Rescue us from PPP hell

Post date: 2021-03-06 13:08:46

Hi AskMe, I've posted a couple previous questions about this before, but things are coming to a head and I'm uncertain what to do. We have been trying to get a second PPP loan for weeks, and it's failed inexplicably several times. What do?

So the business in question has a long-established relationship with Wells Fargo. We got a first-draw PPP loan through them with no issues. The second one has been a doozy though. Apologies for the wall of text...

We have applied four or five times through their online application process, which seems to have a variety of technical difficulties.. A couple important bits of information failed to transfer from one part of the application to another, though the specifics vary each time. In short we have been declined for reasons which are obviously nonsense to any human who looks at the application and supporting documentation. For instance, one decline suggested that we failed to demonstrate losses sufficient to qualify for PPP, even though if anyone looked at our included bank statements and so forth they would see a more than sufficient drop.

Throughout, there have been several lengthy, unsatisfactory phone calls with the folks who administer Wells Fargo PPP . We've been told everything from "You don't need to reapply," to "you made a mistake of some sort," but no one is seemingly able to understand that the problem lies in the application process. We have escalated to second-tier tech support people a few times but they hardly seem to be any better.

The latest call involved us literally filling in the application again for the (fifth?!) time, with the support person on the line and, I think, watching through Teamviewer, though I'm not 100% sure about that. They were supposed to call us back with an update today but they have not done so.

Things are getting desperate. IF we cannot secure money soon the business will not be able to make payroll. The chances of getting an application with another lender seem slim, since many of them appear to expect a pre-existing relationship which we don't have.

I'm stressed and upset about all this and I'm not directly involved, except as an observer. Any advice on how to navigate this process would be very much appreciated. We should have had an accepted application weeks ago. Thanks, AskMe.

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