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I run a small engineering consulting firm (traditional engineering, not CS/programming) based in Massachusetts, with 13 employees spread across 5 states. Most o
by Anechoic 7y ago
I run a small engineering consulting firm (traditional engineering, not CS/programming) based in Massachusetts, with 13 employees spread across 5 states. Most of our work comes from consulting for state and Federal agencies on large transportation and industrial projects, with lots of small stuff sprinkled in. We do our banking with a mid-sized east coast regional bank, and we have an account representative assigned to us.
When we first heard whispers about the program, we reached out to our banker who responded that they had heard the same whispers but didn't have anything concrete to tell us. The bank suggested that we start gathering financial paperwork (as government contractors we tend to need those statements to respond to audits, so this was easy for us.)
During the first week of April, our bank sent us the preliminary application form, told us to look it over and make sure we have everything we need. A week later the program officially opened, but since SBA hadn't offered specific guidance, the bank wasn't accepting applications yet.
On the morning of April 6, our bank opened the "official" portal to take applications. We immediately jumped into it, only to find the portal had a couple of show-stopping bugs and some of the instructions were ambiguous. Our frazzled representative told us that the bugs were being worked on and to keep trying. We did, and we were able so successfully submit out application later that afternoon.
While on a walk on Easter Sunday, we got an unofficial email from our banker that the application had been approved, which was followed up by a more official email yesterday. No word yet on when the money will actually hit our bank account.
I presume that our relationship with our bank helped things go smoothly. While we weren't 100% sure that we submitted the right documents for everything, the bank has most of our financial info through other dealings so they may have been able to check all the right boxes.
- chrischen 7y ago> I presume that our relationship with our bank helped things go smoothly. Hah most banks I saw explicitly told people not to email about PPP loans, never mind unofficial courtesy status updates!
- GarrisonPrime 7y agoApparently instructions are for the common plebes. :-P