forums

OT: anyone else PPP loan/grant

Advertisement
Boarcane said:
The first round will last, maybe through next week. Don’t wait! Spend as much time as you need to this weekend and get it done. The internet isn’t closed on Saturday.
Click to expand...
I tried Dm but it would not let me. Dm bank info. We have some banks in SWFl that have not had their act together.
 
Fawk_U Haters said:
BOA is who i use personally, but Wells Fargo is the biz account. They're no where close to knowing what to do right now. Just tell us to check the website often hahaha.
Click to expand...

Wells Fargo no where close to knowing what to do.................I am shocked. Thats been their mo for years
 
Why do all the right wingers insist on calling it Corporate socialism? Fascism worked the same way or as General Franco said “it’s not fascism it’s corporatism.
The fact that I’m being told not to post anything or speak to any news outlet or I’ll be fired is amazing to me. It’s amazing cause the last time I was told not to do that was when I was in the military. Everyone in the government is bought and paid for. From Pelosi to Trump. The entire funky bunch of hedge fund managers and shareholders of all these companies are just on their knees taking Chinese dck balls deep. And they don’t give a sht.
If a **** hurricane comes and I sell a gallon of water for 10 bucks I can face jail time for price gouging. But all these companies are price gouging the masks and all ppe and no one tells them sht!!!
And on another note, wtf is OSHA and why do we even fund this useless organization if they are currently in the Exumas sunbathing?!!!
The cdc says I can wear a bandana and osha who crawls up everyone’s *** for the most minute bull**** just says ok Cdc we’re good with the bandanas and home made gowns.
 
The banks are getting hit twofold right now when it comes to business loans specifically.

They are getting overrun with loan deferral requests on existing loans and the SBA doesn't know wtf they're doing with regards to PPP.

The SBA gave some parameters to banks of what the program would look like then did basically a 180 right before the program went live. So all the work the banks did to prepare went to **** and there are still a lot of unanswered questions.

As you would imagine, banks are trying to automate some of these processes quickly to handle the demand but that's impossible without any guidelines.
 
Advertisement
TheOriginalCane said:
Please stop lying.

Banks are all saying this is a disaster, they have received no parameters or guidelines and no money has been lent yet.

No, nothing happened today. No money moved.
Click to expand...

They've received tons of guidance--it just keeps changing. A program like this would take months to hammer out and they are cramming it into days.

Eggs will be broken making this omelet.

The target from day one of program was funding within 7 days of accepted application--ZERO funds were ever intended for Friday. ZERO. A few banks have leaned forward and conditionally funded select clients in advance of SBA 2nd guarantor status, but very small percentage. Banks will be lucky to make that a 7 day mark--they are getting avalanched. BoA got scorched yesterday for stumbling early, PNC blistered today.

They will get it right, just takes time.
 
Last edited:
TheOriginalCane said:
Please stop lying.

Banks are all saying this is a disaster, they have received no parameters or guidelines and no money has been lent yet.

No, nothing happened today. No money moved.
Click to expand...

Parameters and guidelines were sent out and we received ours Friday. Applications are pouring in. Time will tell how long it will take but it’s by no means a disaster. At least not yet.
 
Advertisement
Yes, I thank the Federal Govt for passing the Relief package of $2T with a carve out to small businesses to help the American worker. The portion for small businesses is $350B. As with anything done quickly, many procedural and specific guidelines follow. The issues here this past week were Treasury, SBA and the certified bank lenders who are already SBA lenders, about 1,800. In a nutshell, language in the initial bill held banks liable if these loans are not paid (yes they can be forgiven) as some will ultimately pay because they may not hire employees back. The other aspect is possible fraudulent information from the borrower which the banks would be validating under normal conditions. Fortunately much of this was resolved Friday. One week from the time the Bill was passed. Say what you will, but that's **** impressive. I'm a banker for 20 plus and have never seen anything like this or something passed so quickly and put into action. My team is working around the clock and this weekend to make sure we assist our clients.

Now to the topic as to where you can apply. Every bank is doing it differently. As an example, Bank of America is only assisting business customers, but specifically that have existing loans. This created major frustrations for those customers. Hope they change there position this coming week. I personally received half dozen calls Friday afternoon from BOA business customers that I know who have already been turned away. I feel for them. Chase is another who will only assist existing customers ~ do not know their specifics.

Please check with your bank for guideline. The SBA application, documentation and calculator is all the same but it's what your bank is doing specifically beyond the requirements. Another question I've received is can I go to a bank I don't bank with? Please check. Some banks are accepting applications from non-customers. At my firm we are, however, and this is extremely important to understand, a business checking account has to be opened first. You may ask why? First, if you are approved for the PPP, the funds will be deposited into the bank that submitted the application and specific into the customer's bank account. Second, the bank does not know their new customer and normal KYC and AML guidelines still apply. This will result into a bit of delay. Normal turn time to open a new business account for us is 2 days. With all our focus and attention to the PPP, new account openings is estimated to take 4 days +/- one day. What's the risk? Funding for the PPP might dry up. This coming week is expected to be a flurry. As of Friday night, my firm received over 8,000 applications and waiting for the Etran nbr from SBA. Have no idea at the moment how many apps we have accepted over the weekend as literally we have hundreds of employees working this weekend keying in the information.

Lastly, I do believe more relief will come to small businesses and the American worker.

God Bless America. Stay safe everyone. Please stay home and minimize going outside.

Go Canes!!
 
561Cane said:
Yes, I thank the Federal Govt for passing the Relief package of $2T with a carve out to small businesses to help the American worker. The portion for small businesses is $350B. As with anything done quickly, many procedural and specific guidelines follow. The issues here this past week were Treasury, SBA and the certified bank lenders who are already SBA lenders, about 1,800. In a nutshell, language in the initial bill held banks liable if these loans are not paid (yes they can be forgiven) as some will ultimately pay because they may not hire employees back. The other aspect is possible fraudulent information from the borrower which the banks would be validating under normal conditions. Fortunately much of this was resolved Friday. One week from the time the Bill was passed. Say what you will, but that's **** impressive. I'm a banker for 20 plus and have never seen anything like this or something passed so quickly and put into action. My team is working around the clock and this weekend to make sure we assist our clients.

Now to the topic as to where you can apply. Every bank is doing it differently. As an example, Bank of America is only assisting business customers, but specifically that have existing loans. This created major frustrations for those customers. Hope they change there position this coming week. I personally received half dozen calls Friday afternoon from BOA business customers that I know who have already been turned away. I feel for them. Chase is another who will only assist existing customers ~ do not know their specifics.

Please check with your bank for guideline. The SBA application, documentation and calculator is all the same but it's what your bank is doing specifically beyond the requirements. Another question I've received is can I go to a bank I don't bank with? Please check. Some banks are accepting applications from non-customers. At my firm we are, however, and this is extremely important to understand, a business checking account has to be opened first. You may ask why? First, if you are approved for the PPP, the funds will be deposited into the bank that submitted the application and specific into the customer's bank account. Second, the bank does not know their new customer and normal KYC and AML guidelines still apply. This will result into a bit of delay. Normal turn time to open a new business account for us is 2 days. With all our focus and attention to the PPP, new account openings is estimated to take 4 days +/- one day. What's the risk? Funding for the PPP might dry up. This coming week is expected to be a flurry. As of Friday night, my firm received over 8,000 applications and waiting for the Etran nbr from SBA. Have no idea at the moment how many apps we have accepted over the weekend as literally we have hundreds of employees working this weekend keying in the information.

Lastly, I do believe more relief will come to small businesses and the American worker.

God Bless America. Stay safe everyone. Please stay home and minimize going outside.

Go Canes!!
Click to expand...
Great information. Please keep us abreast of how things are going.
Thanks and I hope you are well and safe.
 
Fawk_U Haters said:
You're wrong on all accounts. There was a lot of requests that were asked of BOA. Not a dollar given bud.

That's one bank with a strict set of guidelines about who can apply. I was over prepared as well, had all the forms filled out and our **** in order. It's a **** show as the guidance was given around 7pm last night and the program was supposed to go live at midnight. You could only use BOA if you have a small business acount with them, a line of credit and/or current loan.

That wasn't in the bill, that wasn't in the guidance, that wasn't written anywhere. that was a BOA restriction that was up to them because they weren't given any guidance about who to accept applications from so they made their own rules.

The SBA.gov site has an application then tells you to go to a bank that is part of the 7(a) lender program. Don't confuse guidelines about who can apply with guidance about how the banks should try and distribute the money. one of those things is not like the other
Click to expand...
You have a problem with your bank, not this program.
 
Advertisement
Empirical Cane said:
They've received tons of guidance--it just keeps changing. A program like this would take months to hammer out and they are cramming it into days.

Eggs will be broken making this omelet.

The target from day one of program was funding within 7 days of accepted application--ZERO funds were ever intended for Friday. ZERO. A few banks have leaned forward and conditionally funded select clients in advance of SBA 2nd guarantor status, but very small percentage. Banks will be lucky to make that a 7 day mark--they are getting avalanched. BoA got scorched yesterday for stumbling early, PNC blistered today.

They will get it right, just takes time.
Click to expand...
We got our app done and accepted with pnc last night. Some of the document requests will need to be submitted manually as it would not take excel. Our banker worked with us at every stop. From my perspective PNC is on the ball so far after a couple of hickups. Pretty impressive considering the time crunch. Now if it gets funded within the next 30 days will be an A+
 
coffeecane said:
We got our app done and accepted with pnc last night. Some of the document requests will need to be submitted manually as it would not take excel. Our banker worked with us at every stop. From my perspective PNC is on the ball so far after a couple of hickups. Pretty impressive considering the time crunch. Now if it gets funded within the next 30 days will be an A+
Click to expand...

They had a rough morning, but rallied. I submitted everything in .pdf.

I HEARD PNC's target is 7-10 days direct deposit funded.

What are you hearing??

Really impressed with our PNC banker--the hate mail he must be getting and he sticks it out...
 
Advertisement
Empirical Cane said:
They had a rough morning, but rallied. I submitted everything in .pdf.

I HEARD PNC's target is 7-10 days direct deposit funded.

What are you hearing??

Really impressed with our PNC banker--the hate mail he must be getting and he sticks it out...
Click to expand...
I haven't heard anything on when it will fund. I think there will probably be some more underwriting steps before they release. If we can get it over the next 2-4 weeks I'll be happy. Any longer means there are other problems and money may run out.
 
Empirical Cane said:
They had a rough morning, but rallied. I submitted everything in .pdf.

I HEARD PNC's target is 7-10 days direct deposit funded.

What are you hearing??

Really impressed with our PNC banker--the hate mail he must be getting and he sticks it out...
Click to expand...
Regions in my division, Ft Lauderdale, took in 300 applications on Friday. They expected to fund loans, with the proper paperwork attached to support the basics, this coming week. Once they fund the first set of loans, they will begin dissecting the application and documents submitted in great detail. If there are any issues, they will help adjust the application to split the grant and loan portion. Odds are a few have some issues. They’re tasked with getting the money out fast by the treasury secretary.
 
Here’s the deal....

my bank was early to this process had the pre application ready to roll last week. We shot that out to our clients on Thursday morning to get ready for SBA application process to open Friday. We had the full application ready since last week and kept updating it everyday the SBA would change it. We also updated our clients everyday the rules or documents needed to upload changed. It’s been a moving target with the Fed and banks.

The deal was the big banks chase, wells, Citi, Pnc, suntrust and others had not fully determined if they wanted to participate in the program as of late Thursday night just before it opened. The reason why they didn’t determine was the unforgiven amount rolls to a loan and the fed says the loan interest couldn’t be higher than 1% therefore not worth it tobanks who are doing all the work. Also of interest to the banks they wanted the know your client rule relaxed. That’s a regulation that requires tons of work and extra docs especially if being done for non clients.

overall we have been fortunate because of our pre-work on the application, we have had minimal hiccups and the majority of our applications have been submitted with all docs required. We reviewed the over 4000 applications we have before submitting so as to minimize the chance for denial, or resubmitting which put our clients and applicants at the front of the line.

As for the program overall for a govt program that was just approved only a week ago it’s been somewhat smooth so far. We will see how the approval process and then the forgiveness part works out.

the bigger issue is the bigger banks and the situation they put their clients in. For their selfishness they have put their clients at risk of being late to the game and therefore the funds maybe gone by the time they get around to deciding if they will be in the program. If the banks cared about their clients and this country they would of decided like us this was great for our clients and for non clients. Most important it was the right thing to do no matter how much work was involved. I have worked now 14 hour days for the last 6 days in a row answering calls till my throat was hoarse.
 
Last edited:
coffeecane said:
I haven't heard anything on when it will fund. I think there will probably be some more underwriting steps before they release. If we can get it over the next 2-4 weeks I'll be happy. Any longer means there are other problems and money may run out.
Click to expand...

Sending you moral support friend.

We are liquid for months to come, but had big plans for those funds to grow.
 
Advertisement
Back
Top