Congrats!
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I think that’s the limit. Banker told me he had to get this one and that one done because there is a time limit. I think he said 10 days. Don’t reschedule.
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Just finished listening to INC mag host a webinar with expects.

Summary:
If you don't have an SBA approval number, your PPP is dead until congress gets off their asses and funds hopefully next week.
SAME with EIDLs. Dead until new funding. Not expecting funding anytime soon. Low on the funding list.
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I'm confused on what an SBA approval number actually is? I've seen a couple people use that terminology.

Does it mean your bank has given you this approval number that your loan and documents were verified and money is on the way?

Or is it just a number that says we've received your application and you're now officially in our system?

I'm operating on the idea that for whatever reason, I'm not going to be receiving the money. I've had my documents turned in for 10 days since last communication. And that's fine...it sucks but won't break me. But clarity has been so lacking throughout the whole process I feel like I've wasted too much time worrying about it.
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it's really amazing if you think about it....$349M earmarked in less that 2 weeks.....

I never thought it was enough to go around, but that's an amazing feat in two weeks.

I do hope they are able to get additional funding in.....lots of people left out in the cold, but at least kudos on getting what was available out there quickly....
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SBA will tell your bank that it is approved by the government and here is the SBA number.

Then the bank will tell you that since the gov is guaranteeing your loan, you are then approved by the bank.

thus, you need that SBA number. If your bank has not received one, then you are waiting for the next round of funding.
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Only, you need to change your M to a B. It's $349 billion.

I won't even go through the whole process we went through, trying to get a PPP loan. It's too frustrating. We FINALLY e-signed the final application at 11:55 PM Wednesday night (I applied within thirty minutes of it being announced). I woke up Thursday AM to the news that the fund had dried out.

I can't be mad at the SBA, who is in a really tough spot. I can be made at Congress for weaponizing the program, and at all the banks (including mine) who prioritized some businesses over others. It's despicable.

Hopefully, they turn back on the spigot for it next week.
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easiest way to think about it: The bank is simply an administrator of the program for the SBA:

applicant (you) applies to the bank,
bank tells you "OK, we have your application",
then bank has to feed your application to the SBA (after all the underwriting / certifications are vetted)......

So when you hear "SBA approval number", what that means is your application was pushed through the SBA, and the bank has received word from SBA that your loan will be funded. I'm not an expert on this, but I would think that this is also synonymous with "OK Bank, the SBA will back this loan....", and basically letting the bank finalize the transaction

Because of this, simply having bank confirmation of your application isn't enough. It's the SBA number you need....

Unfortunately, I think your assumption is correct in that, if you don't have the SBA approval number, that you will not receive funds...
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lol...you are correct.....didn't add enough zeros to the end of it!
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P.S. I think your assessment is spot on as well...not a smooth program, and banks doing what they wanted was a major player in that....
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Finally got visual proof of the money in the bank. It's been there since yesterday, but wasn't visible online.
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Wanna hear a funny story?

A colleague of mine came by the office on Monday to get some work done. I asked him if he had applied, he didn't know what I was talking about but said he was going to look into it. He just popped back in 5 minutes ago and said he got his money already. Went to his old bank in Kearney after talking with me and applied through his old lender. Got the approval call back from his banker within 30 minutes and was funded this morning.

I want to shoot Bank of America hahahaha. I applied 9 days before him and haven't heard squat :-)
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Oh man Blake. I hope you get something going.
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Checking in on everyone. How are things going?
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We're still building. But only one crew on the inside .
And one crew on the outside. Which is our 4 man crew.
Usally a bee hive of activity. Not anymore.
Have to be honest. Its nice not tripping over extension cords.


You?
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