Ask HN: How is your PPP loan application coming along?
https://news.ycombinator.com/item?id=22901237My wife and I run a small winery with about $400,000 in annual sales and a monthly payroll of about $4,000. The COVID-19 situation dealt a blow to our sales and cash flow so we submitted an application for a PPP loan with Mechanics Bank, where we keep our business checking account. So far, the process has looked like this:
On April 6 we submitted an application to the bank's portal, which included the standard federal form with information like average payroll and headcount.
On April 8 we received an email saying that we needed to submit some additional information, which just turned out to be repetition of payroll information we had already listed on the federal form.
On April 13 we received another email asking us to submit ownership details for any equity holders in our LLC.
It's now April 17 and we have not heard anything back. If I call the bank's number, I get a recording which says they'll process our application as soon as possible and they're unable to provide status updates over the phone.
Now I'm reading reports that the program is already out of money. If this is what's supposed to help small- and medium-sized businesses weather the pandemic, it is not inspiring much confidence. Have others had a similar experience?