Received: from nobody by stodi.digitalkingdom.org with local (Exim 4.92) (envelope-from ) id 1jTSnL-0003Zr-8o for lojban-newreal@lojban.org; Tue, 28 Apr 2020 09:09:15 -0700 Received: from mta39.cpro20.com ([216.24.225.39]:42146) by stodi.digitalkingdom.org with esmtps (TLSv1.2:ECDHE-RSA-AES256-GCM-SHA384:256) (Exim 4.92) (envelope-from ) id 1jTSnI-0003YK-BQ for lojban@lojban.org; Tue, 28 Apr 2020 09:09:14 -0700 DKIM-Signature: v=1; a=rsa-sha256; c=relaxed/relaxed; s=key1; d=cp20.com; h=List-Unsubscribe:Message-ID:Date:Subject:To:From:Reply-To:MIME-Version: Content-Type; bh=ZrnOSJqiWR3c9rwnsRNo6DL7AfkF9zJcJ/GIZGrGk9w=; b=AVvoKzfa2sl4ZE16nOWswsg/0V5TttGRrPmhUQfrQbQzJ8YsS6ecL99U2FVW7Rp5w+lRvDMj5cZj 7JgFUeb6rGnuHE/vqSLw/TKaQTWLsM7pBNU/getgXUO8QqhrsTTBCJod1/e3nG9T9Hw2ZCHsQJh3 5slbMcwxkTcF2VCrzsg= Received: by mta39.cpro20.com id hl1aig2kcoon for ; Tue, 28 Apr 2020 12:08:24 -0400 (envelope-from ) List-Unsubscribe: X-Campaign-Shard: 1 Bounces-To: bounce_qadzps_gmnhvtit_o@cp20.com Message-ID: <1588090042657.43160185.119494433.29719122258@backend.cp20.com> X-Campaign: 43160185/119494433/29719122258 Errors-To: bounce_qadzps_gmnhvtit_o@cp20.com Date: Tue, 28 Apr 2020 12:08:24 -0400 Subject: Nonprofit Execs, Second Round of Nonprofit PPP Funding Falls Flat To: Nonprofit Execs & Board Members From: "Inside Charity" Reply-To: "Inside Charity" MIME-Version: 1.0 Content-Type: multipart/alternative; boundary="----=_Part_203157840.1588089613880" X-Spam-Score: -1.7 (-) X-Spam_score: -1.7 X-Spam_score_int: -16 X-Spam_bar: - ------=_Part_203157840.1588089613880 Content-Type: text/plain;charset=UTF-8 Nonprofit Execs, Second Round of Nonprofit PPP Funding Falls Flat (Because of your important work with Charitable Organizations) Dear Nonprofit Execs & Colleagues In Service, The PPP lending program was scheduled to resume at 10:30 am EST on Monday, but the Small Business Administration's (SBA) online portal seems to be having issues handling the demand. An industry source confirmed that the platform did open at 10:30 a.m. as planned, but was giving applicants an error message within four minutes. After placing a call to the SBA help desk, the source said the SBA system is down and they are unable to confirm loan numbers at this time, leaving bankers "on pins and needles." Lockouts, login issues and sluggish systems marred the the re-opening with each bank unable to submit more than a few hundred applications. One bank was locked out of the system after submitting just 60 loans. The Small Business Administration said “unprecedented demand” slowed their system down with more than 100,000 loans processed by more than 4,000 lenders as of 3:30 pm EST. That's "more than double the number of users accessing the system compared to any day during the initial round of the program." When the program originally began at midnight on April 3, banks were still scrambling to process final guidance issued only hours before. But after two weeks of refining their systems, processing documents from hundreds of thousands of applicants, and hiring and training personnel across the country, the five largest banks had more than 1 million applications for over $100 billion ready to go by 10:30 am all backlog from the first round of applicants. VISIT HERE TO READ ENTIRE ARTICLE Inside Charity is pleased to report that over 400 comments and questions have been recorded at Inside Charity by nonprofit executives, staff, board members, ministry leaders and volunteers over the past ten days. We grateful to everyone who has participated and want to encourage as many as people as possible to continue to share their experiences. Your written comments and contributions have helped your colleagues navigate this process. We are all in the throes of the global pandemic. Charities everywhere are feeling the effects of isolation measures, business shutdowns, travel bans, and markets crashing. InsideCharity is here to make sure receive the information you require to navigate these unprecedented times. We're in direct contact with the Small Business Association (SBA) and Internal Revenue Service (IRS) to provide you real-time updates you need to access CARE Act funding as soon as possible. We look forward to hearing from you. Simply reply to this email or subscribe above to ensure you receive CARES Act Updates every time the Federal Government makes them available. Warmly, James P. LaRose, CNE, CDE, CNC Senior Editor You are subscribed to this email as lojban@lojban.org. Click here to modify your preferences http://trk.cp20.com/form?1z56ht--11cug-dnhzxhu5&sl=r3&t=1&ac=g62g or unsubscribe http://trk.cp20.com/form?1z56ht--11cug-dnhzxhu5&sl=r3&t=5&ac=g62g. ------=_Part_203157840.1588089613880 Content-Type: text/html;charset=UTF-8
(Because of your important work with Charitable Organizations)                                                 

Nonprofit Execs, Second Round of Nonprofit PPP Funding Falls Flat

(Because of your important work with Charitable Organizations)

(Press Capitol Building Below To Read More)

Second Round of Nonprofit PPP Loans Falls Flat.jpg

Dear Nonprofit Execs & Colleagues In Service,

The PPP lending program was scheduled to resume at 10:30 am EST on Monday, but the Small Business Administration's (SBA) online portal seems to be having issues handling the demand. An industry source confirmed that the platform did open at 10:30 a.m. as planned, but was giving applicants an error message within four minutes. After placing a call to the SBA help desk, the source said the SBA system is down and they are unable to confirm loan numbers at this time, leaving bankers "on pins and needles." Lockouts, login issues and sluggish systems marred the the re-opening with each bank unable to submit more than a few hundred applications. One bank was locked out of the system after submitting just 60 loans.

The Small Business Administration said “unprecedented demand” slowed their system down with more than 100,000 loans processed by more than 4,000 lenders as of 3:30 pm EST. That's "more than double the number of users accessing the system compared to any day during the initial round of the program."

When the program originally began at midnight on April 3, banks were still scrambling to process final guidance issued only hours before. But after two weeks of refining their systems, processing documents from hundreds of thousands of applicants, and hiring and training personnel across the country, the five largest banks had more than 1 million applications for over $100 billion ready to go by 10:30 am all backlog from the first round of applicants. VISIT HERE TO READ ENTIRE ARTICLE


Inside Charity is pleased to report that over 400 comments and questions have been recorded at Inside Charity by nonprofit executives, staff, board members, ministry leaders and volunteers over the past ten days. We grateful to everyone who has participated and want to encourage as many as people as possible to continue to share their experiences. Your written comments and contributions have helped your colleagues navigate this process.

We are all in the throes of the global pandemic. Charities everywhere are feeling the effects of isolation measures, business shutdowns, travel bans, and markets crashing. InsideCharity is here to make sure receive the information you require to navigate these unprecedented times. We're in direct contact with the Small Business Association (SBA) and Internal Revenue Service (IRS) to provide you real-time updates you need to access CARE Act funding as soon as possible.

SUBSCRIBE HERE TO STAY UP-TO-DATE.

We look forward to hearing from you. Simply reply to this email or subscribe above to ensure you receive CARES Act Updates every time the Federal Government makes them available.

Warmly,

James P. LaRose, CNE, CDE, CNC

Senior Editor


You are subscribed to this email as lojban@lojban.org.
Click here to modify your preferences or unsubscribe.
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