Chase+Covid loans

Looks like it’s going to be a long haul.

I’m a W2+ Sole Prop. so plan on just doing just my 1099 income from last year.

https://recovery.chase.com/cares/success

Thank you!

We received your request and a Chase Representative will be in contact with you. Please do not visit a branch or contact us.

Under our current process, we are unable to accept any application from you until we contact you, and you have all the necessary documents ready to submit. You may want to consider the following steps in preparation to help expedite the process

  1. Calculate your average monthly payroll to determine your loan amount. You may visit the SBA website for instructions.

  2. Confirm your Chase Business online profile is up to date.

  3. There is an SBA form that Chase representatives will ask you for when they call. You can find the form here. You may want to complete it beforehand to expedite the process. Please don’t send it to Chase in advance.

  4. Please have the following information available for all owners and controllers of your business: name, address, date of birth, title, % ownership for each beneficial owner, and social security number

  5. Be prepared for signing and initialing documents by having access to a printer and/or scanner

We are anticipating high call volumes, which may impact the time of when a representative will be in touch with you.

Please visit chase.com/cares for the latest updates on this program

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I’ll be applying for a PPP loan myself on Monday. My suggestion is try through a local bank or call a local credit union to see if they can take your loan. I would not go through Chase or BofA. No doubt the large national banks will be completely swamped and inundated with loan requests.

If you have an account and have an established relationship at a smaller local bank they may be able to process your loan faster or even push you through faster than non members.

There have been media warnings that loans will be delayed for a time due to banks seeking guidance for how to process the requests. They will likely hold off on processing until that direction and software to auto-process the requests is completed, as it is largely unrealistic to have to do so manually, at least prior to the review level. Smaller local banks and credit unions may not be quite as backed up with loan requests and be able to manually process them faster.

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Never chase a Covid loan.

Good advice, but I only have a business acct. thru Chase. I might not do the loan since I only had $3-4.5K in 1099 income over the years and I think it’s only income+rent etc, which might be audited.

You don’t necessarily have to go through a bank that you have a business account with, though they may be favorable towards you if you do. Call around to a couple smaller local banks and credit unions. They will still probably be faster than Chase.

As for audits, you will still need to provide the necessary information but there are so many applications I wouldn’t worry much about audits but of course you should be truthful with your information.

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Good advice. no reply by Chase yet. Will look around for CUs

Also not sure how they’ll check sole prop. income loss?

In what will surprise no one, there was massive massive fraud in these loans.

https://www.bloomberg.com/news/features/2020-10-29/small-business-administration-10-000-grant-fraud-went-viral-hurting-program

Backup link

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Agreed, seems like the obvious result when Munchkin announced many of them should never be verified.

Time was of the essence. Money was needed right away to prevent as many legit businesses as possible from closing down permanently.

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I’m meaning to refer to verification after the fact.

https://www.nbcnews.com/news/amp/ncna1234233

Apologies. Note to (my)self… read the whole thread before posting.

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Ridiculous. These are loans, not election ballots. These should be verified. I’m okay if a dead person wants to vote, but not if they want to take $50k of taxpayer money.

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Anyone tried to apply for forgiveness with Chase yet? I got a small loan in August, sole proprietor in CA. I recall that the application did not allow me to enter zero employees so I put one. I got an email inviting me to apply for forgiveness on 11/17 but just getting to it this month. I’ve tried a couple times but after I go to the “get started” page and click “next” I repeatedly get this:

We’re not able to complete your request.
Please call us at 1-866-914-8679, 8 AM to 8 PM ET, Monday–Friday, closed Saturday and Sunday. (Code: PPP-03)

Haven’t called yet but will do so this week.

Update: I never heard back from Chase after the initial app. So this go around I’m looking for alternatives to the big banks. Any online suggestions?

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