Displaying items by tag: small businesses
The SBA is Not Paying Out EIDL Advances “First Come First Serve”
A few days ago COVID Loan Tracker launched an EIDL advance tracking survey. After 96 hours, we are alarmed at the results.
Our data is showing that the SBA is not paying EIDL advances on a first come first serve basis, despite that being the bedrock of the entire program. Application numbers are sequential, and are supposed to be paid in order of application.
Please submit your EIDL Details Here to Help Keep the SBA Accountable
However, our data is showing that these are not being paid in order, with some applications made days ahead of others not being paid, while later applications are. We now have thousands of data points on this from the survey, but we can further prove this because of when we received (and did not receive) our own EIDL advances. For example, our co-founder Duncan received his EIDL advance on Monday April 27th, with application number 3301458241. However, close friends of the company who applied earlier (and have lower application numbers) have NOT been paid. So not only is crowdsourced data proving this, but there is first party proof.
If you have any relevant details (especially in relation to your application timeline versus Duncan’s), please fill out the EIDL survey or email us at This email address is being protected from spambots. You need JavaScript enabled to view it.
Where to Apply for PPP If You Aren’t a Customer
The Paycheck Protection Program landscape has been beyond challenging for small business owners. According to COVID Loan Tracker, as of April 30th, only 10.2% of small business owners report actually receiving PPP loans. That compares to the 30% that say they have already received “approval” for the loan by the SBA. That is a huge lag when you are trying to pay employees.
However, for some, that is not even the biggest issue, as just applying itself is a major headache. Not only are the forms one must submit difficult, but many banks won’t let you apply if you are not a customer, so many are stuck in seemingly hopeless queues at giant banks. With that mind, below is a list of sources where you can apply WITHOUT being a customer.
1. COVID Loan Tracker has partnered with Fundera to offer its own PPP app. Applying with online lending platforms like Fundera increases your chances of success because they are connected to a multitude of lenders and only place your application with banks ready to process them. CLT can see in its data that online lending platforms have had very high success rates in getting PPP loans approved.
APPLY FOR PPP with COVID Loan Tracker/Fundera
2. First State Bank: https://1st.bank/ppp/
3. Banc First: https://www.bancfirst.bank/cares/ppp-apply
4. Eastern Bank: https://www.easternbank.com/ppp-request
5. People’s Bank and Trust: https://www.peoples.bank/ppp
6. TCF Bank: https://commercial.tcfbank.com/sbappp/s/application?
COVID Loan Tracker was started by small business owners Duncan and Rita MacDonald-Korth to help their fellow small business owners understand where PPP and EIDL money is flowing. We are empowering the business community and journalists with the data they need to keep the government accountable.
SEC Easing Disclosure Requirements
(Washington)
The SEC appears to be following through with the President’s mandate to lower the regulatory burden across all industries. The regulator is in the middle of easing disclosure requirements on companies. According to the Wall Street Journal, the new changes include “expanding the definition of small reporting companies, refurbishing risk-factor disclosure guidelines and streamlining the requirements for registered debt securities and acquired business disclosures”. Companies may now also secretly file IPO documents.
FINSUM: The US, and especially the financial sector, had, in our opinion, become over-regulated in the last decade, so it is good to see an easing of the burden.