[WestCoastFunding]

Hello Mike,

The latest news is that there is an issue with the agreement between banks and the government regarding the buy-back provision that the government was supposed to perform. Under the initial loan program, the PPP loan was 100% guaranteed by the government, and a 100% guarantee to buy the loan back from the bank after the 4 month forgiveness period ended. However, last night’s rule changed that dynamic, eluding that the banks may not be able to sell the loans back to the government at a 100% commitment as soon as the forgiveness period arrives. The banking industry is working with the gov’t right now to resolve the issue and hope to have direction shortly.
Additionally, it appears that there may be a 3rd revision to the application.

As a result of the above items it seems prudent to hold off sending out the information needed to submit an application and the portal link, as it is highly likely whatever we would send now most likely will change yet again.

Un-****ing-believable.

[Fly]

Yeah the NAELB just emailed this update out. About the dispute on buy backs and 3rd revised application to come.