Would love to see this data as well. We applied within 15 minutes of our bank, First Republic, opening up applications on April 3rd. Yesterday we got a notification they were unable to submit it before funds ran out and now I have to go in Monday and lay off employees. Horrible experience and terrible customer service from First Republic. I guess since we are a startup they prioritized other businesses.
While your bank may have screwed up, it's also possible that you were further down the list than you know. And while it sucks if your bank prioritized other people ahead of you, it might be that they had valid reasons, even if it hurt you. Another possibility is that the larger banks were able to process applications faster and they got their loan money first so you bank just didn't have the funds for more than a few people.
Now if you want to complain, how about complaining to your congress person and asking them why the sba isn't getting more funds. Presumably, if it looks like the program will get more money, it might be worth asking your bank how far down the list you are, so you'll know if you make it in the next round. And it will suck to lay people off on Monday, but if you have a good feel for when the program will get more money, and when you might expect it, maybe you might be able to get your employees back sooner.
Application #300-something at PNC bank. Informed today they ran out of money and cannot make loan. We will survive this - hopefully - and I will close my PNC accounts. There's. That's more consequence than I can deliver to China whose output I cannot do business without, and who is far more responsible for this mess.
This is a pretty rich request from this particular gang of signatories. I'm sure if Trump was a D they'd be nowhere near a request like this. But to their credit, it would be good to know these figures and the timing of applications and dispersals.
