Told I could apply on 4/3 as I was a sole proprietorĤ/3/20: Submitted to bank - SBA PPP application, 2019 P&L Statement, 2019 State Business Tax Receipt, 2018 Federal Income Tax Return, completed Excel calculator the bank had sent me the evening beforeĤ/4/20: Received request from bank to resubmit PPP application with name listed exactly as on my business bank account (first name on bank account was an initial instead of being spelled out) and to remove my Business EIN and just use my SSNĤ/5/20: Received request from bank to "show my work" on my monthly payroll calculation. applying for and receiving the loan through PayPal:Ĥ/2/20: Called bank and asked if I could apply on 4/3 as a sole proprietor or would have to wait for 4/10 as self-employed. Below is a timeline of trying to get my PPP loan through my bank vs. I saw one article where they said they received 4,000 applications in the first weekend alone. Even though they are an SBA lender, their processes were not setup to accept the number of applications they have received over the past 2 weeks. However, the PPP program has overwhelmed them. I love the bank, know many of the employees by name and see them on a weekly basis. I won't mention my bank by name, but they are a smallish regional bank in the southeast. I have no employees and my sales have dropped by about 50% over the past month or so which is below where I can pay all my bills.
I'm self-employed, work from home and have been in business since 2007. I know this whole situation has been stressful for myself as well as a lot of other businesses I deal with on a daily basis. I just wanted to share my experience in trying to get a PPP loan. My bank charged me a $15 wire transfer fee, but I'll take that over not getting my PPP money. UPDATE: Just received (1:25 pm EDT) an incoming wire transfer to my bank account from WEBBANK CORP. Location Specific Small Business Subreddit No Personal Attacks, Trolling, or Toxicity.
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#Paypal ppp loan number free
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