COVID-19 has had devastating effects on millions of businesses and their employees.
The federal government’s PPP loan allows contractors, self-employed individuals, and small businesses under 501 employees to get funded to the amount of 2.5 times their average monthly pay.
The loan has a 2 year term and 1% interest rate, with all payments deferred for 6 months. No collateral or personal guarantee is needed and no loan fees will be charged.
If you spend the loan proceeds on payroll, rent, mortgage interest, or utilities over the 8 weeks after getting the loan, and you maintain employee compensation levels, the loan will be forgiven. Youāll have to use 75% of the loan proceeds on payroll for forgiveness of the full loan.
That’s a shot in the arm for any business that is affected by COVID-19.
Iāve heard from several readers that applied through Chase, Paypal, and other banks that their loan requests have languished without approval.
Big banks are being throttled and limited for how many loans they can get approved.
As of Tuesday, Bank of America sent in 184,000 loan requests, but only have received 1,000 approvals.
But several readers have let me know that they were approved after applying for a PPP loan through Kabbage. Many of them were approved by the SBA within 24-48 hours!
If you are still waiting on final approval from another bank, I’d highly recommend applying now through Kabbage for faster approval, before the funds run out again.
If you apply for funding from multiple banks, only the first approved request will be funded.
Has your PPP loan been funded yet? Which bank did you use?
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135 Comments On "Has Your Bank Funded Your PPP Forgivable Loan Request? If Not, Try Kabbage!"
All opinions expressed below are user generated and the opinions arenāt provided, reviewed or endorsed by any advertiser or DansDeals.
I work for a bank that I won’t name, and we’ve funded hundreds so far (340 as of Tuesday and counting) . For context, our total loan book is $5B, commercial client base of maybe 5000 entities total.
If your bank hasn’t funded you, you’re using the wrong bank. This is the value of a boutique bank.
I initially applied with Chase who is our relationship lender during the first round on funding and nothing came through and now with the second round still nothing came through and they informed me they have over 220,000 apps just this week pending. I then applied with Kabbage (Cross River Bank) based in NJ on the 27th of April and just got funding today. I have no past affiliations with this lender and was extremely impressed with their process. Highly recommend for anyone who needs these funds in a hurry. Thanks Dan for putting them on your site.
Nice!
Wish I could upvote this. Same experience.
Sadly what this has shown is while chase may be your “relationship lender,” your business isn’t as important as bigger companies who they prioritized.
Moral of the story is there may actually be some value in banking with smaller banks if you are a smaller business
I have client applications with them from before the 27th. It seems strange that you were already approved unless Kabbage isn’t doing first come first serve.
Try direct messaging them on Twitter to see if it got stuck in processing:
https://twitter.com/KabbageInc
I was not just approved…I was funded as of this morning. I was approved yesterday and signed all of the requested docs. Said I would receive the funds within 5-10 business days but came within 24 hours of submitting signed loan docs.
Did you get a message before you were approved that said they needed to verify government issued ID and organizational documents? If so, how long after did you get funded?
No messages from them about any verification of ID or Org docs so I have no data points on that sorry.
Hi Ari, has your status changed? We got the same message on April 28 (verify gov’t ID) and that’s where we remain. Can’t get through to Kabbage by any means.
Hi there I had the same message for several days . No response after emails and unable to get thru on phones. Then I private messaged them on Instgram , I was shocked when they responded within 15min…my file was pulled, I sent them the additional info needed..then loan papers where sent and signed. They said I should be funded by May 8th.
Same experience here good luck i will update i did eveeything today said my money will be here tocouldnt get a update end up emailing and after they sent me a case nu.ber then i logged in and boom signed and shipped lol
You need to call them to push through or you status will sit there. I got through she had me log on and off. Loan documents appeared and i signed them. Waiting on funds now
Same here. I applied on the 28th and got approved today!!
Odd, I applied to Kabbage on the 20th, and first was told by them that they successfully submitted to SBA last night. Not reviewed yet by SBA.
Hi, how are you.
When you got approved and signed the documents, how long did it take you to see the money in your account?
Chase told that they already sent my loan to the sba for approval, can i still apply here?
Yes.
Only if Chase did not yet get the coveted E-Tran number for you. If they did, then your application with any other bank will not be accepted by the SBA. The good news is that if they did get the E-Tran then the application was received by the SBA and you’re probably already got allocated so you should be in good shape.
Applied from Kabbage 2 days ago and already have approval.
Very impressive.
Applied for Kabbage last Tuesday (still donāt have my loan funded.
They are still āreviewing government identificationā
Try direct messaging them on Twitter:
https://twitter.com/KabbageInc
Tried, no answer.
I applied 2 days ago with Kabbage. I sent them several emails and calls, I still did not hear back from them.
Try direct messaging them on Twitter:
https://twitter.com/KabbageInc
Will do. Thanks
I applied through Kabbage for the first round and didn’t get anything. For the second round, it says it has been submitted to the SBA. Hopeful but no where near these other timeframes!
Same by me. It was submitting to SBA on the 27th still waiting for SBA approval
Same. I submitted my application to kabbage on April 3. Nothing. Kabbage reviewed our application and said it’s complete nearly 2 weeks ago. Submitted to SBA on Monday. Awaiting approval.
Applied with Cross River. Got funded this morning. Extremely impressed with their staff. Very professional.
Applied through my bank PNC immediately when first round of funding opened in early April. After putting me through their bulky inefficient system, they said they received my app. Then waited weeks until (coincidentally or intentionally) the very moment after the SBA announced it was not accepting any more apps to spit my app back to me and tell me it was deficient an initial or something. Only when I sent it back in “corrected” again did they tell me the app was now good to go but oh snap! SBA just a moment ago stopped accepting new apps (which I already knew) and they will try as soon as it re-opens. Since then they have gone dark on me including all the special “relationship managers” that always reach out during good times. I got tired of waiting on them and applied through Kabbage Apr 24 which was quite painless and confirmed SBA received my app but still waiting on approval/rejection.
I applied with Kabbage on Apr 22 – Still no funding. Says they reviewed and submitted to SBA and awaiting approval…
have you received your money yet? wondering how long Kabbage funding takes
I applied with my loan officer at TD and was approved two days later with the money hitting my bank 3 days after that!
I am a LLC with no payroll with two partners. Can I still apply?
If you can sign the certification honestly and provide the required back-up documentation.
Garbage Chase, applied 1st day still not funding only just now they said ready for SBA
I got a notification from chase that my loan was approved by chase and was sent in to the SBA.
Can i still try applying through Kabage?
Yes
Are the banks (kabbage included) prioritizing processing applications of companies with larger payrolls, which would earn them more commission?
I applied on the 20th, They wrote that it was submitted to the sba on the 27th.. it says as follow, “Your application has been submitted to the SBA for review
We’ll email you once the SBA approves or denies your loan request of $19,791.00*. You can also check here for update”
and still no change. sounds absurd that people that applied this week already got approved, isnt it based on a first come first serve basis?
Payroll or 1099?
Try direct messaging them on Twitter to see if it got stuck in processing:
https://twitter.com/KabbageInc
1099. I DM’d them 2 hours ago, so far no reply. I called them, and the rep told me that they cant see if they already have a E tran number for me etc. I just need to wait..
Seems like payroll is getting approved faster.
do you know of any 1099 that got approved?
I got a 1099 approved today! I applied yesterday.
What size?
Is this through Kabbage? I got approved and they want me to link my bank account. Is that Ok? They legit? (Just want to learn more info before i connect my bank account) As always, tx for ur posts!
You need to send in a 2019 1099, 2019 SCHEDULE C.
I did that. They are saying they are saying thats its not in their hands now, they are waiting for the SBA.. I wonder, if the ones they submitted in bulk on Monday maybe are getting approved later, then the once they sent in later, in smaller packages.. (On monday they submitted all the applications that were waiting for the SBA to open for 2nd round)
Sounds like a strong possibility.
if that’s the case, do you think i can apply again w kabbage?
Seems that this is the case. please see email i got now from another lender.
We wanted to share an update on the status of your Paycheck Protection Program (PPP) application, as the Small Business Administration (SBA) approval process is taking longer than we expected.
Your application was included in an early, bulk submission to the SBA and weāve recently learned the good news that they have set aside funds for all qualified applications in this submission.1
BlueVine regularly seeks updates from the SBA, and weād like to provide you with some additional information that may help you better understand your application status:
When additional funds were added to the program, the SBA accepted a bulk submission of applications from each approved lender on Sunday, April 26. They have confirmed receipt of this submission and are actively working to review it.
The SBA informed lenders that applications in bulk submissions would be reviewed in parallel to new submissions.2 Like many lenders, we submitted completed and qualified applications to the SBA, in our best effort to ensure that our customers would be first-in-line for review alongside new submissions.
The processing times of these applications, including yours, has not been in line with our expectations. Unfortunately, the order in which applications are reviewed is entirely dependent on the SBA. This is why some applications may be processed and approved prior to other applications.
Weāll email you once we receive an update from the SBA. Until then, no further action is needed by you. Thank you for your patience in this process, and thank you for working with BlueVine.
Thanks,
BlueVine
I applied on April 20 and it still says āunder reviewā. I canāt get any response by phone, email, or twitter.
Same
same
I represent a small company. We submitted our PPP loan application to Kabbage on April 3, 2020. I don’t think our application was submitted to SBA during the first round of funding. I have received emails this week saying that Kabbage has submitted our application to the SBA. My Kabbage dashboard has said that since Monday May 27, 2020. Still no word from Kabbage, its bank or the SBA. I have been trying to reach Kabbage by phone, but no answer (that’s understandable, they may be busy reviewing applications). Eagerly waiting for good news!
Update … our loan via Kabbage was approved. The follow-up and loan signing was quick and easy. My dashboard now says that the funds are on their way. Relieved!
Did you get in touch with them or did the status on your dashboard change? We received an email saying we were approved on April 30th and to log in to add our bank account. When I log in it tells me to call to add the bank account. I can’t get anyone by phone or email. I just tried reaching out on Instagram as someone suggested. We received an email from them earlier today stating they are reminding us we need to take our loan by May 12 or the SBA may withdraw its guarantee. I’m very concerned and frustrated that we aren’t able to get in touch with anyone and we may lose our funds!
@dan is Kabbage reputable for me to connect my bank info to them?
Yes.
Whose social security, birthday, EIN, home address, email address phone number did you give them?
My infants : ) JK…
anyone re-did application with kabbage, and got funded?
Yes
I have several client applications pending with Kabbage since last week…..with no progress. Just showing under Review.
Appears that people who applied this week are the ones getting approvals.
I applied through Kabbage on April 20th and it’s still says “Kabbage is reviewing your application”. Anyone else have this issue? 1099 here, not payroll…
Many have the issue with these same dates
Kabbage calculations are off. Based on my payroll loan shouldve been one amount but they giving me more $. Now if i pay my regular payroll it comes to less $ then 75% of loan. What could i do to fix this? Kabbage no response via phone email or dm on twitter. Do i accept the loan or not?
The other one doing well for many (including me) is BlueVine. I applied at the same with with both. BlueVine got the SBA approval within 24 hours, Kabbage took 72. BlueVine money already hitting my account.
Same here with Blue Vine, I applied this week Sunday night and got funded today BH.
Did you receive money? Did anyone else actually receive money yet from Bluevine?
Can you please post a link to Blue Vine?
Kabbage isn’t accepting new applications when I went on their website yesterday.
I applied on April 20th and since then all I see is āKabbage is reviewing your applicationā. Concerned that people on this post have applied in past few days and already funded! Should I send in a new application to Kabbage?
Same here
Applied on the 20th and heard nothing (āKabbage is reviewing your applicationā). Should I apply again with Kabbage or Bluevine?
Try PayPal
I applied to Chase on April 3.
Then, when I heard all about their dismal results, I applied to Paypal and Kabbage a week ago, on April 24.
On April 28 in the afternoon, I received emails from Kabbage, Chase, and Paypal that they submitted the application to SBA. (all within 6 hours of each other!)
This morning, CHASE was approved for the loan !!!
who would have thought???
Question: On Schedule C, do you have to check yes as a “qualified trade or business under section 199A” In previous years we have checked No. My husband is a sole proprietor and only employee (with a Keogh if that matters) whose only earned income is as an independent contractor reported on a 1099.
Any help here??
Got this from kabbage… Any idea what I can send as proof ? Applied as a sole proprietorship
“We need additional documents
2020 invoice, bank statement or book of record to establish your business was operating effective 2/15/20”
I got the same response submitted a bank statement itās been 6 days no updates ? Is this normal ?
I literally just read this at 10:05 pm after reading some pretty scary reviews on Kabbage. Contacted them via twitter at 10:20 pm and had the docs on my dashboard and signed by 10:30 pm. I was getting pretty nervous but stongly reccommend anyone waiting go ahead and contact via twitter….worked for me.
where were the scary reviews on Kabbage? What did they say?
Just google Kabbage reviews….consumeraffairs…I found them to be great once I contacted them on twitter. Created a twitter account for the contact. Literally within 25 minutes of contacting them on twitter I had signed loan docs. I will update on the funding when it comes through. Used a 1099, Schedule C, self employed…..
How do you contact them on twitter? Plain twitter messaging? Or some other way?
I messaged them a week ago on twitter messaging with no response to date.
TY
I applied with 3 fintechs for my ppp laon. Kabbage(with your link), Loan Builder(paypal), and Bluevine, back on 4/20.
All 3 sent me emails over shabbos that i have been approved,
Kabbage wrote- “Your account has been approved and your funds are reserved by the SBA.
Your account is subject to the SBA’s final review. We expect results in about 5 business days” and are also asking me for additional documents: “2020 invoice, bank statement or book of record to establish your business was operating effective 2/15/2020”- āThese documents are required to process the user’s Sba Application.
Bluevine wrote -The SBA has finished reviewing your application and you’ve been approved for your Paycheck Protection Program loan. Accept your offer to access more information, including the next steps. They are asking me to press accept offer, and they will send me a doc-sign…
Loan Builder wrote- Congratulations! We are pleased to let you know that we have successfully processed your Paycheck Protection Program loan application through the SBA and have received your SBA loan number. Your application has moved into the funding stage of our process.
Subject to passing final review, loan proceeds will be transferred to the bank account you provided. Funding can only take place on weekdays. Another email will be sent to you shortly after the loan funding occurs.
Anyone with advice?
Hey so what happened with your loan ? Did you pick Kabbage ? We feel they are shady with the whole ā Your account is subject to the SBA’s final review.ā everyone knows once thereās a SBA approval thatās it !
I applied thru Cross River (which is the same a Kabbage) on thr very first day that applications were accepted. I applied again thru their Kabbage portal 2 weeks latewr. I have still not heard back and have still not been able to get a loan.
I tried again elsewhere and they were much more helpful. Kabbage stinks.
Kabbage seems to be approving nearly everyone who applied this week with 2 days. Not sure why older ones are held up.
Got my loan yesterday from chase!!!
I just go my loan from Bank of America. I applied via kabbage as well around 4/22.
I was shocked given the article dan posted above about the 185k apps and 1k approvals. Either way, kabbage has been giving me the runaround and asking for the same docs multiple times.
I applied and no communication from them, I’m in being reviewed with no contact & cannot reach anyone. With Kabbage
Try messaging them on Twitter and Instagram.
Kabbage wrote “not eligible “, why??
Finally heard back from Kabbage on Friday that I was approved and my āfunds are on the way and have been deposited in account…ā. Says funds should appear in 5-10 business days. For those who got funding already from Kabbage, how long did it take from when you were approved to when money was actually in your account?
Applied through Kabbage and approved! Problem is I keep getting an error message when trying to sign the loan documents. They aren’t taking phone calls. They have 10 days to fund. It’s been 6 days. I think I’m screwed. Beware
This is my very same situation! Ugh!
Message them on Twitter or Instagram
I finished my application on may 4. Was approved may 5 on kabbage.
I just got the verification deposits and will go to the next step.
Hey what do I do if I made an error on the deposit verification
So i applied and sent an email on 5/2/2020 saying i was aporoved log in to sign documents i did and was promted to add my bank account and verify amounts i did that and veeified on monday morning 5/4/2020 waited no response shortly after on monday i recevied a message i checked kabbage seen they were waiting on ny id verification i waited to see if it changed it did not well i called them and emailed them today 5/6/2020 they sent a generic email with a case number i happen to log back in and boom.loan documents as i signed it said error when i hit continue so i called this number 888 312 9904 a lady picked up fast i exolained the eror she said she sending a ticket wait 2 hours it will be fixed i waited then logged back in was able to sign my loan docs and agree and it say money in 5-7 days so ill will post when money comes…call that number above please if ur having issues
Just got approved a couple hours after submission!
I applied yesterday and received an approval email hours later. However my kabbage dashboard still days reviewing. Anyone know how long before I receive my loan documents
this might help go the following web address https://app.kabbage.com/sba-loan/confirm
This worked for me. Thanks!
That worked!!! Thank you, nothing else was working
This worked for me! I had no loan documants showing to sign until I clicked this link you provided. Thanks soooo much!
Anyone got an update from Chase? Received notification as below.. They were very slow in sending my profile to SBA..
“Your Paycheck Protection Program loan application was not approved.
We reviewed your application for the Paycheck Protection Program loan, and your submission did not meet the requirements for this loan product. The reasons your loan application was not approved are:
Exceeded SBA application program limit
As a reminder, this is a U.S. Small Business Administration (SBA) program that Chase facilitates as an SBA lender. The requirements and availability of funds under this program are driven by the SBA.
Please do not call the Chase Customer Service team, as they will be unable to answer any questions about this loan product. Visit chase.com/cares for the latest information on Paycheck Protection Program loans.”
The notification mentioned – “Exceeded SBA application program limit”. I assume another lender might have my application approved or accepted by SBA.
Yes, I received that same message. Did you apply anywhere else?
Yes. I applied thru Bluevine and got approved from SBA with 40 min. I have signed the loan documents and waiting for the fund.
Has anyone have luck contacting Kabbage.
They are probably quick in locking your application with the SBA and receiving the etran number, but it is imposible to comunicate with them.
Yes, via Twitter and Instagram messaging.
I tried twitter yesterday morning and they have not responded yet
I received an approval email from Kabbage on May 5th but they have not loaded my DocuSign paperwork. It said I have until the 14th to accept my loan. Iām afraid I will lose my opportunity. They will not answer the phone or respond to my many messages and DMs. This is ridiculous. I applied for both loans the PPP and the EIDL and received a denial on the dashboard PRIOR to my email of acceptance for the PPP on Tuesday. Has anyone gotten the same treatment. I need to save my business and this terrible waiting around and not knowing what to expect! This may be a lawsuit waiting to happen. Iām reading everyone elseās problems with this company as well and this is sad. If Kabbage reads this please contact me lbtproducts@yahoo.com
Did you message them on Twitter or Instagram?
Same story here. Applied late night 5/2, received an approval early morning 5/3. Confirmed bank acct 5/4 as soon as the tiny deposits showed up in my bank account. Since then, nothing. My dashboard still says:
We have to verify your government-issued ID and organizational documents to disburse your funds. Check below to see if we still need these documents. If you don’t see a request for these documents below, we’ll review what you’ve submitted and notify you when your loan documents are ready to sign.
Nothing else. No way to get in touch with them. Have called about 50 times, sent countless Twitter and Instagram DMs, nothing.
So angry and frustrated right now.
I had the same situation as well, I was finally able to get through to a representative today (twice actually) – try these phone numbers. 1886-210-4629 or 1888-210-4629 I pressed 0 and only had a few minute wait time (although I have tried calling plenty of other times over the week and got knocked off, today it went through).
Good Luck
******This phone number (888-210-4629) was the only number that worked of about a half dozen I have dug up all over the internet and called 37 times at all hours of day and night for a week. I actually for the first time got someone on the phone at the above number and they walked everything through while I was on the phone. ********
Thank you VERY much for that post.
CORRECTION – the 2 numbers are 1888-312-9904 and 1866-210-4629
I have helped one of my clients apply for a PPP loan through Kabbage and was recently approved. Kabbage sent them a few documents to sign to finalize the loan, one of which is an SBA loan settlement document. See below.
https://www.sba.gov/sites/default/files/2019-05/3245-0200_SBA_Form_1050_04-19.pdf
Above the signature portion on the second page, there is a clause that seems suspicious. In number 1 it says ā “At the time of completion of this form, the Lender and the Borrower certify that: 1) The loan funds were disbursed and received”. However my client did not receive the money yet and I feel uncomfortable having them sign this clause.
Has anyone else encountered this issue?
Thank you.
Applied for PPP loan with Kabbage as per recommendations from my CPA after our bank told us they were not submitting any new applications to SBA We had all our paperwork ready took us about 20 minutes to fill out application submitted it and later that night we received email we were approved only needed to confirm some deposits on bank account 2 business days later we did so and signed loan docs and 2 days after that we were funded took a total of 6 days from the day we applied to the day we received money in our account very impressed on how quickly Kabbage processed our application and funded our loan no set back what so ever …..thank you
Waited 2 weeks with nothing from Bluevine, applied today with Kabbage and approved in less than 4 hours!
I applied through Kabbage got approved 10 days ago – however no sign of funding – get some random message in the box and when I call it says that message is error; and i tried to wait for operator it drops out and says to try again. Not happy with Kabbage so far.
Was approved on May 6th still not funded. Can’t get through on the phone and can’t get answers through e-mail. Said 7-10 days and it’s been much longer ! Cross River needs a better systems š Very disappointed in the wait !
This is a very helpful feed! Applied though Kabbage last night and received documents to sign this morning. Signed documents and now they said funds are on the way (have been sent) and will be in my bank account in 5-10 business days. I was pleasantly surprised at how fast this process took from start to finish as I applied to Fundbox/cross River bank previously and they said it would be 7-10 business days before I would hear anything-after the 10 day mark I called daily with no answer and emailed support. Didn’t hear back from support until many days later when they said their automated system couldn’t process my paperwork and gave of reasons why it possibly could have been this way but nothing specific. Had support cancel that application so I could apply elsewhere..and here we are! Kabbage was great and required less documentation than other places too!
Customer service is a NIGHTMARE. I have called for hours a day. Do they have 3 representatives for thousands of people? I was approved in 4 hours, YAYY. They put small deposits into my account. Then I had to add a second bank account that does not exist. Hours and hours of wasted time calling and calling and calling from two phone numbers mind you. I spoke with somebody from Lendio who told me that Kabbage is legit but their customer service has always been a nightmare even before Covid-19.
Client got approved by Kabbage 3 weejs ago but it hasnāt funded because Kabbage somehow pur in the wrong bank account to link it to. Client canāt get in touch with Kabbage. They emailed them many times. Finally received an email asking to upload a voided check. My client did that but nothing has changed,
I applied yesterday via Kabbage. Got and approval this morning. But when I log in to review and sign the documents, I don’t see anything other than Congratulations! MY BUSINESS qualified for a PPP loan of $ x,xxx
I verified the deposits last night and signed the documents via DocuSign. It now says funds are on the way 5-10 days… finger crossed
How did you get this fixed. Mine says approved but no loan docs to sign. I have verified deposits already.
My kabbage dashboard said that I qualified but I couldn’t figure out how to sign my loan documents. Someone below put this link and it WORKED!
this might help go the following web address https://app.kabbage.com/sba-loan/confirm