My fellow comic shop owners 2 2

[batman_fan]

26 minutes ago, lighthouse said:

Received my loan approval today (yes on a Sunday) and signed my loan documents a few minutes ago.

Had my application submitted in the first 4 hours, received approval 9 days later.

That's great news!  Hope it helps carry you through this and you come out on the other side

[SBRobin]

On 4/6/2020 at 8:34 AM, Shrevvy said:

It is near zero risk.

My banker friend said the risk is that they are worried about forgiving the loans and not getting paid back by the fed, especially since there was almost no information about not before applications opened up. That is why places like jpmorgan Chase didn't participate in the first day.

[lighthouse]

On 4/10/2020 at 1:05 PM, shadroch said:

NY Times and WSJ are reporting the SBA hotline is advising funds are limited to $15,000. I have not called it myself.

Turns out you were indeed correct. But about the wrong program. It’s the EIDL program (which has received over $200b in applications against just $17b in funding) that has dropped the limit all the way down to $15k (plus $10k more as a grant per the story I read). 

So far the average approved PPP loan is for around $260k ($151b over 580,000 approvals). 

Doubt there’s many comic shops running a weekly payroll of $25k.

[lighthouse]

Loan funded this morning. Approval Sunday, funds in my account Tuesday. Start to finish was 11 days.

Best wishes to all my fellow shop owners (and other small business owners) going through the process now.

[ADAMANTIUM]

40 minutes ago, lighthouse said:

Loan funded this morning. Approval Sunday, funds in my account Tuesday. Start to finish was 11 days.

Best wishes to all my fellow shop owners (and other small business owners) going through the process now.

You've been a lot of help! I've been able to give my step dad some info, he turns 65 this year and still working as a mechanic at the same shop for 45+ years! Business is slowing due to the pandemic, and the shop is small has applied at the bank  I've been able to offer info and hope!
 

THANK YOU SO MUCH FOR KEEPING US INFORMED!!