On April 3rd I started a ppp loan application and received an email saying that chase word contact me with a follow up.
I never received a follow-up on approximately April 6 – I went through the application portal and completed the application. I then contacted the local banking business specialist and asked her to confirm that the application was in their system. She assured me it was and the applications were being processed in the order they were received, in fact I was told that my queue date was April 3rd.
Over the next days and weeks I received several automated updates from chase saying things like we are working on you application etc. I made several inquiries with the banking specialist and voiced concern several times that chase is likely prioritizing larger businesses. I was assured that this was not the case and that chase is committed to taking the applications in order.
As time went on it became apparent that I was being lead on and the 1st round of funding for the ppp loan was exhausted (partly do the fact that they prioritized larger businesses)
In talking to the representative I was assured that chase would do better on second round. I again received numerous automated emails indicating everything is good and we are ready to submit your application.
Today I received an email saying that your application does not meet the criteria for the Sba. This is not true it did meet the criteria as evidenced by the fact that I got so frustrated with chase I applied through a local bank and received funding within 3 days.
Chase needs to held accountable for misleading their small business customers and continually lying during their during the process.
What would you like the company to do to fix the problem? (optional)
Reimburse me for the wasted time I spent with them. I estimate I spent over 20 hours at my billable rate of $200 = $4000
Release their queue with time stamps and requested loan amounts and show which loans were funded and which were not
Then publicly share the information
Then be investigated and court ordered to divest there business accounts that they could not service.