[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.

[Kevin Henry-Seacoast]

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.

Only 10K applications. BofA is massive. We are a bank with 7Bil in assets and have a whole lot more applications then them. We are also processing applications for or factoring and ABL clients.

[cmarks]

Only 10K applications. BofA is massive. We are a bank with 7Bil in assets and have a whole lot more applications then them. We are also processing applications for or factoring and ABL clients.

10k Already...not total or the whole time, already...

[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.....