It came down to the wire, but I finally received Paycheck Protection Program (PPP) funding for Live and Let’s Fly. If you are still waiting on a conventional institution, it’s time to look elsewhere.
PPP: Chase, You Let Me Down. Kabbage, Thank You Very Much.
You’d think that this should have been easy. I have an eight-year relationship with Chase on the business side and an enthusiastic and caring Private Client banker who is responsive and proactive. I filled out all required forms and attached requested documents via an easy-t0-use section of the Chase website. This occurred on April 2nd, shortly after the program went live last month.
I was told to wait. So I waited. And waited. And waited some more.
Meanwhile, the first round of PPP funds were exhausted. Congress did replenish them before my application had even been reviewed.
Finally, almost two weeks later I received an update via email that my income documents could not be verified. I blamed myself for that because I had not completed my 2019 taxes, instead submitting other documents to verify income and payroll.
So I did my taxes and resubmitted the application with all the required information.
Then I read a very helpful piece from Stefan at Rapid Travel Chai. It started off bluntly:
“I was one of the self-deluded dupes who applied for first-round SBA Paycheck Protection Program (PPP) for my business through Chase.”
I quickly realized that I was placing far too much faith in Chase.
Stefan received funding through BlueVine. Going down the list of non-bank lenders, I completed six applications from institutions including:
- The Loan Source
Same-day, I was approved by Kabbage. I never heard back from BlueVine or The Loan Source, Lendistry wanted far more information than other lenders wanted, and PayPal denied me for reasons that remain unclear, despite using PayPal as my primary financial institution to collect payments for Award Expert (i.e. easily verifiable income).
I wanted to wait for Chase, but after a day took the Kabbage funding. It posted four days later.
Chase finally got back to me after I asked my banker to intervene…another denial.
Unable to verify average monthly payroll cost from information you provided.
Huh? Thankfully, Kabbage knew how to read my documents.
Good News: PPP Funds Still Remain
Don’t wait for large banks. Chase proved totally unreliable in what should have been a straightforward process.
It may seem odd to apply for PPP through predatory merchant cash advance (MCA) companies, but I was pleased by the ease and speed of Kabbage.
Did you receive PPP funding for your business? If so, through what institution?
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