I am hoping you all have your cases go through and all the issues are fixed PROMPTLY. Second Draw PPP Loans are subject to SBA’s and the Department of the Treasury’s (Treasury’s) I received 1st PPP with Cross River back on 2-12-2021. The bill created $285 billion in funds for PPP loans. NOTE: Once it drops, I would move it immediately! Second Draw Loans will be made to borrowers who already received loans in round one of the 2020 PPP process. They asked me to send gross receipts and I only uploaded bank statements for 2nd quarterly 2019 and 2020 to prove my revenue decline, also bank statement for February 2020, drivers license front and back and schedule C, my 1st PPP loan number and amount. Congress designated $137 billion for PPP second draw loans as part of a larger funding and relief package. During PPP 1st draw we brought alot of information to each other by posting timelines etc. I’m having the same issue, has been since 1/15 and need the SBA to fix it! SBA will resolve these behind the scenes…the lender/applicant typically cannot do anything to speed up the process. It's been almost a week on Tuesday and not a single response despite multiple messages to the SBA about this. The Second Draw … Borrowers can apply for a Second Draw PPP Loan until March 31, 2021, through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit Paycheck Protection Program Round 2 is almost upon us! Called PayPal and they said there are two holds codes, one they can see is validation the business was in existence prior to 2/15/20 (it was), and an internal SBA code they can't see any detail on. The new round of PPP loans offer a “second draw” for harder-hit businesses that received PPP funding in 2020. If you are a self-employed worker with no other employees and have higher than a $100,000 net income (2019 IRS Form 1040 Schedule C line 31 or equivalent), then you must reduce it to $100,000. ... help Reddit App Reddit coins Reddit premium Reddit … Press J to jump to the feed. https://bankingjournal.aba.com/2021/01/aba-raises-ppp-related-issues-in-letter-to-sba-treasury/, https://www.politico.com/news/2021/01/25/sba-banks-paycheck-protection-program-462354. Hey friends- is anyone else having issues with their second draw PPP loan saying that their first one is under review and it's holding up your second one? In those cases, the SBA said in a news release, lenders and borrowers will be required to “follow up” before borrowers can access a second-draw PPP loan. Lenders may submit a message through the portal to inquire on specific loans but in most cases it’s a process that needs to work itself out. Probably has something to do with this - it sucks to not get answers. Has anyone gotten approved for the PPP second draw? It took 6 weeks from docu sign Application to funding. The SBA’s reviews of initial-draw PPP loans have found anomalies — mostly data mismatches and eligibility concerns — in about 4.7% of the data submitted by lenders. Our system cross references other databases and it could be that there was an error, prior loss, convicted criminal, eligibility issues, EIN discrepancy, affiliation issues and a multitude of other descriptions. 1. The first PPP, my local branch manager reviewed my documents and approved them, if I understood correctly at the time. They must have 300 or fewer employees and a 25% revenue loss (during any … Completed PPP Application Form – 2483-SD o Include your contact name and email address. Second-draw PPP loans have a different set of eligibility rules, notably you need to show a reduction in revenue. Application was with Lendio who sent my file to Ready Capital for processing and Customers Bank for funding. Did I do something wrong with my application? In order to receive the PPP loan, the biggest requirement for a sole proprietor is to prove their net income for 2019. The “Hold” reasons can vary but are due to inconsistencies found and a new loan will not be approved (and forgiveness will not be determined) until the inconsistencies are resolved. Press question mark to learn the rest of the keyboard shortcuts. The Second Draw loan is a second round of new coronavirus assistance available to small businesses that have been particularly impacted by COVID-19. The entity has used (or will use) the full amount of their First Draw. We’re currently accepting applications and encourage you to reach out to your Relationship Manager with any questions regarding your specific loan. Anyone have this resolved? $15 billion and $25 billion for first-draw and second-draw PPP loans for borrowers with 10 employees or fewer, or for loans of less than $250,000 to borrowers in … Second Draw PPP Loan is 3.5x average monthly 2019 or 2020 payroll costs up to $2 million. Log In Sign Up. o Check Yes or No for all questions on the form. Eligible entities may qualify for a second PPP draw if they meet the following criteria: The entity received a First Draw PPP loan during a previous round. Among several other economic assistance provisions, the bill expanded the Paycheck Protection Program (“PPP”) to include second draw loans for hard-hit small businesses. I waited 4 weeks and my lender allowed me to apply for round 2 today i did not want another lender though, I'm worried about the following and I will appreciate any information or advise you can give me. Kabbage: Prior to the coronavirus … Second-draw calculations guidance. Feeling a wee bit overwhelmed. The bill, signed into law on Dec. 27, includes a total of $284.5 billion for PPP loans. I had multiple lenders actually make comments about my age as a concern pretty sure thats illegal and they are just feeling down on themselves when say that tax return LOL. So I JUST GOT APPROVED! I talked to him yesterday and he said a lot of it is out of his hands for the second draw as it is mostly automated. Hey guys. Not sure if that’s the case. Second Draw Paycheck Protection Program (PPP) Loans: How to Calculate Revenue Reduction and Maximum Loan Amounts Including What Documentation to Provide Second Draw Loans” •January 6th, 2021 SBA began accepting First Draw PPP Loan applications through community financial institutions •January 11th, 2021 SBA began accepting Second Draw PPP Loan applications through community financial institutions •January 13th, 2021 January 15, 2021 for eligible lenders with less than $1B in assets The new maximum PPP loan … It's been SO INSANE but you guys- they are actually working on it- which is awesome! Press J to jump to the feed. The SBA connects entrepreneurs with lenders and funding to help them plan, start and grow their business. Had duplicate PPP loans first round (PayPal and BlueVine) and one was cancelled / paid back (BlueVine) so assuming that may be the other hold code. Final guidance has been issued and the application is available for download . Applied second draw with PayPal 1/21, DocuSigned 2/3 and haven't heard anything since. Hey! MILWAUKEE (CBS 58) – The Better Business Bureau is encouraging eligible businesses to apply for second draw Paycheck Protection Program loans.According to … I received PPP 1st draw in May 2020. To obtain a 2nd draw, your 1st draw PPP Loan must be fully disbursed and reflected as such within ETRAN. However, I read in another post that somebody from Amur couldn't accept personal bank statements to prove that. Second Draw PPP loans – The Economic Aid Act authorizes a second round of PPP loans (called “Second Draw loans”) to borrowers who have already received a PPP loan. The Act also allows borrowers who have already received a loan, to request an increase to their original loan amount. 1st draw through Paypal. Here is my timeline for PPP draw 1: Apr-Mar so many PPP loans so much BS. Blueacorn or Amur? Anyone have any advice/experience? SBA capping of first- and second-draw PPP loan amount. Our credit union has been emailing them, calling them, and using the portal to see what the issue is so we can correct it, and they said that it's really strange because they haven't gotten any responses at all from the SBA when they usually get responses back within a day. How and When to Apply . Here’s how it breaks down: Hoping this get resolved not sure what else I can do but keep calling PayPal. The second-draw calculations guidance is structured in the form of 24 questions and answers addressing a variety of situations involving different types of organizations. User account menu. The requirements to obtain a 2nd draw PPP Loan remain unchanged as part of this process, the validations and processing remains consistent. Doesn't give you an answer to what you can do...but at least you're not the only one. Second Draw PPP loans: If you have previously received a PPP loan, certain businesses are eligible for a Second Draw PPP loan. Press J to jump to the feed. Mar 18th finally applied with smart biz. I don't trust chime right now, I was on pins and needles reading comments about how they finessing, reversing money and closing accounts. I have called the SBA- nothing. Loan increases or reapplications are prohibited for PPP loans if the SBA has remitted a forgiveness payment to the lender for the loan, though such borrowers may be eligible for a second-draw PPP loan. THANK you btw- for the response- I have been on edge a lot so ANY information is helpful and hearing that it is happening frequently helps me to be at ease a bit. Tuesday 12th - Applied for 2nd draw with Sunrise Banks, no prior relationship with them. In this 3-minute read: Calculate max Paycheck Protection Program loan for S or C corp; IMPORTANT UPDATE FOR 2021: Congress has approved an extension of the PPP loan program.Applications may be submitted to SBA until May 31, 2021, including “second draw” PPP loans for businesses that received PPP funding in 2020. 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