo was deposited.
Here’s a timeline of my process:
- Saturday the 4th: Filled out the “interest form” within about an hour of it going live
- Monday: Got an email saying they couldn’t offer me a loan at that time but put me in a queue (I think most people got this one)
- Wednesday: Got an email inviting me to log into my WF account and submit an actual application via their online portal. I submitted it about 1.5 hours after they said the portal would be live. In the portal I uploaded some requested documents such as quarterly 941s, and 2019 Quickbooks payroll report.
- Thursday: Got an email asking me to fill out a promissory note for the loan, and sent it back within about an hour.
- Saturday the 11th (Today): Got an email that it was deposited in the middle of the night. It was the full amount.
I’m just a Single Member LLC taxed as an S-Corp, with 1 employee. Loan amount is between $15k-20k. Not a large amount at all (relatively to numbers I’ve seen from others getting loans), so at least they do seem to be going in order of applications received. Perhaps the speed was also because my application was dead simple.
Either way, there is hope for very small businesses out there!
Disclaimer: This is a guest post and it doesn’t necessarily represent the views of IWB.