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Dicey PPP Position -- 1st Draw Increase and 2nd Draw
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beefey
Posted 3/1/2021 13:40 (#8866042 - in reply to #8865987)
Subject: RE: I am signing the paperwork for first draw increase this


sand85 - 3/1/2021 13:11

Always cool to know someone at the top.  

Can you get us a link to one of the PPP advisories the SBA publishes to inform lenders (and the public, if they can dig it up) that we can show our lenders and the SBA E-Tran people to get them to process second-round applications before 8 weeks is gone and all first round funds are spent?  My understanding is the local lenders are all waiting at least 8 weeks to move a second draw into E-Tran if guys are on first draw or first-draw increase here in 2021.

Guy I know had to find one of those advisories and show the local banks before they understood what was necessary to request the first draw increase, and then wait for E-Tran calculations errors to be fixed, but the wheels started turning after the guidance got out there.



I really wish I could. As far as I can tell it isn't published in the IFR's. Realistically my word and even if I publish the email correspondence with my name struck is hearsay thus I wished Schrute Farms could post some source that was valid...

Several high ranking officials at SBA as well as a high ranking CPA at a big ag accountancy house has told me that the covered period does not restart due to increases. If your banker is giving you a roadblock I'd suggest to just go to another bank and apply for second draw rather than waste your time educating them.
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