ROUND 1 WITH KABBAGE WAS SUPER FAST AND EASY BUT NOW I AM RUNNING INTO SOME LENGTHY DELAYS ON THE ROUND 2. American Express acquired Kabbage in August. Press question mark to learn the rest of the keyboard shortcuts. Not looking promising at this point. Not included in the deal was Kabbage’s loan book, which had become one of the biggest in the country for distributing PPP funds. your username. If we look at both locations on their own, we’re way over a 25% loss. Has no more than 300 employees; and. Customers who took a PPP loan through Kabbage can now apply for a Second Draw PPP loan from K Servicing. The PPP loan was intended to help businesses keep employees working and reduce the number of unemployment claims due to the COVID-19 pandemic. Fortunately, I never got an etrans number with them as I had error codes. DOES ANYONE RECOMMEND CALLING THE LENDER FOR THE LOAN....CROSS R B ( ON MY PAPERWORK I SIGNED FEB 4TH ) or SBA OR JUST LET NATURE TAKE IT'S COURSE ? PPP loans issued after 6/5/2020 will have a 5-year term. So I was able to login and click withdraw to be done with them after a month of waiting. Applied Smartbiz on 3/16, dashboard says in review since with no status updates. When the pandemic shut down Dawn Lindsay’s family carpet cleaning business last year, the U.S. government’s paycheck protection program provided a brief but essential lifeline. Log into your account. The orphaned division, now known as K Servicing, has left borrowers frustrated, confused and searching for answers as their businesses hang on by a thread. PPP is a critical lifeline to countless small businesses, rolled out quickly through a public/private partnership. I can't take it anymore. Three weeks of nothing but "your application is under review by SBA". In Round 1 of the PPP, $350 billion was disbursed to small businesses in just two weeks. How to Calculate PPP Loan Forgiveness and Apply. AS NOTE, I WAS APPROVED AND SIGNED ALL MY DOCUMENTS FEB 4TH. Kabbage doesn’t make the laws, congress does. K Servicing has met significant … round 1 with kabbage was super fast and easy but now i am running into some lengthy delays on the round 2. as note, i was approved and signed all my documents feb 4th. Eligible small businesses can apply for a new PPP loan through K Servicing. The pre-existing loan portfolio (including Kabbage Funding loans and Paycheck Protection Program (PPP) loans) were not part of American Express’s acquisition of Kabbage. Press J to jump to the feed. HOWEVER, NO MONEY IN MY BANK. To get her $7,500 PPP loan, Lindsay turned to online lender Kabbage, a service recommended by her accountant. Call Clark Howard. It has been acquired by American Express and is servicing existing loans through new entity K Servicing. Looks like you're using new Reddit on an old browser. At the start of the coronavirus (COVID-19) pandemic, the U.S. government established the Paycheck Protection Program (PPP) to help small businesses with 500 employees or fewer keep their employees on payroll during the crisis. A spokesperson for Kabbage said it is allowing eligible customers seeking a second draw loan to apply through K.Servicing.com, a new entity that was … Small business owners who took out a PPP loan with Kabbage will be able to apply for a second loan through K Servicing. Even when I forwarded them the email from Kabbage asking me to contact the SBA directly and even when I told them that Kabbage was not acting appropriately and that I had evidence I could provide them. Asset Enhancement. I filed a BBB complaint and their response was not helpful. PPP Update for LLCs and Partnerships: The supplemental Interim Final Rule (Second Rule) to the Paycheck Protection Program has important implications for LLCs (filing taxes as a partnership) and partnerships that have applied, or are considering applying, for PPP loans. Bank Statements Please provide a bank statement that covers 2/15/2020 as proof that the Applicant was in business as of 2/15/2020. Under the rules, applicants for a Second Draw loan must certify that they have used or will use their First Draw loan for eligible expenses prior to … Paycheck Protection Program Second Draw Loan Borrower Application Form On (INSERT YOUR DATE) 2021 I signed the agreement for my 2nd draw on the PPP loan, that amount of the loan was based on my net income from my Schedule C tax filing which was the rule at that time. You are just a number on their screen. Driver's License / Photo ID; Voided Check; Form 1040 Schedule C If line 31 is $0 or negative, you are ineligible for a PPP loan. Hey I signed my promissory note on 3/31 an got the lender funding status the next day. These FAQs and other information from K Servicing are not designed or intended to provide financial, tax, legal, investment, accounting, or other professional. (Businesses assigned to NAICS code 72 can receive loans of up to 3.5 times their average monthly payroll costs.) That's Interesting....I have never this info on any form to input. Not quite sure how this slipped by, as my docusign paperwork gave spot to insert the routing and account number, up to you to make sure it is correct. Which form are you speaking of ? How did K Servicing kick you to CRB? Step by step instructions on how employers can apply for PPP 2 Second Draw Loan via Kabbage. 2 Second Draw PPP loans The SBA started accepting Second Draw applications for businesses that received their First Draw loan in 2021. K Servicing can only process loans of up to $2 million. I applied for 2nd Draw PPP through Kabbage on day one after getting an email from them soliciting to use them again. Dont wait on anything. They morphed to K Servicing. The banks and brokers make a small fee on each loan so they dont care. As long as you were in operation on or before February 15, 2020 and reported taxable earnings/income for 2019 or 2020, you can likely apply for PPP assistance. Recognizing the importance of this program to our communities, we have partnered with K Servicing allowing for continued access to the Paycheck Protection Program. Couldn't be more frustrated and disappointed. your password Agreed...would you call SBA or Cross River Bank first ? The site may not work properly if you don't, If you do not update your browser, we suggest you visit, Press J to jump to the feed. It’s pretty crushing to see that using the calculations of PPP round 2, we don’t qualify because we aren’t under 25% but close to it and that there is no consideration of the factors of a second location skewing the numbers. The new round of PPP loans offer a “second draw” for harder-hit businesses that received PPP funding in 2020. Due to the overwhelming trust in Metairie Bank, we have processed more than 1,200 Paycheck Protection Loans eclipsing our internal lending limit for Round 2 PPP Loans. Of note, Kservicing kicked me to CRB, where I started from the beginning again, 2/8 applied, and a much smoother process with dealing directly with them, expecting funding any minute now. 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