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SBA PPP Loan – Getting Past The Application Is A Challenge

PPP Update
Since posting I received an email from Loanbuilder.com / Paypal’s SBA PPP Loan program. Due to processing limits at the SBA they expect it to take about 7 days before their applications are all transmitted. That doesn’t mean approved or funded … thats transmitted. I suppose this is an attempt to make it appear as if the funds lasted longer?

That is really the best visual.  The PPP loan program has proven again to resemble a child’s pinata, where you are blindfolded, and on roller skates.  Funds are back on but this first day of the second round doesn’t seem to have changed anything but the alarming rate of bad news.  Funds were projected to be out in 2 days.

What PPP Has Been Like For This Small Business

Its been like, nothing.  I don’t mean nothing compares, thats not true.  I have plenty of comparisons.  Ever been bullied as a kid and ignored by an adult?  A friend of mine once went to an anti-KKK rally with me and we got split up, somehow he found himself on the pro-KKK side.  Asking for directions from dismissive police, surrounded by the KKK, when I found him he was just in tears … that is a comparison.  It’s been like … absolutely nothing is happening.

Some are getting funds, just not small businesses.  Like Harvard with their 10 million, or Shake Shack with their millions.   Ultimate SEO of course has applied both in the first round and now in the second round for about .0000001% of the money being offered.

The Pressures Mounting On Small Business

Things aren’t the end of the world here.  But as a B2B business I’ve had a decline in revenue from about $12,000 in Dec and Nov to $4000 in March with no additional clients or contracts in recent months.  Any contract projects I have are on hold.  So are any bills I should pay.  Folks just aren’t worried about their websites at this time, and rightly so.

I’ve spoken with contractors that I had working various projects and told them if the loan comes they’ll get X dollars.  I’m just using it for direct compensation.  I had one who explained his rent, money he owes family and asked for a dollar amount.  I told him I get t and I’d see what I could do.

Another contract laborer I have is in the same boat but he’s a surviver.  He could use help but in the end if he needs it he’ll go out and take what he needs.   I can’t blame him necessarily at this moment.  Why tell someone to wait for the system if it seems that isn’t working.

I’ve helped them and others apply for unemployment but thats a big delay and an uncertain duration as well as unreliable across state lines.

Its good to focus on other’s problems too.  It helps distract me from my conversations with my own landlord.  Who has indicated the second they can start evictions they will kick any and all out.

CARES Act PPP Application Process

Which PPP Application process are we talking about?  Each one seems to be a different road to nowhere.

My Business Bank: Azlo Bank while it may be a business bank it oddly doesn’t have an SBA relationship and so it has directed customers to Fundera.com which itself doesn’t appear to be a bank and navigating its process leads to … nothing.

Fundera PPP

Fundera PPP

SBA Loans For Large Corporations

This scenario creates a huge issue I think, as it appears traditional banks wont process loans for new customers.  Bank of America has been so strict they wont process PPP loans for existing customers with accounts also at other banks.  It’s a loyalty perk for them.  So much for being the bank of America.

I guess even being a customer of Bank of America doesn’t help you get an SBA loan from BOA.  Rather than first come, first serve they prioritized the highest loans first leaving the smallest businesses out of luck.  Course someone is suing Bank of America now and that I hope gets them some money.

Bank of America is not the only example of greed or exclusivity.  Digimarc, a publicly traded corporation valued at $197 million got there money, MiMedx Group (MDXG.PK) another publicly traded corporation valued at $420 million has it’s $10 million in small business funds.  This doesn’t seem to be an exceptional thing … large corporations who were favored by large banks got a large chunk of all the funds.  These companies have said they do not intend to return the funds, unlike Shake Shack.

What’s it like being a small business in the PPP process?

Kabbage PPP

Kabbage PPP

Kabbage.com was another suggestion from Azlo I believe, either way they like Fundera seem unable to make progress on the application.  This image above is how it’s looked for the last couple weeks.  Occasionally I log in and they have added more questions and prompt for that additional info, nothing specific to my application just new blanket questions for everyone.

I went to Nav.com and originally this route seemed messed up the most.  I had completed an application and downloaded those documents but after reviewing the documents they aren’t even legible.  They quickly caught up but not the way I expected … they finally told me to apply with Smartbizloans.com.  I did, but why did I tell them everything to just tell someone else, or why didn’t their application get forwarded to their partner?  I wasted time applying through them.

Smartbiz was fairly quick to apply for and I’ve done everything I needed too, now we wait in review status … where its been for about a week.  I’m prequalified and vetted by Nav.com but still not happening.

Nav also matched me with Cross Rivers Bank.  I completed their application after already doing Navs and got a just wait for a bit message only to get an email from Nav saying that Cross Rivers Bank had changed their process and application and I needed to reapply.  They had a spreadsheet that needed filling out for their deprecated process.

Paycheck Protection Calculator

I read that Paypal was approved for PPP loans so I went there and applied.  They are doing theirs under loanbuilder.com actually who appears to be Swift Bank.  This one seems to have been the closest one to the finish line, but again I’m in the waiting mode.  I contacted them and asked what else I needed to do and they said nothing just patience.  They included a spreadsheet that needed filling out thats exclusive to their process.

ppp_calculator

So I keep logging into Fundera.com and Kabbage.com but suspect that they are just going to point me to someone else possibly if anything.  Azlo Bank has proven to be a dud for business, how they aren’t able to process SBA loans and be a business only bank I have NO idea.

At some point and I don’t know where I was sent to Bluevine.com and their PPP Program only to be told I don’t qualify as a small business.  WTF?  You guys apparently have less of a clue than anyone.

Bluevine.com PPP

Bluevine.com PPP

My personal checking bank is Capital One.

Capital One PPP appears to require you to physically visit a branch.  Which is funny cause their Capital One 360 accounts are online only and they don’y have a branch within this state.

Is There Work With No Clients For Workers?

Yes!  Theres always been a ton of work to do at Ultimate SEO theres just never been the full funds available.  As client projects take precedent and bring in the revenue other growth and scaleable projects lay in wait.

So with the PPP I can put folks to work on stuff I need done but the trick is getting through a process thats not really designed to help small businesses.

Not To Forget What Is Important During Coronavirus

Health and life … livelihood is second.  I dont care if my landlord kicks me out the second they can.  I’ve been here for years and their aggressive policies with crippling fees can be someone elses issue.  The neighbors I have are WASPs who believe anyone not living their lifestyle is a threat to the family and are prepared to do almost anything to take you out.

COVID-19 Deaths

COVID-19 Deaths

What matters is to live to fight another day.  As of this article some 210,611 don’t have that ability.  17,515 people in NYC dont get to fight another day.  That number has been deemed insignificant by some but that means 911 is 1/5 as important.  How much economic impact was that to the US over two thousand lives?

Haircuts And COVID-19

It all kinda comes down to haircuts.  People need their haircut now and are forcing the economies to open early.  We made it through all the other things but a haircut is going to kill a few thousand more than it would have if we stayed shut down.

But hey, at least thats something.  Nothing is pretty boring.

Whats your PPP story?

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