- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
re: SBA and PPP
Posted on 4/3/20 at 10:23 am to tgrbaitn08
Posted on 4/3/20 at 10:23 am to tgrbaitn08
quote:
Here we go.....I just got a message stating the SBA has not completed the addition of the PPP Product into their software. At this time no banks can complete the application process
Mnuchin is tweeting that $400,000,000 "originated" so far today under PPP. Ummm.
LINK
2
Posted on 4/3/20 at 10:31 am to LSUFanHouston
quote:
I would guess banks can still accept info, but I wonder how many are actually ready to submit to the SBA now anyways?
True, I can upload my info into the bank portal but they probably have to review it all before they submit it..and that may take a while...hopefully not
Posted on 4/3/20 at 10:34 am to LSUFanHouston
quote:
Mnuchin is tweeting that $400,000,000 "originated" so far today under PPP. Ummm.
man, read some of those comments from people.....some banks have some strict rules on who they will and who they wont work with....
ETA: and there's no way they have already loaned out that much money when the final form wasn't finalized until this morning.
This post was edited on 4/3/20 at 10:37 am
Posted on 4/3/20 at 10:35 am to tgrbaitn08
It pays in times like these to already be banking with institutions that have their shite together.
Posted on 4/3/20 at 10:38 am to Pendulum
quote:
It pays in times like these to already be banking with institutions that have their shite together.
mine is a small community bank that we've been banking with for 40 years and have a really good relationship...I hope I dont get fricked
Posted on 4/3/20 at 10:47 am to LSUFanHouston
quote:
Mnuchin is tweeting that $400,000,000 "originated" so far today under PPP. Ummm.
There are banks that are processing applications this morning.
Edit: Bank of America is one of them.
This post was edited on 4/3/20 at 10:48 am
Posted on 4/3/20 at 11:15 am to Murray
quote:
Edit: Bank of America is one of them.
BOA turned theirs on today, but not until mid-morning, and after that tweet.
The smaller community banks are forging full speed ahead while the "too big to fail" banks are far more cautions. This is interesting.
Posted on 4/3/20 at 11:16 am to Murray
From what I'm told, they are still changing applications which we've seen. But, are also changing the payroll calculator which we haven't.
Looks like they may be changing what information has to be submitted as well.
Go figure they decide to launch this shite on a Friday. There goes my half a day.
Looks like they may be changing what information has to be submitted as well.
Go figure they decide to launch this shite on a Friday. There goes my half a day.
Posted on 4/3/20 at 11:31 am to Pendulum
You aren't lying. My CU said yesterday that they were handling the loans and were SBA compliant. Got called this morning and they are not participating in the program. Getting put through the ringer over here. Called another bank who I'm not a customer yet and they said they were handling their clients first, then would process my application. I'm screwed!
Posted on 4/3/20 at 11:34 am to CajunInFL
quote:
Called another bank who I'm not a customer yet and they said they were handling their clients first, then would process my application. I'm screwed!
In addition to the need to take care of their customers first, banks are also leery about new customers for this package because they still have to deal with the Bank Secrecy Act rules, and that will slow down the process.
Posted on 4/3/20 at 12:19 pm to tgrbaitn08
We are banking with JPM for loooong time and our banker has been prepping us for a couple of days. Our CFO has been in a locked office since 9am with everything ready. It's live as of 18 minutes ago. I hope it's going well in there!
We have been paying everyone still based on an average of their previous checks. Haven't announced anything for next week yet, so we really need this to come through or else we are going to have to start thinking about layoffs.
We have been paying everyone still based on an average of their previous checks. Haven't announced anything for next week yet, so we really need this to come through or else we are going to have to start thinking about layoffs.
This post was edited on 4/3/20 at 12:22 pm
Posted on 4/3/20 at 12:26 pm to Pendulum
Chase just has a site where you enter your basic information and they say the will get in touch with you.
Posted on 4/3/20 at 12:33 pm to McNeeseLSU
quote:
Chase just has a site where you enter your basic information and they say the will get in touch with you.
frick that..id find another bank...
Posted on 4/3/20 at 12:35 pm to tgrbaitn08
Is anyone here using Iberia Bank? My business has banked with them for years and we submitted a paper application + supporting docs to our banker yesterday. As of this morning they were sending out the new applications, but nothing online or from our banker.
Posted on 4/3/20 at 12:38 pm to slinger1317
quote:don't wait, fill out the new paperwork ASAP and send it in
My business has banked with them for years and we submitted a paper application + supporting docs to our banker yesterday. As of this morning they were sending out the new applications, but nothing online or from our banker.
Posted on 4/3/20 at 12:39 pm to McNeeseLSU
Yep that's what we got.
Altho our banker says not everyone is getting that message; and him and his coworkers all don't know what it means and are working on figuring out what that means in real-time.
I can just imagine this dudes phone is just constantly ringing every 10 seconds.
Altho our banker says not everyone is getting that message; and him and his coworkers all don't know what it means and are working on figuring out what that means in real-time.
I can just imagine this dudes phone is just constantly ringing every 10 seconds.
Posted on 4/3/20 at 12:42 pm to slinger1317
We use Iberia. Got the new application, waiting on what is supposed to be the new calculator.
Was told that SBA keeps changing forms and backup and such so most large banks won't submit until possibly Monday as to not have to continually refile as things change.
I'm just waiting in hopes of getting it sent in today.
Was told that SBA keeps changing forms and backup and such so most large banks won't submit until possibly Monday as to not have to continually refile as things change.
I'm just waiting in hopes of getting it sent in today.
Posted on 4/3/20 at 12:43 pm to slinger1317
I posted the new application earlier this morning.
Posted on 4/3/20 at 12:44 pm to McNeeseLSU
Chase is basically a contact information screen. Useless.
Posted on 4/3/20 at 12:45 pm to ROUSTER
What new calculator? The app I filled out yesterday asked for average monthly wages/related expenses x 2.5 = PPP amount.
Submitted everything to my loan officer yesterday. But I'm not a current customer of that bank since ours isn't participating. We'll see how this goes.
Submitted everything to my loan officer yesterday. But I'm not a current customer of that bank since ours isn't participating. We'll see how this goes.
Page 5 of 15
Popular
Back to top
Follow TigerDroppings for LSU Football News