Pension debt counts for credit worthiness. Illinois was paying relatively steep interest a few years ago as we started to get it under control.
Right, but what I’m saying is that a ton of jittery investors are looking for investments right now that are less risky than stocks. The bargaining position if issuers if bonds is actually pretty good, at least in theory.
Rhode Island has to be on that list somewhere.
Narrator, report to the set.
So I currently have three PPP applications submitted: Chase, PayPal, and Lendio.
Submitted EARLY with Chase on 4/6, but their problems are well-publicized. After over a week of hearing nothing from them, and hearing of people getting full funding from PayPal in 24 hours I submitted to PayPal on 4/15. But funding was gone by the next morning. Then on 4/19 I heard some people had good luck with Lendio, so I submitted to them as well. According to all reports you can submit as many of these applications as you want, because SBA will only accept one of them, so you can just go with whomever’s fastest.
In the last few days Chase has updated me and said that my package has been checked over is ready to submit to the SBA for funding (“Stage 3”). Based on their public statements and the timing of their message to me I think I’m in the group of 40,000 they said they had ready to go.
I got the same kind of message from Lendio, but less committal:
Upon reviewing your application, it appears that all of the data and documents are ready to go. This does not guarantee your approval, but as soon as the SBA opens up the second round of funding, we will be submitting your file to one of our lenders for review and approval .
I’ve done some research and it appears that Lendio might be doing things backwards - submitting to the SBA, then bringing the package along with the SBA loan number to lenders for them to check and fund. The problem is that there’s apparently a limited amount of time in which the lender has to fund the loan or its kaput (10 days). Bunch of people on Reddit got their SBA numbers from Lendio but are still waiting for funding. The problem is that once it’s been submitted to the SBA, you can’t have another lender submit as well. So those people are stuck in limbo.
In the meantime, PayPal is reviewing the documentation I submitted. Based on the fact that it’s been reviewed and approved by Chase I am confident all my shit is in order, but PayPal hasn’t given me the “we’re ready to submit” sign.
So, my concern is that when the SBA opens up, Lendio will submit to the SBA, preventing Chase or PayPal from submitting, but that funding will be another step. And they fuck it up I’m screwed. On the other hand, putting all my eggs in the Chase basket seems foolish. And who knows what’s happening with PayPal at this point.
So I dunno. I’m leaning toward canceling the Lendio application so they don’t cock-block a more legit funding chance with Chase or PayPal.
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There is near universal agreement that the SBA site will crash when it opens again because literally every bank in america has thousands of these things locked and loaded and will all be trying to get SBA numbers at the same time.
Daily stimulus update: LOL
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That seems guaranteed. Care to speculate on when the SBA site will open again? The House will pass it tomorrow followed closely by Trump signing. But since there are some new rules do you think there’ll be a delay, or do you think SBA will begin accepting applications again immediately?
We have no idea. Some people think there will be lag time between Trump signing and the portal opening again, because they need to make sure the small banks get their $30 billion carve out. Maybe they’re working on this behind the scenes already, though.
I know the big banks are trying to automate this so that bots enter the applications to the SBA. If those bots work, the money could be gone basically instantly.
There’s also speculation there are already plans to appropriate a third round of funding. I have no idea if that’s true. What everyone agrees on is this pot of money is not enough.
Needless to say I really don’t want to be counting on another round. The dems backed down from state and local funding being included on this last round, I’m not sure they’ll do that again.
Unsurprising, and infuriating.
Not really. Guaranteed trillions more in big donor business bailouts to come.
But we have to be aware of the debt so just say no to the people.
I might risk trying to cancel Lendio in your situation.
I saw something about if you hit the back button in the application you might find the form populated with someone else’s data.
That one was on flamingo and arville, a couple of blocks west of the palms on the same side of the street.
My friends and I used to eat there all the time in the 90s after playing poker late. They had some insane late night special for like 15 bucks that was steak, chicken, and sausage and a side and appetizer.
Heh. My situation is remarkably similar to yours. Submitted early to PNC, then PayPal, then Lendio. PNC finally changed my status from “in review” to “in queue to submit to SBA”. So that sounds promising, at least.
PayPal was initially great but the loan document they sent me had the wrong dollar amount on it, and I’ve been trying to contact them to fix it for 4+ days without luck. Their phone number seems to be disconnected now, too. Guessing they are swamped after people on Reddit started reporting positive experiences there.
Tried Lendio too, but yeah, after reading the stuff on Reddit I became spooked. Then I looked up the company on Wikipedia and the board members are named Brock, Trent, Brett, and Chad so I turbo quit.
(not even sure i can cancel tbh, but i tried to by deleting my uploaded documents. i’d still guess they get their shit together eventually, but like you i think i’ll have a better shot with my big bank at this point)
Our bank just informed us yesterday that, unless we applied for the PPP loan before the first round of funding ran out, they are not accepting applications for this round of funding. We have six (6) accounts with this bank, and they will not even let us apply for the loan.
I spoke to the guy at our bank who deals with SBA. He’s a nice guy and seems to know what he’s talking about. He told me emphatically and under no uncertain terms not to apply for another PPP loan while our initial application was still pending. He said that some kind of transaction number gets attached to the company’s tax ID when the application is processed, I can’t recall the exact verbiage he used, but anyway once a second one of these particular transaction numbers gets generated for a tax ID, the system will catch it and reject/throw out both applications, not just the second one.
The owner of the company said he spoke to his guy at AMEX who has no connection to the first guy, and AMEX guy told him basically the same thing: if you have an existing application from the first round, just sit tight and hope they get to yours before the cheese runs out again 
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One of the interesting things I saw recently was the idea that the “open up” strategy is going to screw a lot of businesses that had leases featuring force majeure clauses. Obviously depends on the lease language, but I’m guessing a lot of lessees have a strong argument that state-mandated closure of their business represents an act of God, so that they can suspend or cancel their lease. But if the state opens, and the business chooses not to open, or customers fail to show up, that legal argument becomes far weaker, and these openings are going to expose a lot of businesses to a greater risk of bankruptcy.
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