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We submitted our app through Chase the morning it opened. Days went by before we heard anything and that was an automated email that basically said they receive

We submitted our app through Chase the morning it opened. Days went by before we heard anything and that was an automated email that basically said they received our app. This morning I got an email stating the program is out of money, but they will keep our app on file for if/when more funds are allocated to it.

calabin 6y ago
Same exact experience. All we've received is a loan reference number.
- hughw 6y ago
  One twist in my case was, the Chase webapp gave me an error page on about page 5 of the wizard interface, where you upload your payroll documentation. The webapp had no state persisted -- any error and you have to start the whole 25-minute process again. I started again at the beginning, but it errored again at the same spot. Behind the error message I could make out the text of what appeared to be the ordinary final page of the form. The the error pane was a translucent overlay over the functioning form. I opened Chrome debugger, identified the element, and set its style to "display: none". Et voila: the glorious final page of the form, where I was able to tick off several attestations and press "Submit". About 10 hours later, I received the "application received" message. You're Chase Bank. You have about 3 days to assemble a webapp that will accept bazillions of hits. You won't have any time to shake it down. Why in the name of Salmon P. Chase do you build a javascript-laden behemoth with a slick wizard interface with page transitions, that has a session timer but no persisted saved state (of any use to the user), using XHR file uploads, the combination of all that hot code bound to fail on any browser but Chrome (it failed to get to page 1 using Firefox)? They could have built a plain old HTML single-page form with a POST action that would upload all the attachments. It could even have had wonderful CSS to support the branding they feel they must have. The whole thing could have run on Apache hosts with a CGI handler. Seriously.
jrs235 6y ago
This is why an independent and trustworthy Inspector General overseeing and reporting back to Congress and the public is needed. Where did this money go and who got it? Were some people favored or tipped off on how to get through the process?
- strbean 6y ago
  I'll put money on "tens of thousands of loans to shell companies owned by Trump family members."
  - mywittyname 6y ago
    Please don't make baseless accusations like these. They only serve to promote the "left is attacking Trump for no reason" feeling that many people have. This isn't YouTube. If you have evidence or a report of such behavior, by all means, post it.
    - akersten 6y ago
      Behavior like firing the IG overseeing the program? https://apnews.com/cc921bccf9f7abd27da996ef772823e4 https://apnews.com/cc921bccf9f7abd27da996ef772823e4
- nightcracker 6y ago
  > Where did this money go and who got it? Call me skeptic but it's likely that banks prioritized applications of companies that have significant debt with the bank. This way the bank can essentially pay itself. Louis Rossman reported that banks were doing this openly (explicitly saying they only allow applications from existing account holders). They have now removed that but nothing is preventing them from doing it behind closed doors anyways.
  - Someone1234 6y ago
    Also worth considering that this program, by design, under-cut bank's own business loan offerings. That's why we see a lot of small "customer focused" banks offer it, and a lot of the big ones drag their feet long enough for the program to run out of money. They don't /want/ companies to get a loan this way, they want companies to get a bank loan. No doubt they'll be spamming all failed applicants with offerings of "discount" bank loans soon.

calabin 6y ago

Same exact experience. All we've received is a loan reference number.

hughw 6y ago
One twist in my case was, the Chase webapp gave me an error page on about page 5 of the wizard interface, where you upload your payroll documentation. The webapp had no state persisted -- any error and you have to start the whole 25-minute process again. I started again at the beginning, but it errored again at the same spot. Behind the error message I could make out the text of what appeared to be the ordinary final page of the form. The the error pane was a translucent overlay over the functioning form. I opened Chrome debugger, identified the element, and set its style to "display: none". Et voila: the glorious final page of the form, where I was able to tick off several attestations and press "Submit". About 10 hours later, I received the "application received" message. You're Chase Bank. You have about 3 days to assemble a webapp that will accept bazillions of hits. You won't have any time to shake it down. Why in the name of Salmon P. Chase do you build a javascript-laden behemoth with a slick wizard interface with page transitions, that has a session timer but no persisted saved state (of any use to the user), using XHR file uploads, the combination of all that hot code bound to fail on any browser but Chrome (it failed to get to page 1 using Firefox)? They could have built a plain old HTML single-page form with a POST action that would upload all the attachments. It could even have had wonderful CSS to support the branding they feel they must have. The whole thing could have run on Apache hosts with a CGI handler. Seriously.

jrs235 6y ago

This is why an independent and trustworthy Inspector General overseeing and reporting back to Congress and the public is needed. Where did this money go and who got it? Were some people favored or tipped off on how to get through the process?

strbean 6y ago
I'll put money on "tens of thousands of loans to shell companies owned by Trump family members."
- mywittyname 6y ago
  Please don't make baseless accusations like these. They only serve to promote the "left is attacking Trump for no reason" feeling that many people have. This isn't YouTube. If you have evidence or a report of such behavior, by all means, post it.
  - akersten 6y ago
    Behavior like firing the IG overseeing the program? https://apnews.com/cc921bccf9f7abd27da996ef772823e4 https://apnews.com/cc921bccf9f7abd27da996ef772823e4
nightcracker 6y ago
> Where did this money go and who got it? Call me skeptic but it's likely that banks prioritized applications of companies that have significant debt with the bank. This way the bank can essentially pay itself. Louis Rossman reported that banks were doing this openly (explicitly saying they only allow applications from existing account holders). They have now removed that but nothing is preventing them from doing it behind closed doors anyways.
- Someone1234 6y ago
  Also worth considering that this program, by design, under-cut bank's own business loan offerings. That's why we see a lot of small "customer focused" banks offer it, and a lot of the big ones drag their feet long enough for the program to run out of money. They don't /want/ companies to get a loan this way, they want companies to get a bank loan. No doubt they'll be spamming all failed applicants with offerings of "discount" bank loans soon.