![]() Just hoping for a little help trying so I can keep my business in operation! Lol! When you get your paperwork do they give you any guidelines on how to spend it or what proof you’ll need? I’ve read everything about it needing to go towards payroll and that certain expenses also qualify. ![]() ![]() Decided NOT to follow any of their other advise. Yes! I was reading people tell others how to “create” a bank statement because they didn’t have one and other helpful tips. It’s a big grey area but I honestly think the SBA will forgive both loans because it’s not fair to us that are just now able to get our 1st draws this year because everything went so fast last year and then this round has been such a mess for everyone and it’s taking forever to get approved and funded. So technically once you receive your loan in your bank account or transfer the loan to a different/personal account you’ve paid yourself and used the entire 1st draw loan and therefore are eligible for the 2nd draw. And if you’re an independent contractor or sole prop or single member LLC with no employees then basically you’re entire PPP can be used for what they call Owner Compensation, which is you paying yourself. But the SBA guidance (it’s also a borrower certification on the 2nd draw app) states that the borrower must certify that they have already used or will have used the entire 1st draw PPP before receiving the 2nd draw PPP. Now the only thing about applying for and receiving your 2nd draw as soon as your 1st draw status updates is there’s not much guidance at all concerning weather or not the 1st draw will be fully forgiven because you’re not waiting the minimum 8 weeks in between getting the 1st and 2nd draw. You’re welcome!! Congratulations on getting your approval. If you try applying for your 2nd draw before CAWeb status shows your 1st draw as Disbursed Current, your application will automatically be kicked back from the PPP application portal that lenders submit apps to because the SBA system will think it’s just another application for the 1st draw until they have a status update that you’ve been funded. Once your 1st draw status switches over to Disbursed Current you can apply for your 2nd draw and receive SBA approval for that too. But even when you do get your deposit, your status will stay as Active Undisbursed for 5-7 days after you get the deposit before it changes over to Disbursed Current, meaning the SBA has been notified that you’ve received your funds. Your first draw status will show as “Active Undisbursed” which means the lender hasn’t informed them that your funds have been deposited to your account yet. That way you’ll know when you’re good to apply for your second draw too. No problem! And once you get approval from the SBA for your 1st draw and get your loan number, create a CAWeb account so you can see your loan info in the SBA database. They told me I didn’t get my approval email sooner because of technical errors causing delays in their email system. They seem to be drowning in last minute applications and keep having a bunch of technical problems with their site and emails going out to applicants. My approval email came the next day after that chat. I then sent a screenshot of CAWeb too and they said they hadn’t been notified of the approval yet but when they do hear back I’ll get an email shortly after. I chatted with them on the 23rd asking why I hadn’t gotten my approval email when I could clearly see my new loan in CAWeb already that day and they told me the same thing basically that I was not SBA approved yet and they are still waiting to hear back from SBA etc etc. Those reps are so hit and miss when it comes to getting someone who’s not a complete ass and actually knows what they’re doing! I think they give generic answers and just make shit up half the time just to get us off their backs honestly! If you’ve got a new Etran and no other active apps with other lenders then you’re good with Blue Acorn. Oh wow!! I know a rep I just chatted with told me they are having technical errors with their system right now so maybe that is causing all those glitches with your app? That’s crazy! I would wait a few hours or tomorrow and chat again and make sure everything got updated and is corrected now and see when you should be getting the approval email and closing docs.
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