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OT: PPP Loans (NOT FOR COVID DISCUSSION OR POLITICS)

As an update, my clients submitted their apps to me on 4/8 and 4/9, and SBA approved them and assigned etrans #'s on 4/14 and 4/15. I expect to get docs in the next couple days to fund.

The key was getting SBA approval and assigned the etrans #. PNC fcked up their internal process of submitting their apps to the SBA. My old coworkers were working 18 hour days to just push their applications through to the SBA.
 
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swagu said:
As an update, my clients submitted their apps to me on 4/8 and 4/9, and SBA approved them and assigned etrans #'s on 4/14 and 4/15. I expect to get docs in the next couple days to fund.

The key was getting SBA approval and assigned the etrans #. PNC fcked up their internal process of submitting their apps to the SBA. My old coworkers were working 18 hour days to just push their applications through to the SBA.
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Good work. Like so many things, the humans pushing the cart make the difference.
 
swagu said:
As an update, my clients submitted their apps to me on 4/8 and 4/9, and SBA approved them and assigned etrans #'s on 4/14 and 4/15. I expect to get docs in the next couple days to fund.

The key was getting SBA approval and assigned the etrans #. PNC fcked up their internal process of submitting their apps to the SBA. My old coworkers were working 18 hour days to just push their applications through to the SBA.
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👹👹👹🤬🤬🤬
 
Looks like congress might add some money to this. Good luck to all the Canes who were trying to get help.
 
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24/7canes said:
How about now Chise with this next roll out for SBA loans. Should I go thru Wells Fargo or is there a better avenue to go.
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A banking executive told me his institution's model shows Rd II funds being exhausted within 48-72 hrs of SBA re-opening application portal. Remember the $350B was being earmarked for separate categories--not all eligible CARES P3 loan applicants will get a swing at all $350B.

$50B = rural and "underserved" small community banks
$10B = EIDL $10K grants
$290B = mainline CARES P3 corpus

anyone hear differently?
 
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Bank put us in "Review Completed and Validated -- SBA submission queue".

Anyone else seeing that from their lending institutions?

Are we at the front of that line? The back? We submitted on 3 Apr.

Who knows.
 
Empirical Cane said:
A banking executive told me his institution's model shows Rd II funds being exhausted within 48-72 hrs of SBA re-opening application portal. Remember the $350B was being earmarked for separate categories--not all eligible CARES P3 loan applicants will get a swing at all $350B.

$50B = rural and "underserved" small community banks
$10B = EIDL $10K grants
$290B = mainline CARES P3 corpus

anyone hear differently?
Click to expand...

They are going to need to do a round 3 of ppp. They should have bit the bullet and funded it with about $1 trillion. It's basically all monopoly money at this point anyway.
 
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duke4heisman said:
"On what planet am I competing with unemployment?!" Thanks, Dems.
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It's an absolutely fair criticism but let's not act like just because we've assigned virtue to being a small business owner in this country instead of just respecting the risk involved that a larggggge swath of them wouldn't do essentially the same and keep their businesses shuttered if they were making more $ by sitting at home and thought they could reopen once this passes.
 
Tad Footeball said:
It's an absolutely fair criticism but let's not act like just because we've assigned virtue to being a small business owner in this country instead of just respecting the risk involved that a larggggge swath of them wouldn't do essentially the same and keep their businesses shuttered if they were making more $ by sitting at home and thought they could reopen once this passes.
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Of course there are selfish people in all shapes and sizes. My thing is, pushing for a better incentive for unemployment than working, while creating a PPP program to help businesses. LOL
 
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24/7canes said:
How about now Chise with this next roll out for SBA loans. Should I go thru Wells Fargo or is there a better avenue to go.
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Wells Fargo keeps telling the world at every opportunity they get, that they want nothing to do with this program. You should take them at their word.

Depends where you are. If in NE Fl, VyStar is doing everything they can to help customers get loans through this program. Stick to your local/regional banks and credit unions for best results.

I have no proof, but a lot of anecdotal evidence, plus common sense.
 
Tad Footeball said:
It's an absolutely fair criticism but let's not act like just because we've assigned virtue to being a small business owner in this country instead of just respecting the risk involved that a larggggge swath of them wouldn't do essentially the same and keep their businesses shuttered if they were making more $ by sitting at home and thought they could reopen once this passes.
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Holy ****, man. This is basic human nature. In fact its a law of all nature, period. From Pavlov's dogs learning to salivate at the sound of a ringing bell, to the mouse that learns there is a piece of cheese at the end of the maze, it's a simple fact that behavior which is rewarded, is repeated, while behavior that is punished is attenuated.

There is no virtue or morality in the actions of the herd. This is why free market principles are so essential to a functioning free and law abiding society.

It's not about "good" or "bad", it's about what is. It's neither good nor bad that water is wet. We simply accept that water is wet and proceed accordingly.

Human nature is the same way. This is why we have laws, regulations, and property rights. To protect the weak from the strong, the industrious from the lazy who are willing to steal. UBI or other re-distributive schemes are nothing but moralistic cover for theft, and they certainly can't reverse physics or the laws of human nature and brain chemistry.

People are all the same, in the end. Rich or poor, CEO, entrepreneur, or line worker, one set of people isn't fundamentally different, more or less virtuous, or better or worse than another. We all are programmed by the same DNA and millennia of learned behavior.
 
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g8rh8rMD said:
Holy ****, man. This is basic human nature. In fact its a law of all nature, period. From Pavlov's dogs learning to salivate at the sound of a ringing bell, to the mouse that learns there is a piece of cheese at the end of the maze, it's a simple fact that behavior which is rewarded, is repeated, while behavior that is punished is attenuated.

There is no virtue or morality in the actions of the herd. This is why free market principles are so essential to a functioning free and law abiding society.

It's not about "good" or "bad", it's about what is. It's neither good nor bad that water is wet. We simply accept that water is wet and proceed accordingly.

Human nature is the same way. This is why we have laws, regulations, and property rights. To protect the weak from the strong, the industrious from the lazy who are willing to steal. UBI or other re-distributive schemes are nothing but moralistic cover for theft, and they certainly can't reverse physics or the laws of human nature and brain chemistry.

People are all the same, in the end. Rich or poor, CEO, entrepreneur, or line worker, one set of people isn't fundamentally different, more or less virtuous, or better or worse than another. We all are programmed by the same DNA and millennia of learned behavior.
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Haha. I agree with all of that. We're just too quick as a country or even just as people to accept natratives- especially ones that make us feel good in accepting.

It's wayyyyy OT but of a similar psychological bent. Think about how everyone is donating (and making it publicly known when they do) food to frontline nurses and doctors.

Let's ignore the fact that affording lunch ain't an issue for these people and it certainly ain't what they need/needed most as they risk their lives. But the mere act of sending them 20 pizzas is widely celebrated and the narrative is set.

In a sane world wouldn't we ask why people are doing this when lines for food handouts are 6 miles long as unemployment reaches 20%? Should we not expect multi billion dollar hospital systems to request the public to knock it off and say "Please direct your food donations to the community where it is truly needed. We'll be feeding all of our heroes."?

I definitely took an offramp here but it does tangentially touch upon even things like government disbursement of money and picking winners and losers because soooo much of politics is set by preexisting narratives or by politicians getting you to buy into ones they've shaped.
 
Tad Footeball said:
It's an absolutely fair criticism but let's not act like just because we've assigned virtue to being a small business owner in this country instead of just respecting the risk involved that a larggggge swath of them wouldn't do essentially the same and keep their businesses shuttered if they were making more $ by sitting at home and thought they could reopen once this passes.
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Point taken.

Wholly disagree on "large swath". Some, sure. But rather a minority, and I would offer small one at that.
 
Your mileage may vary. 👇

www.forbes.com

Five Important Warnings As The Paycheck Protection Program Opens Back Up

After passing new stimulus legislation this week, Congress is set to add $310 billion to the Paycheck Protection Program (PPP). Whether you’re waiting on an already submitted application or you’re itching to apply, here are five things to remember as you get ready for PPP to open back up.
www.forbes.com www.forbes.com
 
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