It’s been a full five business days since I submitted the PPP application and I haven’t heard a darned thing. 
My
My sister said it’s only “forgivable” if you paid your employees during the shutdown. She plans to use all the 10K to pay her employees. Still not enough but it really helped. She has 8 employees and so far still paying them at some reduced rate. She is stubborn, thinks she can ride out the storm with her savings…
We received the loan documents this morning that needed our electronic signatures. We’ve been told that we will be funded tomorrow. I am still nervous and won’t be able to relax until I see the money in our account.
@milee30 Did you get funded yet?
I have not heard from my banker since submitting but that was only a few days ago. I am sure he is swamped. Now that this looks like it will be going on longer and longer, I am kinda puzzled about what we will do if we get the money.
I was told outright on an SBA webinar that it is acceptable to pay your employees to “stay home.” There isn’t really any training we could do - we could maybe have them do an hour here or there of social media stuff. I am happy to pay them to stay home but then I will have to lay them off again after 8 weeks if we are still not open, right?
I think so. I received an email that we were, but can’t get online to see the deposit in our accounts. Given the experience so far, I won’t trust it until I see the $.
@milee30 We received an email that we were approved. Did you also receive an email stating that you had been funded?
She’s right. It’s only forgivable if you don’t lay off your employees and if you spend at least 75% of the loan amount on payroll. We’re doing the same thing as your sis, riding it out and keeping our employees. We haven’t yet reduced their pay, but we have already talked about how this year we probably won’t be able to do what we normally do in December - big bonuses and 2 weeks where the plant shuts down but they still get paid. They’d all rather keep regular pay now and have a bit leaner Christmas time. Understandable.
Yes. But again, the communications I’ve received from the bank have been flat our wrong at times, so I don’t trust it until I see the $.
Well, this stinks - email I just got from SBA:
“To ensure that the greatest number of applicants can receive assistance during this challenging time, the amount of your Advance will be determined by the number of your pre-disaster (i.e., as of January 31, 2020) employees. The Advance will provide $1,000 per employee up to a maximum of $10,000.”
So we’ll get only $2,000 through this program, if we get it at all. Still no word on PPP.
My understanding, is that we we need to spend the $10K within 60 days of receiving the loan. 75% needs to be payroll and 25% is for rent and utilities.
Our banker came through for us…the PPP money is now in our bank account. Hopefully, others on this thread will be getting good news soon as well.
@shuttlebus, how were you notified?
@mainlonghorn. Our banker emailed us that the funds had been transferred into our account. He has been phenomenal throughout the entire process, emailing us all hours of the day and night even on the weekends. With the exception of some huge conference calls, we have had no direct contact with the SBA - our banker has been the middleman.
One bank here reported they had applications for $2Billion (BILLION!) in SBA loans. To put it in perspective, they have not loaned $2B in SBA loans total in the last 3 decades. It is not just paperwork for these banks, it is personnel and computer capacity. It may change the regulatory agency for federal supervision (different sized banks have different supervisors and auditors).
I’m impressed with what has been accomplished in the last 2 weeks. Several people in my family received their personal ($1200) stimulus payments yesterday.
I’ve heard of people locally receiving them.
Yay, just got the following email from TD Bank:
"Your SBA Paycheck Protection Program (PPP) loan has been approved by the SBA! We know these are stressful times, so hopefully this loan provides much-needed relief for you and your employees.
Be on the lookout for a follow-up email with closing details and instructions on how the funds will be deposited into your TD Business Checking account.
We appreciate your business and wish you the best during these difficult times."
What a relief. We are fine with funds for about a month, but then it would have gotten dicey. We have one client who doesn’t want to pay his bill - the estimate for his house renovations came in higher than he expected, so now he doesn’t think he needs to pay us for the structural design - “I’m supposed to pay all that money to you and I have nothing to show for it?” Sigh. Of course, we have a contract, but we’ve learned the hard way that if we press for payment the client will threaten to sue us for doing a poor job. It’s ridiculous.
Previously posted this on the stimulus thread in error:
We just received this email 
Your Loan has been Approved by the SBA
Thank you for applying for the SBA Paycheck Protection Program through Synovus. There’s a lot of attention in the media and among business owners on the status of the program’s funding right now so we wanted to be sure you’re clear on your loan status.
Your loan has been approved by the SBA, but we are still preparing your final loan package. We hope this gives you peace of mind. You’ll receive your final loan package soon, and your loan will be funded soon after.
Thank you for your understanding as we’ve helped you navigate the SBA Paycheck Protection Program. The response to this program has been incredible, and it has been our privilege to help you seek these critical funds. We appreciate this opportunity to serve you.
Glad you squeaked in on time - the PPP loan program is closed (funds exhausted) as of this morning. 
^I read that it’s just that they’re not taking any more applications. If you had already applied, you should be OK.
No, it’s that the SBA is not taking any more applications. There will be thousands of businesses who have applied at their bank but the bank hasn’t transmitted the app to the SBA yet (gathering paperwork, going through underwriting, whatever), so they will be SOL.