[Hedley Lamarr]

Why spend time reviewing what the SBA or a bank has to say when you can get all the intel from Facebook posts......Holy Smokes!

[cmarks]

Chris,

I don't need to see a Facebook link. I know what is really going on. The amount that is actually funded so far would be like throwing a deck chair off the Queen Mary.

Best,

KH

I specifically was addressing your statement that business owners would be lucky if they got money by June, i said within couple weeks, you were wayyy off. We know its only a few, but that wasnt the point. There were always issues, but as Mark Cuban said this morning and as i mentioned, the banks were much of the problem although SBA had their own.

FB posts arent valid?? lol they are from business owners but i guess DF posts are?? makes sense.

[Hedley Lamarr]

I specifically was addressing your statement that business owners would be lucky if they got money by June, i said within couple weeks, you were wayyy off. We know its only a few, but that wasnt the point. There were always issues, but as Mark Cuban said this morning and as i mentioned, the banks were much of the problem although SBA had their own.

FB posts arent valid?? lol they are from business owners but i guess DF posts are?? makes sense.

Chris,

The amount that has actually funded vs. what has been applied for is VERY low, but you would know this from listening to the news and checking Facebook. How about actually listening to someone that actually works for a bank and talks to bankers all day. The process is onerous for the business owners and the banks. The amount that has actually funded is small compared to applications most BANKS have received.

[fundingsmbs]

everyone thought this was an easy customer grab money maker and didn't think it thru. nothing that is gov related is ever easy or fast. this was expected and anyone who thought it was a flip of switch and $350b would be deployed was in denial.

[cmarks]

Chris,

The amount that has actually funded vs. what has been applied for is VERY low, but you would know this from listening to the news and checking Facebook. How about actually listening to someone that actually works for a bank and talks to bankers all day. The process is onerous for the business owners and the banks. The amount that has actually funded is small compared to applications most BANKS have received.

You were wrong on the timing by almost 2 months, so your experience and value of listening to other bankers didnt mean much on the timing. Other points you have are valid, but as i listened very carefully to the lawmaker who made the law, the Tres Secty as he announced the rollout, i knew the timing of funds to be disbursed wasnt gonna take 2 months. Very simple point. not even arguing the fees or guarantees, customer acquisition, etc...

[Hedley Lamarr]

Chris,

I am not wrong about the timing of this. Less than 5% of those that have applied have received any funds. Hell some banks have just received an allocation of what has been accepted this morning....NOT FUNDED! What part of this do you NOT understand? It will be weeks for the majority of applicants to receive funds.

KH

[WestCoastFunding]

Chris,

I am not wrong about the timing of this. Less than 5% of those that have applied have received any funds. Hell some banks have just received an allocation of what has been accepted this morning....NOT FUNDED! What part of this do you NOT understand? It will be weeks for the majority of applicants to receive funds.

KH

You’re right. I’d bet that roughly 5% of applicants have seen funding from the PPP. Many of these were for companies that really didn’t even need the money, but were well-connected or had great relationship with banker. The businesses that really need them aren’t getting them. For many, it’s already too late.

PPP in theory will help stem some of the job losses (or already delay them). 7(a)s are where it’s at. That’s the only way to get real help to survive the next 18 months of massive recession.

[Hedley Lamarr]

You’re right. I’d bet that roughly 5% of applicants have seen funding from the PPP. Many of these were for companies that really didn’t even need the money, but were well-connected or had great relationship with banker. The businesses that really need them aren’t getting them. For many, it’s already too late.

PPP in theory will help stem some of the job losses (or already delay them). 7(a)s are where it’s at. That’s the only way to get real help to survive the next 18 months of massive recession.

Bank in the South East: Over the last 3 weeks they have received and submitted applications in excess of $600Mil. They have received an allocation notice that less than 20% of the funds have been allocated....NOTHING funded.

[Yankeeman07]

To hitch hike on a few of the posts on this Forum - I just completed the latest 2 hour SBA Webinar .
As of Thursday 04-09-2020, within the Southeast Region $1.3 Billion has been "Approved" between the EIDL and PPP
Program. Much of those funds have not been dispersed.

Of all the merchants that called in with questions, 1 (One) Merchant indicated he actualy recieved $10,000 (EIDL) from a $15,000 approval. He was unclear when the other $5K may be deposited into his account.

Many Banks still do not have clear regulations, rules from Treasury regarding AML, FinCen.
Numerous unanswered questions regarding PPP.

[WestCoastFunding]

To hitch hike on a few of the posts on this Forum - I just completed the latest 2 hour SBA Webinar .
As of Thursday 04-09-2020, within the Southeast Region $1.3 Billion has been "Approved" between the EIDL and PPP
Program. Much of those funds have not been dispersed.

Of all the merchants that called in with questions, 1 (One) Merchant indicated he actualy recieved $10,000 (EIDL) from a $15,000 approval. He was unclear when the other $5K may be deposited into his account.

Many Banks still do not have clear regulations, rules from Treasury regarding AML, FinCen.
Numerous unanswered questions regarding PPP.

Thanks, Dave. The data tells the story.

[sigmundpannu]

Here is a good link Mark Cuban shared on LinkedIn - https://www.covidloantracker.com/

[MCA]

The $1200 stimulus checks are just now rolling out, some won't see those until August and you think the Govt will deploy the $350B in weeks, not a chance. Anything the Govt touches is a mess, "those who can't, work in the govt" we will all see this now.

[Yankeeman07]

False Claims Act Liability - another issue facing banks.

https://www.manatt.com/Insights/News...rs-Participati

[Hedley Lamarr]

False Claims Act Liability - another issue facing banks.

https://www.manatt.com/Insights/News...rs-Participati

There is a HUGE liability for banks taking on PPP for non-bank customers. Know your customers rules apply.

[cmarks]

The $1200 stimulus checks are just now rolling out, some won't see those until August and you think the Govt will deploy the $350B in weeks, not a chance. Anything the Govt touches is a mess, "those who can't, work in the govt" we will all see this now.

checks in the mail yes could take extra time but i already got my $1200 yesterday. Also, those without bank accounts linked to the IRS can update that in the next few days.
Oh and Chase says they Sent 9.3 billion already for PPP
https://www.washingtonpost.com/busin...s-coronavirus/

[skideeppow]

Short term it may not be worth it if they are only looking at profits per initiative. But long term it may be a huge win for any company that can deliver on the PPP in a fast painless way. Just like I am here preaching the Gospel of paypal, because I have used the product and used other products and I have witnessed the goodness of Paypal vs other products.. That type of marketing is priceless..

I have been banking with Wells for 28 years, they hold all my money. They were worthless concerning the PPP program. They are still sending me emails stating that i can not apply because they are too backed up.

I applied with a local bank that specializes in SBA loans. They did my app on Friday. And i was declined yesterday. So at least i know i dont qualify since i am in the brokering and funding of small business loans.

Anyway my point is that the small regional bank had their **** together where as wells was worthless.

On another note i was working with a document prep company (as in selling their product) that was charging $2500 up front to prepare and submit SBA docs for the PPP, the grant and the disaster relief program. I did that for 2 days. I thought it was shady as **** an was taking advantage of people. So I stopped.

[Hedley Lamarr]

checks in the mail yes could take extra time but i already got my $1200 yesterday. Also, those without bank accounts linked to the IRS can update that in the next few days.
Oh and Chase says they Sent 9.3 billion already for PPP
https://www.washingtonpost.com/busin...s-coronavirus/

I like the way Chris jumps into the forum with bad information an then runs away...... The $1200 was part of the personal stimulus those who qualify will receive by wire if they are set up with the IRS or check which will take much longer. I am not eligible for the personal stimulus. Chase has processed and sent less than 30% of loans that have applied. When will the other 70% that have applied get their funds. Probably sometime after the next round of stimulus is approved. Good to see some folks have received some funds personally and for some businesses, but this again is throwing a deck chair off the Queen Mary.

[Hedley Lamarr]

I have been banking with Wells for 28 years, they hold all my money. They were worthless concerning the PPP program. They are still sending me emails stating that i can not apply because they are too backed up.

I applied with a local bank that specializes in SBA loans. They did my app on Friday. And i was declined yesterday. So at least i know i dont qualify since i am in the brokering and funding of small business loans.

Anyway my point is that the small regional bank had their **** together where as wells was worthless.

On another note i was working with a document prep company (as in selling their product) that was charging $2500 up front to prepare and submit SBA docs for the PPP, the grant and the disaster relief program. I did that for 2 days. I thought it was shady as **** an was taking advantage of people. So I stopped.

Most brokerages, financials services companies, and even some funding sources will be denied.

[WestCoastFunding]

checks in the mail yes could take extra time but i already got my $1200 yesterday. Also, those without bank accounts linked to the IRS can update that in the next few days.
Oh and Chase says they Sent 9.3 billion already for PPP
https://www.washingtonpost.com/busin...s-coronavirus/

Really awesome of Chase to fund their own customers. You better believe the ones they’ve funded have debt to Chase either in the form of a loan or credit cards — regardless of what they claim.

[Hedley Lamarr]

Really awesome of Chase to fund their own customers. You better believe the ones they’ve funded have debt to Chase either in the form of a loan or credit cards — regardless of what they claim.

Not to mention some of their best customers.......

[WestCoastFunding]

I have been banking with Wells for 28 years, they hold all my money. They were worthless concerning the PPP program. They are still sending me emails stating that i can not apply because they are too backed up.

I applied with a local bank that specializes in SBA loans. They did my app on Friday. And i was declined yesterday. So at least i know i dont qualify since i am in the brokering and funding of small business loans.

Anyway my point is that the small regional bank had their **** together where as wells was worthless.

On another note i was working with a document prep company (as in selling their product) that was charging $2500 up front to prepare and submit SBA docs for the PPP, the grant and the disaster relief program. I did that for 2 days. I thought it was shady as **** an was taking advantage of people. So I stopped.

The value with doc prep companies is on 7(a)s. The EIDL and PPP don’t require much help other than finding banks that will process the PPPs. But charging for PPPs may be illegal. EIDLs can be charged, but really: for what? The 7(a)s are a whole different ballgame. Doc prep matters there, along with being able to place with 7(a) lenders.

[WestCoastFunding]

The $1200 stimulus checks are just now rolling out, some won't see those until August and you think the Govt will deploy the $350B in weeks, not a chance. Anything the Govt touches is a mess, "those who can't, work in the govt" we will all see this now.

Let keep in mind that the PPP was designed to have funds deployed to customers in 24-48 hours.

[WestCoastFunding]

Not to mention some of their best customers.......

Of course. Anyone who thinks participating lenders are handling these on first come, first serve basis are fooling themselves. They are taking care of best relationships first.

[HDF]

Of course. Anyone who thinks participating lenders are handling these on first come, first serve basis are fooling themselves. They are taking care of best relationships first.

The official bank line of crap directly from them: "To manage volumes, at this time, only Small Business Banking clients may apply. Other submissions cannot be processed at this time. Please check back later for updates."

[fund it]

The official bank line of crap directly from them: "To manage volumes, at this time, only Small Business Banking clients may apply. Other submissions cannot be processed at this time. Please check back later for updates."

On a postive note, a client of mine just got the 10k from the treasury today.