[WestCoastFunding]

Reality check:

“JPMorgan Chase, the biggest U.S. bank, was the first lender to publicly say what others had whispered: It emailed customers late Thursday to say the company “will most likely not be able to start accepting applications on Friday, April 3rd as we had hoped.“


https://www.cnbc.com/2020/04/02/jpmo...-guidance.html


NBC news is saying that every bank they talked to say they are not ready to do this tomorrow.

[Kevin Henry-Seacoast]

Reality check:

“JPMorgan Chase, the biggest U.S. bank, was the first lender to publicly say what others had whispered: It emailed customers late Thursday to say the company “will most likely not be able to start accepting applications on Friday, April 3rd as we had hoped.“


https://www.cnbc.com/2020/04/02/jpmo...-guidance.html


NBC news is saying that every bank they talked to say they are not ready to do this tomorrow.

Wanna take a wild guess how long it will actually take for a business to get access to this capital if approved? I would bet they would not see a dime until June if they are lucky. I

[FHFunding]

Wanna take a wild guess how long it will actually take for a business to get access to this capital if approved? I would bet they would not see a dime until June if they are lucky. I

You know it's gota be 90 days ABSOLUTE MINIMUM.

[cmarks]

Wanna take a wild guess how long it will actually take for a business to get access to this capital if approved? I would bet they would not see a dime until June if they are lucky. I

not a chance in hell. You are going off of previous experiences while others are going off of what the leaders are saying. 2-3 weeks worse case.

[Kevin Henry-Seacoast]

not a chance in hell. You are going off of previous experiences while others are going off of what the leaders are saying. 2-3 weeks worse case.

Not going to happen....... Once opened you would be lucky to get an approval in that time. I am going off what banks are saying....

[cmarks]

Not going to happen....... Once opened you would be lucky to get an approval in that time. I am going off what banks are saying....

bank of america is up and running now. the program end june 30th, so no, they will figure this out in the couple of days then do big media push on cnbc with cramer kissing trump and mnuchins ass saying what a great program this is that business owners already got funds.

[Kevin Henry-Seacoast]

bank of america is up and running now. the program end june 30th, so no, they will figure this out in the couple of days then do big media push on cnbc with cramer kissing trump and mnuchins ass saying what a great program this is that business owners already got funds.

Chris,

In our life-times have you EVER seen the federal government deploy any kind of stimulus anything during and event or crisis. Hell....people in the panhandle are still waiting for FEMA an other promised assistance from hurricane Matthew......from two years ago. Not to mention....the pipeline of people trying to get this package is massive. It's like going outside, hooking a hose to a fire hydrant, turning it on full blast, and trying to hold hose in your mouth.

[cmarks]

Chris,

In our life-times have you EVER seen the federal government deploy any kind of stimulus anything during and event or crisis. Hell....people in the panhandle are still waiting for FEMA an other promised assistance from hurricane Matthew......from two years ago. Not to mention....the pipeline of people trying to get this package is massive. It's like going outside, hooking a hose to a fire hydrant, turning it on full blast, and trying to hold hose in your mouth.

SO first this is like nothing in our lifetime. second the government is not deploying the funds, the 100s of approved lenders and banks are. 3rd, yes im skeptical since BofA already said they have 10k apps, but its first come first serve. First ones will get money relatively quickly and last ones will be SOL.
This isnt FEMA or SBA processing. The longer wait will be on back end to get the loans forgiven and how business owners go about proving they use money correctly.

[Winning]

Not going to happen....... Once opened you would be lucky to get an approval in that time. I am going off what banks are saying....

If that is the case what would you advise a merchant to do?

I think next week I should consider folding and start implementing some sort of exit strategy.

[Kevin Henry-Seacoast]

If that is the case what would you advise a merchant to do?

I think next week I should consider folding and start implementing some sort of exit strategy.

I said this over a month ago. Time is not on any business owner's side. You must seek all avenues of financing for a business and work ferociously at he same time to cut costs.

I have had 3 companies this week waiting for their bank's to increase their lines of credit. I asked: Under normal circumstances, how long does that normally take and do you have the ability to wait? All three are seeking alternative financing by using an ABL facility of factoring. They are all running a duel path in case their bank says no......which in this environment it's pretty much a give in.....

[cmarks]

Wanna take a wild guess how long it will actually take for a business to get access to this capital if approved? I would bet they would not see a dime until June if they are lucky. I

So as I Said, 2-3 weeks worse case businesses started seeing their money. There are people saying so in the FB group - 'CARES Act SBA Loan Insight Hub' and heres a link https://www.cbsnews.com/news/paychec...wing-loan-sba/

[Kevin Henry-Seacoast]

So as I Said, 2-3 weeks worse case businesses started seeing their money. There are people saying so in the FB group - 'CARES Act SBA Loan Insight Hub' and heres a link https://www.cbsnews.com/news/paychec...wing-loan-sba/

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

[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.

[Kevin Henry-Seacoast]

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.

[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...

[Yankeeman07]

If you want info directly from the SBA, since you do not appear to want to listen to others on this Forum,
sign up for the SBA Updates - http://www.sba.gov/updates

You will receive email updates, plus invitations
to the SBA Small business Recovery Webinars - I'm assuming they are holding these events in different regions of the USA