[Fredslist] Problems with JP Morgan Chase PPP website & process
Gillis, Gregory
gregory.gillis at ml.com
Mon Apr 6 14:34:02 UTC 2020
The PPP is done through fdic insured institutions, such as banks. We have had clients receiving funding from disaster relief through SBA but I have not heard of anyone receiving funding through PPP yet. This application just opened on Friday with limited banks ready to participate.
Bank of America started taking applications on Friday for existing clients that have deposit account, credit account and online sign-on. On Saturday they opened it up to business clients that may not have any lending, and on Sunday they opened it up to clients with Merrill Lynch business accounts (WCMA).
I have been told best word of advice is to approach the bank that provides your business lending. From what I gather banks are not using this as an opportunity to win new clients. Instead the goal is how can we roll this out most efficiently- through your existing lending/operating provider.
Hope this helps!
Please excuse this format from my mobile device.
All the Best,
Gregory T. Gillis, CPFA
Financial Advisor
Retirement Accredited Financial Advisor
NMLS ID: 1564296
Merrill Lynch Wealth Management
The Saviano & Gillis Group
Merrill Lynch, Pierce, Fenner & Smith Inc.
450 East Las Olas Boulevard, Suite 1000, Fort Lauderdale, FL 33301
T 954.357.4508 M 954.240.9731 F 954.449.6077
Gregory.Gillis at ml.com
www.FA.ML.com/Gregory.Gillis
From: Scott Bloom <Sbloom at bloomreg.com<mailto:Sbloom at bloomreg.com>>
Date: Monday, Apr 06, 2020, 10:26 AM
To: William Skody <william at skodyscot.com<mailto:william at skodyscot.com>>
Cc: Freds List <fredslist at gothamnetworking.com<mailto:fredslist at gothamnetworking.com>>
Subject: Re: [Fredslist] Problems with JP Morgan Chase PPP website & process
The big banks (Chase May be the worst) have been slowest.
Smaller banks have done lots. My SBA guy has a client that received $ already.
Wishing you and yours Health,
Scott M. Bloom
Bloom Real Estate Group LLC
10 Grand Central - 6th Floor
New York, NY 10017
917-327-2109<tel:917-327-2109>
sbloom at bloomreg.com<mailto:sbloom at bloomreg.com>
On Apr 6, 2020, at 8:41 AM, William Skody <william at skodyscot.com> wrote:
PPP is $336 billion, and none of the banks are actually processing, they are just doing intake right now.
Thanks,
William Skody, CPA for nonprofits
T(212) 967-1100 x202
SKODY SCOT & COMPANY, CPAs PC
520 8th Avenue, Suite 2200, NY NY 10018
From: Raj Goel <raj at brainlink.com>
Sent: Friday, April 3, 2020 4:36 PM
To: Freds List <fredslist at gothamnetworking.com>
Subject: [Fredslist] Problems with JP Morgan Chase PPP website & process
Gotham,
I see Mnuchin tweeting that the Payroll protection Program has approved more than $1billion in PPP loans.
Yet the Chase’s website (https://recovery.chase.com/cares/cares-form<https://urldefense.proofpoint.com/v2/url?u=https-3A__url.emailprotection.link_-3Fbw-5F6SAf7lRXro8-5F0hCYxnLflpJP4c09p9nCPbtfNMJW95sqfn-2DnSfzx2NxdZWnsGoGqpQb0bnT1rJv2-5FgpLy6iQ-7E-7E&d=DwMGaQ&c=SFszdw3oxIkTvaP4xmzq_apLU3uL-3SxdAPNkldf__Q&r=lB7EXkdEMcjbMaexKQvcgltC77HjD_rbCem02t7VgHM&m=JOHHwvl-O2FpOkcMaKgUQ2UbVNXY-vj6ONj0RJhx5cw&s=Urb0PuywX0OIf795ZP5coj-y2KdLhwgbkm2zIwgugcI&e=> ) has a 1-page form that tells you that someone from Chase will contact you.
Has anyone succeeded in getting the PP process started with Chase?
Are any banks actually taking full PPP apps yet?
--Raj
Rajesh Goel, CISSP
cell (917) 685-7731
CTO: Brainlink International, Inc.
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