Unfortunately, if your loan was not already approved by your bank it's too late to receive a CARES loan as the (initial?) money ran out Wednesday, barring an expansion of the program.
What matters is SBA approval, the bank’s approval is a separate matter and can lag behind SBA by a few days, due to the massive backlog of applications.
I received notice my application was submitted to SBA Wednesday morning, right after they ran out of money. I thought I missed the cutoff, but was approved Thursday afternoon. So there’s a lot of uncertainty.
The whole process is a mess and everyone is suffering, I really expect additional SBA funding will be approved soon. My understanding is that members of congress are holding out for hospital funds before allocating more to SBA.
The bank's approval is the primary approval that matters, since the banks only submitted PPP loan applications that met their internal requirements.
Yes, I know that's not how the CARES Act was supposed to work, but that's how it actually ended up working at all of the major US banks.
Note: the SBA cutoff announcement on Wednesday was based on both the loans already approved and those in the queue for SBA approval. Loans submitted after the announcement Wednesday evening were SOL.
Wednesday was April 15 and we submitted our application on April 6. I'm especially curious whether others who submitted an application as early as we did got a similar runaround from their bank.
same. applied very early on and did not get in. i think the banks are prioritizing certain customers or certain loan amounts over others. it's definitely not FIFO approval.
