My PPP Loan experience

[appleseedphilli]

Hello, 

I just wanted to share my experience so far.  A little background I have been using Square since April 2018 for my child care business.  I do not have any employees currently.   I have used payroll previously but not continuously to pay my 1099 contractors.  So I hope this helps.

5/5 11:26PM- PPP application received

5/5 11:58PM-PPP loan application has been verified by Square Capital

5/6 12:10AM- PPP loan has been approved by the SBA (Funds will be deposited in the next 1-10 calendar day)

Surprisingly the process was fairly quick.  Not sure how long it will take to deposit funds but I applied with Kabbage and I keep having to send more verification document.  Good luck everyone.  Stay uplifted during these unsure time.  God Bless!

Appleseed Preschool/ Phillips Family Child Care

[boudoirbeauty]

@sreengazer Excuse me but for ONE I am not erroneous!!!  Don't go judging because of YOUR frustration and LACK OF PATIENCE.  And TWO I've submitted every LEGAL document needed and asked for.  It's people like you who like to start s***!  Keep my name OUT YOUR MOUTH!!!  If my information was not helpful for YOU, ignore it and KEEP IT MOVING!!!  

[sreengazer]

My case has moved from standstill -- got a notice 4 days after applying that my case has been verified and forwarded to SBA for review. Let's hope now that the amount comes back the same (or close to) what Square has promised and the funds are still available... (Knock on wood). Good luck for all of us applicants!

[Sophie18]

Hello

I applied last Tuesday for a PPP Loan, I submitted all the documents they requested. My schedule C was prepared by my CPA. Square is still reviewing my application. I dont know why it is taking so long. Any clue?

Of course I have already rung them twice and they dont have an answer to give me. 😞

[Botleys3405]

i run a auto repair shop myself and i am the only worker, i applied at the end of last month, still waiting, i did get a response from the sba. they told me my application was under review and they would let me know. that was last week. 

[Pammierents]

My experience was very similar very quick and efficient.   Im just waiting for the funding.   Very satisfied, referred some other business owners.

[Botleys3405]

YEAH THE DECREASED MY LOAN OFFER FROM $10,624 TO $1,646 I GUESS I CANT STAY IN BUSINESS AFTER ALL. 

[Echelon1]

Please can someone share a link or description on the dashboard on where to APPLY as I cant seem to find it. Thanks! 

[Bigmanadventure]

You will have a invite on your dashboard or via email. They do not have a section for this that i have seen.

[Echelon1]

Thanks for commenting. I got an email to "Application Guide" but no specific application.

[Bigmanadventure]

Should have been a link in the email to take you to application page.

Its kinda misleading but check email again.

[Roasterdood]

I applied on Saturday evening 5/2, had Square approval within hours,  received SBA approval on 5/4 Monday morning, received an email with documents on 5/5 Tuesday and had the funds deposited 5/6 Wednesday morning.

Sole Proprietor thru square was very easy to navigate and the required documentation was quite basic. My bank was not as equipped to deal with my request as Square and I would likely still be banging my head against the wall.  

My spouse runs an LLC with no employees other than her for her business and went through our local bank for PPP and it was a much more involved process that took about 4-5 days longer to complete. They requested bank statements and filed 2018 complete tax documentation instead of 2019 Schedule C information and based the loan amount on gross deposits in 4Q 2019.  The signing process was more involved as well. 

[Member]

Unfortunately the Great experience is short lived.  What Square isn't telling everyone is they are taking the 3.%% or whatever the fee is out of your account as soon as you get it.  If I knew they were doing this I would have went to Paypal.  I feel ripped off by Square.  They act like they are doing us a favor but in fact they are deceptively and silently stealing from everyone who applies through them.  My fee they took was $800.  Congress had approprited funds to cover the costs of the loan so I really have questions.

[Pammierents]

Did you ever get any feedback as to why you were charged a fee?

[Roasterdood]

I wasn't charged a fee.  The loan balance matches my deposit and the interest accrued to date matches the SBA 1% rate should the loan not receive forgiveness.  

Not sure what the other person was talking about. 

[maryamnh]

I had the same experience as many others. Application was approved by Square within 30 minutes, approved by the SBA within an hour and the funds were deposited within 24 hours. No fees, excellent experience. 

[Echelon1]

Very nice. When exactly did you start the application?

[maryamnh]

I applied on 5/6 and got the money on 5/7

[prostrength]

Maybe someone can help me. I applied for PPP Application with Square and was denied but told to apply again. The issue I have is i'm a S-Corp business and the only employee. The application is asking for a 1040 Schedule C, I have a completed 1040 with schedule 1, A, B, E from my 2019 taxes but not specifically a schedule C. As an S-Corp I file a K-1 and an 1120S. Is there another type of form I should be submitting? 

[TheMercantile]

I wish I could say the same. I applied through square in 4/24band was apparently one of the first to get the email as the customer service rep didn’t even know they were taking applications yet when I called with questions. Finally got it submitted and an email saying they’d let me know. The process was extremely easy as we do all out of our payroll through square. A week ago they said they couldn’t confirm my identity even though my drivers license was attached still. I reuploaded my drivers license and still nothing. Not even an approval. Very disappointed that’s it’s been 4 weeks and nothing especially after waiting so long to file my PPP through square since they teased us with that so early. Hoping someone figures out my account soon. 

[maryamnh]

Are you able to apply again?

[GiftsfromGodLC]

How long did it take to deposit the funds after you received your final documents?